(The Canadian Press circulated the following story on October 26.)
CALGARY — Canadian Pacific Railway said Tuesday it nearly doubled its third-quarter profits, helped by a gain on foreign exchange and increased volume.
The railway said it earned $176.5 million or $1.11 per share for the three months ended Sept. 30. That compared with a profit of $91.3 million or 57 cents per share for the same period a year ago.
Helping boost the results was a $73-million after-tax gain on foreign exchange on long-term debt.
Quarterly revenue increased to $989.7 million, up from $904.3 million in the third quarter of 2003.
“I am very pleased with the ongoing growth in our business and the upward trend in CPR’s yield and operating performance accomplished by our people, who are working to drive more of this growth to the bottom line,” Rob Ritchie, president and CEO of CPR, said in a statement.
“With several pinch-points removed, more new locomotives arriving in the coming weeks and 500 new people now qualified to operate trains, CPR has entered the fall peak season well positioned to handle anticipated freight volumes and to keep our network fluid.”
In its outlook, CPR said it expects “continued strong freight volumes through the remainder of the
year, including shipment of a near-normal grain crop, which entered the transportation system late after a delayed harvest.”
Canadian Pacific Railway (TSX:CP) is a transcontinental carrier operating in Canada and the U.S.