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UPDATE 1-CP Rail profit beats on higher freight rates, lower costs

Published 2015-10-20, 09:31 a/m
© Reuters. UPDATE 1-CP Rail profit beats on higher freight rates, lower costs
CP
-

(Adds details, shares)
Oct 20 (Reuters) - Canadian Pacific Railway Ltd CP.TO
CP.N reported a better-than-expected quarterly profit, helped
by higher freight rates and lower operating costs.
CP Rail said freight revenue per carload rose 5 percent in
the third quarter ended Sept. 30 even as carloads fell 2.6
percent. urn:newsml:reuters.com:*:nPncdNSXq
Revenue rose 2.3 percent to C$1.71 billion ($1.32 billion).
Operating ratio, or operating costs as a percentage of
revenue, improved to 59.9 percent from 62.8 percent.
Excluding items, earnings rose to C$2.69 per share from
C$2.31 per share a year earlier.
Analysts on average had expected earnings of C$2.67 per
share on revenue of C$1.69 billion, according to Thomson Reuters
I/B/E/S.
Net income fell 19 percent to C$323 million, or C$2.04 per
share, hurt by C$128 million in foreign exchange loss on
long-term debt.
CP Rail's shares had fallen more than 14 percent to C$190.22
in the past 12 months.
($1 = 1.2977 Canadian dollars)

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