Canadian Pacific Railway locomotives are shuffled around a marshalling yard in Calgary, on May 16, 2012. THE CANADIAN PRESS/Jeff McIntosh
January 29, 2014 - 5:04 AM
CALGARY - Canadian Pacific Railway (TSX:CP) reports its 2013 fourth-quarter profits and revenue were up significantly from a year earlier.
The Calgary-based company reports it had $82 million of net income, or 47 cents per share in the three months ended Dec. 31.
That was up from $15 million or eight cents per share in the fourth quarter of 2012, when the company had a number of unusual items.
Excluding certain items, Canadian Pacific's adjusted earnings were $338 million or $1.91 per share — a 49 per cent increase from last year.
CP earned $1.28 per share or $224 million in adjusted earnings in the fourth quarter of 2012.
Canadian Pacific also reports its fourth quarter revenue hit a record $1.607 billion, up seven per cent, but that also fell short of estimates.
Its adjusted operating ratio, which measures how much of the revenue is used to run the company, improved to a CP record of 69.9 per cent.
On average, the analysts looked for $1.67 per share of net income or $1.93 per share in adjusted earnings and $1.62 billion of revenue, according to estimates compiled by Thomson Reuters.
News from © The Canadian Press, 2014