News Content
Canadian Pacific profit up 7.4pc to US$265 million, sales up 9.3pc
THE Canadian Pacific Railway third quarter net profit increased 7.4 per cent year on year to C$347 million (US$265 million), drawn on revenues of C$1.55 billion, up 9.3 per cent.
Canadian Pacific Railway's quarterly revenue was below analysts' expectations, hurt by a delayed grain harvest and economic headwinds that continue to hamper shipping volumes.
Calgary-based CP, Canada's second railway, also cut its earnings outlook for this year, citing the late grain harvest challenges, lower crude-oil volumes and a stronger Canadian dollar.
"While disappointed that we will not meet our previous forecast, I am incredibly proud that despite these challenges, CP will deliver its lowest-ever annual operating ratio," said CEO Hunter Harrison.
Railways have been hit hard by the lengthy slump in commodity prices, which have curbed shipping volumes for bulk commodities such as grain and potash, noted the Wall Street Journal.
CP said it now expects annual per-share earnings growth in the mid-single-digits, down from its previous view of double-digit growth.
Canadian Pacific Railway's quarterly revenue was below analysts' expectations, hurt by a delayed grain harvest and economic headwinds that continue to hamper shipping volumes.
Calgary-based CP, Canada's second railway, also cut its earnings outlook for this year, citing the late grain harvest challenges, lower crude-oil volumes and a stronger Canadian dollar.
"While disappointed that we will not meet our previous forecast, I am incredibly proud that despite these challenges, CP will deliver its lowest-ever annual operating ratio," said CEO Hunter Harrison.
Railways have been hit hard by the lengthy slump in commodity prices, which have curbed shipping volumes for bulk commodities such as grain and potash, noted the Wall Street Journal.
CP said it now expects annual per-share earnings growth in the mid-single-digits, down from its previous view of double-digit growth.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
