July 18, 2018 / 8:10 PM / 3 months ago

CP Rail beats profit estimates on higher shipments

(Reuters) - Canadian Pacific Railway Ltd (CP.TO) reported a higher-than-expected quarterly profit on Wednesday as Canada’s no.2 railroad operator was helped by higher shipments of commodities like grains and potash.

FILE PHOTO: A CP Rail train rolls through the rocky mountains of near Lake Louise, Alberta, April 28, 2017. Picture taken April 28, 2017. REUTERS/Todd Korol/File Photo

CP said total carloads, the amount of freight loaded into freight cars during a specified period, rose 2 percent.

The Calgary-based company said revenue from grains jumped 2.5 percent to C$372 million in the reported quarter, while revenue from potash rose 6.4 percent.

However, the company saw an 8.8 percent increase in expenses largely driven by a rise in fuel costs.

CP’s net income fell to C$436 million ($331.08 million), or C$3.04 per share, in the second quarter ended June 30, from C$480 million, or C$3.27 per share, a year earlier.

On an adjusted basis, the company earned C$3.16 per share, beating analysts’ average estimate of C$3.12, according to Thomson Reuters I/B/E/S.

The company’s revenue rose to C$1.75 billion from C$1.64 billion.

Reporting by Anirban Paul in Bengaluru; Editing by Shounak Dasgupta

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