The Canadian railroad also posted a 9% increase in revenues.
A day after it ceased merger talks with CSX, Canadian Pacific posted CAN $400 million ($354.78 million) in net income during the third quarter, a year-over-year increase of CAN $76 million.
CP said the record income was supported by a 9-percent, year-over-year, increase in revenues to CAN $1.67 billion. Operating income increased by 19 percent to CAN $621 million, and operating expenses rose by 4 percent to CAN $1.049 billion.
“Despite recent volatility in commodity prices, we are confident in the strength of the franchise and are on track to finish the year with CP’s strongest quarter to date,” E. Hunter Harrison, CP’s chief executive officer, said in a statement.
According to the analysts Cowen and Company, the quarterly results fell short of estimates.
CP turns in record income during Q3
