22.04.2014 14:52:59
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Canadian Pacific Q1 Profit Up 17%, Beats View
(RTTNews) - Canada's second-largest railroad operator Canadian Pacific Railway Ltd. (CP, CP.TO) on Tuesday reported a 17 percent increase in profit for the first quarter from last year, reflecting higher revenues and lower expenses. Earnings per share for the quarter beat analysts' expectations, while revenues matched their estimates.
Hunter Harrison, chief executive officer of Canadian Pacific said, "CP delivered solid results in a period that was severely impacted by extraordinary cold and severe winter weather conditions."
The Calgary,Canada-based company's net income for the first quarter was C$254 million or C$1.44 per share, up from C$217 million or C$1.24 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of C$1.41 per share for the quarter. Analysts' estimates typically exclude one-time items.
Canadian Pacific's revenues for the quarter grew 1 percent to C$1.51 billion from C$1.49 billion in the same quarter last year and matched analysts' consensus revenue estimate of C$1.51 billion.
Revenues from freight services rose 1 percent from the prior-year period to C$1.47 billion, while other revenues edged down slightly to C$35 million.
Canadian Pacific's total revenue ton-miles or RTMs for the quarter declined 5 percent from the year-ago period to 34.38 billion, while total freight revenue per RTM grew 6 percent from last year to 4.29 cents.
Total carloads for the quarter declined 6 percent from the year-ago quarter to 618,000, while total freight revenue per carload grew 8 percent to $2,385.
Operating income for the quarter rose 17 percent from the year-ago period to C$423 million, while total operating expenses declined 4 percent to C$1.09 billion. Operating ratio for the quarter improved 380 basis points from last year to 72 percent.
Looking ahead, Harrison said, "Despite a slow start to the year and the reduced capacity which limited our ability to meet strong customer demand, we still have the utmost confidence in our ability to achieve our financial targets for 2014."
While reporting its financial results for the fourth quarter in January, Canadian Pacific forecast fiscal 2014 earnings per share to grow more than 30 percent, on projected revenue growth of 6 to 7 percent. Analysts currently expect the company to report earnings of C$8.43 per share for the year on revenues of C$6.59 billion.
CP closed Monday's trading on the NYSE at $148.94, up $0.76 or 0.51 percent on a volume of 0.76 million shares.
On the Toronto stock exchange, CP.TO closed Monday's trading at C$163.99, up C$0.78 on a volume of 0.15 million shares.
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