Canadian Pacific Railway Q3 Profit Declines; Results Miss Estimates - Quick Facts

(RTTNews) - Canadian Pacific Railway Limited (CP, CP.TO) reported Wednesday that third-quarter net income declined to C$472 million or C$0.70 per share from C$598 million or C$0.88 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was C$0.88 per share, compared to C$0.82 per share in the year-ago quarter.

Revenues for the quarter grew 4 percent to C$1.94 billion from C$1.86 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of C$0.95 per share on revenues of C$2.02 billion for the quarter. Analysts' estimates typically exclude special items.

Looking forward, the company continues to project double-digit adjusted earnings per share growth compared to 2020 adjusted earnings of $3.53 per share, despite global supply chain issues and a challenging Canadian grain crop. Analysts currently estimate earnings of $3.91 per share.