Canadian Pacific Railway Ltd. says it earned record second-quarter revenues of nearly $2 billion, driven by a leap in traffic across the board to beat analysts’ expectations.
The Calgary-based company says its net income jumped more than two-thirds to $724 million or $5.17 per diluted share in the quarter ended June 30, compared with $436 million or $3.04 per diluted share in the same quarter last year.
Revenue increased by 13 per cent to $1.98 billion last quarter, a record for the second quarter and up from $1.75 billion a year ago.
CP Rail says its adjusted earnings per diluted share hit $4.30, rising 36 per cent from $3.16 in 2018.
Analysts on average had expected a profit of $4.18 per share, according to Thomson Reuters Eikon.
Traffic increased in all categories, with grain, intermodal traffic and energy, chemicals and plastics accounting for more than 59 per cent of CP Rail revenue last quarter, up from about 57 per cent a year earlier.