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Canadian Pacific Railway Stock Surges on Q3 Earnings Beat

Canadian Pacific Railway stock (NYSE:CP) was up after the bell as the company reported its latest quarterly earnings results late in the day Thursday, unveiling profit and revenue that was stronger than what analysts were calling for in their consensus estimate.

Canadian Pacific Railway stockThe railroad company said that for its third quarter of fiscal 2018, it earned $622 million in net income, of $4.35 per diluted share. The figure is stronger than its earnings from the year-ago quarter, when it brought in net income of $510 million, or $3.50 per share.

Canadian Pacific Railway’s earnings came in at $589 million on an adjusted basis, or $4.12 per diluted share, which is two cents better than the forecast the company gave earlier this month. The earnings were 42 cents per share higher than the $2.90 per share, or $422 million from the year-ago quarter, while also topping the Wall Street consensus estimate, according to data compiled by Thomson Reuters.

The company also said that its operating income amounted to $780 million, marking a 27% gain compared to the year-ago quarter. Canadian Pacific Railway’s revenue impressed as well at $1.9 billion, a 19% gain from the $1.6 billion from the year-ago quarter.

The company also said that this quarter marked the highest adjusted profits per share and revenues of its 137-year history.

CP stock surged about 1.5% after the bell on Thursday following the company’s strong quarterly earnings showing. Shares had been down a touch over 3% during regular trading hours in anticipation of its results

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