Canadian Pacific earnings (NYSE:CP) came out late in the day on Wednesday and they helped to propel CP stock forward as the company’s results came in ahead of what analysts were calling for, including an increase in revenue compared to the year-ago quarter.
For its fourth quarter of the current fiscal year, the No. 2 railroad operator in Canada said that it brought in net income of C$545 million, which marked a decrease of 45% when compared to its year-ago quarter. The company said that it recorded an income-tax gain of roughly C$527 million in association with the U.S. tax code changes that took place in the same quarter from a year ago.
On an an adjusted basis, Canadian Pacific earnings tallied up to C$4.55 per share, which were stronger than what analysts were calling for in their consensus estimate of C$4.22, according to data compiled by Refinitiv. The company added that its revenue for the period was up 17% year-over-year, reaching C$2.01 billion for the period.
The railroad operator also said that it moved higher volumes of chemicals, energy and plastics, with that segment’s revenue surging 49% year-over-year to C$369 million.
CP stock is 1.5% higher after the bell on Wednesday following the company’s strong quarterly earnings showing. Shares had been on the decline during regular trading hours in anticipation of the company’s results, falling 0.3%.
