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Canada Canadian Pacific profit misses estimates on lower freight volumes

02:45  21 october  2020
02:45  21 october  2020 Source:   reuters.com

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Canadian Pacific Railway , the unsolicited suitor of U.S. railroad Norfolk Southern , reported lower -than-expected quarterly results on Thursday as falling prices for The Canadian Pacific railyard is pictured in Port Coquitlam, British Columbia in this file photo from February 15, 2015.

Railroad operator Canadian Pacific Railway Limited (NYSE:CP) reported mixed results in the second quarter of 2016 The top line was hurt by a decline in freight revenues. Soft freight revenues primarily from coal Apart from soft commodity volumes , a stronger Canadian dollar also hurt the top line.

(Reuters) - Canadian Pacific Railway Ltd missed Street estimates for quarterly profit on Tuesday, as the railroad operator was hurt by lower freight volumes during the COVID-19 pandemic.

The company's operating ratio, a measure of operating expenses as a percentage of revenue and a key metric for Wall Street, rose to 58.2% from 56.1% a year earlier. A lower operating ratio signals improved profitability.

Canadian Pacific, however, said it expects at least mid-single-digit adjusted earnings growth in 2020.

The pandemic compounded woes for rail operators, which moved record amounts of Canadian oil at the start of this year but witnessed a plunge in crude volumes later due to production cuts by energy companies.

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(Reuters) - Canadian Pacific Railway Ltd missed analysts' estimates for quarterly profit on Tuesday as the railroad operator spent heavily to combat a harsh winter that impacted its operations. Canada 's challenging winter conditions extended to February

Canadian Pacific Railway Limited (NYSE:CP) reported better-than-expected earnings but lower -than-expected revenues Impressive freight revenues led to the year over year top line improvement. In the reported quarter, total freight revenues per revenue ton-miles (RTMs) were up 7% year over year.

Canadian Pacific's energy, chemicals and plastic shipments dropped 30% during the third quarter.

Its total carloads, the amount of freight loaded into cars during a specified period, fell 7%.

Net income fell 3.2% to C$598 million ($453.48 million), or C$4.41 per share, in the three months ended Sept. 30. Revenue declined by about 6% to C$1.86 billion.

On an adjusted basis, Canadian Pacific earned C$4.12 per share, missing an average Street estimate of C$4.23, according to Refinitiv data.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Ramakrishnan M.)

Deutsche Bank surprises with high profit .
After an unexpectedly good third quarter, confidence is growing at Deutsche Bank. Despite the unprecedented economic slump as a result of the corona pandemic, according to the bank, it was consistently profitable in 2020. © A.

usr: 1
This is interesting!