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Canadian Pacific Chugs Higher On Q2 Earnings Beat

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Canadian Pacific Chugs Higher On Q2 Earnings Beat

Canadian Pacific Railway (NYSE: CP) on Tuesday reported second-quarter earnings of $4.30 per share, which beat the analyst consensus estimate of $3.20. This is a 74.8% increase over earnings of $2.46 per share from the same period last year.

The company reported quarterly sales of $1.98 billion, which beat the analyst consensus estimate of $1.5 billion. This is a 45% increase over sales of $1.365 billion the same period last year.

"This quarter, we saw revenue growth across every line of business, strong operating metrics and our best-ever second-quarter performance from a workload perspective, as measured by gross ton-miles," said Canadian Pacific CEO Keith Creel in a statement. "As has been proven time and again, our operating model can perform well in all economic conditions and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working and we look forward to a strong finish to 2019."

Canadian Pacific Railway shares traded higher by 3.3% at $244.86 at time of publication.

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Posted-In: Earnings News Best of Benzinga

 

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