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Canadian Pacific Railway books higher quarterly income on record revenues

Canadian Pacific Railway Ltd. posted a year-over-year rise in its net income, driven by stronger revenues.

The Canadian railroad operator said net income for the third quarter edged up to C$622 million, or C$4.35 per share, from C$510 million, or C$3.50 per share, in the same quarter last year.

Total revenues for the quarter rose by 19% to C$1.90 billion from C$1.60 billion as the company posted revenue growth across all major segments. Revenues from freight went up to C$1.85 billion from C$1.55 billion in the same quarter last year.

Operating income increased by 27% to C$790 million from C$622 million. The company's total operating expenses also rose to C$1.11 billion from C$973 million.

Canadian Pacific declared a dividend of 65 cents per share, up from 56.3 cents per share in the third quarter a year ago.