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Canadian Pacific Railway profit misses consensus by 32.2% in Q3

Canadian Pacific Railway Ltd. said its normalized net income for the third quarter came to C$1.82 per share, compared with the S&P Capital IQ consensus estimate of C$2.68 per share.

EPS declined 8.4% year over year from C$1.98.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$288.1 million, a decrease of 16.2% from C$343.8 million in the year-earlier period.

The normalized profit margin dropped to 16.9% from 20.6% in the year-earlier period.

Total revenue grew year over year to C$1.71 billion from C$1.67 billion, and total operating expenses decreased on an annual basis to C$1.02 billion from C$1.05 billion.

Reported net income declined 19.2% year over year to C$323.7 million, or C$2.04 per share, from C$400.8 million, or C$2.31 per share.