Canadian Pacific Railway Ltd. raised its outlook for full year 2018 after third-quarter EPS exceeded expectations.

The company said it expects third-quarter EPS to be about C$4.35, according to preliminary results. Adjusted EPS is expected to be approximately C$4.10, well above S&P Global Market Intelligence's consensus normalized EPS estimate of C$3.64 for the quarter.

Revenues are estimated to have grown by 19% to about C$1.9 billion in the quarter. Operating ratio is estimated to be sub-58.5%.

For full year 2018, the company now expects adjusted EPS to grow more than 20% from C$11.39 in 2017, compared to the previous guidance of low-double-digit growth.