Canadian Pacific Railway Ltd (
TSX: T.CP,
Stock Forum) shares jumped 6.6% to $143.64 Wednesday after the transportation sector giant posted record earnings, revenue and operating ratio in the third quarter.
At current trading levels, CP has a market cap of $25.2 billion, based on 175.1 million shares outstanding. The 52-week range is $144.43 and $85.59.
The Calgary-based company's net income was $324 million or $1.84 per diluted share, beating analyst estimates of $1.72 per share.
The profit was up from $224 million or $1.30 per share in the third quarter of 2012,
the company said in a press release.
Canadian Pacific's revenue rose by six per cent to $1.5 billion, up from $1.45 billion in the third quarter of 2012.
The higher revenue combined with lower expenses resulted in a record low operating ratio for CP, which had lagged its peers by this measure.
The operating ratio fell to 65.9 per cent from 74.1 per cent as CP's operating expenses declined by six per cent to $1 billion. (With files from The Canadian Press).
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