Canadian Pacific Railway earned a third-quarter profit of $195 million, up 14% from 2008, the railroad announced Tuesday. Diluted earnings per share were $1.16, an increase of 5% (All figures are in Canadian dollars.)
CP said foreign exchange gains and losses on long-term debt and other after-tax items, including the sale of two large properties, had an impact on earnings of $0.31. Excluding these items, adjusted diluted earnings per share were $0.85, handily beating the Wall Street consensus estimate of 78 cents.
We delivered strong cost control and tight resource management this quarter while traffic volumes remained under pressure, said Fred Green, President and CEO. We are continuing to refine and optimize our business processes to further drive structural cost improvements. This increases our flexibility and positions us well to respond to changes in volumes as the economy begins to recover.
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