UPDATE 3-CP Rail posts record results, shares hit new high

Wed Jan 29, 2014 5:29pm EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Adjusted earnings per share C$1.91 vs estimated C$1.95

* Fourth-quarter revenue rises 7 pct to C$1.6 bln

* Operating ratio improves 890 basis points to 65.9 pct

* CP sees 2014 adjusted profit up 30 pct or more

* Sees revenue growth of 6-7 pct (Updates with details on forecast, crude shipments, cash use, and weather impact)

By Solarina Ho

TORONTO, Jan 29 (Reuters) - Canadian Pacific Railway , the country's second largest railroad, reported record quarterly results on Wednesday despite taking a hit from extreme winter weather in December.

The railroad also forecast its adjusted earnings would climb by at least 30 percent in 2014 with revenue growing by 6-7 percent from 2013, estimates that some analysts said appeared conservative.

"CP's profitability improvement in 2013 has been nothing short of spectacular," National Bank Financial analyst Cameron Doerksen told clients.   Continued...