REFILE-UPDATE 1-CP Rail profit jumps helped by higher freight revenue

Wed Jan 29, 2014 11:02am EST
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* Fourth-quarter adjusted earnings per share C$1.91 vs est C$1.95

* Revenue rises 7 pct to C$1.6 bln

* Operating ratio improves 890 basis points to 65.9 pct

* Sees 2014 adj profit up 30 pct or more, rev growth of 6-7 pct

Jan 29 (Reuters) - Canadian Pacific Railway , Canada's second largest railway, reported a five-fold jump in fourth-quarter profit, as freight revenue rose 7 percent.

Shipping crude via railroads across North America has surged amid a boom in oil production that is exceeding pipeline capacity. But a series of disastrous train derailments in the past year has drawn intense scrutiny on the industry's safety.

CP Rail said on Wednesday it expects 2014 adjusted earnings to increase 30 percent or more and revenue to grow 6-7 percent, compared with 2013.

Net profit rose to C$82 million ($73 million), or 47 Canadian cents per share, in the quarter ended Dec. 31, from C$15 million, or 8 Canadian cents per share, a year earlier.   Continued...