Canadian Pacific Kansas City Ltd. announced on Wednesday a slight decrease in its first-quarter net income, which is primarily ascribable to its controlling shareholders. The income has fallen by 3 percent, down to C$775 million or C$0.83 per share, in comparison with the C$800 million or C$0.86 per share in the first quarter of the previous year.
However, after considering exceptional and extraordinary items, the adjusted core earnings for the quarter were up at C$0.93 per share - a modest increase from C$0.90 per share for the same period a year ago.
Significantly, total revenues for the quarter showed a marked improvement, increasing by 55 percent to reach C$3.52 billion, distinctly up from C$2.27 billion in the same quarter of the previous year.
A survey of analysts by Thomson Reuters had, on average, predicted that the company would report quarterly earnings of C$0.94 per share on revenues of C$3.54 billion. These estimates, as is standard, typically do not incorporate the impact of special items.
