CALGARY, ALBERTA, CANADA — Net income at Canadian Pacific Railway Ltd. eased to C$618 million in the third quarter ended Sept. 30, equal to C$4.47 per share on the common stock, down narrowly from C$622 million, or  C$4.36 per share, in the same period a year ago. Revenues increased 4% to C$1.979 billion from C$1.898 billion.

CP said it generated C$409 million in revenues from movement of grain in the third quarter, up 6.5% from C$384 million in the same period a year ago. In the first nine months of fiscal 2019, revenues from movement of grain totaled C$1.211 billion, up nearly 9% from C$1.113 billion.

“Grain volumes were down 1%, while revenues were up 6%,” John Kenneth Brooks, executive vice-president and chief marketing officer, said during an Oct. 23 conference call with analysts. “Wet weather delayed the Canadian grain harvest significantly in the quarter with weekly volumes averaging about 1,000 cars per week less compared to our prior years. More recently, these volumes have begun to pick up, and we are confident that any volumes not moved this fall will move in 2020.

“Currently, in Canada, the latest stats show we’re about 70% harvested versus our three-year average closer to 85%. The crop size will look similar to last year, and we continue to watch closely the impacts of quality, resulting from this late harvest. In the U.S., although recent weather events have also taken their toll in the upper Midwest and have slowed shipping in that territory, we’ve seen an increase most recently in our export soybean program as more positive news emerges around U.S. trade settlements and talks with China.”