Canadian Pacific Railway reported a 28 percent jump in quarterly operating, on the back of increased freight revenue.

CP, Canada's second-biggest railway, said its third-quarter operating profit rose to C$337.7 million, from a year-ago profit of C$263.8 million. The year-ago profit excludes a C$79.1 million one-time gain from real estate asset sales.

Excluding the year-ago asset sale, quarterly earnings rose to C$204.7 million, or C$1.21 a share, up from C$160.9 million, or 95 Canadian cents a share, a year earlier.

Quarterly revenue rose 15 percent to C$1.29 billion.

Industry analysts, on average, had expected earnings of C$1.15 an adjusted share, according to Thomson Reuters I/B/E/S. The average revenue forecast was C$1.23 billion.

The company said its net income fell to C$197.3 million, or C$1.17 a share, from a year-ago profit of C$209.3 million, or C$1.24 a share. (Reuters)