Canadian Pacific Railway Ltd reported a better-than-expected quarterly profit, helped by higher freight rates and lower operating costs. CP Rail said freight revenue per carload rose 5 percent in the third quarter ended Sept. 30 even as carloads fell 2.6 percent. Revenue rose 2.3 percent to C$1.71 billion ($1.32 billion). Operating ratio, or operating costs as a percentage of revenue, improved to 59.9 percent from 62.8 percent. Excluding items, earnings rose to C$2.69 per share from C$2.31 per share a year earlier. Analysts on average had expected earnings of C$2.67 per share on revenue of C$1.69 billion, according to Thomson Reuters I/B/E/S. Net income fell 19 percent to C$323 million, or C$2.04 per share, hurt by C$128 million in foreign exchange loss on long-term debt. CP Rail’s shares had fallen more than 14 percent to C$190.22 in the past 12 months.