Canadian Pacific Railway profit beats estimates

(Reuters) - Canadian Pacific Railway Ltd reported a better-than-expected quarterly profit on Wednesday, as the No.2 Canadian railroad operator moved higher volumes of energy, chemicals and plastics. Revenue in that segment, which also contains its crude-by-rail shipments, jumped 49 percent to C$369 million ($276 million). The rise in shipments comes when Western Canadian energy producers are looking at alternatives to ship crude amid pipeline constraints. The Calgary-based company's revenue rose 17 percent to C$2.01 billion in the fourth quarter ended Dec. 31. Net income fell 45 percent to C$545 million. The company recorded an income-tax gain of C$527 million related to the U.S. tax overhaul in the year-ago quarter. Excluding items, the company earned C$4.55 per share, beating analysts' average estimate of C$4.22, according to IBES data from Refinitiv. (Reporting by Shanti S Nair in Bengaluru; Editing by Sriraj Kalluvila)