CALGARY - Canadian Pacific Railway Ltd. says it earned $598 million in its latest quarter, down from $618 million in the same quarter last year.

The railway says the profit amounted to $4.41 per diluted share for the quarter ended Sept. 30, down from $4.46 per diluted share a year ago.

Revenue for the company's third quarter totalled $1.86 billion, down from $1.98 billion in its third quarter last year.

On an adjusted basis, the railway says its $4.12 per diluted share for the quarter compared with an adjusted profit of $4.61 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $4.23 per diluted share and revenue of $1.87 billion, according to financial data firm Refinitiv.

In its outlook, CP Rail says it expects a low-single-digit decline in revenue ton-miles in 2020 and at least mid-single-digit adjusted diluted earnings per share growth. The railway says it continues to expect capital expenditures of $1.6 billion this year.