Canadian Pacific Railway Limited CP is scheduled to release third-quarter 2020 results on Oct 20, before market open.The Zacks Consensus Estimate for third-quarter 2020 earnings has been revised southwards to $3.21 from $3.23 in the past seven days.Against this backdrop, let’s discuss the factors that might have impacted the company’s September-quarter performance.Canadian Pacific Railway Limited Price and EPS Surprise Canadian Pacific Railway Limited price-eps-surprise | Canadian Pacific Railway Limited QuoteThe company’s third-quarter performance is likely to have been affected by weakness in freight-revenues, mainly due to coronavirus-led disruptions. Weakness in freight revenues is expected to have limited top-line growth. Overall carloads are also expected to have hurt the company’s September-end results. Notably, crude volumes are also anticipated to have declined due to steep fall in demand as a result of COVID-19.We also expect the company’s bottom line performance to have been hurt by increase in capital expenses.However, record Canadian grain movement (7.7 million metric tonnes of Canadian grain and grain products) in the third quarter is expected to have bolstered the company’s top-line performance.What the Zacks Model UnveilsOur proven model does not conclusively predict an earnings beat for Canadian Pacific this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of a positive surprise. But that is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.Earnings ESP: Canadian Pacific has an Earnings ESP of -0.77% as the Most Accurate Estimate is pegged at $3.19 per share, lower than the Zacks Consensus Estimate of $3.21. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: Canadian Pacific carries a Zacks Rank #3, currently.Highlights of Q2 EarningsCanadian Pacific's second-quarter 2020 earnings (excluding 42 cents from non-recurring items) of $2.94 (C$4.66) per share surpassed the Zacks Consensus Estimate of $2.75. However, quarterly earnings declined 8.4% year over year. Quarterly revenues of $1,292.8 million (C$1,792) missed the Zacks Consensus Estimate of $1,299.9 million. The top line also fell 12.5% on a year-over-year basis due to drop in freight revenues.Stocks to ConsiderInvestors interested in the broader Transportation sector may consider Union Pacific Corporation UNP, Kansas City Southern KSU and Norfolk Southern Corporation NSC as these stocks possess the right combination of elements to beat on earnings this reporting cycle.Union Pacific has an Earnings ESP of +2.42% and is Zacks #3 Ranked, presently. The company will release third-quarter 2020 results on Oct 22.Kansas City Southern has an Earnings ESP of +0.81% and a Zacks Rank of 3 at present. The company will release third-quarter 2020 results on Oct 16.Norfolk Southern has an Earnings ESP of +1.13% and is currently a #3 Ranked player. The company will release third-quarter 2020 results on Oct 28.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot stocks we're targeting >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Union Pacific Corporation (UNP): Free Stock Analysis Report Kansas City Southern (KSU): Free Stock Analysis Report Norfolk Southern Corporation (NSC): Free Stock Analysis Report Canadian Pacific Railway Limited (CP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research