Canadian Pacific Railway Limited (TSX/NYSE: CP) announced its second-quarter results today. Net income in the second quarter was $155 million, a decrease of 40 per cent from $257 million in 2007, and diluted earnings per share was $1.00, a decrease from $1.64 in the second quarter of 2007.
http://www8.cpr.ca/cms/English/Media/News/General/2008/Canadian+Pacific+second-quarter+results.htm
From the Globe and Mail-
Higher fuel prices, a weak economy and flood damage to its U.S. mainline drove quarterly profit at Canadian Pacific Railway Ltd. 40 per cent lower.
“Combined, these had a significant impact on CP’s earnings,” Chief Executive Officer Fred Green stated. “We see the current economic conditions continuing, and CP is taking aggressive steps which should position us well for 2009. I have accelerated a rigorous process to improve our productivity, efficiency, and yield.”
Profit was $155-million, or $1 a share, compared to $257-million, or $1.64 a share, a year ago, in line with analyst expectations. Revenue was flat, at $1.22-billion. The company’s shares opened 5 per cent lower Tuesday, or $3.35, at $63.26.
Full article-
http://www.reportonbusiness.com/servlet/story/RTGAM.20080722.wcpr0722/BNStory/Business/home