Canadian Pacific revenues to drop more than 10 percent in Q2

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CALGARY, Alberta — Canadian Pacific says it expects its second quarter revenues to be down by around 12 percent from the same quarter a year ago. The Class I railroad announced those projections in advance of its second quarter earnings release date and conference call scheduled for mid-July.

The railroad says that lower-than-anticipated volumes in grain and potash commodities accompanied with devastating wildfires in northern Alberta and a strengthening Canadian dollar are all contributing factors in the revenue declines.

"CP will continue to focus on controlling costs in a difficult environment," says Canadian Pacific CEO E. Hunter Harrison. "While we acknowledge the environment remains challenging, additional cost reduction opportunities and the potential for stronger volumes in the back half of the year still lead us to believe that achieving double-digit [earnings per share] growth in 2016 is a possibility."

The railroad will release its full financial earnings and operating results on July 20.

NEWSWIRETrains News Wire

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