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Canadian Pacific's profit falls as freight volumes decline

Published 2016-01-21, 08:38 a/m
© Reuters. Canadian Pacific's profit falls as freight volumes decline
NSC
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CP
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Jan 21 (Reuters) - Canadian Pacific Railway Ltd CP.TO , the
unwanted suitor of U.S. railroad Norfolk Southern Corp (N:NSC) NSC.N ,
reported a 29 percent decline in fourth-quarter profit as
falling prices for commodities such as oil and coal hit freight
volumes.
Canada's No. 2 railroad said its net income slipped to C$319
million ($220.9 million), or C$2.08 per share, in the three
months ended Dec.31, from C$451 million, or C$2.63 per share, a
year earlier.
Revenue slipped 4 percent to C$1.68 billion.
Canadian Pacific unveiled a $28 billion offer for Norfolk
Southern in mid-November.
However, the No. 4 U.S. railroad has repeatedly rejected
CP's advances, saying the proposed terms were "grossly
inadequate" and that a deal would face substantial regulatory
risks. CP says a merger would enhance competition and create new
markets and options for customers across North America.
($1 = 1.4441 Canadian dollars)

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