Canadian Pacific Railway Ltd. (NYSE:CP) said first-quarter profit fell 19%, curbed by fewer grain shipments.
Net income declined to US$3.48mln, or US$2.41 a share, from US$431mln, or US$2.93 a share, a year earlier, the company said in a statement today. That beat estimates of US$2.16 a share published on EarningsWhispers.com.
“This was a challenging quarter, as we battled extreme weather and unprecedented demand, specifically in the northern reaches of our network," Chief Executive Officer Keith Creel said in the statement.
The stock was little changed at US$178.50 in extended trading after the market close.