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CP Rail second-quarter profit hurt by workers' strike
July 25, 2012 / 11:54 AM / 5 years ago

CP Rail second-quarter profit hurt by workers' strike

July 25 (Reuters) - Canadian Pacific Railway, fresh from a proxy battle that ousted its chief executive officer and chairman, reported a 20 percent drop in quarterly earnings on Wednesday due to the impact of a strike by its engineers in May and management transition costs.

CP, Canada’s second-biggest railroad operator, said its second-quarter net income had fallen to C$103 million ($101 million), or 60 Canadian cents a share, from C$128 million, or 75 Canadian cents a share, a year earlier.

Freight revenue in the quarter rose 8 percent to C$1.33 billion.

$1 = 1.0197 Canadian dollars Reporting by Euan Rocha in Toronto and Nicole Mordant in Vancouver; Editing by Lisa Von Ahn

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