(Reuters circulated the following on April 22.)
TORONTO — Canadian Pacific Railway Ltd. reported a 29-percent drop in its first quarter profit on Tuesday and reduced its earnings guidance for this year, citing rising fuel costs and a stronger Canadian dollar.
The carrier earned C$90.8 million, or 59 Canadian cents per share in the quarter ended March 31. That compares with a profit of C$128.6 million, or 82 Canadian cents per share, in the same quarter a year ago.
The company cut its outlook, expecting diluted earnings per share before items in the range of C$4.40 to C$4.60 in 2008, down from C$4.65 to C$4.80.