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CP Railway Sees Flat 2020 Earnings

Noting hit from coronavirus, earnings fall 6% in first quarter

Canadian Pacific Railway Ltd. (CP) said on Tuesday it expects full-year adjusted earnings to be flat due to the coronavirus pandemic and warned of rapidly slowing crude volumes, reports Reuters.

Following the hit from the virus outbreak on business operations, Canada’s second-largest railroad operator now expects overall volumes to be down mid-single digits in 2020.

Net income CP totaled C$409 million in the first quarter ended March 31, equal to C$2.99 per share on the common stock, down 6% from C$434 million, or C$3.10 per share, in the same period a year ago. Revenues, meanwhile, increased 16% to C$2.04 billion from C$1.77 billion.

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