Canadian Pacific 3Q earnings slip

Canadian Pacific early Tuesday announced third-quarter net income of C$186.8 million, or earnings of C$1.10 per share, down 5%, or 7 Canadian cents per share, from earnings of C$197.3 million in the comparable period in 2010.

CP revenue of C$1.34 billion was up C$55.4 million, or 4%, from the third quarter of 2010. But its operating expenses rose C$68.5 million to C$1 billion, with the average fuel price increasing 47%, CP said.

“We currently see strength in our bulk franchise, but remain vigilant in monitoring economic signals from Asia,” stated CP President and CEO Fred Green. “We are focused on sustaining and improving service and productivity through investments in locomotives, infrastructure, people and technology.”