UPGRADE 1-Weak volumes hit CP Rail revenue; CEO to retire July 2017

(Includes CEO’s departure, detail on outcomes, analyst quotes.) Canadian Pacific Railway Ltd.
reported lower second-quarter earnings on.
Wednesday and stated its president will step down.
next July and is signing a three-year post-retirement consulting.
contract. As long expected, the train stated its president and chief.
operating officer, Keith Creel, will succeed Hunter Harrison as.
CEO on July 1, 2017. Harrison stated in 2014 that he would retire.
in 2017. Canada’s No. 2 railway stated weak commodity volumes, the.
wildfire in northern Alberta and a stronger Canadian dollar.
decreased profits in the quarter.

In a presentation posted online ahead of Wednesday’s.
incomes call, the company said the quarter was tough, however.
” the worst is behind us.” The Calgary-based company cautioned in June that profits would.
decline about 12 percent in the quarter, and forecast earnings.
of C$ 2.00 per share.

Omitting the impact of currency motions on some U.S.
dollar-denominated debt, incomes fell to C$ 312 million, or.
C$ 2.05 a share, from C$ 404 million, or C$ 2.45 a share. Earnings.
dropped 12.2 percent to C$ 1.45 billion.

Analysts expected profits of C$ 2.01 on income of C$ 1.46.
billion, according to Thomson Reuters I/B/E/ S. Earnings declined to C$ 328 million ($ 251 million), or.
C$ 2.15 per share, from C$ 390 million, or C$ 2.36 per share, a.
year earlier. The operating ratio, a vital effectiveness procedure, damaged to.
62.0 percent from 60.9 percent.
($ 1 = 1.3058 Canadian dollars).

( Reporting by Allison Martell in Toronto and Amrutha Gayathri.
in Bengaluru; Modifying by Ted Kerr and Jeffrey Benkoe).

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