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Canadian Pacific expects 12 percent lower revenues

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Canadian Pacific Railway
Railway   The environment remains challenging

Canadian Pacific Railway said it is providing an earnings outlook for the second-quarter of 2016 due to lower-than-anticipated volumes in bulk commodities.

Other reasons are the unexpected and devastating wildfires in northern Alberta and a strengthening Canadian dollar.​

CP now expects revenues to decline approximately 12 percent from the same quarter a year ago, adjusted diluted earnings per share of approximately $2.00 and an operating ratio of about 62 percent.

"CP will continue to focus on controlling costs in a difficult environment," said E. Hunter Harrison, CP CEO.

"While we acknowledge the environment remains challenging, additional cost reduction opportunities and the potential for stronger volumes in the back half of the year still lead us to believe that achieving double-digit EPS growth in 2016 is a possibility."

CP will release its second-quarter financial and operating results on July 20, 2016.

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