Canadian Pacific 1st quarter profit drops

Canadian Pacific 1st quarter profit drops

   Canadian Pacific Railway reported first quarter net profit of $33.7 million compared to $101 million in the first quarter of 2010.

   Revenue was $1.2 billion, essentially flat.

   'The first quarter was an extremely difficult winter with weather-related outages significantly constraining our capacity and our service to our customers,” said Fred Green, president and chief executive officer.

   The company said revenue changes by commodity were:

   ' Grain, down 14.5 percent.

   ' Coal, down 4.2 percent.

   ' Sulfur and fertilizers, up 9.5 percent.

   ' Forest products up 5.3 percent.

   ' Industrial and consumer products up 12.4 percent.

   ' Automotive, up 3.1 percent.

   ' Intermodal, down 0.2 percent.