Canadian Pacific’s 4Q Profit Grows 3%

Canadian freight railroad Canadian Pacific’s fourth-quarter net income grew 3% to C$194.1 million, or C$1.15, from C$188.1 million, or C$1.21, a year earlier, Reuters reported.

Excluding items such as foreign exchange gain and loss on long-term debt and favorable income tax items, earnings per share fell 12% to 94 cents, from C$1.07.

Revenue fell 16% to C$1.1 billion, from C$1.3 billion a year earlier.

For the full year ended Dec. 31, profit grew 0.8% to C$612.4 million, or C$3.67, from C$607.2 million, or C$3.91, the previous year.

Revenue for the year dropped 13.3% to $4.3 billion, from $4.9 billion in 2008.