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April 23, 2009 8:00 AM, EDT

Canadian Pacific Reports Lower 1Q Income

Canadian freight railroad Canadian Pacific’s first-quarter net income fell 31.1% to C$62.5 million, or 39 cents a share, from C$90.7 million, or 59 cents a share a year earlier.

Freight revenue fell slightly, to C$1.05 billion, from C$1.12 billion in 2008.