October 27, 2009 8:00 AM, EDT

Canadian Pacific’s 3Q Income Falls

Canadian freight railroad Canadian Pacific’s third-quarter net income fell 22% as measures to control costs failed to offset lower volumes, Reuters reported.

Operating income fell to C$144 million, or 85 cents a share, in the quarter ended Sept. 30, compared with C$184 million, or C$1.19, last year, Reuters said.

Revenue fell 20% to C$1.1 billion.

Results include one-time items related to long-term debt, Reuters said.