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January 29, 2008 8:20 AM, EST

Canadian Pacific’s Fourth-Quarter Income Gains

Canadian Pacific Railway Ltd. said Tuesday its fourth-quarter net income rose to C$342.3 million, or C$2.21 per share, compared with C95 cents, in the previous fourth quarter.

The increase was primarily due to lower future Canadian income tax rates, the railroad said in a statement.

Freight revenue rose to C$1.14 billion, from C$1.15 billion a year earlier. Intermodal revenue rose to C$336.3 million, from C$324 million.

Net income for the full year rose to C$946.2 million, or C$6.08 per share, from C$796.3 million, or C$5.06, in 2006. Revenue rose to C$4.6 billion from C$4.4 billion.