CP’s First-Quarter Income Dips

Canadian Pacific Railway’s first-quarter net income fell 29% from a year ago to C$91 million, or 59 cents a share, from C$129 million, or 82 cents, a year ago.

Revenue rose 3% to C$1.15 billion, the company said Tuesday.

Freight revenue rose 10% to C$1.12 billion, on strong global demand for bulk products, but the foreign exchange impact of a stronger Canadian dollar reduced that growth to 3%.

Intermodal revenue rose 4%, CP said.