Canadian Pacific says Q2 hit by wildfires, loonie and low commodity volumes

BUSINESS

Canadian Pacific says Q2 hit by wildfires, loonie and low commodity volumes

The Canadian Press Published Tuesday, June 21, 2016 9:12AM EDT

Canadian Pacific Rail locomotives sit idle at the company's Port Coquitlam yard east of Vancouver, B.C., on May 23, 2012. (Darryl Dyck/THE CANADIAN PRESS)

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CALGARY - Canadian Pacific (TSX:CP) says its financial results have taken a hit from a number of factors including lower volumes of bulk commodities such as grain and potash.

The Calgary-based railway estimates revenue for the quarter ending June 30 will be about 12 per cent below the same time last year.

It's also estimating adjusted diluted earnings per share of about $2 for its second quarter.

Last year, CP reported $2.45 per share in adjusted diluted earnings and $1.65 billion in revenue.

CP Rail says its results were also hurt by the wildfires that devastated northern Alberta and forced the evacuation of Fort McMurray last month and a strengthening of the loonie.

The warning to investors was issued Tuesday, about a month before Canadian Pacific issues its full second-quarter report on July 20.