Canadian Pacific profit drops on harsh weather

Canadian Pacific Railway (CP-T) posted a 67 percent drop in quarterly profit, as harsh winter weather hampered train operations.

First-quarter profit fell to $33.7 million, or 20 cents a share, compared with $101 million, or 60 cents a share, a year ago.

Revenue at Canadian Pacific, Canada's second biggest railroad, fell slightly to $1.16 billion, from $1.17 billion, a year ago.

Analysts on average expected earnings of 18 cents a share, on revenue of $1.17 billion, according to Thomson Reuters I/B/E/S.

The company had said in March it expects earnings per share to be in the range of 12 to 22 cents, as a result of harsh weather conditions.