Canadian Pacific Railway Ltd. reported shipments of crude oil by rail have dropped eight per cent by volume compared to last year, but its revenue increased by 10% in the first quarter.
In its earnings report released Tuesday, CP said grain shipments and metal and minerals shipments were both down by 2% compared to the first quarter of last year. That reflects falling demand for Canadian metals and minerals and the clearing of the backlog of Canadian grain from the 2013 season.
But shipments for potash, fertilizers and chemicals and plastics rose substantially, helping propel revenue in the first quarter to $4.67 billion. Click here to read more.