CP Railway announces plan to eliminate up to 300 jobs
Posted Jul 21, 2015 1:16 pm.
This article is more than 5 years old.
Canadian Pacific Railway Ltd. (TSX:CP) is planning more job cuts as the company faces lower than expected freight volumes
and earnings.
President and chief operating officer Keith Creel said the company plans to slash 200 to 300 more jobs this year as business
drops.
The planned cuts would be on top of the roughly 700 jobs CP already eliminated in the past year.
The Calgary based company’s revenue in the second quarter ticked lower to $1.65 billion compared with $1.68 billion last year.
The railway said it earned $390 million or $2.36 per diluted share in the quarter that ended June 30, up from $371 million or $2.11 per diluted share a year ago.
CEO Hunter Harrison didn’t participate in today’s conference call with investors because he was recovering from a medical procedure, but in a statement he said CP is efficient and can respond to an evolving economy.
(The Canadian Press)
