Canadian Pacific warns Q2 results hit by wildfires, stronger loonie and low commodity volumes

Canadian Pacific 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.

Earlier in the year, Canadian Pacific dropped its roughly $30 billion offer to acquire Norfolk Southern Corp. because the deal was opposed by Norfolk Southern executives, politicians and rail customers along the route and other railroads.

At the time, Canadian Pacific raised its dividend by 43 per cent and announced plans to repurchase up to 5 per cent of its stock.