Mark Szakonyi, Associate Editor | Apr 10, 2012 4:07PM EDT
Canadian Pacific Railway expects first fiscal quarter diluted earnings per share to be triple that of the same period a year ago, a result that would strengthen the railroad’s position amid a proxy war.
The railroad expects to report diluted earnings per share in the range of 80 to 83 Canadian cents, which is about the same equivalent in U.S. currency. CP, which is due to report earnings April 20, saw profit in quarter a year ago fall 67 percent from the previous year to US$36 million, largely because of winter weather disruptions.
William Ackman, principal of Pershing Square Capital Management, is waging a proxy war with CP management by pushing a slate of seven directors and trying to replace current CEO Fred Green with E. Hunter Harrison, former CEO of rival Canadian National Railway. The proxy vote is slated for May 17 at the annual shareholder meeting.
Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @mszakonyi_joc.
