Canada's second-biggest railroad said April-June profit fell to C$128 million ($135.7 million), or 75 Canadian cents a share, versus earnings of C$166.6 million, or 98 Canadian cents a share, a year ago.
Analysts, on average, expected CP to earn 73 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose 2 percent to about C$1.26 billion, almost in line with analysts' forecast of C$1.27 billion.
Operating expenses grew about 8 percent to C$1.03 billion.
"We rerouted and detoured traffic over other railways and incurred significantly higher operating costs to ensure delivery of our customers' shipments," Chief Executive Fred Green said in a statement.
The company said its operating ratio -- an important measure of a railroad's productivity -- rose to about 82 percent in the quarter, from about 78 percent last year.
The lower the ratio, which measures operating costs as a percentage of revenue, the more efficient the railway.
CP's earnings come two days after larger rival Canadian National Railway Co reported better-than-expected earnings despite difficulties including floods in western Canada, forest fires and mudslides.
This is the second consecutive quarter that CP's results have been hit hard by inclement weather. First-quarter profit had tumbled 67 percent because of a severe winter, including avalanches and heavy snow. (Reuters)
