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Today, Canadian Pacific reported second-quarter revenue of $1.4 billion, up 8 percent compared with second-quarter 2011. Operating income rose slightly to $239 million (all figures are in Canadian dollars).

But diluted earnings per share dipped by 15 cents to 60 cents, net income fell 20 percent to $103 million, volume slipped 1 percent to 646,000 units, the operating ratio worsened by 0.8 points to 82.5 and operating expenses rose 9 percent to $1.1 billion.

The Class I registered a negative earnings impact of about 30 cents per share from “significant items,” including a management transition and advisory costs, and an Ontario corporate income tax rate change, CP officials said in a prepared statement. In addition, a nine-day labor strike is estimated to have reduced diluted earnings per share by 25 cents to 30 cents, they said.

In the year’s first half, total revenue climbed 13 percent to $2.74 billion, operating income jumped 51 percent to $513 million, net income soared 51 percent to $245 million, operating expenses increased 7 percent to $2.2 billion and the operating ratio improved 4.7 points to 81.3.