Reported diluted earnings per share fell 17% to $2.93 from $3.51 and adjusted diluted EPS was flat year-over-year at $2.50.
Reported operating ratio decreased by 80 basis points to 58.1% from 58.9%.
The operating ratio in the first quarter of 2017 included a $51m recovery associated with the early departure of the previous chief executive.
CP president and CEO Keith Creel said: "Thanks to our hard-working employees, industry-leading operating model and commitment to service, we produced solid results this quarter.
"We turned a corner in March and are now seeing positive volumes, which makes us cautiously optimistic that the demand environment is improving."
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