Railroad turnaround veteran Hunter Harrison is back in a familiar place — at the bottom.

Canadian Pacific Railway Ltd. reduced its full-year profit target, amid revenue declines in commodities such as crude oil and a delayed grain harvest in western Canada.

Canadian Pacific Railway  provided a second-quarter profit outlook that fell short of estimates amid a plunge in sales.

Canadian Pacific Railway, having failed in its bid to buy Norfolk Southern Corp., will buy back as much as C$1.31 billion ($1.04 billion) of its stock, confirming an effort outlined by CEO Hunter Harrison.

Canadian Pacific Railway still is interested in exploring a merger with CSX Corp. even as Canada’s second-largest carrier continues to pursue Norfolk Southern Corp., CEO Hunter Harrison said.

Canadian Pacific Railway is asking U.S. regulators to rule on the proposed voting trust structure it wants to use to acquire Norfolk Southern Corp.

The man brought in to run Canada’s second-biggest railroad likes to say one of his missions is to “make the assets sweat” — in other words, really put them to work. He could say the same about his investment bankers.

Canada’s biggest railroad reported a operating ratio of 53.8% for the quarter, and the gauge — which compares expenses with sales — may remain below 60% through 2016, Chief Financial Officer Luc Jobin said Oct. 27.

Canadian Pacific Railway cut its forecast for full-year revenue and earnings per-share growth while it seeks to control costs amid a decline in demand for commodities shipments.

Canadian National Railway Co. reported first-quarter earnings that beat analysts’ estimates as growing demand for forest products and a weaker Canadian dollar buoyed revenue.