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Surveyors work next to CP Rail trains which are parked on the train tracks in Toronto on Wednesday, May 23, 2012.Nathan Denette/The Canadian Press

Continuing its habit of announcing a payout for shareholders around this time of year, Canadian Pacific Railway Ltd. declared Friday a 35-cent dividend.

The dividend will be paid on April 29 for shareholders on record at the closing of the markets March 28.

A spokesman for CP characterized this as an expected yearly occurrence, even though the railway is in the middle of widespread transformation to improve efficiency under the charge of new chief executive officer Hunter Harrison. Last year at the end of February, CP announced a dividend of 30 cents.

As RBC Dominion Securities analyst Walter Spracklin noted, CP has recently shown "impressive" volume growth in coal and agriculture shipments, as opposed to strong gains by rival Canadian National Railways Co. in the volume of non-metallic mineral and container shipping.

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