CP Ships to face analysts again

CP Ships to face analysts again    CP Ships' management will face financial analysts again on Nov. 15 when it publishes its third-quarter results and holds a conference call and presentation to the investment community.
   The Canadian-registered shipping group shocked analysts in August when it admitted it had overstated its profits in 2002, 2003 and in the first quarter of this year. CP Ships' on the New York Stock Exchange fell 22 percent in one day at the time. The company's stock price has been largely stable since then.
   Despite lower second-quarter results and the effect of the accounting errors, CP insisted in August it expects to raise its net income this year to a level higher than the uncorrected 2003 net income of $82 million, partly thanks to freight rate increases.
   CP Ships is the parent company of ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines. As of June, CP Ships’ vessel fleet totaled 78 ships.