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Canadian Pacific Railway Ltd
Symbol CP
Shares Issued 139,845,593
Close 2019-07-16 C$ 322.25
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CP Rail earns $724-million in fiscal Q2 2019

2019-07-16 10:33 ET - News Release

Mr. Keith Creel reports

CP REPORTS RECORD Q2 REVENUES OF $1.98-billion ON THE STRENGTH OF OPERATING MODEL AND 13,000-STRONG CP FAMILY

Canadian Pacific Railway Ltd. had record second quarter revenues of $1.98-billion, an increase of 13 per cent from last year, and record earnings per share with reported diluted earnings per share of $5.17 or $4.30 on an adjusted-diluted-EPS basis.

"I commend the team for this record second quarter performance," said CP president and chief executive officer Keith Creel. "These results demonstrate the strength of precision scheduled railroading and are a testament to our collective commitment to deliver for our customers and the broader economy."

Second quarter highlights

  • Revenues increased by 13 per cent to $1.98-billion from $1.75-billion last year.
  • Reported diluted EPS of $5.17, a 70-per-cent increase from $3.04 last year, and adjusted diluted EPS of $4.30, a 36-per-cent increase from $3.16 last year.
  • Operating ratio was a second quarter record 58.4 per cent, a 580-basis-point improvement over last year's second quarter operating ratio of 64.2 per cent.

"This quarter, we saw revenue growth across every line of business, strong operating metrics and our best-ever second-quarter performance from a workload perspective, as measured by gross ton miles," said Mr. Creel. "As has been proven time and again, our operating model can perform well in all economic conditions and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working and we look forward to a strong finish to 2019."

CP will discuss its results with the financial community in a conference call beginning at 9:30 a.m. ET (7:30 a.m. MT) today.

Conference call access

Toronto participants dial-in number:  1-647-427-7450

Operator-assisted toll-free dial-in number:  1-888-231-8191

Callers should dial in 10 minutes prior to the call.

Webcast

The company encourages you to access the webcast and presentation material in the investors section of CP's website.

A replay of the second quarter conference call will be available by phone through to July 30, 2019, at 416-849-0833 or toll-free at 1-855-859-2056, password 8144989.

About Canadian Pacific Railway Ltd.

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the West and East coasts.

                                INTERIM CONSOLIDATED STATEMENTS OF INCOME
                                     (in millions, except per share)

                                            Three months ended June 30           Six months ended June 30
                                                  2019            2018              2019             2018
Revenues  
Freight                                         $1,931          $1,709            $3,657           $3,334
Non-freight                                         46              41                87               78
Total revenues                                   1,977           1,750             3,744            3,412
Operating expenses
Compensation and benefits                          383             351               789              725
Fuel                                               236             230               445              445
Materials                                           54              53               111              108
Equipment rents                                     34              33                69               66
Depreciation and amortization                      183             172               343              342
Purchased services and other                       265             284               622              559
Total operating expenses                         1,155           1,123             2,379            2,245
Operating income                                   822             627             1,365            1,167
Less
Other (income) expense                             (40)             52               (87)             103
Other components of net periodic
benefit recovery                                   (98)            (95)             (195)            (191)
Net interest expense                               112             112               226              227
Income before income tax expense                   848             558             1,421            1,028
Income tax expense                                 124             122               263              244
Net income                                         724             436             1,158              784
Earnings per share    
Basic earnings per share                          5.19            3.05              8.28             5.46
Diluted earnings per share                        5.17            3.04              8.25             5.44
Dividends declared per share                    0.8300          0.6500            1.4800           1.2125

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