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Canadian Pacific Railway Limited Message Board

  • bluecheese4u bluecheese4u Jan 29, 2013 6:45 PM Flag

    Canadian Pacific announces solid fourth-quarter operating performance

    Canadian Pacific announces solid fourth-quarter operating performance

    January 29, 2013 | Calgary, Alberta
    Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced its fourth-quarter 2012 results today. CP’s diluted earnings per share, excluding significant items (*see Non-GAAP Measures below) comprised of labour restructuring and asset impairment charges was $1.28. This compares favourably with fourth quarter of 2011 diluted earnings per share, exclusive of significant items of $1.11, an improvement of 15 per cent. Reported diluted earnings per share for the fourth-quarter 2012, inclusive of significant items, was $0.08. Reported diluted earnings per share in fourth-quarter 2011, inclusive of significant items, was $1.30.

    CP’s operating ratio, excluding significant items (*see Non-GAAP Measures below) was 74.8 per cent for fourth-quarter 2012, which compares favourably to 2011’s operating ratio of 78.5 per cent. Reported operating ratio for fourth-quarter 2012, inclusive of significant items was 96.0 per cent.

    “Canadian Pacific is moving forward on our transformational journey to become the most efficient railroad in North America,” said E. Hunter Harrison, President and Chief Executive Officer. “This quarter, CP saw strong operating performance as we continued to implement significant changes to how we run the railroad.”

    “Management made a number of hard decisions this quarter including booking several significant items. With these decisions now behind us, we anticipate record-setting financial and operational results starting in 2013,” added Harrison.

    Fourth-Quarter Significant Items

    Announced items that impacted reported fourth-quarter 2012 and 2011 earnings include:

    2012:

    $53 million labour restructuring charge ($39 million after tax), which unfavourably impacted diluted earnings per share (“EPS”) by 22 cents
    $185 million impairment of Powder River Basin and other investment ($111 million after tax), which unfavourably impacted diluted EPS by 64 cents
    $80 million asset impairment of certain locomotives ($59 million after tax), which unfavourably impacted diluted EPS by 34 cents
    2011:

    $6 million advisory fees related to shareholder matters, which unfavourably impacted diluted EPS by 3 cents
    $37 million income tax benefit, which favourably impacted diluted EPS in 2011 by 22 cents

    Financial Expectations for Full Year 2013

    Revenue growth to be in the high single digits
    Operating ratio to be in the low 70s
    Diluted EPS to be up in excess of 40 per cent versus 2012’s diluted EPS, excluding significant items (*see Non-GAAP Measures below) of $4.34
    Key Assumptions for Full Year 2013

    Average fuel cost per gallon of US$3.45 per U.S. gallon
    Tax rate in the range of 25 per cent to 27 per cent
    Canadian to U.S. exchange rate at par
    Defined Benefit Pension Expense Assumptions

    Defined benefit pension expense in 2013 and 2014 in the range of $50 million to $60 million per year, increasing to be in the range of $90 million to $110 million in 2015 and 2016

    cprDOTca/en/news-and-media/news/Pages/cp-solid-fourth-quarter-operating-performanceDOTaspx

    Reconciliation of Non-GAAP measures (PDF)
    cprDOTca/en/invest-in-cp/earnings-releases/Documents/cp-2012-q4-non-GAAP.pdf

 
CP
199.92-0.30(-0.15%)Aug 21 4:00 PMEDT

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