SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December, 2007
CANADIAN PACIFIC RAILWAY LIMITED
(Commission File No. 1-01342)
CANADIAN PACIFIC RAILWAY COMPANY
(Commission File No. 1-15272)
(translation of each Registrants name into English)
Suite 500, Gulf Canada Square, 401 9th Avenue, S.W., Calgary, Alberta, Canada, T2P 4Z4
(address of principal executive offices)
Indicate by check mark whether the registrants file or will file annual reports under cover
Form 20-F or Form 40-F.
Indicate by check mark whether the registrants by furnishing the information contained in this
Form are also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82-
This Report furnished on Form 6-K shall be incorporated by reference into each of the
following Registration Statements under the Securities Act of 1933 of the registrant: Form S-8 No.
333-140955 (Canadian Pacific Railway Limited), Form S-8 No. 333-127943 (Canadian Pacific Railway
Limited), and Form S-8 No. 333-13962 (Canadian Pacific Railway Limited).
Release: Immediate, December 12, 2007
CANADIAN PACIFIC REVIEWS 2007 EARNINGS OUTLOOK
Outlook for 2008 remains unchanged
CALGARY Canadian Pacific (TSX/NYSE: CP) announced today that adjusted diluted earnings per
share for 2007 may be at the bottom of, or even below, the range announced earlier this year of
from $4.30 to $4.45. This is a result of recent harsh weather conditions that caused disruptions
in train operations in CPs busy Western corridor, and a lag in the fuel recovery program.
Canadian Pacific has delivered solid growth in adjusted diluted EPS of 12 per cent for the first
nine months of 2007, said Fred Green, President and CEO. But with these stronger than expected
headwinds in the fourth quarter, there is a risk that earnings growth may not reach the level that
we expected for 2007 of nine per cent to 13 per cent. However, with a focus on execution
excellence and cost management, we remain confident we will deliver our earnings target in 2008 of
$4.70 to $4.85.
Mike Lambert, Chief Financial Officer added, With higher than anticipated WTI prices and the
30-day lag between our fuel expenses and our fuel recovery, combined with the effects of the severe
weather patterns we experienced in British Columbia in early December, there is a risk that
earnings may fall below the bottom end of our guidance of $4.30 for the full year 2007.
Note on forward-looking information
This news release contains certain forward-looking statements relating but not limited to our
operations, anticipated financial performance and business prospects. Undue reliance should not be
placed on forward-looking information as actual results may differ materially.
By its nature, CPs forward-looking information involves numerous assumptions, inherent risks and
uncertainties, including but not limited to the following factors: changes in business strategies;
general North American and global economic and business conditions; risks in agricultural
production such as weather conditions and insect populations; the availability and price of energy
commodities; the effects of competition and pricing pressures; industry capacity; shifts in market
demand; changes in laws and regulations, including regulation of rates; changes in taxes and tax
rates; potential increases in maintenance and operating costs; uncertainties of litigation; labour
disputes; risks and liabilities arising from derailments; timing of completion of capital and
maintenance projects; currency and interest rate fluctuations; effects of changes in market
conditions on the financial position of pension plans and investments; and various events that
could disrupt operations, including severe weather conditions, security threats and governmental
response to them, and technological changes.
There are factors that could cause actual results to differ from those described in the
forward-looking statements contained in this news release. These more specific factors are
identified and discussed in the Outlook section and elsewhere in this news release with the
particular forward-looking statement in question.
CP undertakes no obligation to update publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or otherwise except as required by law.
Canadian Pacific, through the ingenuity of its employees located across Canada and in the United
States, remains committed to being the safest, most fluid railway in North America. Our people are
the key to delivering innovative transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where we operate. Our combined
ingenuity makes CPR a better place to work, rail a better way to ship, and North America a better
place to live. Come and visit us at www.cpr.ca to see how we can put our ingenuity to work for
you. Canadian Pacific is proud to be the official rail freight services provider for the Vancouver
2010 Olympic and Paralympic Winter Games.
Contacts:
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Media
Leslie Pidcock
Tel.: (403) 319-6878
email: leslie_pidcock@cpr.ca
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Investment Community
Janet Weiss, Assistant Vice-President
Investor Relations
Tel.: (403) 319-3591
email: investor@cpr.ca |
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