CANADIAN PACIFIC RAILWAY LIMITED CANADIAN PACIFIC RAILWAY COMPANY (Registrants) |
||||
Date: January 27, 2009 | By: | Signed: Karen L. Fleming | ||
Name: | Karen L. Fleming | |||
Title: | Corporate Secretary | |||
| Total revenues increased nine per cent to $1.3 billion from $1.2 billion | ||
| Operating expenses were $995 million an increase of 13 per cent from $883 million | ||
| Excluding foreign exchange gains and losses on long-term debt and other specified items: Diluted earnings per share decreased to $1.15 from $1.20; and Income decreased four per cent to $178 million from $185 million |
| Total revenues increased five per cent to $4.9 billion from $4.7 billion |
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| Operating expenses increased nine per cent to $3.9 billion from $3.5 billion | ||
| Free cash flow (a non-GAAP measure) was $231 million | ||
| Excluding foreign exchange gains and losses on long-term debt and other specified items: Diluted earnings per share were $4.06, down six per cent from $4.32; and Income decreased six per cent to $632 million from $673 million |
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Media
|
Investment Community | |
Mike LoVecchio
|
Janet Weiss, Assistant Vice-President | |
Tel.: (778) 772-9636
|
Investor Relations | |
email: mike_lovecchio@cpr.ca
|
Tel.: (403) 319-3591 | |
email: investor@cpr.ca |
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For the three months | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Revenues |
||||||||
Freight |
$ | 1,257.8 | $ | 1,142.6 | ||||
Other |
41.9 | 45.7 | ||||||
1,299.7 | 1,188.3 | |||||||
Operating expenses |
||||||||
Compensation and benefits |
349.4 | 308.4 | ||||||
Fuel |
239.5 | 196.3 | ||||||
Materials |
45.9 | 47.9 | ||||||
Equipment rents |
45.8 | 45.1 | ||||||
Depreciation and amortization |
125.9 | 116.3 | ||||||
Purchased services and other |
188.3 | 168.8 | ||||||
994.8 | 882.8 | |||||||
Revenues less operating expenses |
304.9 | 305.5 | ||||||
Equity income in Dakota, Minnesota & Eastern
Railroad Corporation (Note 2) |
10.4 | 12.3 | ||||||
Other charges |
8.3 | 8.5 | ||||||
Foreign exchange losses (gains) on long-term debt |
3.9 | (8.3 | ) | |||||
Interest expense |
73.8 | 63.4 | ||||||
Income tax expense (recovery) |
28.7 | (88.1 | ) | |||||
Net income |
$ | 200.6 | $ | 342.3 | ||||
Basic earnings per share |
$ | 1.30 | $ | 2.23 | ||||
Diluted earnings per share |
$ | 1.29 | $ | 2.21 | ||||
5
For the year | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Revenues |
||||||||
Freight |
$ | 4,814.8 | $ | 4,555.2 | ||||
Other |
116.8 | 152.4 | ||||||
4,931.6 | 4,707.6 | |||||||
Operating expenses |
||||||||
Compensation and benefits |
1,305.5 | 1,284.2 | ||||||
Fuel |
1,005.8 | 746.8 | ||||||
Materials |
217.2 | 215.5 | ||||||
Equipment rents |
182.2 | 207.5 | ||||||
Depreciation and amortization |
491.3 | 472.0 | ||||||
Purchased services and other |
672.2 | 617.4 | ||||||
3,874.2 | 3,543.4 | |||||||
Revenues less operating expenses |
1,057.4 | 1,164.2 | ||||||
Equity income in Dakota, Minnesota & Eastern Railroad Corporation (Note 2) |
51.3 | 12.3 | ||||||
Other charges |
22.7 | 29.6 | ||||||
Change in estimated fair value of Canadian third party asset-backed commercial paper |
49.4 | 21.5 | ||||||
Foreign exchange losses (gains) on long-term debt |
16.3 | (169.8 | ) | |||||
Interest expense |
261.1 | 204.3 | ||||||
Income tax expense |
140.2 | 144.7 | ||||||
Net income |
$ | 619.0 | $ | 946.2 | ||||
Basic earnings per share |
$ | 4.03 | $ | 6.14 | ||||
Diluted earnings per share |
$ | 3.98 | $ | 6.08 | ||||
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For the three months | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Comprehensive income |
||||||||
Net income |
$ | 200.6 | $ | 342.3 | ||||
Other comprehensive income |
||||||||
Unrealized foreign exchange gain (loss) on: |
||||||||
Translation of the net investment in U.S. subsidiaries |
210.3 | (7.0 | ) | |||||
Translation of U.S. dollar-denominated long-term debt
designated as a hedge of the net investment in U.S.
subsidiaries |
(204.7 | ) | 3.5 | |||||
Net change in losses on derivatives designated as cash
flow hedges |
(12.7 | ) | (17.9 | ) | ||||
Other comprehensive loss before income taxes |
(7.1 | ) | (21.4 | ) | ||||
Income tax recovery |
31.9 | 7.2 | ||||||
Other comprehensive income (loss) |
24.8 | (14.2 | ) | |||||
Comprehensive income |
$ | 225.4 | $ | 328.1 | ||||
For the year | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Comprehensive income |
||||||||
Net income |
$ | 619.0 | $ | 946.2 | ||||
Other comprehensive income |
||||||||
Unrealized foreign exchange gain (loss) on: |
||||||||
Translation of the net investment in U.S. subsidiaries |
307.5 | (78.4 | ) | |||||
Translation of U.S. dollar-denominated long-term debt
designated as a hedge of the net investment in U.S.
subsidiaries |
(297.5 | ) | 71.0 | |||||
Net change in losses on derivatives designated as cash
flow hedges |
(16.1 | ) | (36.8 | ) | ||||
Other comprehensive loss before income taxes |
(6.1 | ) | (44.2 | ) | ||||
Income tax recovery |
44.8 | 3.4 | ||||||
Other comprehensive income (loss) |
38.7 | (40.8 | ) | |||||
Comprehensive income |
$ | 657.7 | $ | 905.4 | ||||
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December 31 | December 31 | |||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 117.6 | $ | 378.1 | ||||
Accounts receivable and other current assets |
713.1 | 542.8 | ||||||
Materials and supplies |
215.8 | 179.5 | ||||||
Future income taxes |
76.5 | 67.3 | ||||||
1,123.0 | 1,167.7 | |||||||
Investments (Note 2) |
151.1 | 1,668.6 | ||||||
Net properties |
12,576.9 | 9,293.1 | ||||||
Assets held for sale |
39.6 | 17.0 | ||||||
Other assets and deferred charges |
1,342.0 | 1,218.6 | ||||||
Goodwill and intangible assets (Note 2) |
237.2 | | ||||||
Total assets |
$ | 15,469.8 | $ | 13,365.0 | ||||
Liabilities and shareholders equity |
||||||||
Current liabilities |
||||||||
Short-term borrowing |
$ | 150.1 | $ | 229.7 | ||||
Accounts payable and accrued liabilities (Note 5) |
1,034.9 | 980.8 | ||||||
Income and other taxes payable |
42.2 | 68.8 | ||||||
Dividends payable |
38.1 | 34.5 | ||||||
Long-term debt maturing within one year (Note 3) |
44.0 | 31.0 | ||||||
1,309.3 | 1,344.8 | |||||||
Deferred liabilities |
865.2 | 714.6 | ||||||
Long-term debt (Note 3) |
4,685.8 | 4,146.2 | ||||||
Future income taxes |
2,616.1 | 1,701.5 | ||||||
Shareholders equity |
||||||||
Share capital |
1,220.8 | 1,188.6 | ||||||
Contributed surplus |
40.2 | 42.4 | ||||||
Accumulated other comprehensive income |
78.3 | 39.6 | ||||||
Retained income |
4,654.1 | 4,187.3 | ||||||
5,993.4 | 5,457.9 | |||||||
Total liabilities and shareholders equity |
$ | 15,469.8 | $ | 13,365.0 | ||||
8
For the three months | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Operating activities |
||||||||
Net income |
$ | 200.6 | $ | 342.3 | ||||
Add (deduct) items not affecting cash: |
||||||||
Depreciation and amortization |
125.9 | 116.3 | ||||||
Future income taxes |
102.8 | (129.6 | ) | |||||
Foreign exchange losses (gains) on long-term debt |
3.9 | (8.3 | ) | |||||
Amortization of deferred charges |
2.7 | 2.9 | ||||||
Equity income, net of cash received |
(11.6 | ) | (10.1 | ) | ||||
Restructuring and environmental remediation payments |
(17.0 | ) | (22.0 | ) | ||||
Other operating activities, net |
12.5 | 30.2 | ||||||
Change in non-cash working capital balances related to
operations |
38.2 | 58.8 | ||||||
Cash provided by operating activities |
458.0 | 380.5 | ||||||
Investing activities |
||||||||
Additions to properties |
(285.5 | ) | (324.6 | ) | ||||
Additions to investments and other assets (Note 4) |
(9.5 | ) | (4.7 | ) | ||||
Reductions in investments and other assets (Note 4) |
257.6 | 21.5 | ||||||
Additions to investment in Dakota, Minnesota & Eastern
Railroad Corporation (Note 2) |
(0.3 | ) | (1,492.6 | ) | ||||
Net (costs) proceeds from disposal of transportation properties |
(4.7 | ) | 5.6 | |||||
Cash used in investing activities |
(42.4 | ) | (1,794.8 | ) | ||||
Financing activities |
||||||||
Dividends paid |
(38.1 | ) | (34.5 | ) | ||||
Issuance of CP Common Shares |
1.4 | 1.2 | ||||||
Net (decrease) increase in short-term borrowing |
(129.9 | ) | 229.7 | |||||
Issuance of long-term debt |
| 1,260.2 | ||||||
Repayment of long-term debt (Note 3) |
(252.6 | ) | (3.9 | ) | ||||
Cash (used in) provided by financing activities |
(419.2 | ) | 1,452.7 | |||||
Effect of foreign exchange fluctuations on U.S. dollar-denominated
cash and cash equivalents |
23.3 | 0.5 | ||||||
Cash position |
||||||||
Increase in cash and cash equivalents |
19.7 | 38.9 | ||||||
Cash and cash equivalents at beginning of period |
97.9 | 339.2 | ||||||
Cash and cash equivalents at end of period |
$ | 117.6 | $ | 378.1 | ||||
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For the year | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Operating activities |
||||||||
Net income |
$ | 619.0 | $ | 946.2 | ||||
Add (deduct) items not affecting cash: |
||||||||
Depreciation and amortization |
491.3 | 472.0 | ||||||
Future income taxes |
160.6 | 38.7 | ||||||
Change in estimated fair value of Canadian third
party asset-backed commercial paper |
49.4 | 21.5 | ||||||
Foreign exchange losses (gains) on long-term debt |
16.3 | (169.8 | ) | |||||
Amortization of deferred charges |
10.1 | 12.1 | ||||||
Equity income, net of cash received |
(46.6 | ) | (10.1 | ) | ||||
Restructuring and environmental remediation payments |
(53.4 | ) | (61.0 | ) | ||||
Other operating activities, net |
(35.4 | ) | 33.6 | |||||
Change in non-cash working capital balances related to
operations |
(132.2 | ) | 50.3 | |||||
Cash provided by operating activities |
1,079.1 | 1,333.5 | ||||||
Investing activities |
||||||||
Additions to properties |
(892.3 | ) | (893.2 | ) | ||||
Additions to investments and other assets (Note 4) |
(222.5 | ) | (19.2 | ) | ||||
Reductions in investments and other assets (Note 4) |
257.6 | 19.4 | ||||||
Additions to investment in Dakota, Minnesota & Eastern
Railroad Corporation (Note 2) |
(8.6 | ) | (1,492.6 | ) | ||||
Net proceeds from disposal of transportation properties |
9.7 | 14.9 | ||||||
Investment in Canadian third party asset-backed
commercial paper |
| (143.6 | ) | |||||
Cash used in investing activities |
(856.1 | ) | (2,514.3 | ) | ||||
Financing activities |
||||||||
Dividends paid |
(148.7 | ) | (133.1 | ) | ||||
Issuance of CP Common Shares |
19.7 | 30.4 | ||||||
Purchase of CP Common Shares |
| (231.1 | ) | |||||
Net (decrease) increase in short-term borrowing |
(79.6 | ) | 229.7 | |||||
Issuance of long-term debt |
1,068.7 | 1,745.3 | ||||||
Repayment of long-term debt (Note 3) |
(1,340.7 | ) | (187.7 | ) | ||||
Settlement of treasury rate lock |
(30.9 | ) | | |||||
Cash (used in) provided by financing activities |
(511.5 | ) | 1,453.5 | |||||
Effect of foreign exchange fluctuations on U.S.
dollar-denominated cash and cash equivalents |
28.0 | (18.9 | ) | |||||
Cash position |
||||||||
(Decrease) increase in cash and cash equivalents |
(260.5 | ) | 253.8 | |||||
Cash and cash equivalents at beginning of period |
378.1 | 124.3 | ||||||
Cash and cash equivalents at end of period |
$ | 117.6 | $ | 378.1 | ||||
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For the three months | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Share capital |
||||||||
Balance, beginning of period |
$ | 1,218.9 | $ | 1,187.2 | ||||
Shares issued under stock option plans |
1.9 | 1.4 | ||||||
Balance, end of period |
1,220.8 | 1,188.6 | ||||||
Contributed surplus |
||||||||
Balance, beginning of period |
41.3 | 40.6 | ||||||
Stock compensation expense |
(0.5 | ) | 1.1 | |||||
Stock compensation related to shares issued under stock
option plans |
(0.6 | ) | 0.7 | |||||
Balance, end of period |
40.2 | 42.4 | ||||||
Accumulated other comprehensive income |
||||||||
Balance, beginning of period |
53.5 | 53.8 | ||||||
Other comprehensive income (loss) |
24.8 | (14.2 | ) | |||||
Balance, end of period |
78.3 | 39.6 | ||||||
Retained income |
||||||||
Balance, beginning of period |
4,491.6 | 3,879.5 | ||||||
Net income for the period |
200.6 | 342.3 | ||||||
Dividends |
(38.1 | ) | (34.5 | ) | ||||
Balance, end of period |
4,654.1 | 4,187.3 | ||||||
Total accumulated other comprehensive income and
retained income |
4,732.4 | 4,226.9 | ||||||
Shareholders equity, end of period |
$ | 5,993.4 | $ | 5,457.9 | ||||
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For the year | ||||||||
ended December 31 | ||||||||
2008 | 2007 | |||||||
(unaudited) | ||||||||
Share capital |
||||||||
Balance, beginning of period |
$ | 1,188.6 | $ | 1,175.7 | ||||
Shares issued under stock option plans |
32.2 | 37.4 | ||||||
Shares purchased |
| (24.5 | ) | |||||
Balance, end of period |
1,220.8 | 1,188.6 | ||||||
Contributed surplus |
||||||||
Balance, beginning of period |
42.4 | 32.3 | ||||||
Stock compensation expense |
7.8 | 10.1 | ||||||
Stock compensation related to shares
issued under stock option plans |
(10.0 | ) | | |||||
Balance, end of period |
40.2 | 42.4 | ||||||
Accumulated other comprehensive income |
||||||||
Balance, beginning of period |
39.6 | 66.4 | ||||||
Adjustment for change in accounting policy |
| 14.0 | ||||||
Adjusted balance, beginning of period |
39.6 | 80.4 | ||||||
Other comprehensive income (loss) |
38.7 | (40.8 | ) | |||||
Balance, end of period |
78.3 | 39.6 | ||||||
Retained income |
||||||||
Balance, beginning of period |
4,187.3 | 3,582.1 | ||||||
Adjustment for change in accounting policy |
| 4.0 | ||||||
Adjusted balance, beginning of period |
4,187.3 | 3,586.1 | ||||||
Net income for the period |
619.0 | 946.2 | ||||||
Shares purchased |
| (206.6 | ) | |||||
Dividends |
(152.2 | ) | (138.4 | ) | ||||
Balance, end of period |
4,654.1 | 4,187.3 | ||||||
Total accumulated other comprehensive
income and retained income |
4,732.4 | 4,226.9 | ||||||
Shareholders equity, end of period |
$ | 5,993.4 | $ | 5,457.9 | ||||
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1 | Basis of presentation | |
This unaudited interim consolidated financial information and notes has been prepared using accounting policies that are consistent with the policies used in preparing Canadian Pacific Railway Limiteds (CP, the Company or Canadian Pacific Railway) 2007 annual consolidated financial statements, except for disclosures. They do not include all disclosures required under Generally Accepted Accounting Principles (GAAP) for annual financial statements and should be read in conjunction with the annual consolidated financial statements. | ||
CPs operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons. | ||
2 | Investments | |
Dakota, Minnesota & Eastern Railroad Corporation | ||
Dakota, Minnesota and Eastern Railroad Corporation (DM&E) was acquired on October 4, 2007 and is wholly owned by the Company. The purchase was subject to review and approval by the U.S. Surface Transportation Board (STB), during which time the shares of DM&E were placed in a voting trust. The STB approved the purchase effective on October 30, 2008, at which time the Company assumed control of the DM&E. | ||
The Company accounted for its investment in DM&E using the equity method until the acquisition was approved by the STB and the Company assumed control. Equity income in DM&E for the period of October 4, 2007 to December 31, 2007 of $12.3 million and equity income in 2008 earned prior to STB approval effective October 30, 2008 of $51.3 million, are recorded in Equity income in Dakota, Minnesota and Eastern Railroad Corporation on the Statement of Consolidated Income. Subsequent to October 30, 2008 the results of DM&E are consolidated on a line-by-line basis. | ||
The DM&E was purchased for $1.5 billion including goodwill of $180 million as at December 31, 2008. Future contingent payments of up to approximately US$1.05 billion plus certain interest and inflationary adjustments may become payable up to December 31, 2025 upon achievement of certain milestones. The contingent payments would be accounted for as an increase in the purchase price. | ||
Intangible assets recognized as part of the purchase price allocation have amortization periods for the various categories of intangible assets that range from 4 to 100 years. Net of amortization of $2 million recognized since the date of acquisition, intangible assets total $57 million as at December 31, 2008. Goodwill and intangible assets are included on the Consolidated Balance Sheet as at December 31, 2008 in Goodwill and intangible assets. | ||
3 | Long-term debt | |
During the fourth quarter of 2008, the Company repaid the remaining US$203.0 million of bridge financing obtained in 2007 for the purchase of the DM&E with cash of $248.0 million. | ||
4 | Additions to / Reductions in investments and other assets | |
Additions to / Reductions in investments and other assets includes the acquisition of locomotive and freight car assets which were purchased in anticipation of a sale and lease back arrangement with a financial institution. For the three months ended December 31, 2008, $9.5 million in assets were acquired and $257.6 million were sold; and for the year ended December 31, 2008, $222.5 million in assets were acquired and $257.6 million were sold. For the three months ended December 31, 2007, $4.7 million in assets were acquired and $19.2 million were sold; and for the year ended December 31, 2007, $19.2 million in assets were acquired and $20.2 million were sold. For the three months and year ended December 31, 2008, a gain of $26.9 million was realized in these sale and leaseback arrangements which will be deferred and amortized over the term of the related leases which range from 18 to 20 years. |
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5 | Grain Revenues | |
During the three months ended March 31, 2008, the Canadian Transportation Agency announced a decision directing a downward adjustment of the railway maximum revenue entitlement for movement of regulated grain under the Canada Transportation Act, for the period from August 1, 2007 to July 31, 2008. The Company appealed the decision to the Federal Court of Appeal. In late November 2008, the Federal Court of Appeal released its ruling dismissing the Companys appeal. As a result of the downward adjustment to the maximum revenue entitlement, the Company exceeded its revenue entitlement in the 2007-2008 crop year by approximately $33.8 million and must pay this amount plus a 15% penalty of approximately $5.1 million by January 30, 2009. As a result, the Company increased its provision in the fourth quarter for this liability by $23.0 million to $38.9 million. |
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Fourth Quarter(1) | Year(1) | |||||||||||||||||||||||||||||||
2008 | 2007 | Variance | % | 2008 | 2007 | Variance | % | |||||||||||||||||||||||||
Financial (millions, except per share data
and ratios)(1) |
||||||||||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||
$ | 1,257.8 | $ | 1,142.6 | $ | 115.2 | 10.1 | Freight revenue |
$ | 4,814.8 | $ | 4,555.2 | $ | 259.6 | 5.7 | ||||||||||||||||||
41.9 | 45.7 | (3.8 | ) | (8.3 | ) | Other revenue |
116.8 | 152.4 | (35.6 | ) | (23.4 | ) | ||||||||||||||||||||
1,299.7 | 1,188.3 | 111.4 | 9.4 | 4,931.6 | 4,707.6 | 224.0 | 4.8 | |||||||||||||||||||||||||
Operating expenses |
||||||||||||||||||||||||||||||||
349.4 | 308.4 | 41.0 | 13.3 | Compensation and benefits |
1,305.5 | 1,284.2 | 21.3 | 1.7 | ||||||||||||||||||||||||
239.5 | 196.3 | 43.2 | 22.0 | Fuel |
1,005.8 | 746.8 | 259.0 | 34.7 | ||||||||||||||||||||||||
45.9 | 47.9 | (2.0 | ) | (4.2 | ) | Materials |
217.2 | 215.5 | 1.7 | 0.8 | ||||||||||||||||||||||
45.8 | 45.1 | 0.7 | 1.6 | Equipment rents |
182.2 | 207.5 | (25.3 | ) | (12.2 | ) | ||||||||||||||||||||||
125.9 | 116.3 | 9.6 | 8.3 | Depreciation and amortization |
491.3 | 472.0 | 19.3 | 4.1 | ||||||||||||||||||||||||
188.3 | 168.8 | 19.5 | 11.6 | Purchased services and other |
672.2 | 617.4 | 54.8 | 8.9 | ||||||||||||||||||||||||
994.8 | 882.8 | 112.0 | 12.7 | 3,874.2 | 3,543.4 | 330.8 | 9.3 | |||||||||||||||||||||||||
304.9 | 305.5 | (0.6 | ) | (0.2 | ) | Operating income (2) (4) |
1,057.4 | 1,164.2 | (106.8 | ) | (9.2 | ) | ||||||||||||||||||||
10.4 | 12.3 | (1.9 | ) | (15.4 | ) | Equity income (net of tax) in Dakota, Minnesota & Eastern Railroad Corporation (DM&E) |
51.3 | 12.3 | 39.0 | 317.1 | ||||||||||||||||||||||
8.3 | 8.5 | (0.2 | ) | (2.4 | ) | Other charges |
22.7 | 29.6 | (6.9 | ) | (23.3 | ) | ||||||||||||||||||||
73.8 | 63.4 | 10.4 | 16.4 | Interest expense |
261.1 | 204.3 | 56.8 | 27.8 | ||||||||||||||||||||||||
54.9 | 60.8 | (5.9 | ) | (9.7 | ) | Income tax expense before foreign exchange (gains) losses on long-term debt and other specified items (2) |
193.4 | 269.8 | (76.4 | ) | (28.3 | ) | ||||||||||||||||||||
178.3 | 185.1 | (6.8 | ) | (3.7 | ) | Income before foreign exchange (gains) losses on long-term debt and other specified items (2) |
631.5 | 672.8 | (41.3 | ) | (6.1 | ) | ||||||||||||||||||||
Foreign exchange (gains) losses on long-term debt (FX on LTD) |
||||||||||||||||||||||||||||||||
3.9 | (8.3 | ) | 12.2 | | FX on LTD |
16.3 | (169.8 | ) | 186.1 | | ||||||||||||||||||||||
(26.2 | ) | (3.1 | ) | (23.1 | ) | | Income tax on FX on LTD (3) |
(38.6 | ) | 44.3 | (82.9 | ) | | |||||||||||||||||||
(22.3 | ) | (11.4 | ) | (10.9 | ) | | FX on LTD (net of tax) |
(22.3 | ) | (125.5 | ) | 103.2 | | |||||||||||||||||||
Other specified items |
||||||||||||||||||||||||||||||||
| | | | Change in estimated fair value of Canadian third party asset-backed commercial paper (ABCP) |
49.4 | 21.5 | 27.9 | | ||||||||||||||||||||||||
| | | | Income tax on special charges |
(14.6 | ) | (6.5 | ) | (8.1 | ) | | |||||||||||||||||||||
| | | | Change in estimated fair value of ABCP (net of tax) |
34.8 | 15.0 | 19.8 | | ||||||||||||||||||||||||
| (145.8 | ) | 145.8 | | Income tax benefits due to rate reductions on opening future income tax balances |
| (162.9 | ) | 162.9 | | ||||||||||||||||||||||
$ | 200.6 | $ | 342.3 | $ | (141.7 | ) | (41.4 | ) | Net income |
$ | 619.0 | $ | 946.2 | $ | (327.2 | ) | (34.6 | ) | ||||||||||||||
Earnings per share (EPS) |
||||||||||||||||||||||||||||||||
$ | 1.30 | $ | 2.23 | $ | (0.93 | ) | (41.7 | ) | Basic earnings per share as determined by GAAP |
$ | 4.03 | $ | 6.14 | $ | (2.11 | ) | (34.4 | ) |
$ | 1.29 | $ | 2.21 | $ | (0.92 | ) | (41.6 | ) | Diluted earnings per share as determined by GAAP |
$ | 3.98 | $ | 6.08 | $ | (2.10 | ) | (34.5 | ) | ||||||||||||||
(0.14 | ) | (0.07 | ) | (0.07 | ) | | Diluted EPS, related to FX on LTD, net of tax |
(0.14 | ) | (0.81 | ) | 0.67 | | |||||||||||||||||||
| (0.94 | ) | 0.94 | | Diluted EPS, related to other specified items, net of tax |
0.22 | (0.95 | ) | 1.17 | | ||||||||||||||||||||||
$ | 1.15 | $ | 1.20 | $ | (0.05 | ) | (4.2 | ) | Diluted earnings per share, before FX on LTD and other specified items (2) |
$ | 4.06 | $ | 4.32 | $ | (0.26 | ) | (6.0 | ) |
153.8 | 153.2 | 0.6 | 0.4 | Weighted average (avg) number of shares outstanding (millions) |
153.7 | 154.0 | (0.3 | ) | (0.2 | ) | ||||||||||||||||||||||
155.0 | 154.6 | 0.4 | 0.3 | Weighted avg number of diluted shares outstanding (millions) |
155.5 | 155.6 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||||||
76.5 | 74.3 | 2.2 | | Operating ratio (4) (%) |
78.6 | 75.3 | 3.3 | |
(1) | The 2008 figures include the results of the DM&E on an equity pickup basis through October 29, 2008 and on a fully consolidated basis for the period from October 30 through December 31, 2008. | |
(2) | These earnings measures have no standardized meanings prescribed by GAAP and are unlikely to be comparable to similar measures of other companies. See note on non-GAAP earnings measures attached to commentary. | |
(3) | Income tax on FX on LTD is discussed in the Third Quarter 2008 MD&A in the Other Income Statement Items section Income Taxes. | |
(4) | Operating income is a non-GAAP term which represents Revenue less operating expenses. Operating ratio is the percentage derived by dividing operating expenses by total revenues. |
15
Fourth Quarter(1) | Year(1) | |||||||||||||||||||||||||||||||
2008 | 2007 | Variance | % | 2008 | 2007 | Variance | % | |||||||||||||||||||||||||
Commodity Data |
||||||||||||||||||||||||||||||||
Freight Revenues (millions) |
||||||||||||||||||||||||||||||||
$ | 307.1 | $ | 257.5 | $ | 49.6 | 19.3 | Grain |
$ | 970.0 | $ | 938.9 | $ | 31.1 | 3.3 | ||||||||||||||||||
139.5 | 131.2 | 8.3 | 6.3 | Coal |
607.5 | 573.6 | 33.9 | 5.9 | ||||||||||||||||||||||||
117.5 | 121.2 | (3.7 | ) | (3.1 | ) | Sulphur and fertilizers |
508.6 | 502.0 | 6.6 | 1.3 | ||||||||||||||||||||||
57.2 | 61.5 | (4.3 | ) | (7.0 | ) | Forest products |
239.3 | 275.8 | (36.5 | ) | (13.2 | ) | ||||||||||||||||||||
216.0 | 157.9 | 58.1 | 36.8 | Industrial and consumer products |
766.1 | 627.9 | 138.2 | 22.0 | ||||||||||||||||||||||||
81.6 | 77.0 | 4.6 | 6.0 | Automotive |
323.5 | 319.0 | 4.5 | 1.4 | ||||||||||||||||||||||||
338.9 | 336.3 | 2.6 | 0.8 | Intermodal |
1,399.8 | 1,318.0 | 81.8 | 6.2 | ||||||||||||||||||||||||
$ | 1,257.8 | $ | 1,142.6 | $ | 115.2 | 10.1 | Total Freight Revenues |
$ | 4,814.8 | $ | 4,555.2 | $ | 259.6 | 5.7 | ||||||||||||||||||
Millions of Revenue Ton-Miles (RTM) |
||||||||||||||||||||||||||||||||
8,612 | 8,283 | 329 | 4.0 | Grain |
29,376 | 30,690 | (1,314 | ) | (4.3 | ) | ||||||||||||||||||||||
4,588 | 4,812 | (224 | ) | (4.7 | ) | Coal |
21,247 | 20,629 | 618 | 3.0 | ||||||||||||||||||||||
4,053 | 5,202 | (1,149 | ) | (22.1 | ) | Sulphur and fertilizers |
19,757 | 21,259 | (1,502 | ) | (7.1 | ) | ||||||||||||||||||||
1,256 | 1,673 | (417 | ) | (24.9 | ) | Forest products |
5,677 | 7,559 | (1,882 | ) | (24.9 | ) | ||||||||||||||||||||
4,505 | 4,449 | 56 | 1.3 | Industrial and consumer products |
18,296 | 16,987 | 1,309 | 7.7 | ||||||||||||||||||||||||
490 | 621 | (131 | ) | (21.1 | ) | Automotive |
2,213 | 2,471 | (258 | ) | (10.4 | ) | ||||||||||||||||||||
6,321 | 7,500 | (1,179 | ) | (15.7 | ) | Intermodal |
27,966 | 29,757 | (1,791 | ) | (6.0 | ) | ||||||||||||||||||||
29,825 | 32,540 | (2,715 | ) | (8.3 | ) | Total RTMs |
124,532 | 129,352 | (4,820 | ) | (3.7 | ) | ||||||||||||||||||||
Freight Revenue per RTM (cents) |
||||||||||||||||||||||||||||||||
3.57 | 3.11 | 0.46 | 14.8 | Grain |
3.30 | 3.06 | 0.24 | 7.8 | ||||||||||||||||||||||||
3.04 | 2.73 | 0.31 | 11.4 | Coal |
2.86 | 2.78 | 0.08 | 2.9 | ||||||||||||||||||||||||
2.90 | 2.33 | 0.57 | 24.5 | Sulphur and fertilizers |
2.57 | 2.36 | 0.21 | 8.9 | ||||||||||||||||||||||||
4.55 | 3.68 | 0.87 | 23.6 | Forest products |
4.22 | 3.65 | 0.57 | 15.6 | ||||||||||||||||||||||||
4.79 | 3.55 | 1.24 | 34.9 | Industrial and consumer products |
4.19 | 3.70 | 0.49 | 13.2 | ||||||||||||||||||||||||
16.65 | 12.40 | 4.25 | 34.3 | Automotive |
14.62 | 12.91 | 1.71 | 13.2 | ||||||||||||||||||||||||
5.36 | 4.48 | 0.88 | 19.6 | Intermodal |
5.01 | 4.43 | 0.58 | 13.1 | ||||||||||||||||||||||||
4.22 | 3.51 | 0.71 | 20.2 | Freight Revenue per RTM |
3.87 | 3.52 | 0.35 | 9.9 | ||||||||||||||||||||||||
Carloads (thousands) |
||||||||||||||||||||||||||||||||
114.7 | 103.6 | 11.1 | 10.7 | Grain |
382.4 | 385.0 | (2.6 | ) | (0.7 | ) | ||||||||||||||||||||||
68.7 | 64.9 | 3.8 | 5.9 | Coal |
281.0 | 269.1 | 11.9 | 4.4 | ||||||||||||||||||||||||
40.2 | 50.7 | (10.5 | ) | (20.7 | ) | Sulphur and fertilizers |
191.3 | 209.8 | (18.5 | ) | (8.8 | ) | ||||||||||||||||||||
20.3 | 26.0 | (5.7 | ) | (21.9 | ) | Forest products |
91.8 | 114.1 | (22.3 | ) | (19.5 | ) | ||||||||||||||||||||
89.3 | 80.4 | 8.9 | 11.1 | Industrial and consumer products |
340.9 | 313.3 | 27.6 | 8.8 | ||||||||||||||||||||||||
30.4 | 41.8 | (11.4 | ) | (27.3 | ) | Automotive |
141.3 | 168.5 | (27.2 | ) | (16.1 | ) | ||||||||||||||||||||
279.6 | 315.1 | (35.5 | ) | (11.3 | ) | Intermodal |
1,216.0 | 1,238.1 | (22.1 | ) | (1.8 | ) | ||||||||||||||||||||
643.2 | 682.5 | (39.3 | ) | (5.8 | ) | Total Carloads |
2,644.7 | 2,697.9 | (53.2 | ) | (2.0 | ) | ||||||||||||||||||||
Freight Revenue per Carload |
||||||||||||||||||||||||||||||||
$ | 2,677 | $ | 2,486 | $ | 191 | 7.7 | Grain |
$ | 2,537 | $ | 2,439 | $ | 98 | 4.0 | ||||||||||||||||||
2,031 | 2,022 | 9 | 0.4 | Coal |
2,162 | 2,132 | 30 | 1.4 | ||||||||||||||||||||||||
2,923 | 2,391 | 532 | 22.3 | Sulphur and fertilizers |
2,659 | 2,393 | 266 | 11.1 | ||||||||||||||||||||||||
2,818 | 2,365 | 453 | 19.2 | Forest products |
2,607 | 2,417 | 190 | 7.9 | ||||||||||||||||||||||||
2,419 | 1,964 | 455 | 23.2 | Industrial and consumer products |
2,247 | 2,004 | 243 | 12.1 | ||||||||||||||||||||||||
2,684 | 1,842 | 842 | 45.7 | Automotive |
2,289 | 1,893 | 396 | 20.9 | ||||||||||||||||||||||||
1,212 | 1,067 | 145 | 13.6 | Intermodal |
1,151 | 1,065 | 86 | 8.1 | ||||||||||||||||||||||||
$ | 1,956 | $ | 1,674 | $ | 282 | 16.8 | Freight Revenue per Carload |
$ | 1,821 | $ | 1,688 | $ | 133 | 7.9 |
(1) | The 2008 figures include the results of the DM&E on an equity pickup basis through October 29, 2008 and on a fully consolidated basis for the period from October 30 through December 31, 2008. |
16
Fourth Quarter(1) | Year(1) | |||||||||||||||||||||||||||||||
2008 | 2007 | Variance | % | 2008 | 2007 | Variance | % | |||||||||||||||||||||||||
Operations and Productivity
Consolidated Data including DM&E(1) |
||||||||||||||||||||||||||||||||
57,495 | 62,104 | (4,609 | ) | (7.4 | ) | Freight gross ton-miles (GTM) (millions) |
239,619 | 246,322 | (6,703 | ) | (2.7 | ) | ||||||||||||||||||||
29,825 | 32,540 | (2,715 | ) | (8.3 | ) | Revenue ton-miles (RTM) (millions) |
124,532 | 129,352 | (4,820 | ) | (3.7 | ) | ||||||||||||||||||||
16,113 | 15,801 | 312 | 2.0 | Average number of active employees |
15,935 | 15,675 | 260 | 1.7 | ||||||||||||||||||||||||
15,783 | 15,382 | 401 | 2.6 | Number of employees at end of period |
15,783 | 15,382 | 401 | 2.6 | ||||||||||||||||||||||||
3.34 | 2.71 | 0.63 | 23.2 | Total operating expenses per RTM (cents) |
3.11 | 2.74 | 0.37 | 13.5 | ||||||||||||||||||||||||
1.73 | 1.42 | 0.31 | 21.8 | Total operating expenses per GTM (cents) |
1.62 | 1.44 | 0.18 | 12.5 | ||||||||||||||||||||||||
0.61 | 0.50 | 0.11 | 22.0 | Compensation and benefits expense per GTM (cents) |
0.54 | 0.52 | 0.02 | 3.8 | ||||||||||||||||||||||||
3,568 | 3,930 | (362 | ) | (9.2 | ) | GTMs per average active employee (000) |
15,037 | 15,714 | (677 | ) | (4.3 | ) | ||||||||||||||||||||
15,533 | 13,199 | 2,334 | 17.7 | Miles of road operated at end of period (2) |
15,533 | 13,199 | 2,334 | 17.7 | ||||||||||||||||||||||||
1.26 | 1.23 | 0.03 | 2.4 | U.S. gallons of locomotive fuel per 1,000 GTMsfreight & yard |
1.22 | 1.21 | 0.01 | 0.8 | ||||||||||||||||||||||||
72.0 | 75.7 | (3.7 | ) | (4.9 | ) | U.S. gallons of locomotive fuel consumed total (millions) (3) |
289.0 | 296.7 | (7.7 | ) | (2.6 | ) | ||||||||||||||||||||
22.2 | 23.3 | (1.1 | ) | (4.7 | ) | Terminal dwell time AAR definition (hours) |
22.3 | 22.2 | 0.1 | 0.5 | ||||||||||||||||||||||
0.855 | 1.020 | (0.165 | ) | (16.2 | ) | Average foreign exchange rate (US$/Canadian$) |
0.951 | 0.925 | 0.026 | 2.8 | ||||||||||||||||||||||
1.169 | 0.980 | 0.189 | 19.3 | Average foreign exchange rate (Canadian$/US$) |
1.051 | 1.081 | (0.030 | ) | (2.8 | ) | ||||||||||||||||||||||
CP Data excluding DM&E |
||||||||||||||||||||||||||||||||
14,715 | 15,382 | (667 | ) | (4.3 | ) | Number of employees at end of period |
14,715 | 15,382 | (667 | ) | (4.3 | ) | ||||||||||||||||||||
1.63 | 2.38 | (0.75 | ) | (31.5 | ) | FRA personal injuries per 200,000 employee-hours (4) |
1.47 | 2.09 | (0.62 | ) | (29.7 | ) | ||||||||||||||||||||
1.91 | 1.69 | 0.22 | 13.0 | FRA train accidents per million train-miles |
1.87 | 2.05 | (0.18 | ) | (8.8 | ) | ||||||||||||||||||||||
24.7 | 22.6 | 2.1 | 9.3 | Average train speed AAR definition (mph) |
24.0 | 23.2 | 0.8 | 3.4 | ||||||||||||||||||||||||
143.9 | 140.0 | 3.9 | 2.8 | Car miles per car day |
143.6 | 142.3 | 1.3 | 0.9 | ||||||||||||||||||||||||
85.4 | 83.9 | 1.5 | 1.8 | Average daily total cars on-line AAR definition (000) |
84.5 | 82.0 | 2.5 | 3.0 | ||||||||||||||||||||||||
52.3 | 58.7 | (6.4 | ) | (10.9 | ) | Average daily active car on-line (000) |
54.6 | 58.1 | (3.5 | ) | (6.0 | ) | ||||||||||||||||||||
DM&E Data only |
||||||||||||||||||||||||||||||||
3.53 | | | | FRA personal injuries per 200,000 employee-hours |
3.53 | | | | ||||||||||||||||||||||||
7.81 | | | | FRA train accidents per million train-miles |
7.81 | | | |
(1) | The 2008 figures include the results of the DM&E on an equity pickup basis through October 29, 2008 and on a fully consolidated basis for the period from October 30 through December 31, 2008. | |
(2) | Excludes track on which CP has haulage rights. | |
(3) | Includes gallons of fuel consumed from freight, yard and commuter service but excludes fuel used in capital projects and other non-freight activities. | |
(4) | Certain prior period figures have been revised to conform with current presentation or have been updated to reflect new information. |
17
2008 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | ||||||||||||||||
Financial (millions, except ratios) |
||||||||||||||||||||
Revenues |
||||||||||||||||||||
Freight revenue |
$ | 1,202.2 | $ | 1,274.3 | $ | 1,340.0 | $ | 1,291.9 | $ | 5,108.4 | ||||||||||
Other revenue |
23.0 | 27.8 | 25.8 | 42.2 | 118.8 | |||||||||||||||
Total revenues |
1,225.2 | 1,302.1 | 1,365.8 | 1,334.1 | 5,227.2 | |||||||||||||||
Operating expenses |
||||||||||||||||||||
Compensation and benefits |
348.1 | 333.3 | 331.0 | 356.2 | 1,368.6 | |||||||||||||||
Fuel |
244.4 | 276.0 | 292.8 | 244.1 | 1,057.3 | |||||||||||||||
Materials |
69.6 | 60.6 | 54.1 | 47.3 | 231.6 | |||||||||||||||
Equipment rents |
49.5 | 49.9 | 48.6 | 47.1 | 195.1 | |||||||||||||||
Depreciation and amortization |
130.2 | 135.2 | 131.8 | 130.2 | 527.4 | |||||||||||||||
Purchased services and other |
167.3 | 174.6 | 173.9 | 187.2 | 703.0 | |||||||||||||||
Total operating expenses |
1,009.1 | 1,029.6 | 1,032.2 | 1,012.1 | 4,083.0 | |||||||||||||||
Operating income(2)(3) |
$ | 216.1 | $ | 272.5 | $ | 333.6 | $ | 322.0 | $ | 1,144.2 | ||||||||||
Operating ratio (percentage)(3) |
82.4 | 79.1 | 75.6 | 75.9 | 78.1 | |||||||||||||||
Freight Data |
||||||||||||||||||||
Total Freight Revenues (millions) |
$ | 1,202.2 | $ | 1,274.3 | $ | 1,340.0 | $ | 1,291.9 | $ | 5,108.4 | ||||||||||
Total Revenue Ton-Miles (RTM) (millions) |
33,414 | 34,344 | 32,786 | 30,509 | 131,053 | |||||||||||||||
Total Carloads (thousands) |
707.7 | 745.0 | 736.8 | 665.1 | 2,854.6 | |||||||||||||||
Freight Revenue per RTM (cents) |
3.60 | 3.71 | 4.09 | 4.23 | 3.90 | |||||||||||||||
Freight Revenue per Carload |
$ | 1,699 | $ | 1,710 | $ | 1,819 | $ | 1,942 | $ | 1,790 | ||||||||||
Operations and Productivity |
||||||||||||||||||||
Freight gross-ton-miles (GTM) (millions) |
63,239 | 65,562 | 63,592 | 58,701 | 251,094 | |||||||||||||||
Average number of active employees |
16,050 | 17,275 | 17,385 | 16,460 | 16,793 | |||||||||||||||
Number of employees at end of period |
16,305 | 17,462 | 17,249 | 15,783 | 15,783 |
(1) | Fully consolidated view of CP including DM&E operations had consolidation occurred on January 1, 2008. | |
(2) | This earnings measure has no standardized meaning prescribed by GAAP and is unlikely to be comparable to similar measures of other companies. See note on non-GAAP earnings measures attached to commentary. | |
(3) | Operating income is a non-GAAP term which represents Revenues less operating expenses. | |
Operating ratio is the percentage derived by dividing operating expenses by total revenues. |
18
2008 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Year | ||||||||||||||||
Commodity Data |
||||||||||||||||||||
Freight Revenues (millions) |
||||||||||||||||||||
Grain |
$ | 260.3 | $ | 228.0 | $ | 262.4 | $ | 319.9 | $ | 1,070.6 | ||||||||||
Coal |
143.9 | 176.7 | 161.0 | 141.3 | 622.9 | |||||||||||||||
Sulphur and fertilizers |
133.1 | 140.7 | 126.1 | 119.0 | 518.9 | |||||||||||||||
Forest products |
60.8 | 61.3 | 68.9 | 58.0 | 249.0 | |||||||||||||||
Industrial and consumer products |
207.2 | 230.3 | 249.3 | 233.0 | 919.8 | |||||||||||||||
Automotive |
73.2 | 87.9 | 84.5 | 81.8 | 327.4 | |||||||||||||||
Intermodal |
323.7 | 349.4 | 387.8 | 338.9 | 1,399.8 | |||||||||||||||
Total Freight Revenues |
$ | 1,202.2 | $ | 1,274.3 | $ | 1,340.0 | $ | 1,291.9 | $ | 5,108.4 | ||||||||||
Millions of Revenue Ton-Miles (RTM) |
||||||||||||||||||||
Grain |
8,338 | 7,457 | 7,321 | 8,903 | 32,019 | |||||||||||||||
Coal |
5,182 | 6,213 | 5,580 | 4,625 | 21,600 | |||||||||||||||
Sulphur and fertilizers |
5,474 | 5,620 | 4,785 | 4,077 | 19,956 | |||||||||||||||
Forest products |
1,601 | 1,514 | 1,535 | 1,277 | 5,927 | |||||||||||||||
Industrial and consumer products |
5,300 | 5,597 | 5,651 | 4,816 | 21,364 | |||||||||||||||
Automotive |
551 | 647 | 533 | 490 | 2,221 | |||||||||||||||
Intermodal |
6,968 | 7,296 | 7,381 | 6,321 | 27,966 | |||||||||||||||
Total RTMs |
33,414 | 34,344 | 32,786 | 30,509 | 131,053 | |||||||||||||||
Freight Revenue per RTM (cents) |
||||||||||||||||||||
Grain |
3.12 | 3.06 | 3.58 | 3.59 | 3.34 | |||||||||||||||
Coal |
2.78 | 2.84 | 2.89 | 3.06 | 2.88 | |||||||||||||||
Sulphur and fertilizers |
2.43 | 2.50 | 2.64 | 2.92 | 2.60 | |||||||||||||||
Forest products |
3.80 | 4.05 | 4.49 | 4.54 | 4.20 | |||||||||||||||
Industrial and consumer products |
3.91 | 4.11 | 4.41 | 4.84 | 4.31 | |||||||||||||||
Automotive |
13.28 | 13.59 | 15.85 | 16.69 | 14.74 | |||||||||||||||
Intermodal |
4.65 | 4.79 | 5.25 | 5.36 | 5.01 | |||||||||||||||
Freight Revenue per RTM |
3.60 | 3.71 | 4.09 | 4.23 | 3.90 | |||||||||||||||
Carloads (thousands) |
||||||||||||||||||||
Grain |
114.8 | 110.2 | 112.0 | 123.4 | 460.4 | |||||||||||||||
Coal |
75.5 | 87.4 | 82.3 | 72.5 | 317.7 | |||||||||||||||
Sulphur and fertilizers |
53.2 | 54.8 | 46.7 | 40.7 | 195.4 | |||||||||||||||
Forest products |
26.2 | 24.9 | 25.7 | 20.8 | 97.6 | |||||||||||||||
Industrial and consumer products |
104.7 | 112.4 | 110.8 | 97.6 | 425.5 | |||||||||||||||
Automotive |
36.6 | 40.2 | 34.7 | 30.5 | 142.0 | |||||||||||||||
Intermodal |
296.7 | 315.1 | 324.6 | 279.6 | 1,216.0 | |||||||||||||||
Total Carloads |
707.7 | 745.0 | 736.8 | 665.1 | 2,854.6 | |||||||||||||||
Freight Revenue per Carload |
||||||||||||||||||||
Grain |
$ | 2,267 | $ | 2,069 | $ | 2,343 | $ | 2,592 | $ | 2,325 | ||||||||||
Coal |
1,906 | 2,022 | 1,956 | 1,949 | 1,961 | |||||||||||||||
Sulphur and fertilizers |
2,502 | 2,568 | 2,700 | 2,924 | 2,656 | |||||||||||||||
Forest products |
2,321 | 2,462 | 2,681 | 2,788 | 2,551 | |||||||||||||||
Industrial and consumer products |
1,979 | 2,049 | 2,250 | 2,387 | 2,162 | |||||||||||||||
Automotive |
2,000 | 2,187 | 2,435 | 2,682 | 2,306 | |||||||||||||||
Intermodal |
1,091 | 1,109 | 1,195 | 1,212 | 1,151 | |||||||||||||||
Freight Revenue per Carload |
$ | 1,699 | $ | 1,710 | $ | 1,819 | $ | 1,942 | $ | 1,790 |
(1) | Fully consolidated view of CP including DM&E operations had consolidation occurred on January 1, 2008. |
19