/FIRST AND FINAL ADD - TO285 - Canadian Pacific Railway/
29 Ottobre 2007 - 11:38PM
PR Newswire (US)
value of ABCP (net of tax) 15.0 - 15.0 - Income tax benefits due to
Federal / Provincial income tax rate reductions - - - -
-------------------------------- Net income $ 218.6 $ 163.8 $ 54.8
33.5 --------------------------------
-------------------------------- Earnings per share (EPS)
------------------------ Basic earnings per share $ 1.43 $ 1.05 $
0.38 36.2 Diluted earnings per share $ 1.41 $ 1.04 $ 0.37 35.6 EPS
before FX on LTD and ------------------------ other specified
items(2) ------------------------ Basic earnings per share $ 1.24 $
1.08 $ 0.16 14.8 Diluted earnings per share $ 1.23 $ 1.07 $ 0.16
15.0 Weighted average number of shares outstanding (millions) 153.2
156.7 (3.5) (2.2) Weighted average number of diluted shares
outstanding (millions) 155.0 158.3 (3.3) (2.1) Operating
ratio(2)(4)(%) 72.9 74.0 (1.1) - ROCE before FX on LTD and other
specified items (after tax)(2)(4)(%) 10.4 10.2 0.2 - Net debt to
net debt plus equity (%) 33.4 37.5 (4.1) - EBIT before FX on LTD
and other specified items(2)(4) (millions) $ 313.6 $ 292.2 $ 21.4
7.3 EBITDA before FX on LTD and other specified items(2)(4)
(millions) $ 431.6 $ 407.8 $ 23.8 5.8 Year-to-date
------------------------------------------- 2007 2006(1) Variance %
------------------------------------------- Financial (millions,
except --------------------------- per share data) ---------------
Revenues -------- Freight revenue $3,412.6 $3,275.8 $ 136.8 4.2
Other revenue 106.7 117.0 (10.3) (8.8)
-------------------------------- 3,519.3 3,392.8 126.5 3.7
-------------------------------- Operating Expenses
------------------ Compensation and benefits 975.8 1,005.4 (29.6)
(2.9) Fuel 550.5 479.3 71.2 14.9 Materials 167.6 159.2 8.4 5.3
Equipment rents 162.4 133.4 29.0 21.7 Depreciation and amortization
355.7 348.2 7.5 2.2 Purchased services and other 448.6 458.8 (10.2)
(2.2) -------------------------------- 2,660.6 2,584.3 76.3 3.0
-------------------------------- Operating income 858.7 808.5 50.2
6.2 Other charges 21.1 21.4 (0.3) (1.4) Interest expense 140.9
144.7 (3.8) (2.6) Income tax expense before foreign exchange
(gains) losses on long-term debt and other specified items(2) 209.0
195.9 13.1 6.7 -------------------------------- Income before
foreign exchange (gains) losses on long-term debt and other
specified items(2) 487.7 446.5 41.2 9.2
-------------------------------- Foreign exchange (gains) losses
------------------------------- on long-term debt (FX on LTD)
----------------------------- FX on LTD (161.5) (44.8) (116.7) -
Income tax on FX on LTD(3) 47.4 16.6 30.8 -
-------------------------------- FX on LTD (net of tax) (114.1)
(28.2) (85.9) - Other specified items --------------------- Change
in estimated fair value of Canadian third party asset-backed
commercial paper (ABCP) 21.5 - 21.5 - Income tax on change in
estimated fair value of ABCP (6.5) - (6.5) -
-------------------------------- Change in estimated fair value of
ABCP (net of tax) 15.0 - 15.0 - Income tax benefits due to Federal
/ Provincial income tax rate reductions (17.1) (176.0) 158.9 -
-------------------------------- Net income $ 603.9 $ 650.7 $
(46.8) (7.2) --------------------------------
-------------------------------- Earnings per share (EPS)
------------------------ Basic earnings per share $ 3.91 $ 4.13 $
(0.22) (5.3) Diluted earnings per share $ 3.87 $ 4.09 $ (0.22)
(5.4) EPS before FX on LTD and ------------------------ other
specified items(2) ------------------------ Basic earnings per
share $ 3.16 $ 2.83 $ 0.33 11.7 Diluted earnings per share $ 3.13 $
2.79 $ 0.34 12.2 Weighted average number of shares outstanding
(millions) 154.3 157.8 (3.5) (2.2) Weighted average number of
diluted shares outstanding (millions) 155.9 159.6 (3.7) (2.3)
Operating ratio(2)(4)(%) 75.6 76.2 (0.6) - ROCE before FX on LTD
and other specified items (after tax)(2)(4)(%) 10.4 10.2 0.2 - Net
debt to net debt plus equity (%) 33.4 37.5 (4.1) - EBIT before FX
on LTD and other specified items(2)(4) (millions) $ 837.6 $ 787.1 $
50.5 6.4 EBITDA before FX on LTD and other specified items(2)(4)
(millions) $1,193.3 $1,135.3 $ 58.0 5.1 (1) Certain comparative
period figures have been restated for retroactive application of a
new accounting standard adopted in 2006 related to stock-based
compensation for employees eligible to retire before the vesting
date. (2) These earnings measures have no standardized meanings
prescribed by GAAP and may not 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 current
MD&A in the "Other Income Statement Items" section - "Income
Taxes". (4) EBIT: Earnings before interest and taxes. EBITDA:
Earnings before interest, taxes, and depreciation and amortization.
ROCE (after tax): Return on capital employed (after tax) = earnings
before after-tax interest expense (last 12 months) divided by
average net debt plus equity. Operating ratio: Operating expenses
divided by revenues. Third Quarter
------------------------------------------- 2007 2006 Variance %
------------------------------------------- Commodity Data
-------------- Freight Revenues (millions) - Grain $ 237.8 $ 225.3
$ 12.5 5.5 - Coal 148.7 139.0 9.7 7.0 - Sulphur and fertilizers
113.9 118.7 (4.8) (4.0) - Forest products 68.0 86.0 (18.0) (20.9) -
Industrial and consumer products 159.3 156.7 2.6 1.7 - Automotive
71.4 69.3 2.1 3.0 - Intermodal 348.5 327.2 21.3 6.5
-------------------------------- Total Freight Revenues $1,147.6
$1,122.2 $ 25.4 2.3 -------------------------------- Millions of
Revenue Ton-Miles (RTM) - Grain 7,614 7,142 472 6.6 - Coal 5,400
4,875 525 10.8 - Sulphur and fertilizers 4,967 5,023 (56) (1.1) -
Forest products 1,867 2,213 (346) (15.6) - Industrial and consumer
products 4,228 4,311 (83) (1.9) - Automotive 566 529 37 7.0 -
Intermodal 7,907 6,770 1,137 16.8 --------------------------------
Total RTMs 32,549 30,863 1,686 5.5 --------------------------------
Freight Revenue per RTM (cents) - Grain 3.12 3.15 (0.03) (1.0) -
Coal 2.75 2.85 (0.10) (3.5) - Sulphur and fertilizers 2.29 2.36
(0.07) (3.0) - Forest products 3.64 3.89 (0.25) (6.4) - Industrial
and consumer products 3.77 3.63 0.14 3.9 - Automotive 12.61 13.10
(0.49) (3.7) - Intermodal 4.41 4.83 (0.42) (8.7) Freight Revenue
per RTM 3.53 3.64 (0.11) (3.0) Carloads (thousands) - Grain 100.9
96.2 4.7 4.9 - Coal 70.7 65.9 4.8 7.3 - Sulphur and fertilizers
47.6 49.0 (1.4) (2.9) - Forest products 28.1 32.9 (4.8) (14.6) -
Industrial and consumer products 78.0 78.3 (0.3) (0.4) - Automotive
38.6 36.4 2.2 6.0 - Intermodal 323.5 288.8 34.7 12.0
-------------------------------- Total Carloads 687.4 647.5 39.9
6.2 -------------------------------- Freight Revenue per Carload -
Grain $ 2,357 $ 2,342 $ 15 0.6 - Coal 2,103 2,109 (6) (0.3) -
Sulphur and fertilizers 2,393 2,422 (29) (1.2) - Forest products
2,420 2,614 (194) (7.4) - Industrial and consumer products 2,042
2,001 41 2.0 - Automotive 1,850 1,904 (54) (2.8) - Intermodal 1,077
1,133 (56) (4.9) Freight Revenue per Carload $ 1,669 $ 1,733 $ (64)
(3.7) Year-to-date ------------------------------------------- 2007
2006 Variance % -------------------------------------------
Commodity Data -------------- Freight Revenues (millions) - Grain $
681.4 $ 643.0 $ 38.4 6.0 - Coal 442.4 442.7 (0.3) (0.1) - Sulphur
and fertilizers 380.8 317.3 63.5 20.0 - Forest products 214.3 245.2
(30.9) (12.6) - Industrial and consumer products 470.0 455.3 14.7
3.2 - Automotive 242.0 239.5 2.5 1.0 - Intermodal 981.7 932.8 48.9
5.2 -------------------------------- Total Freight Revenues
$3,412.6 $3,275.8 $ 136.8 4.2 --------------------------------
Millions of Revenue Ton-Miles (RTM) - Grain 22,407 21,664 743 3.4 -
Coal 15,817 14,664 1,153 7.9 - Sulphur and fertilizers 16,057
12,336 3,721 30.2 - Forest products 5,886 6,911 (1,025) (14.8) -
Industrial and consumer products 12,538 12,814 (276) (2.2) -
Automotive 1,850 1,878 (28) (1.5) - Intermodal 22,257 20,552 1,705
8.3 -------------------------------- Total RTMs 96,812 90,819 5,993
6.6 -------------------------------- Freight Revenue per RTM
(cents) - Grain 3.04 2.97 0.07 2.4 - Coal 2.80 3.02 (0.22) (7.3) -
Sulphur and fertilizers 2.37 2.57 (0.20) (7.8) - Forest products
3.64 3.55 0.09 2.5 - Industrial and consumer products 3.75 3.55
0.20 5.6 - Automotive 13.08 12.75 0.33 2.6 - Intermodal 4.41 4.54
(0.13) (2.9) Freight Revenue per RTM 3.53 3.61 (0.08) (2.2)
Carloads (thousands) - Grain 281.4 277.8 3.6 1.3 - Coal 204.2 213.1
(8.9) (4.2) - Sulphur and fertilizers 159.1 129.6 29.5 22.8 -
Forest products 88.1 104.3 (16.2) (15.5) - Industrial and consumer
products 232.9 238.9 (6.0) (2.5) - Automotive 126.7 125.5 1.2 1.0 -
Intermodal 923.0 866.1 56.9 6.6 --------------------------------
Total Carloads 2,015.4 1,955.3 60.1 3.1
-------------------------------- Freight Revenue per Carload -
Grain $ 2,421 $ 2,315 $ 106 4.6 - Coal 2,167 2,077 90 4.3 - Sulphur
and fertilizers 2,393 2,448 (55) (2.2) - Forest products 2,432
2,351 81 3.4 - Industrial and consumer products 2,018 1,906 112 5.9
- Automotive 1,910 1,908 2 0.1 - Intermodal 1,064 1,077 (13) (1.2)
Freight Revenue per Carload $ 1,693 $ 1,675 $ 18 1.1 Third Quarter
------------------------------------------- 2007 2006(1) Variance %
------------------------------------------- Operations and
Productivity --------------------------- Freight gross ton-miles
(GTM) (millions) 62,177 59,102 3,075 5.2 Revenue ton-miles (RTM)
(millions) 32,549 30,863 1,686 5.5 Average number of active
employees 16,136 16,420 (284) (1.7) Number of employees at end of
period 16,037 16,315 (278) (1.7) FRA personal injuries per 200,000
employee-hours 2.0 1.9 0.1 5.3 FRA train accidents per million
train-miles 2.0 1.0 1.0 100.0 Total operating expenses per RTM
(cents) 2.66 2.76 (0.10) (3.6) Total operating expenses per GTM
(cents) 1.39 1.44 (0.05) (3.5) Compensation and benefits expense
per GTM (cents) 0.50 0.56 (0.06) (10.7) GTMs per average active
employee (000) 3,853 3,599 254 7.1 Miles of road operated at end of
period(2) 13,260 13,529 (269) (2.0) Average train speed - AAR
definition (mph) 23.8 25.1 (1.3) (5.2) Terminal dwell time - AAR
definition (hours) 20.1 19.9 0.2 1.0 Car miles per car day 147.4
141.7 5.7 4.0 Average daily total cars on-line - AAR definition
(000) 81.3 79.8 1.5 1.9 U.S. gallons of locomotive fuel per 1,000
GTMs - freight & yard 1.17 1.17 - - U.S. gallons of locomotive
fuel consumed - total (millions)(3) 71.9 68.9 3.0 4.4 Average
foreign exchange rate (US$/Canadian$) 0.941 0.895 0.046 5.1 Average
foreign exchange rate (Canadian$/US$) 1.063 1.118 (0.055) (4.9)
Year-to-date ------------------------------------------- 2007
2006(1) Variance % -------------------------------------------
Operations and Productivity --------------------------- Freight
gross ton-miles (GTM) (millions) 184,218 174,215 10,003 5.7 Revenue
ton-miles (RTM) (millions) 96,812 90,819 5,993 6.6 Average number
of active employees 15,633 15,988 (355) (2.2) Number of employees
at end of period 16,037 16,315 (278) (1.7) FRA personal injuries
per 200,000 employee-hours 1.9 1.9 - - FRA train accidents per
million train-miles 2.0 1.4 0.6 42.9 Total operating expenses per
RTM (cents) 2.75 2.85 (0.10) (3.5) Total operating expenses per GTM
(cents) 1.44 1.48 (0.04) (2.7) Compensation and benefits expense
per GTM (cents) 0.53 0.58 (0.05) (8.6) GTMs per average active
employee (000) 11,784 10,897 887 8.1 Miles of road operated at end
of period(2) 13,260 13,529 (269) (2.0) Average train speed - AAR
definition (mph) 23.5 25.1 (1.6) (6.4) Terminal dwell time - AAR
definition (hours) 21.9 20.4 1.5 7.4 Car miles per car day 143.1
135.8 7.3 5.4 Average daily total cars on-line - AAR definition
(000) 81.4 81.0 0.4 0.5 U.S. gallons of locomotive fuel per 1,000
GTMs - freight & yard 1.20 1.20 - - U.S. gallons of locomotive
fuel consumed - total (millions)(3) 221.0 209.1 11.9 5.7 Average
foreign exchange rate (US$/Canadian$) 0.897 0.884 0.013 1.5 Average
foreign exchange rate (Canadian$/US$) 1.115 1.131 (0.016) (1.4) (1)
Certain comparative period figures have been restated for
retroactive application of a new accounting standard adopted in
2006 related to stock-based compensation for employees eligible to
retire before the vesting date or have been updated to reflect new
information. (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. DATASOURCE: Canadian Pacific Railway CONTACT:
PRNewswire - - 10/29/2007
Copyright