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CP reports Q2-2014 net income of C$371M or C$2.11 per diluted share.  Delivers strongest financial results in company’s history

Canadian Pacific (TSX: CP) (NYSE: CP) released its second-quarter financial and operating results at 7:30 a.m. Eastern time (5:30 a.m. Mountain time) on Thursday, July 17th, 2014.

CP discussed its results with the financial community in a conference call beginning at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) on July 17, 2014.

Second Quarter Report(includes Management's Discussion and Analysis)

Reconciliation of Non-GAAP Measures(PDF)

Conference Call Access

A replay of the second-quarter conference call is available by phone through to
August 16, 2014 at 416-849-0833 or toll free 1-855-859-2056, password 62891916.


Starting in Q2 2014, CP made the following two changes to the presentation of its income statement:

1. New revenue breakout
To provide the investment community with better visibility into CP’s revenue drivers we have broken out our existing lines of business into more detail:

  • Grain has been split into Canadian Grain and US Grain
  • Fertilizers and Sulphur has been split into Potash and Fertilizers & Sulphur
  • Industrial Products has been split into Crude; Chemicals & Plastics;  Metals, Minerals & Consumer Products
  • Intermodal has been split into Domestic Intermodal and International Intermodal
  • Coal, Forest Products, and Automotive remain unchanged

2. Expense reclassification
Billings to third parties for the recovery of costs incurred for freight car repairs and servicing have been reclassified from “Purchased services and other” to “Compensation and benefits” and “Materials” in order to match the billings with the costs incurred on behalf of the third parties. Total operating expenses are unchanged as a result of this reclassification.

A spreadsheet showing the impact of these changes on our historical results can be downloaded here 

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