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Canadian Pacific Railway Limited Management Discusses Q2 2012 Results - Earnings Call Transcript

Before we get started, let me remind you that this presentation contains forward-looking information. Actual results may differ materially. The risks, uncertainties and other factors that could influence actual results are described on Slide 2 and 3 in the press release and in the MD&A filed with Canadian and U.S. securities regulators. Please read carefully, as these assumptions could change throughout the year. All dollars quoted in the presentation are Canadian, unless otherwise stated. This presentation also contains non-GAAP measures. Please read Slide 4.

Finally, when we do go to Q&A, in the interest of time, and in fairness to your peers, I'd ask you to limit yourself to one question. If we don't get to everyone queued up on the call here today, Investor Relations will be happy to follow up and address any outstanding questions you have.

Here then is our President and CEO, Mr. Hunter Harrison.

E. Hunter Harrison

Thanks, Sarah. Thanks, Janet. And, well, I'm back. I, as most of you know, joined the organization and was elected by the Board of Directors at the end of the second quarter. So I can't take any credit for the quarter performance, but I think it could certainly be described as a pretty hectic quarter. There were a lot of things to divert management's attention. When you're trying to run a railroad and at the same time have a proxy contest and at the same time work stoppage yet presents a lot of challenges.

But the first 3 or 4 weeks here had been a lot of fun in the sun in Calgary, and that was probably not going to stay that way. But I have been very -- accountants have been -- bolstered even further that -- there's a lot of talent here in this organization. It's certainly not lacking for talent. We got the ability, I think, and I feel even stronger than I did prior to arrival in Calgary that we can accomplish the type of numbers that we talked about during that proxy contest.

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