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

Now let me move to the Q2 highlights and expectations for the second half of 2012. So starting with Slide 7, CP delivered 8% revenue growth on the quarter. Price and mix accounted for 5% of the revenue gain, fuel surcharge was 1% and the FX impact was the remaining 2%. Revenue ton miles were up 1%, and carloads were flat due to the strike volume impacts. And Kathryn will talk to this in a few minutes.

For the second quarter of 2012, CP, again, delivered on our price renewal target of 3% to 4%, and we continue to target inflation plus pricing for the rest of 2012. For the remainder of my comments, I'll speak to currency adjusted revenues.

So moving to bulk. Starting with CP's grain franchise. Grain revenues and units were down 11% and 19% respectively over Q2 2011 due to a number of factors. While May's labor disruption impacted short-term Canadian grain volumes, the major factor was, as I spoke to last quarter, the continued weak export demand for U.S. grains and the poor U.S. spring wheat crop in North Dakota. A greater decline in short-haul movement accounted for the smaller, year-over-year decrease of revenues versus carloads.

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