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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.
I do want to take a moment, if I could, this morning to -- there's a lot of you in the call that I have worked with for many years and had also worked close with me during this last 6 or 8 weeks to the proxy issue, and I appreciate the confidence that you've shown in this model that has been relatively successful, and I look forward to it, creating more success and more shareholder value at CP.Last time, I think we've all agreed to turn the page, which we've done. This quarter's behind us. We return to, hopefully, normal times and focus on serving customers and controlling cost and creating shareholder value, and that's what this organization is equipped to do very well. So there's a lot of moving parts, but I'm sure you've seen the press release already and looked at, but as result, Jane and Kathryn and Michael are going to best explain further some of the issues that they had to deal with. So with that, let me turn it over to Jane. Jane A. O’Hagan Thank you, Hunter, and good morning, everyone. Thanks, Hunter. Our strategy for sustained, profitable growth continues to deliver value. I'm pleased with our results, especially given the 9-day strike in the quarter. We quickly returned to pre-strike levels and protected our market share. Our market initiatives are delivering growth and value. Building on the successful execution of our scheduled service in Canadian grain this crop year , we're rolling out the program on our U.S. property, effective August 1. In Intermodal, we've recovered our market share in our core segments, and we're delivering on our strategic initiatives. And in Energy, our strategy has delivered 4 consecutive quarters of double-digit revenue growth. Continuous improvements in service are translating into a more valuable product for our customers, allowing us to secure full value for our services and drive profitable revenue growth.
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. Read the rest of this transcript for free on seekingalpha.com