CP · CANADIAN PACIFIC Q2 FY2026 earnings call record财报电话会记录

“The results for the quarter, the team delivered volume growth of 4%, revenue growth of 13%, an operating ratio of 61.6%, earnings of $1.27, which is an increase of 13%.”

“Customers across multiple sectors continue to look for ways to simplify supply chains, reduce friction at borders, increase resiliency, improve transit performance.”

“Looking ahead, while we continue to expect impacts from port maintenance, export demand fundamentals remain healthy, and we are working closely with our customers in this space to maximize our potash volumes into the second half of the year.”

“To round out bulk, coal revenue declined 18% on a 29% reduction in volumes, reducing our total RTM growth by approximately 3% on the quarter.”

“This decline was driven by ongoing production-related challenges at our customer mines, which impacted shipments throughout the quarter.”

“Looking ahead, we expect to continue generating strong labor productivity in the second half of the year with modest headcount growth supporting accelerating volume growth.”

“Our year-to-date capital expenditures were $1.4 billion, and we remain on track to deliver full-year CapEx of $2.65 billion, a 15% reduction year-over-year.”

“During the first half of the year, our disciplined approach to capital management delivered $2.4 billion of shareholder returns through share repurchases and dividends, reflecting a balanced and opportunistic allocation of capital.”

“As we look to the second half of the year, continued execution across the network, ongoing efficiency and growth initiatives position us well to achieve our full-year guidance and deliver sustainable long-term shareholder value.”

“Casualty, stock comp, and incentive comp were about a $0.05 headwind versus a year ago, maybe around close to about 150 basis points.”

“If you look at where we are this year, I think headcount's down 500 people and volumes are up 3%, 4% and accelerating, and we're going to be able to accommodate that growth.”

“When I look at 2027 and next few years, we can accommodate it with the capital envelope that we talked about of CAD 2.6 billion, CAD 2.7 billion, and that's with a weaker Canadian dollar that has an impact on capital.”