CP reports fourth-quarter results; ready to unite a continent in 2023

CNW Group
·15 min read

CALGARY, AB, Jan. 31, 2023 /CNW/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced its fourth-quarter results, including revenues of $2.46 billion, operating ratio ("OR") of 59.8 percent, adjusted OR1 of 59.1 percent, diluted earnings per share ("EPS") of $1.36 and core adjusted diluted EPS1 of $1.14.

Fourth quarter 2022 highlights

  • Revenues increased 21 percent to $2.46 billion, from $2.04 billion in Q4 2021

  • Volumes, as measured in revenue ton-miles, increased 8 percent

  • Reported OR increased by 60 basis points to 59.8 percent from 59.2 percent

  • Adjusted OR1, increased 160 basis points to 59.1 percent

  • Reported diluted EPS increased to $1.36, from $0.74 in Q4 2021

  • Core adjusted diluted EPS1 increased to $1.14, from $0.96 in Q4 2021

"We finished the year with the people, capacity and resources in place to meet the needs of our customers today and are well-positioned to make history in 2023," said Keith Creel, CP President and CEO. "In a year of changing conditions and challenges, in order to support the broader economy and prepare for our proposed combination, we executed one of the largest hiring plans and capital investment programs in our company's history."

Full-year 2022 highlights

  • Federal Railroad Administration ("FRA")-reportable train accident frequency declined 15 percent to 0.93 from 1.10 in 2021

  • Revenues increased 10 percent to $8.81 billion from $8.0 billion in 2021

  • Generated $2.7 billion in free cash1, an increase of 52 percent

  • OR increased 230 basis points to 62.2 percent

  • Adjusted OR1 increased 380 basis points to 61.4 percent

  • Reported diluted EPS decreased to $3.77 from $4.18

  • Core adjusted diluted EPS1 was flat compared to 2021 at $3.77

"We remain focused on our precision scheduled railroading model and fundamentals of efficiency and strong service to our customers as we await a decision by the U.S. Surface Transportation Board on our proposed combination with Kansas City Southern, which we anticipate occurring later this quarter," said Creel.

CP again led the industry in safety, achieving the lowest FRA-reportable train accident frequency among Class 1 railroads for the 17th consecutive year.

1

These measures have no standardized meanings prescribed by accounting principles generally accepted in the United States of America ("GAAP") and, therefore, may not be comparable to similar measures presented by other companies. For information regarding non-GAAP measures, including reconciliations to the most comparable GAAP measures, see the attached supplementary schedule Non-GAAP Measures.


Conference Call Details
CP will discuss its results with the financial community in a conference call beginning at 4:30 p.m. ET (2:30 p.m. MT) on Jan. 31, 2023.

Conference Call Access
Canada and U.S.: 866-831-8713
International: 203-518-9822
*Conference ID: CPQ422
Callers should dial in 10 minutes prior to the call.

Webcast
We encourage you to access the webcast and presentation material in the Investors section of CP's website at investor.cpr.ca.

A replay of the fourth-quarter conference call will be available by phone through to Feb. 7, 2023, at 800-723-7372 (Canada/U.S.) or 402-220-2666 (International).

Note on forward-looking information
This news release may contain certain forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as "financial expectations", "key assumptions", "anticipate", "believe", "expect", "plan", "will", "outlook", "should" or similar words suggesting future outcomes. This news release contains forward-looking information relating, but not limited to statements concerning, the success of our business, changes to economic and industry conditions, the status of the CP-Kansas City Southern ("KCS") transaction, including related regulatory approvals, and the opportunities arising there from, our operations, priorities and plans, anticipated financial and operational performance, business prospects and demand for our services and growth opportunities.

The forward-looking information that may be in this news release is based on current expectations, estimates, projections and assumptions, having regard to CP's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to: changes in business strategies, North American and global economic growth and conditions; commodity demand growth; sustainable industrial and agricultural production; commodity prices and interest rates; performance of our assets and equipment; sufficiency of our budgeted capital expenditures in carrying out our business plan; geopolitical conditions, applicable laws, regulations and government policies; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to CP; carbon markets, evolving sustainability strategies, and scientific or technological developments; and the impacts of the COVID-19 pandemic on CP businesses, operating results, cash flows and/or financial condition. Although CP believes the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Current conditions, economic and otherwise, render assumptions, although reasonable when made, subject to greater uncertainty.

Undue reliance should not be placed on forward-looking information as actual results may differ materially from those expressed or implied by forward-looking information. By its nature, CP's forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from the forward looking information, including, but not limited to, the following factors: changes in business strategies and strategic opportunities; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and Mexico; North American and global economic growth and conditions; industry capacity; shifts in market demand; changes in commodity prices and commodity demand; uncertainty surrounding timing and volumes of commodities being shipped via CP; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labour disputes; changes in labour costs and labour difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; sufficiency of budgeted capital expenditures in carrying out business plans; services and infrastructure; the satisfaction by third parties of their obligations; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and Mexico; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de México, S.A. de C.V.'s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; the pandemic created by the outbreak of COVID-19 and its variants and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains; the realization of anticipated benefits and synergies of the CP-KCS transaction and the timing thereof; the success of integration plans for KCS; the focus of management time and attention on the CP-KCS transaction and other disruptions arising from the transaction; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; improvement in data collection and measuring systems; industry-driven changes to methodologies; and the ability of the management of the Company to execute key priorities, including those in connection with the CP-KCS transaction. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Item 1A - Risk Factors" and "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements" in CP's annual and interim reports on Form 10-K and 10-Q.

Any forward-looking information contained in this news release is made as of the date hereof. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, or the foregoing assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.

About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR

FINANCIAL INFORMATION

INTERIM CONSOLIDATED STATEMENTS OF INCOME
(unaudited)


For the three months
ended December 31

For the year ended
December 31

(in millions of Canadian dollars, except share and per share data)

2022

2021

2022

2021

Revenues





Freight

$ 2,413

$ 1,994

$ 8,627

$ 7,816

Non-freight

49

46

187

179

Total revenues

2,462

2,040

8,814

7,995

Operating expenses





Compensation and benefits

416

405

1,570

1,570

Fuel

399

231

1,400

854

Materials

69

51

260

215

Equipment rents

43

29

140

121

Depreciation and amortization

219

206

853

811

Purchased services and other (Note 4)

327

286

1,262

1,218

Total operating expenses

1,473

1,208

5,485

4,789






Operating income

989

832

3,329

3,206

Less:





Equity (earnings) loss of Kansas City Southern (Note 4)

(447)

141

(1,074)

141

Other expense (income) (Note 2)

4

(16)

17

237

Merger termination fee

—

—

—

(845)

Other components of net periodic benefit recovery

(107)

(101)

(411)

(387)

Net interest expense

166

125

652

440

Income before income tax expense

1,373

683

4,145

3,620

Income tax expense (Note 3)

102

151

628

768

Net income

$ 1,271

$ 532

$ 3,517

$ 2,852






Earnings per share





Basic earnings per share

$ 1.37

$ 0.74

$ 3.78

$ 4.20

Diluted earnings per share

$ 1.36

$ 0.74

$ 3.77

$ 4.18






Weighted-average number of shares (millions)





Basic

930.3

718.4

930.0

679.7

Diluted

933.2

721.3

932.9

682.8






Dividends declared per share

$ 0.190

$ 0.190

$ 0.760

$ 0.760

See Notes to Interim Consolidated Financial Information.

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)


For the three months
ended December 31

For the year ended
December 31

(in millions of Canadian dollars)

2022

2021

2022

2021

Net income

$ 1,271

$ 532

$ 3,517

$ 2,852

Net (loss) gain in foreign currency translation adjustments, net of
hedging activities

(320)

(294)

1,628

(291)

Change in derivatives designated as cash flow hedges

1

(21)

6

48

Change in pension and post-retirement defined benefit plans

581

1,128

680

1,286

Equity accounted investments

(187)

9

(5)

9

Other comprehensive income before income taxes

75

822

2,309

1,052

Income tax expense on above items

(117)

(282)

(115)

(341)

Other comprehensive (loss) income

(42)

540

2,194

711

Comprehensive income

$ 1,229

$ 1,072

$ 5,711

$ 3,563

See Notes to Interim Consolidated Financial Information

INTERIM CONSOLIDATED BALANCE SHEETS AS AT
(unaudited)


December 31

December 31

(in millions of Canadian dollars)

2022

2021

Assets



Current assets



Cash and cash equivalents

$ 451

$ 69

Restricted cash and cash equivalents

—

13

Accounts receivable, net

1,016

819

Materials and supplies

284

235

Other current assets

138

216


1,889

1,352

Investment in Kansas City Southern (Note 4)

45,091

42,309

Investments

223

209

Properties

22,385

21,200

Goodwill and intangible assets

386

371

Pension asset

3,101

2,317

Other assets

420

419

Total assets

$ 73,495

$ 68,177

Liabilities and shareholders' equity



Current liabilities



Accounts payable and accrued liabilities

$ 1,703

$ 1,609

Long-term debt maturing within one year

1,510

1,550


3,213

3,159

Pension and other benefit liabilities

538

718

Other long-term liabilities

520

542

Long-term debt

18,141

18,577

Deferred income taxes (Note 3)

12,197

11,352

Total liabilities

34,609

34,348

Shareholders' equity



Share capital

25,516

25,475

Additional paid-in capital

78

66

Accumulated other comprehensive income (loss)

91

(2,103)

Retained earnings

13,201

10,391


38,886

33,829

Total liabilities and shareholders' equity

$ 73,495

$ 68,177

See Notes to Interim Consolidated Financial Information.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)


For the three months
ended December 31

For the year ended
December 31

(in millions of Canadian dollars)

2022

2021

2022

2021

Operating activities





Net income

$ 1,271

$ 532

$ 3,517

$ 2,852

Reconciliation of net income to cash provided by operating activities:





Depreciation and amortization

219

206

853

811

Deferred income tax (recovery) expense

(15)

52

136

242

Pension recovery and funding

(70)

(61)

(288)

(249)

Equity (earnings) loss of Kansas City Southern (Note 4)

(447)

141

(1,074)

141

Foreign exchange (gain) loss on debt and lease liabilities (Note 2)

—

32

—

(7)

Dividends from Kansas City Southern (Note 4)

564

—

1,157

—

Other operating activities, net

35

14

(67)

(36)

Change in non-cash working capital balances related to operations

163

(312)

(92)

(66)

Cash provided by operating activities

1,720

604

4,142

3,688

Investing activities





Additions to properties

(539)

(421)

(1,557)

(1,532)

Investment in Kansas City Southern

—

(10,526)

—

(12,299)

Proceeds from sale of properties and other assets

21

31

58

96

Other

—

6

3

5

Cash used in investing activities

(518)

(10,910)

(1,496)

(13,730)

Financing activities





Dividends paid

(176)

(127)

(707)

(507)

Issuance of CP Common Shares

13

5

32

25

Issuance of long-term debt, excluding commercial paper

—

10,673

—

10,673

Repayment of long-term debt, excluding commercial paper

(12)

(10)

(571)

(359)

Proceeds from term loan

—

—

—

633

Repayment of term loan

—

—

(636)

—

Net repayment of commercial paper

(713)

(388)

(415)

(454)

Acquisition-related financing fees

—

(6)

—

(51)

Other

—

(17)

—

(24)

Cash (used in) provided by financing activities

(888)

10,130

(2,297)

9,936

Effect of foreign currency fluctuations on U.S. dollar-denominated
cash and cash equivalents

(1)

35

20

41

Cash position





Increase (decrease) in cash, cash equivalents and restricted cash

313

(141)

369

(65)

Cash, cash equivalents and restricted cash at beginning of period

138

223

82

147

Cash, cash equivalents and restricted cash at end of period

$ 451

$ 82

$ 451

$ 82

Supplemental disclosures of cash flow information:





Income taxes paid

$ 89

$ 151

$ 408

$ 552

Interest paid

$ 174

$ 61

$ 641

$ 426

See Notes to Interim Consolidated Financial Information.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(unaudited)


For the three months ended December 31

(in millions of Canadian dollars except per
share data)


Common
shares (in
millions)


Share

capital

Additional

paid-in

capital

Accumulated

other

comprehensive

income (loss)

Retained

earnings

Total

shareholders'

equity

Balance as at October 1, 2022


930.1


$ 25,498

$ 77

$ 133

$ 12,106

$ 37,814

Net income


—


—

—

—

1,271

1,271

Other comprehensive loss


—


—

—

(42)

—

(42)

Dividends declared ($0.190 per share)


—


—

—

—

(176)

(176)

Effect of stock-based compensation
expense


—


—

6

—

—

6

Shares issued under stock option plan


0.4


18

(5)

—

—

13

Balance as at December 31, 2022


930.5


$ 25,516

$ 78

$ 91

$ 13,201

$ 38,886

Balance as at October 1, 2021


666.9


$ 2,008

$ 68

$ (2,643)

$ 10,035

$ 9,468

Net income


—


—

—

—

532

532

Other comprehensive income


—


—

—

540

—

540

Dividends declared ($0.190 per share)


—


—

—

—

(176)

(176)

Effect of stock-based compensation
expense


—


—

5

—

—

5

Shares issued for Kansas City Southern
acquisition


262.6


23,461

(5)

—

—

23,456

Shares issued under stock option plan


0.2


6

(2)

—

—

4

Balance as at December 31, 2021


929.7


$ 25,475

$ 66

$ (2,103)

$ 10,391

$ 33,829


For the year ended December 31

(in millions of Canadian dollars except per
share data)


Common
shares (in
millions)


Share

capital

Additional

paid-in

capital


Accumulated

other

comprehensive

(loss) income

Retained

earnings

Total

shareholders'

equity

Balance at January 1, 2022


929.7


$ 25,475

$ 66

$

(2,103)

$ 10,391

$ 33,829

Net income


—


—

—


—

3,517

3,517

Other comprehensive income


—


—

—


2,194

—

2,194

Dividends declared ($0.760 per share)


—


—

—


—

(707)

(707)

Effect of stock-based compensation
expense


—


—

23


—

—

23

Shares issued for Kansas City Southern
acquisition


—


—

(2)


—

—

(2)

Shares issued under stock option plan


0.8


41

(9)


—

—

32

Balance as at December 31, 2022


930.5


$ 25,516

$ 78

$

91

$ 13,201

$ 38,886

Balance at January 1, 2021


666.3


$ 1,983

$ 55

$

(2,814)

$ 8,095

$ 7,319

Net income


—


—

—


—

2,852

2,852

Other comprehensive income


—


—

—


711

—

711

Dividends declared ($0.760 per share)


—


—

—


—

(556)

(556)

Effect of stock-based compensation
expense


—


—

23


—

—

23

Shares issued for Kansas City Southern
acquisition


262.6


23,461

(5)


—

...

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