Canadian Pacific Railway Limited (CP) Q3 2022 Earnings Call Transcript

Canadian Pacific Railway Limited (NYSE:CP) Q3 2022 Earnings Conference Call October 26, 2022 4:30 PM ET

Company Participants

Chris de Bruyn – Managing Director-Investor Relations and Treasury

Keith Creel – President and Chief Executive Officer

John Brooks – Chief Marketing Officer and Executive Vice President

Maeghan Albiston – Vice President Capital Markets

Conference Call Participants

Chris Wetherbee – Citi

Fadi Chamoun – BMO Capital Markets

Jon Chappell – Evercore ISI

Walter Spracklin – RBC Capital Markets

Tom Wadewitz – UBS

Justin Long – Stephens

Ken Hoexter – Bank of America

Scott Group – Wolfe Research

Steven Hansen – Raymond James

Jason Seidl – Cowen and Company

Konark Gupta – Scotia Capital

Ari Rosa – Credit Suisse

Brian Ossenbeck – JPMorgan

Bascome Majors – Susquehanna

Operator

Good afternoon. My name is Gretchen, and I will be your conference operator today. At this time, I would like to welcome everyone to Canadian Pacific's Third Quarter 2022 Conference Call. The slides accompanying today's call are available at investor.cpr.ca. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to introduce Chris de Bruyn, Managing Director, Investor Relations and Treasury to begin the conference.

Chris de Bruyn

Thank you, Gretchen. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you 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, in the press release and in the MD&A filed with Canadian and U.S. regulators. This presentation also contains non-GAAP measures outlined on Slide 3. With me here today is Keith Creel, our President and Chief Executive Officer; John Brooks, our Executive Vice President and Chief Marketing Officer; and Maeghan Albiston, our Vice President of Capital Markets, who is standing in for Nadeem. The formal remarks will be followed by Q&A. In the interest of time, we would appreciate if you limit your questions to one.

It is now my pleasure to introduce our President and CEO, Mr. Keith Creel.

Keith Creel

Thanks, Chris. Listen, before I get into the results, as Chris mentioned, and I'm sure you'll notice Nadeem is not with us here today, but he says best from Boston, where he is attending a program at Harvard, which obviously is a part of our commitment at CP to invest in our most precious assets, which are our people. And I'll tell you, I've always felt that the measure of the impact of a leader as felt best when he's not around or she's not around for a prescribed period of time, I'm sure that he's proud to see the great job that Maeghan, Ian and Chris are doing in his absence. It certainly reflects well for him. Some might suggest how in the world could Nadeem be at Harvard in these times that we're facing. I would suggest there's never been a better time in this lull before or what we hope is an expected ramp up as we get into what we expect to be and hope to be a favorable ruling from the STB. He'll be back, finish the course, I think, end of this month. After that, though, don't tell him, he may not know this yet, but he's going to be out on trains and the coldest and winners learning a bit more about the operation I know that he's going to step into that and be a better railroader as a result of that. So we'll get him back in the saddle I would suggest end of January just in time for funner times ahead.