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Canadian Pacific Railway's (CP) Management Presents at Morgan Stanley Laguna Brokers Conference (Transcript)

Alex Saraci - Morgan Stanley

Okay. For those who don’t know me, I’m Alex Saraci at Morgan Stanley. Before we start, there are – I’d like to point out there’s important disclosures on our website that you should read. But without further ado, I’d like to introduce Keith Creel, President and Chief Operating Officer of Canadian Pacific. Keith, thanks for coming to our conference this year. I appreciate your interest.

Keith Creel - President and Chief Operating Officer

[Multiple Speakers] Thank you.

Alex Saraci - Morgan Stanley

So Keith, we like to sort of kick off these conversations with transports, typically try to get an update on current demand trend, how is your traffic trending versus your expectations, what’s stronger, what’s weaker, and then what’s your kind of overall sense of the macro backdrop right now.

Keith Creel - President and Chief Operating Officer

Okay. Well, obviously, the macro backdrop is not as strong as we had anticipated at the beginning of the year. But in line with our projections and expectations into the second quarter, we’re seeing essentially what we thought we would see. From a RTM growth standpoint...


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