Canadian Pacific Railway (NYSE: CP) reported Q2 EPS of C$2.45, C$0.01 worse than the analyst estimate of CDN$2.46. Revenue for the quarter came in at C$1.65 billion versus the consensus estimate of C$1.68 billion.

Key assumptions for the updated full year 2015 financial expectations include:

• Canadian to U.S. dollar average exchange rate of $1.25
• An effective income tax rate (excluding discrete items) of 27.5 percent
• Defined benefit pension expense of approximately $35 million, compared with 2014 pension income of $52 million
• Capital expenditures of approximately $1.5 billion
• Average On Highway Diesel ("OHD") price of U.S. $2.80-$2.90
• Current share repurchase plan expected to be completed by calendar year-end

Further, CP will no longer be exempt from the regular SEC reporting requirements in 2016 because a majority of its board was comprised of U.S. citizens or residents as of June 30, 2015 (the relevant date for determining foreign private issuer status for U.S. SEC reporting purposes in 2016). This follows a determination that the resignation of Stephen Tobias from the board occurred on July 3, 2015.

Accordingly, CP plans to follow the regular SEC reporting requirements effective January 1, 2016, file an annual report on Form 10-K for the year ended December 31, 2015 and file regular periodic reports under both Canadian and U.S. law thereafter.

Canadian Pacific Railway sees FY2015 EPS of C$10.00 - C$10.40, versus the consensus of C$10.47.

For earnings history and earnings-related data on Canadian Pacific Railway (CP) click here.