Railroad News

Canadian Pacific yesterday reported record first-quarter revenue and a record-low operating ratio (OR), but updated its 2020 outlook to reflect the impact of the coronavirus pandemic.

CP's first-quarter 2020 revenue climbed 16 percent to CA$2.04 billion from CA$1.77 billion during the same period a year ago. The diluted earnings per share (EPS) fell 4 percent to $2.98 from $3.09; the adjusted EPS rose 58 percent to $4.42 from $2.79 percent.

Canadian Pacific logged its best first-quarter record for hauling Canadian grain and grain products during first-quarter 2020, during which the Class I hauled more than 6.35 million metric tons (MMT).

The 2020 results broke the company's previous Q1 record, set in 2016, by 300,000 metric tons, CP officials announced yesterday in a press release.

Canadian Pacific President and Chief Executive Officer Keith Creel last week called on Canadian Prime Minister Justin Trudeau to hold talks with the Wet'suwet'en Hereditary Chiefs to bring to an end to the protest blockades that have affected the nation's freight- and passenger-rail networks.

In a Feb. 20 letter to Trudeau, Creel said the company's rail system has been "severely impacted" by the ongoing blockades, which have created "critical safety and security concerns."

Canadian Pacific moved 2.09 million metric tons of Canadian grain and grain products in January, beating the railroad's January 2019 record by 200,000 metric tons.

CP officials cited the railroad's 8,500-foot high-efficiency product (HEP) train model, dedicated train program (DTP) and new high-efficiency hopper cars as significant factors in the new record.

Canadian Pacific moved more grain and grain products in fourth-quarter 2019 than in any quarter in its history, the Class I announced yesterday.

CP shipped 7.9 million metric tons (MMT) during the quarter, breaking the previous record set in fourth-quarter 2018 by 400,000 metric tons, CP officials said in a press release.

Canadian Pacific announced Dec. 30 that it has completed its acquisition of the Central Maine & Quebec Railway (CMQ), although the transaction remains subject to U.S. Surface Transportation Board approval.

The acquisition will provide CP customers with "seamless, safe and efficient access" to ports at Searsport, Maine, and to Saint John, New Brunswick, via Eastern Maine Railway Co. and New Brunswick Southern Railway, CP officials said in a press release.

Canadian Pacific earlier this week released its 2018 corporate sustainability report, which highlights the Class I's achievements in safety, operational excellence and social impact.

Titled "Sustainably Driven," the report was developed using a new framework for reporting the company's efforts to align business practices with sustainability goals and objectives, CP officials said in a press release.

Canadian Pacific announced Tuesday that more than CA$2.49 million was raised and 238,393 pounds of food were collected for local food banks and shelves during the 21st Annual CP Holiday Train's North American tour, which wrapped up earlier this month.

Although the 2019 numbers are preliminary, CP estimates the Holiday Train has raised more than CA$16.7 million and collected 4.7 million pounds of food since its inaugural journey in 1999.

Canadian Pacific last month broke another record for moving Canadian grain and grain products.

The Class I delivered 2.74 million metric tons (MMT) during November, beating the October 2019 all-time record of 2.66 MMT, CP officials said in a press release.

Canadian Pacific announced last week that it will establish a multi-commodity transload terminal at its Cote Saint-Luc yard in Montreal.

CP will collaborate with freight transportation provider TYT Group of Quebec to offer transload services and logistics solutions from the terminal to customers in major cities along the East Coast, CP officials said in a press release.

Canadian Pacific earlier this week unveiled five specially painted locomotives on Remembrance Day in Canada and Veterans Day in the United States to honor the history and culture of the armed forces.

The five Electro-Motive Diesel SD70ACUs will travel across the CP system.

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

By This email address is being protected from spambots. You need JavaScript enabled to view it., Editor

On Oct. 29, Regional Rail LLC announced it had agreed to acquire Pinsly Railroad Co.’s Florida operations totaling 208 miles of track.

Canadian Pacific announced this week that the 2019 Holiday Train, the Class I's annual charity event to raise hunger awareness, will run Nov. 25 through Dec. 18.

Decorated with thousands of colorful and glittering lights, the trains will depart on the U.S. tour on Nov. 25 and the Canadian tour, Nov. 26.

Last month, the League of Railway Women (LRW) named Pam Arpin, assistant vice president of customer and corporate services at Canadian Pacific, the winner of the organization’s “Railway Woman of the Year” award.

LRW President Tanis Peterson and Progressive Railroading Publisher Kirk Bastyr presented the award to Arpin at Railway Interchange in Minneapolis.

Canadian Pacific on Sept. 18 presented G3 Pasqua with the Class I's 2018-19 crop-year Elevator of the Year Award.

CP presents the award annually to the grain elevator that achieves high volumes from a single loading point while consistently demonstrating efficient rail-car loading and a strong commitment to safety, CP officials said in a press release.