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CP logged record-breaking grain haul in October

Rail News Home Canadian Pacific 11/13/2019 Rail News: Canadian Pacific
image Canadian Pacific announced yesterday that in October it broke its own record for Canadian grain and grain products moved in a single month, delivering 2.66 million metric tons (MMT).The Class I's previous grain-haul record was reached in April, when CP moved 2.64 MMT of Canadian grain and grain products."This record is a testament to ongoing collaboration with our customers and innovation within the grain supply chain," said Joan Hardy, CP vice president sales and marketing, grain and fertilizers, in a press release.CP also attributed the record-breaking haul to new high-capacity grain hopper cars now serving in CP's fleet, which increased the amount of grain carried in each rail car.CP now has more than 1,900 new high-capacity hopper cars in its fleet, with plans in place for another 1,400 cars by the end of 2020. The fleet will continue to grow in the years ahead as part of CP's $500 million investment in 5,900 new hopper cars. Shippers are able to load up to 10 percent more grain by weight and 15 percent more by volume in these cars compared to the older, less-efficient hoppers they are replacing, CP officials said. To learn more about CP's grain line of business, read this cover story in Progressive Railroading's November issue.    

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Canadian Pacific targets longer grain trains, another banner crop year

On July 18, Paterson Grain’s Foothills Terminal in Bowden loaded the first Alberta-originated 8,500-foot high efficiency product train featuring CP’s new hopper cars.Photo – Canadian Pacific

By Jeff Stagl, Managing Editor

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From the editor: Short-line railroad deals continue apace

By Pat Foran, Editor

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

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CP explores growth with short lines, transload operators at 'Connect' conference

Rail News Home Canadian Pacific 10/30/2019 Rail News: Canadian Pacific
image Officials from Canadian Pacific, short lines and transload operators met this week to develop growth-producing service offerings for customers as part of a Connect 2019 conference held at the Class I's headquarters in Calgary, Alberta.The event — which followed up the success of CP's 2018 Reconnect Conference — was attended by representatives from more than 50 companies Oct. 28 and 29, officials from the Class I said in a press release."Our goal in bringing together these companies annually is to find efficiencies and opportunities, something of critical importance in today's economic climate," said John Brooks, CP's executive vice president and chief marketing officer. CP works with an extensive network of short lines and regionals, providing access to almost any North American location beyond the reach of the Class I’s network, CP officials said."Our solid relationships with our Class I connections are part of the backbone to growth," said Brian Jonaitis, director of business development at Indiana Rail Road Co.CP also works with more than 100 North American transload facilities. The transload business unit is a critical area of focus and development for the Class I, with many unique opportunities to build on the company's franchise strengths to generate sustainable, profitable growth, CP officials said."Our transload alliance with CP at the Minneapolis Intermodal Terminal has been the key driver of our growth," said Revis Stephenson, president of Stone Arch Commodities.In addition to Brooks, other CP leaders who participated in the event included Joan Hardy, VP of grain and fertilizers; Jonathan Wahba, VP of intermodal and automotive; and Coby Bullard, VP of merchandise and energy, and chemicals.

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Canadian Pacific posts record revenue, operating ratio in Q3

Rail News Home Canadian Pacific 10/24/2019 Rail News: Canadian Pacific
image Canadian Pacific yesterday announced it achieved record third-quarter revenue of CA$1.98 billion and a record-low quarterly operating ratio (OR) of 56.1 percent.Year over year, revenue was up 4 percent. The Class 1 reported Q3 adjusted net income climbed 8.7 percent to CA$640 million, or CA$4.61 earnings per share (EPS), from CA$589 million, or $4.12 per share, a year ago. CP's diluted EPS of CA$4.46 was up 3 percent.Q3 operating income rose 10 percent to CA$869 million from CA$790 million a year ago. CP's record-low quarterly OR of 56.1 percent was a 220-basis-point improvement from the same quarter last year."After a record second-quarter that included strong operating metrics including train speed and terminal dwell, we continue to see those performance measures be improved upon," said President and Chief Executive Officer Keith Creel in a press release. "Our disciplined approach to precision scheduled railroading and the commitment of our 13,000-strong CP family puts us in a position to control what we can as we navigate softer volumes, macroeconomic challenges and geopolitical tensions into the fourth quarter."CP's operating model enables the company to adapt to a changing environment, Creel said."While we now expect low-single digit volume growth for the year, we remain confident in our guidance to deliver full-year double-digit adjusted diluted EPS growth," he said.

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