Railroad News

CP's Creel calls on Trudeau to hold talks with Wet'suwet'en

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."

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CP sets record for grain movements in January

Rail News Home Canadian Pacific 2/6/2020 Rail News: Canadian Pacific
image A CP 8,500-foot high efficiency product (HEP) train loaded at G3's Pasqua elevator.Photo – cpr.ca

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.

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Canadian Pacific posts record revenue in Q4

Rail News Home Canadian Pacific 1/29/2020 Rail News: Canadian Pacific
image Canadian Pacific today reported record revenue of CA$2.07 billion in fourth-quarter 2019, up 3 percent from CA$2.01 billion in the same period a year earlier. The Class I's Q4 diluted earnings per share (EPS) climbed 26 percent to $4.82 from $3.83 a year earlier. The adjusted EPS rose 5 percent to $4.77 from $4.55.CP posted a Q4 operating ratio (OR) of 57 percent, up 50 basis points compared with the previous year's mark.Net income for the quarter rose to CA$664 million from $545 million. Total operating expenses increased to CA$1.18 billion from CAS1.13 billion a year earlier."CP's strong operational performance and commitment to controlling costs enabled the railway to be successful despite headwinds to our bulk franchise," said CP President and Chief Executive Officer Keith Creel in a press release. "We continue to take a disciplined approach to sustainable, profitable growth — a plan rooted in the foundations of precision scheduled railroading. This approach in 2019 enabled CP to once again deliver its highest-ever revenues and the lowest-ever yearly operating ratio."For full-year 2019 compared with 2018, CP earned record revenue pf CA$7.79 billion, up 7 percent; a record diluted EPS of $17.52, up 29 percent; an adjusted diluted EPS of $16.44, up 13 percent; and an OR of 59.9 percent, an improvement of 140 basis points.Net income in 2019 was CA$2.4 billion, up from CA$1.95 billion in 2018.CP's full-year 2020 guidance calls for mid-single digit volume growth as measured in revenue ton miles and capital expenditures of CA$1.6 billion.

Contact Progressive Railroading editorial staff.

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Canadian Pacific sets grain record in Q4

Rail News Home Canadian Pacific 1/7/2020 Rail News: Canadian Pacific
image On July 18, 2019, 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

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.

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Canadian Pacific acquires Central Maine & Quebec Railway

Rail News Home Canadian Pacific 1/2/2020 Rail News: Canadian Pacific
image CMQ owns 481 miles of rail lines primarily in Quebec, Canada, and Maine.Photo – cmqrailway.com

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.

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