Railroad News

CP reports preliminary Q3 results, updates 2018 guidance

Canadian Pacific today reported preliminary third-quarter results, updated its 2018 guidance and unveiled the next phase of its long-term strategy for driving sustainable, profitable growth.

Third-quarter revenue is expected to increase by 10 percent to a record high of CA$1.9 billion. Reported diluted earnings per share (EPS) are expected to be about CA$4.35, while adjusted diluted EPS are expected to be about CA$4.10 — the highest in company history, CP officials said in a press release.

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Canadian Pacific, short lines strengthen ties at Reconnect 2018

Canadian Pacific and members of its short line and regional connections recently met for two days to participate in the CP Reconnect 2018 Short Line and Regional Railroad Conference held in Calgary, Alberta.

At the conference, CP, short line and regional representatives discussed shared opportunities for advancing the North American supply chain, CP officials said in a press release.

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Bargain hunters: Canadian Pacific, two unions bag mutually beneficial pacts

The Teamsters Canada Rail Conference-Train & Engine division bargains for 3,000 CP locomotive engineers and conductors.Photo – Shutterstock/Erez Shany

By Jeff Stagl, Managing Editor

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CP extends reach into Ohio Valley via Bluegrass Farms intermodal facility

Canadian Pacific announced yesterday a new partnership with Genesee & Wyoming Inc.  and Bluegrass Farms of Ohio that enables the Class I to serve customers in the Ohio Valley region. 

Under the agreement, CP has obtained an exclusive agreement with Bluegrass Farms to use the consortium's 90-acre intermodal facility in Jeffersonville, Ohio. Bluegrass Farms will continue to own the facility and operate it on behalf of CP. The Class I and G&W have agreed to provide rail service to the facility through G&W's Indiana & Ohio Railway (IORY) line.

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CP preps grain service for 2017-18 crop year

Canadian Pacific has readied its Dedicated Train Program (DTP) in preparation for grain service during the 2017-18 crop year, the Class I announced today.

More than 75 percent of CP's grain service will employ the DTP this season. The program offers customers greater control of rail-car supply to manage their supply chain, CP officials said in a press release. Grain is the Class I’s largest line of business.

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Canadian Pacific, K+S Potash open mine site

5/3/2017    

Rail News: Canadian Pacific

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CP knocks safety leader's comments on train-crew fatigue

11/2/2016    

Rail News: Canadian Pacific

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CP Q3 revenue falls 9 percent, names Velani CFO

10/19/2016    

Rail News: Canadian Pacific

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Canada's TSB issues CP train derailment report

9/1/2016    

Rail News: Canadian Pacific

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Pershing Square sells stake in Canadian Pacific

Pershing Square Capital Management L.P. on Wednesday announced the sale of its interest in Canadian Pacific Railway.

The capital management firm sold its 9.8 million shares in CP with JPMorgan Chase, Credit Suisse and Bank of America Merrill Lynch acting as underwriters for the offering, according to a CP press release.

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CP posts 12 percent decline in Q2 revenue, announces Creel as next CEO

Canadian Pacific's second-quarter 2016 revenue fell 12 percent to $1.45 billion, operating income dropped 15 percent to $551 million and net income decreased 16 percent to $328 million (all in Canadian dollars) compared with the same period last year, the Class I announced this morning.

Reported diluted earnings per share declined 9 percent to $2.15 from $2.36 and adjusted diluted earnings per share decreased 16 percent to $2.05 from $2.45 due in large part to the 12 percent drop in revenue, CP officials said in a press release.

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From the editor: Rail rides the uncertainty curve

— by Pat Foran, editor

Class I second-quarter earnings announcements were two to three weeks away as we prepared to finish our July issue, but Class I execs already had let the world know that the year-over-year comparisons weren’t going to be good. They told us that in April during their Q1 earnings conferences and reminded us last month.

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CP to lay off 500 MOW workers

Canadian Pacific yesterday began laying off 500 track maintenance workers, the Teamsters Canada Rail Conference announced on its website.

The "temporary layoffs are the result of lower car volumes and a softening demand in a lackluster North American economy," said CP Assistant Vice President of Public Affairs and Communications Martin Cej in a prepared statement to CBC News, which the union also posted on its website.

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Lac Megantic won't pursue legal action against CP for train disaster

Lac Megantic, Quebec, city officials have decided they will not pursue legal action against Canadian Pacific for the July 2013 crude-oil train disaster that killed 47 people.

The Lac Megantic city council voted Tuesday to drop all possible charges against the Class I, according to a press release posted on the city's website.

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CP expects 12 percent decline in 2Q revenue

Canadian Pacific expects second-quarter revenue to decline about 12 percent compared with the same 2015 period, the railroad announced this morning.

The reasons: lower-than-anticipated volumes in bulk commodities such as grain and potash, the "unexpected and devastating wildfires" in northern Alberta and a strengthening Canadian dollar, CP officials said in a press release.

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CP announces leadership moves

Canadian Pacific yesterday announced a reshuffling of leadership roles as part of a consolidation of the railroad's operating regions from three areas to two.

The changes, which went into effect yesterday, were made to prepare the executive team for Chief Executive Officer E. Hunter Harrison's retirement next year, said Keith Creel, president and chief operating officer.

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Windmills 1, Quixote 0: CP calls off quest for NS — analysis by Tony Hatch

“Thou hast seen nothing yet.” 

― Miguel de Cervantes Saavedra, Don Quixote

“Railways have a bright future, just not via M&A”
— Tony Hatch

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CP's Q1 profit soars, operating ratio drops to record low

Canadian Pacific this morning announced first-quarter 2016 net income rose 69 percent to $540 million from $320 million a year ago (in Canadian dollars), and its lowest ever first-quarter operating ratio, which came in at 58.9 percent.

CP reported diluted earnings per share increased 83 percent to $3.51 from $1.92, and adjusted diluted earnings per share grew 11 percent to $2.50 from $2.26 a year ago. Adjusted income rose 2 percent to $384 million from $375 million. Operating income rose 7 percent to $653 million from $612 million.

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U.S. Rep. Shuster pleased with CP's decision to cancel merger attempt

House Transportation and Infrastructure Committee Chairman Bill Shuster (R-Pa.) yesterday welcomed Canadian Pacific's decision to terminate its six-month attempt to merge with Norfolk Southern Corp.

CP officials announced yesterday that the company has ended its merger attempt and will withdraw its resolution calling for NS shareholders to vote in favor of negotiations between the companies.

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Canadian Pacific drops efforts to merge with Norfolk Southern

Canadian Pacific announced today that it will end its attempt to merge with Norfolk Southern Corp., and will withdraw a resolution calling for NS shareholders to vote in favor of negotiations between the companies.

CP plans "no further financial offers or overtures to meet with the NS board" at this time, according to a CP press release.

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