Railroad News

Canadian Pacific has broken its record for the shipment of grain, moving 2.64 million metric tons (MMT) of Canadian grain and grain products in October, the Class I announced today.

The milestone makes October 2018 CP's biggest month ever for moving Canadian grain, breaking a record set in September 2017, CP officials said in a press release.

Canadian Pacific yesterday reported third-quarter net income of CA$622 million and revenue of CA$1.9 billion, up from net income of CA$510 million and revenue of CA$1.6 billion in the same period a year ago.

This year's third-quarter revenue marked the company's highest revenue ever for any quarter, according to a CP press release.

Canadian Pacific has released the Canadian and U.S. schedules for its 2018 Holiday Train.

Beginning Nov. 25 and 27, two CP trains — decorated with thousands of colorful, glittering lights — will leave Montreal to visit 164 communities along CP's network.

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.

Canadian Pacific announced yesterday that Edward Monser has been appointed to its board of directors effective Dec. 17.

Monser will retire Oct. 1 as president of global technology and engineering company Emerson, where he began his engineering career in 1981. He also has served as the company's executive vice president and chief operating officer.

Canadian Pacific, in collaboration with its customers and supply chain, is prepared to move this year's Canadian grain crop, the Class I told federal officials yesterday during a roundtable discussion on grain transportation.

Minister of Transport Marc Garneau and Minister of Agriculture Lawrence MacAulay hosted the discussion in Saskatoon, Saskatchewan, with grain producers, shippers and railroads to share information stemming from the Transportation Modernization Act, which became law in May.

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.

During the 2017-18 crop year, Canadian Pacific moved 25.8 million metric tons of western Canadian grain and grain products, soybeans and other non-regulated principal field crops.

That marks a 1 percent increase compared with volume in the 2016-17 crop year, CP officials said in a press release. The figure is also 1 percent above the railroad's three-year average. Additionally, in September 2017, CP handled its most grain to date.

Canadian Pacific reported yesterday that its second-quarter revenue rose 7 percent to CA$1.7 billion from CA $1.64 billion compared with the same period a year ago. 

The Class I's second-quarter diluted earnings per share declined 7 percent to $3.04 from $3.27 per share a year ago. CP reported the per-share numbers in U.S. dollars.

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Canadian Pacific has awarded a contract to rebuild 30 EMD locomotives to Progress Rail, which will remanufacture the units at plants in Indiana and Kentucky.

Once fully remanufactured, the freight locomotives will primarily serve in heavy haul applications. The upgraded EMD SD70ACU locomotives are known as modernized versions of SD90MAC models, Progress Rail officials said in a press release.

Signalmen represented by the Brotherhood of Railroad Signalmen (BRS) and employed at Canadian Pacific's Soo Line Railroad have ratified a new six-year contract, the union announced yesterday.

The agreement, which takes effect July 1, provides six general wage increases, BRS officials said in a statement posted on the union's website.

Canadian Pacific will spend more than a half-billion Canadian dollars on new high-capacity grain hopper cars to serve CP grain shippers, the Class I announced today.

The railroad's plan to revitalize its hopper-car fleet will start with an order for 1,000 cars from National Steel Car of Hamilton, Ontario. Over the next four years, CP plans to order 5,900 hopper cars in total, which will enable the railroad to remove all low-capacity hoppers — including all Canadian government cars — from its fleet, company officials said in a press release.

Canadian Pacific and the Teamsters Canada Rail Conference-Train & Engine (TCRC) have reached a tentative contract agreement, ending a strike that began Tuesday night.

The TCRC represents more than 3,000 conductors and engineers. A four-year tentative pact was reached with CP conductors and locomotive engineers, and a five-year tentative deal was reached with Kettle Valley Railway (KVR) conductors and locomotive engineers, according to a CP press release.

More than 3,000 conductors and locomotive engineers represented by the Teamsters Canada Rail Conference-Train & Engine (TCRC) at Canadian Pacific went on strike last night, Teamsters Canada announced.

The strike began at 10 p.m. yesterday after the union and CP could not agree to a new contract. Negotiations with the company are ongoing, Teamsters Canada officials said in a statement.