Railroad News

Canadian Pacific's board yesterday elected Isabelle Courville as its new chair to succeed Andrew Reardon, who announced last year he is retiring.

At the company's annual shareholders meeting in Calgary, Alberta, the board also reelected Courville as a director. She is the first woman to hold the position at CP, as well as among other North American Class Is, said CP President and Chief Executive Officer Keith Creel in a press release.

Canadian Pacific moved a record amount of Canadian grain and grain products last month, the Class I announced last week.

CP moved a best-ever 2.6 million metric tons of grain and grain products, beating a previous record set in October 2018, CP officials said in a press release.

Canadian Pacific reported first-quarter 2019 revenue of CA$1.77 billion grew by 6 percent and earnings rose about 3 percent during what company officials described as the one of the most challenging winters for the railroad in decades.

CP posted diluted earnings per share (EPS) of CA$3.09 (up 28 percent) and adjusted diluted EPS of CA$2.79 (up 3 percent). Operating income climbed 1 percent to CA$543 million, while net income rose 25 percent to CA$434 million versus the same period in 2018.

A Canadian Pacific unit grain train began to move on its own prior to a fatal derailment that occurred early Monday near Field, British Columbia, the Transportation Safety Board of Canada (TSB) announced yesterday.

The derailment, which occurred between the Upper and Lower Spiral Tunnel, resulted in the deaths of the train's three crew members. They were identified as conductor Dylan Paradis, engineer Andrew Dockrell and trainee Daniel Waldenberger-Bulmer.

A Canadian Pacific grain train derailed early yesterday near Field, British Columbia, resulting in the deaths of the train's three crew members.

The deceased were identified as conductor Dylan Paradis, engineer Andrew Dockrell and trainee Daniel Waldenberger-Bulmer, according to a statement issued by CP President and Chief Executive Officer Keith Creel.

Canadian Pacific yesterday announced record operating income of CA$874 million for the fourth quarter, a 28 percent increase compared with the same period in 2017.

CP's revenue for the quarter climbed 17 percent to CA$2 billion from CA$1.7 billion a year ago. Q4 diluted earnings per share (EPS) fell 43 percent to $3.83 from $6.77 a year ago, however adjusted diluted EPS rose 41 percent to a new quarterly record of $4.55 from $3.22 in 2017, according to a CP press release.

Canadian Pacific executives are taking issue with a Canadian Transportation Agency (CTA) plan to include the Class I in a far-reaching investigation into possible freight-rail service problems in the Vancouver, British Columbia, area.

The CTA announced yesterday in a press release that such an investigation "would be appropriate based on information received from shipper associations and other parties." The agency plans to hold a public hearing in Vancouver in late January to provide railroads and shipper groups an opportunity to provide evidence in response to the CTA's concerns.

Canadian Pacific's 2018 Holiday Train is on track to have raised more than CA$1.3 million and collected more than 200,000 pounds of food for local food banks, the Class I announced last week.

The train recently completed its 20th journey through Canada and the United States as part of the railroad's charitable efforts.

Canadian Pacific yesterday unveiled its first 8,500-foot high efficiency product (HEP) grain train at G3 Canada Ltd.’s Pasqua elevator near Moose Jaw, Saskatchewan.

The HEP train features more efficient hopper cars and is designed to move about 44 percent more grain than the Class I’s prior generation of grain train. The new hopper cars feature a capacity 10 percent greater by weight than older-model Canadian government cars, and can hold 15 percent more volume.

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 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 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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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.

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.

5/3/2017    

Rail News: Canadian Pacific

11/2/2016    

Rail News: Canadian Pacific

10/19/2016    

Rail News: Canadian Pacific

9/1/2016    

Rail News: 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.