Railroad News

Canadian Pacific today reported third-quarter 2020 revenue decreased 6% to CA$1.86 billion, diluted earnings per share (EPS) fell 1% to $4.41 and adjusted EPS dropped 11% to $4.12 compared with the same period a year ago.

The Class I posted an operating ratio of 58.2%, up from 56.1% in Q3 2019.

Canadian Pacific will not operate its annual Holiday Train tour this year due to the impact of the COVID-19 pandemic, the Class I announced last week.

Although train visits will not be part of this year's charitable program, CP will donate to food banks in communities along its rail network and host a virtual concert. The modified program will draw attention to food security issues, while ensuring donations go to all food banks that would ordinarily receive them, including those that typically host a Holiday Train event in alternating years, CP officials said in a press release.

Canadian Pacific today will officially open its new multi-commodity transload facility in Montreal.

The facility will offer transload services and supplementary intermodal transportation and distribution services from CP's Cote Saint-Luc yard, with more space available for future expansions to provide shippers with access to new markets, CP officials said in a press release.

Canadian Pacific has begun installation of a solar energy farm at its corporate headquarters in Calgary, Alberta.

The farm is expected to generate more power than consumed annually at CP's main headquarters building by early 2021, CP officials announced this week in a press release.

Canadian Pacific yesterday officially launched its international intermodal service through the Port of Saint John, New Brunswick.

The inaugural train carried containers from the Hapag-Lloyd vessel Detroit Express bound for intermodal terminals on CP's network in Canada and the United States, CP officials said in a press release.

Canadian Pacific officials reaffirmed the railroad's commitment to grow traffic at the Port of Saint John and stimulate economic growth and investment in New Brunswick at a meeting yesterday with Premier Blaine Higgs.

With its recent purchase of the Central Maine & Quebec Railway (CMQ), CP makes its return to Atlantic Canada. Its rail network now more directly connects Atlantic Canada to Montreal, Toronto and the U.S. Midwest to create a competitive transportation service that will support economic growth in New Brunswick and throughout Atlantic Canada, CP officials said in a press release.

Canadian Pacific today announced it hauled more Canadian grain and grain products in the 2019-2020 crop production year than in the railroad's 139-year history.

In total, CP moved 29.52 million metric tons (MMT) this crop year, exceeding last year's record of 26.77 MMT by 10 percent, company officials said in a press release.

Canadian Pacific today released its first public statement on climate change to acknowledge the effects of rising global temperatures.

The statement lays out the Class I's commitment to ongoing efforts to mitigate the impacts of climate change. It also expresses support for the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature rise to well below 2 degrees C above pre-industrial levels.

Canadian Pacific today released its first public statement on climate change to acknowledge the effects of rising global temperatures.

The statement lays out the Class I's commitment to ongoing efforts to mitigate the impacts of climate change. It also expresses support for the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature rise to well below 2 degrees C above pre-industrial levels.

Canadian Pacific today announced it set both a quarterly and June record for the movement of Canadian grain and grain products during what has become a standout crop year for the railroad.

In the second quarter, CP moved an all-time-high 8.41 million metric tons (MMT) of grain-related products, breaking the previous quarterly record of 7.9 MMT set in fourth-quarter of 2019. In June, the railroad moved 2.76 MMT, besting the previous June record of 2.4 MMT set in 2014.

Canadian Pacific posted a record-setting movement of Canadian and grain products in April, the Class I reported yesterday.

CP moved a best-ever monthly total of 2.8 million metric tons to market, bettering the previous record set in November 2019 by more than 100,000 metric tons, CP officials said in a press release.

Canadian Pacific President and Chief Executive Officer Keith Creel today issued a statement in support of people protecting and serving the public during the coronavirus pandemic.

"To critical health-care workers, frontline service providers, emergency agencies and personnel: Thank you for your ongoing dedication, determination and sacrifice in response to COVID-19," said Creel.