Railroad News

Rail News Home Canadian Pacific 4/28/2022 Rail News: Canadian Pacific
CP's operating ratio (OR) for the quarter rose to 70.9% from 60.2%. The adjusted OR was 69.8%. Photo – cpr.ca

Rail News Home Canadian Pacific 4/25/2022 Rail News: Canadian Pacific
CP regained access to Port Saint John in June 2020 with its acquisition of the Central Maine & Quebec Railway. Photo – CP/Facebook

Rail News Home Canadian Pacific 4/1/2022 Rail News: Canadian Pacific
Canadian Pacific took issue yesterday with the Transportation Safety Board of Canada’s (TSB) report on its investigation into a February 2019 train derailment in which three CP crew members were fatally injured near Field, British Columbia.The derailment involved two locomotives and 99 cars of a 112-car grain train. As a result of the investigation, the TSB issued three recommendations to make cold-weather train operations safer through mountainous territory, the board announced yesterday.It was "extremely disappointing that the TSB misrepresented the facts" at a press conference yesterday and "misunderstood key facts" about the incident in its report, CP officials stated in a press release.The railroad will address its concerns in greater detail with the board, they said. CP’s specific concerns about the TSB report and media presentation can be read here.The TSB report on its investigation can be read here.

Rail News Home Canadian Pacific 3/9/2022 Rail News: Canadian Pacific
The Mexico-to-Midwest train is a sign of things to come if the Surface Transportation Board approves the merger between CP and KCS, said CP President and CEO Keith Creel. Photo – cpr.ca

Rail News Home Canadian Pacific 3/8/2022 Rail News: Canadian Pacific
Billionaire investor William Ackman and his hedge fund Pershing Square Capital Management has a new stake in Canadian Pacific worth CA$280 million, according to news media reports.The investment makes Pershing Square one of CP's top 20 shareholders, reuters.com reported yesterday.Pershing Square reported owning 2.8 million CP shares as of Dec. 31, 2021, according to a March 7 regulatory filing cited in the report.The hedge fund began buying into the railroad in September 2011, but was forced to sell five years later to pay back investors as the fund faced losses. Ackman called those sales one of the firm's "greatest investment regrets," reuters.com reported.

Rail News Home Canadian Pacific 2/23/2022 Rail News: Canadian Pacific
CP Chair Isabelle Courville is standing for re-election to the Class I's board at an annual meeting to be held on April 27. Photo – cpr.ca

Rail News Home Canadian Pacific 2/10/2022 Rail News: Canadian Pacific
The TCRC will conduct a strike vote among its more than 3,000 members who work for CP. Photo – teamstersrail.ca

Rail News Home Canadian Pacific 1/28/2022 Rail News: Canadian Pacific
Canadian Pacific yesterday reported fourth-quarter 2021 revenue rose 1% to CA$2.04 billion and net income fell 34% to CA$532 million compared with the same quarter in 2020.CP’s diluted earnings per share (EPS) decreased to 74 cents from $1.19 in Q4 2020, while the adjusted diluted EPS decreased to 95 cents from $1.01 in Q4 2020.The Class I’s Q4 2021 operating ratio (OR), which increased 530 basis points to 59.2%, includes $36 million in costs related to the Kansas City Southern acquisition. The adjusted OR, which excludes the acquisition-related costs, increased 360 basis points to 57.5%.During the quarter, CP "reached a crucial milestone in our journey to create the first single-line rail network linking the U.S., Mexico and Canada by combining with Kansas City Southern, which closed into voting trust Dec. 14," said CP President and CEO Keith Creel in a press release.CP reported that KCS posted Q4 revenue of $748 million, up from $693 million a year earlier, and an adjusted OR of 60.1% for the quarter."I am excited for what lies ahead with this franchise as we move past the uncertainty and extensive supply chain disruptions created by the COVID-19 pandemic," Creel said."The demand environment and overall economic strength, combined with CP's unique initiatives and service excellence, have us well-positioned to drive profitable growth for our customers, employees and shareholders," Creel continued. "These factors, coupled with the progression of our proposed combination with Kansas City Southern, position CP for another history-making year."

Rail News Home Canadian Pacific 1/20/2022 Rail News: Canadian Pacific
Canadian Pacific has been named the top performing freight transportation company on the Corporate Knights 2022 Global 100 Index.The Class I placed 34th overall on the annual list that ranks the most sustainable corporations in the world. The Corporate Knights evaluated 6,914 companies worldwide on 24 quantitative key performance indicators that reflect each industry’s "impact profile" regarding clean revenue and investment, emissions, diversity,  health and safety, and workforce management."We are proud to be a sustainably-driven company and industry leader, and know there is more work to be done on our journey," said CP President and CEO Keith Creel in a press release. "We will continue to challenge ourselves to look for innovative approaches to advance our sustainability performance." 

Rail News Home Canadian Pacific 1/14/2022 Rail News: Canadian Pacific
CN's proposal regarding Kansas City Southern’s Springfield Line is built on a "series of factual errors or misstatements," Canadian Pacific officials said yesterday.CN announced earlier this week that it would ask the Surface Transportation Board (STB) to condition approval of a CP-KCS merger on the divestiture of the Springfield Line — KCS’ lines from Kansas City, Missouri, to Springfield and East St. Louis, Illinois — to CN.But in a prepared statement, CP officials said the Springfield Line is not “parallel” to CP’s line between Kansas City and Chicago."KCS’s line is line is not part of a through route to Chicago in conjunction with CN. In fact, there is no direct connection between KCS and CN today at Springfield, and historic interchange volumes reflect the absence of any actual service here," CP officials stated.As part of the CP-KCS merger, the lines will grow along with the new company, they said."The route from Kansas City to St. Louis and the other assets CN wants the STB to force CP to divest are important parts of the combined CPKC growth story providing new, competitive single-line routes connecting CP's network with customers and port facilities in St. Louis, and connections to eastern carriers. CP anticipates an increase of traffic on this corridor of 30%," they added.