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Apr
19

CP posts higher Q1 revenue, lower profit

Editor's note: This story was updated at 1:45 p.m. (CDT) to correct the Q1 2017 operating expense figure.

 

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Apr
18

Teamsters Canada, IBEW notify CP of possible strike

Rail News Home Canadian Pacific 4/18/2018 Rail News: Canadian Pacific
Canadian Pacific has received a 72-hour notice from the Teamsters Canada Rail Conference-Train & Engine (TCRC) and the International Brotherhood of Electrical Workers (IBEW) of their respective plans to strike on April 21.CP has been working with both unions to reach a negotiated settlement "in the best best interests of the entire CP family, its customers, shareholders and the broader North American economy," CP officials said today in a press release."Serving a strike notice is part of the bargaining process that unions must follow if they want to be able to strike," said CP President and Chief Executive Officer Keith Creel. "We remain committed to achieving a win-win solution and urge the two unions to work closely with us and the federal mediators to achieve a positive outcome as soon as possible in the hours leading up to the deadline."CP made "significant movement in bargaining" with TCRC on Monday, presenting the union with new progressive three- and five-year agreement options, Class I officials said.CP will meet with IBEW later today and is presenting the union with streamlined three-year and five-year agreements for consideration, they added.

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Apr
16

CP: 'Significant gap' remains in TCRC, IBEW negotiations

Canadian Pacific and two of its unions — the Teamsters Canada Rail Conference – Train & Engine (TCRC) and the International Brotherhood of Electrical Workers (IBEW) — are working through the collective bargaining process, the Class I announced late last week.

However, a "significant gap" remains between the railroad and the unions. If an agreement cannot be reached, a work stoppage could occur as early as April 21, CP officials said in a press release.

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Apr
09

Teamsters at CP vote to authorize strike action

Rail News Home Canadian Pacific 4/9/2018 Rail News: Canadian Pacific
Teamsters Canada Rail Conference (TCRC) members at Canadian Pacific voted last week to authorize a strike. The vote means that up to 3,000 conductors and locomotive engineers could go on strike as early as April 21, according to a press release issued by Teamsters Canada.The previous collective agreement with CP expired Dec. 31, 2017. Negotiations for a new pact began Nov. 16, 2017. Federal mediators were brought in Jan. 29."Despite our best efforts to negotiate in good faith, we have come to a point where Teamsters are prepared to go on strike for the third time in six years to obtain a fair and reasonable contract renewal,” said TCRC President Doug Finnson. “We will do everything in our power to reach a negotiated settlement at CP, but one that is acceptable to our members and that addresses the major issues that exist with this employer."

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Mar
22

CP to serve new Smart Sand terminal in North Dakota

Rail News Home Canadian Pacific 3/22/2018 Rail News: Canadian Pacific
Canadian Pacific and Smart Sand Inc. have partnered on a long-term lease agreement to operate a frac sand transloading terminal in Van Hook, North Dakota.Smart Sand paid $15.5 million to acquire certain assets at the terminal, according to a company press release.As part of the lease agreement, the company and CP will service the unit train-capable terminal along with other key oil and gas exploration and production basins of North America. Smart Sand officials expect the terminal to be operational next month."This agreement with CP is another step forward toward Smart Sand's goal of being an integrated mine to wellhead supplier of frac sand," said Smart Sand Chief Executive Officer Charles Young."Working with Smart Sand to repurpose this existing rail facility into a high-efficiency sand terminal is well-aligned with our commercial strategy to maximize capacity and asset utilization," said Coby Bullard, CP’s vice president of sales and marketing, merchandise and energy, chemicals and plastics. "It capitalizes on our high-capacity corridor between the nation's premier proppant-producing region and North Dakota's Williston Basin."

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Feb
20

CP offers new service for shipping perishables

Canadian Pacific has launched CP TempPro™ for shipping perishable products, the Class I announced yesterday.

The new service will enable CP to grow its business with perishable protective service (PPS) customers. CP has a growing fleet of PPS to transport products that require strict temperature settings.

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Feb
01

CP opens Shanghai office

Rail News Home Canadian Pacific 2/1/2018 Rail News: Canadian Pacific
CP President and CEO Keith Creel (center) today announced the official opening of CP's new office in China.Photo – Canadian Pacific

Canadian Pacific Railway Ltd. today opened a new office in Shanghai, China.

The office was opened to strengthen existing customer partnerships in Asia and continue to pursue new business, CP officials said in a press release.

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Jan
19

Canadian Pacific posts record Q4, full-year 2017 results

Canadian Pacific Railway Ltd. yesterday announced record fourth-quarter and full-year results for 2017.

Fourth-quarter diluted earnings per share (EPS) soared 159 percent to CA$6.77 from $2.61 a year ago. The 2017 results includes an income tax recovery of $527 million, primarily as a result of U.S. tax reform net of Canadian provincial tax rate increases. Adjusted diluted EPS rose 6 percent to a new quarterly record of $3.22 from $3.04.

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Dec
27

Canadian Pacific, FEC holiday trains tally donations for charities

Canadian Pacific's 19th annual Holiday Train raised more than CA$1.5 million and 300,000 pounds of food for local food banks and food shelves on its Nov. 25-Dec. 17 trip through Canada and parts of the United States.

The train's charitable runs over the holiday season have raised more than CA$14.5 million and 4.3 million pounds of food since its inaugural journey in 1999, CP officials said in a press release.

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Nov
29

Canadian Pacific hires new VPs to bolster sales, marketing team

Canadian Pacific Railway Ltd. announced today it has strengthened its sales and marketing team by adding two new vice presidents and reorganizing the group's structure to better service customers.

The team will consist of three business units, each led by a vice president reporting to Senior Vice President and Chief Marketing Officer John Brooks. The units will be grain and fertilizers; energy, chemicals and plastics (ECP), and merchandise; and intermodal and automotive.

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Nov
17

CP, Canadian police union forge tentative five-year pact

Rail News Home Canadian Pacific 11/17/2017 Rail News: Canadian Pacific
Canadian Pacific and the Canadian Pacific Police Association (CPPA) have reached a tentative five-year agreement.Covering 80 Canadian police officers employed by the Class I, the pact would increase wages, add "compassionate leave," expand training opportunities and enhance a relocation expense allowance, CP and CPPA officials said in a press release issued this morning.The union has forwarded the agreement to members for review, and a ratification vote is expected to be conducted in the near future."[Our] members take very seriously their commitment to keeping company employees, assets and the general public safe in relation to CP property and activities. This proposed resolution is another example of our members' sincere commitment," said CPPA President Stephen Ross.The railroad so far has had a successful 2017 with labor relation matters and has negotiated a number of long-term agreements with unions ahead of expiring contracts, CP officials said. The current CP-CPPA labor contract expires on Dec. 31."I give credit to the negotiation teams on both sides for demonstrating outstanding leadership and a commitment to collaboration in coming to this progressive, long-term agreement well in advance of the upcoming deadline," said CP President and Chief Executive Officer Keith Creel.

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Nov
13

Fatt steps down from Canadian Pacific's board

Rail News Home Canadian Pacific 11/13/2017 Rail News: Canadian Pacific
William Fatt resigned Nov. 9 from Canadian Pacific's board due to health reasons.Fatt joined the board in September 2016 and served as chair of its Finance Committee and a member of the Audit Committee."I would like to express my appreciation to the board and management of CP for all of their support during my time as a director," Fatt said in a press release. "I have nothing but the highest regard for CP, its board and its leadership."CP Chairman Andrew Reardon thanked Fatt for his service."His wisdom and guidance during his tenure on the board have been invaluable and will be truly missed," said Reardon.

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Nov
03

Teamsters Canada members reject CP contract renewal proposal

Rail News Home Canadian Pacific 11/3/2017 Rail News: Canadian Pacific
The Teamsters Canada Rail Conference-Train & Engine (TCRC-T&E) union on Wednesday announced its members rejected a proposed one-year contract renewal deal reached with Canadian Pacific on Sept. 6. Of 1,725 ballots cast, 1,158 voted "no" and 567 voted "yes" to ratify the agreement.CP and the TCRC-T&E — which represents 3,000 of the Class I's Canadian conductors and engineers — had agreed on a one-year renewal of a contract that's set to expire Dec. 31. The extended pact would have offered the workers a number of benefits and certainty over the next year, yet protected the interests of current and future customers, according to the railroad.CP leaders expressed disappointment that TCRC-T&E members rejected the agreement, and stressed they plan to meet with union officials to discuss the voting results and review ways to renew the pact. "We look forward to working with the union membership to better understand this result and to discuss next steps," said CP President and Chief Executive Officer Keith Creel in a press release. "We remain optimistic that we can come to a mutually beneficial agreement with the TCRC-T&E."The Class I has successfully negotiated a number of long-term agreements this year ahead of expiration, CP officials said. The agreements centered on a “common vision” that was in the best interests of the railroad’s workers, customers and shareholders, and the one-year proposal to the TCRC-T&E was an early offer that was consistent with that approach, they said.

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Oct
18

CP raises 2017 guidance on Q3 performance

Rail News Home Canadian Pacific 10/18/2017 Rail News: Canadian Pacific
Canadian Pacific announced yesterday it was revising its 2017 guidance upwards, after reporting third-quarter revenue increased 3 percent to CA$1.6 billion, and operating income rose 5 percent to CA$690 million compared with the same quarter last year.CP reported adjusted diluted earnings per share rose 6 percent to CA$2.90 versus CA$2.73 last year. Net income soared 47 percent to CA$510 million from CA$347 million a year ago.The Class I's operating ratio fell to 56.7 percent during the quarter compared with 57.7 percent in third-quarter 2016."Thanks to the hard work of our CP family and a disciplined, balanced approach in the marketplace and to our operations, we were able to produce another quarter of exceptional results," said President and Chief Executive Officer Keith Creel in a press release. "Volume momentum grew over the course of the quarter, setting us up for a strong finish to the year. As a result, we are raising our 2017 guidance."CP now expects adjusted diluted earnings per share to grow in the double-digits from full-year 2016 adjusted diluted EPS of $10.29."We remain grounded in our foundations of precision railroading and continue to pursue sustainable, profitable growth, which has us well-positioned to finish the year with strong momentum leading into 2018 and beyond," said Creel.

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Oct
10

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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Sep
21

Pipeline Foods acquires CP-served grain elevators in Saskatchewan

Pipeline Foods LLC yesterday announced it acquired two Canadian Pacific-served grain elevators in Wapella and Gull Lake, Saskatchewan.

The U.S.-based supply chain solutions company focuses on non-genetically modified organism and organic food and feed. Both facilities are certified as organic through Pro-Cert, which is accredited in both the United States and Canada.

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Aug
21

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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Aug
14

CP launches direct rail service from Vancouver to Detroit

Rail News Home Canadian Pacific 8/14/2017 Rail News: Canadian Pacific
Canadian Pacific today announced the launch of a direct rail transportation service between Vancouver, British Columbia, and Detroit.The new service leverages CP's newest transload facility in Vancouver and its live-lift operation at Portal, North Dakota. The service is expected to cut transit times from the West Coast to Detroit by as much as 48 hours compared with nearby competitors, CP officials said in a press release.The new service runs from Vancouver to Detroit seven days a week."CP recognizes our customers' need to get their goods to the key markets of the U.S. as efficiently as possible," said Hardy Pearson, senior vice-president for the Midwest and Northeast for Hapag-Lloyd. "Simply put, shorter transit times, a more fluid border crossing and near seamless movement through Chicago means not only lower costs but better, more consistent access to the right markets."CP started live lift operations at the Portal border crossing in the second quarter. The new service enables CP to lift single containers off trains for inspection by customs authorities rather that having entire intermodal rail cars — which can carry up to 15 containers — held up. That process will eliminate delays to containers not flagged for inspection, which will helps make it easier and faster for customers to do cross-border business, CP officials said.

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Aug
07

Safety report: Canadian Pacific trains crashed after missed signal

Canada's Transportation Safety Board (TSB) has found that an August 2016 collision between two Canadian Pacific trains occurred when one of the trains ran a stop signal.

The investigation highlights the need for onboard voice and video recorders, TSB officials said in a press release.

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Aug
04

CP unveils 2016 corporate sustainability report

Rail News Home Canadian Pacific 8/4/2017 Rail News: Canadian Pacific
The railroad has cut annual greenhouse gas emissions by 15 percent since 2015, according to the report.Photo – Canadian Pacific

Canadian Pacific yesterday released its 2016 corporate sustainability report.

The document outlines the railroad's commitment to "long-term value creation and sustainable operations," CP officials said in a press release.

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