Railroad News

2/15/2017    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 1/31/2017 Rail News: Canadian Pacific
Keith CreelPhoto – Canadian Pacific

1/31/2017    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 1/19/2017 Rail News: Canadian Pacific
Canadian Pacific yesterday reported fourth-quarter 2016 revenue fell 3 percent to 1.64 billion Canadian dollars from CA$1.69 billion, while diluted earnings per share (EPS) rose 25 percent to CA$2.61 from $2.08 in fourth-quarter 2015.Adjusted diluted EPS climbed 12 percent to CA$3.04 from $2.72, according to a CP press release. The Class I's Q4 revenue and earnings were lower than expected by stock market analysts.However, CP's focus on cost controls resulted in record low operating ratios for the fourth quarter (56.2 percent) and full year (58.6 percent)."While the fourth quarter was weighed down by challenging operating conditions, including unexpected and extreme weather on the West Coast that compounded the impact of an already delayed grain harvest, it once again highlighted our resiliency and ability to operate efficiently under tough conditions," said CP Chief Executive Officer E. Hunter Harrison in the press release.For the full year 2016, CP's revenue declined 7 percent to CA$6.23 billion, while reported diluted EPS increased 27 percent to CA$10.63. Adjusted EPS rose 2 percent to CA$10.29. "2016 featured stiff economic headwinds and a challenging volume environment, headlined by a precipitous decline in crude oil shipments and weakness in grain movements, particularly in the first half," Harrison said. "These are not excuses, but opportunities to showcase our operating ability and leadership. As we have shown over the last four years, the precision railroading model works in all economic conditions." In 2017, the railroad will continue to work on improving productivity, fluidity and safety of operations, CP officials said."With continued margin improvement and an anticipated increase in volumes, led by a stronger bulk outlook, we expect adjusted diluted EPS growth to be in the high single-digits," said CP President and Chief Operating Officer Keith Creel. "With our strong leadership team, plus the commitment and discipline shown by the thousands of men and women every day at CP, the franchise is well positioned for 2017 and beyond." CP plans to spend about CA$1.25 billion in capital programs this year, an increase of 6 percent over 2016. Contact Progressive Railroading editorial staff. More News from 1/19/2017

1/19/2017    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 12/27/2016 Rail News: Canadian Pacific
Canadian Pacific announced last week that Gordon Trafton has been appointed to the company's board, effective Jan. 1.Trafton retired as a special adviser to the CN leadership team in 2010. From 2003 to 2009, he was CN's senior vice president of strategic acquisitions and integration, and served as senior VP of the Southern region. Prior to joining CN, he held leadership positions with Illinois Central Railroad and Burlington Northern Railroad. "Gordon brings a wealth of experience and expertise to the board," said CP Chairman Andrew Reardon in a press release. "His knowledge of the railroading industry and his familiarity with our leadership team positions CP well for the future. We look forward to working closely with him as we continue our journey to railroading excellence." Trafton also chairs the Leeds School of Business Board of Alumni and Friends at the University of Colorado Boulder. Over the past six years, he has served on three additional nonprofit education boards. Contact Progressive Railroading editorial staff. More News from 12/27/2016

12/27/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 12/14/2016 Rail News: Canadian Pacific
Canadian Pacific has appointed Jane Peverett to its board, the Class I announced today.Peverett most recently served as president, chief executive officer and chief financial officer of British Columbia Transmission Corp. She was CEO of Union Gas Ltd. from 2001 to 2003. She is an executive committee member for the Institute of Corporate Directors, BC Chapter, and a fellow of the Society of Management Accountants. She also is a member of the boards of Hydro One Ltd., Canadian Imperial Bank of Commerce, Northwest Natural Gas Co. and Encana Corp.Peverett "brings a unique breadth of board experience — from finance to energy to media — and significant corporate leadership expertise to her new role on our board," said Andrew Reardon, chairman of CP's board, in a press release."CP has come so far in such a short time and I look forward to playing a role in creating an even brighter future for CP customers, employees and shareholders," said Peverett.Her appointment was effective yesterday. Contact Progressive Railroading editorial staff. More News from 12/14/2016

12/14/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 11/23/2016 Rail News: Canadian Pacific
CP has been recognized for its efforts to employ military veterans.Photo – Canadian Pacific

11/23/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 11/11/2016 Rail News: Canadian Pacific
Keith CreelPhoto – Canadian Pacific

11/11/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 11/8/2016 Rail News: Canadian Pacific
Canadian Pacific announced yesterday that October was its best month for Western Canadian grain movement to Vancouver. A record 15,865 carloads were moved to West Coast ports in October, besting the previous record of 15,449 carloads in March 2016. Total Western Canadian grain movements in the month climbed 3.9 percent over last year, just off the record set in May 2014, CP officials said in a press release.CP and its supply chain partners have invested millions of dollars over the past three years on grain elevator capacity, CP officials said."We continue to focus on providing best-in-class service to our customers and look forward to moving more Western Canadian grain to market for the benefit of farmers, shippers and the Canadian economy," said CP President and Chief Operating Officer Keith Creel.Details of the supply chain's weekly performance can be found at www.cpr.ca/grain.Meanwhile, today the Class I launched a website that posts information on work, rest and time off for Canadian-based running trades employees. The site outlines what CP describes as its labor relations story and communications with the Teamsters Canada Rail Conference-Train and Engine leadership.The site dispels myths and "outdated perceptions" of work and time off for its train crews, CP officials said in a press release. Contact Progressive Railroading editorial staff. More News from 11/8/2016

11/8/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 11/2/2016 Rail News: Canadian Pacific
KCS plans to spend $14.3 million on projects in the New Orleans subdivision.Photo – Kansas City Southern

11/2/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 11/2/2016 Rail News: Canadian Pacific
CP officials expressed disappointment at TSB Chair Kathy Fox's comments on train-crew fatigue.Photo – Canadian Pacific

11/2/2016    

Rail News: Canadian Pacific

Rail News Home Canadian Pacific 10/19/2016 Rail News: Canadian Pacific
Canadian Pacific's third-quarter revenue fell 9 percent to 1.55 billion Canadian dollars, while diluted earnings per share (EPS) rose 15 percent to CA$2.34 compared with revenue and earnings in third-quarter 2015, the Class I announced this morning.The railroad also announced an operating ratio of 57.7 percent, the "lowest-ever" when compared with adjusted operating ratios in previous quarters, CP officials said in a press release. In third quarter 2015, the Class I set a then-Q3 ratio record at 59.9.Analysts expected CP's Q3 revenue to come in around CA$1.23 billion and an EPS of CA$2.79 per share. CP posted an adjusted diluted Q3 EPS of CA$2.73."Despite decreased revenues, tied to a delayed grain harvest and stiff economic headwinds, our business model continues to perform on the cost side," said CP Chief Executive Officer E. Hunter Harrison. "Our commitment to efficiency, asset optimization, and operational excellence has produced yet another record-low operating ratio." By commodity, CP reported adjusted revenue during the quarter rose 1 percent for U.S. grain, 5 percent for fertilizers and sulphur, 8 percent for forest products, and 1 percent for chemicals and plastics. International intermodal revenue increased 5 percent for the quarter. Commodities that posted revenue decreases during the quarter were Canadian grain, down 15 percent; coal, down 2 percent; potash, down 1 percent; crude, down 88 percent; metals, minerals and consumer products, down 18 percent; and automotive, down 1 percent. Domestic intermodal revenue declined 2 percent.Considering the delayed grain harvest, lower crude volumes, a challenging Canadian economy compounded by a strengthening Canadian dollar, the company is now expecting mid-single-digit growth for 2016, according to Harrison."While disappointed that we will not meet our previous forecast, I am incredibly proud that despite these challenges, CP will deliver its lowest-ever annual operating ratio," said Harrison. "Our industry-leading operating plan and continued focus on improving service to our customers means we are well-positioned to capitalize on increasing volumes leading into 2017."Meanwhile, CP announced Nadeem Velani has been named vice president and chief financial officer. Velani has been serving as vice president and interim CFO since Sept. 9.Velani joined CP in March 2013 and served as VP of investor relations before becoming interim CFO. Prior to CP, he worked for 15 years at CN, where he served in strategic and financial planning, investor relations, sales and marketing and the office of president and CEO. Contact Progressive Railroading editorial staff. More News from 10/19/2016