10/19/2016
Rail News: Canadian Pacific
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Railroad News
Oct
19
Oct
14
Rail News Home Canadian Pacific 10/14/2016 Rail News: Canadian Pacific
Canadian Pacific is ready to move the delayed Western Canadian grain crop to market, and plans to launch a supply chain scorecard next week, officials for the Class I said this morning in a press release.
"We have all the assets in place to move the crop to market, but given wet weather, snow and other factors, the vast majority of the crop is not yet ready to move," said CP Chief Executive Officer E. Hunter Harrison. "While CP is just one part of the global supply chain, we are taking a leadership role in ensuring the supply chain works together so that the Canadian economy — including farmers and shippers — reaps maximum benefit." Despite forecasts for a record or near-record crop and as a result of the delayed harvest year-to-date, CP has moved less Canadian grain than in 2014-15, and less than the three-year average, the railroad said. In each of the last three full crop years, the Class I moved record volumes of grain, CP officials said. "Our supply chain is built to deliver grain throughout the year and depends on all the various pieces working together collaboratively," Harrison said. "Our new supply chain scorecard will help tell that story while holding us and the rest of the supply chain accountable." Working in tandem with Canadian government officials, CP developed a system designed to allow for open and transparent sharing of information to government on its grain movements. In addition to the information being shared with Transport Canada, and consistent with data provided post 2013-14 crop-year and the minimum mandate, CP is voluntarily launching a weekly supply chain scorecard Oct. 19 at www.cpr.ca/grain. The scorecard will outline CP's performance for the previous grain week and include, "when necessary," detailed information on any internal or external factors affecting grain movement, CP said. The railroad also has continued to make investments in infrastructure to facilitate more efficient grain movement; supply chain partner investments, especially in grain country elevator capacity and port capacity, also are making a difference, CP officials said.Meanwhile, CP also sent a letter to the federal ministers of transportation and agriculture outlining preparation for the crop year and calling for supply chain collaboration. Contact Progressive Railroading editorial staff. More News from 10/14/2016
"We have all the assets in place to move the crop to market, but given wet weather, snow and other factors, the vast majority of the crop is not yet ready to move," said CP Chief Executive Officer E. Hunter Harrison. "While CP is just one part of the global supply chain, we are taking a leadership role in ensuring the supply chain works together so that the Canadian economy — including farmers and shippers — reaps maximum benefit." Despite forecasts for a record or near-record crop and as a result of the delayed harvest year-to-date, CP has moved less Canadian grain than in 2014-15, and less than the three-year average, the railroad said. In each of the last three full crop years, the Class I moved record volumes of grain, CP officials said. "Our supply chain is built to deliver grain throughout the year and depends on all the various pieces working together collaboratively," Harrison said. "Our new supply chain scorecard will help tell that story while holding us and the rest of the supply chain accountable." Working in tandem with Canadian government officials, CP developed a system designed to allow for open and transparent sharing of information to government on its grain movements. In addition to the information being shared with Transport Canada, and consistent with data provided post 2013-14 crop-year and the minimum mandate, CP is voluntarily launching a weekly supply chain scorecard Oct. 19 at www.cpr.ca/grain. The scorecard will outline CP's performance for the previous grain week and include, "when necessary," detailed information on any internal or external factors affecting grain movement, CP said. The railroad also has continued to make investments in infrastructure to facilitate more efficient grain movement; supply chain partner investments, especially in grain country elevator capacity and port capacity, also are making a difference, CP officials said.Meanwhile, CP also sent a letter to the federal ministers of transportation and agriculture outlining preparation for the crop year and calling for supply chain collaboration. Contact Progressive Railroading editorial staff. More News from 10/14/2016
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Oct
14
10/14/2016
Rail News: Canadian Pacific
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Sep
29
9/29/2016
Rail News: Canadian Pacific
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Sep
16
9/16/2016
Rail News: Canadian Pacific
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Sep
09
9/9/2016
Rail News: Canadian Pacific
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Sep
07
9/7/2016
Rail News: Canadian Pacific
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Sep
01
9/1/2016
Rail News: Canadian Pacific
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Aug
26
Canadian Pacific officials are urging the Canadian government to act on legislation that would implement on-board locomotive video and voice recorders (LVVR).
The Class I has long been a supporter of the need to implement the recording devices in Canada. The Transportation Safety Board of Canada (TSB), which earlier this week released the proceedings from its Safety Summit held this spring, has recommended that railroads install the devices to improve safety. The federal government has not passed legislation to require them, however.
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Aug
18
Canadian Pacific is touting its preparation for moving this year's western Canadian grain crop, which is forecast to beat the five-year average.
The Class I is calling on supply chain partners to ensure grain is adequately moved and distributed. The rail supply chain has returned to normal since the extraordinary crop and winter 2013-14, and CP "has continued to move record amounts of grain," CP officials said in a press release.
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Aug
17
Canadian Pacific will pay a $1.2 million fine to resolve an investigation of the Class I's operation of more than 100 wireless radio facilities in the United States without the Federal Communications Commission's (FCC) approval.
CP also failed to obtain FCC authorizations for the transfer of control of 30 wireless radio licenses, FCC officials said Monday in a press release.
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Aug
05
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.
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Jul
20
Canadian Pacific's second-quarter 2016 revenue fell 12 percent to $1.45 billion, operating income dropped 15 percent to $551 million and net income decreased 16 percent to $328 million (all in Canadian dollars) compared with the same period last year, the Class I announced this morning.
Reported diluted earnings per share declined 9 percent to $2.15 from $2.36 and adjusted diluted earnings per share decreased 16 percent to $2.05 from $2.45 due in large part to the 12 percent drop in revenue, CP officials said in a press release.
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Jul
12
— by Pat Foran, editor
Class I second-quarter earnings announcements were two to three weeks away as we prepared to finish our July issue, but Class I execs already had let the world know that the year-over-year comparisons weren’t going to be good. They told us that in April during their Q1 earnings conferences and reminded us last month.
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Jul
01
Canadian Pacific yesterday began laying off 500 track maintenance workers, the Teamsters Canada Rail Conference announced on its website.
The "temporary layoffs are the result of lower car volumes and a softening demand in a lackluster North American economy," said CP Assistant Vice President of Public Affairs and Communications Martin Cej in a prepared statement to CBC News, which the union also posted on its website.
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Jun
23
Lac Megantic, Quebec, city officials have decided they will not pursue legal action against Canadian Pacific for the July 2013 crude-oil train disaster that killed 47 people.
The Lac Megantic city council voted Tuesday to drop all possible charges against the Class I, according to a press release posted on the city's website.
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Jun
21
Canadian Pacific expects second-quarter revenue to decline about 12 percent compared with the same 2015 period, the railroad announced this morning.
The reasons: lower-than-anticipated volumes in bulk commodities such as grain and potash, the "unexpected and devastating wildfires" in northern Alberta and a strengthening Canadian dollar, CP officials said in a press release.
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Apr
21
Canadian Pacific yesterday announced a reshuffling of leadership roles as part of a consolidation of the railroad's operating regions from three areas to two.
The changes, which went into effect yesterday, were made to prepare the executive team for Chief Executive Officer E. Hunter Harrison's retirement next year, said Keith Creel, president and chief operating officer.
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Apr
21
“Thou hast seen nothing yet.”
― Miguel de Cervantes Saavedra, Don Quixote
“Railways have a bright future, just not via M&A”
— Tony Hatch
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Apr
20
Canadian Pacific this morning announced first-quarter 2016 net income rose 69 percent to $540 million from $320 million a year ago (in Canadian dollars), and its lowest ever first-quarter operating ratio, which came in at 58.9 percent.
CP reported diluted earnings per share increased 83 percent to $3.51 from $1.92, and adjusted diluted earnings per share grew 11 percent to $2.50 from $2.26 a year ago. Adjusted income rose 2 percent to $384 million from $375 million. Operating income rose 7 percent to $653 million from $612 million.
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