CALGARY, May 3, 2019 /PRNewswire/ - Canadian Pacific (TSX:
CP) (NYSE: CP) is proud to report strong network performance and
momentum as it exits a record-setting April.
On the strength of CP's service and commitment to innovation in
the grain supply chain, including investing in new high-capacity
hopper cars, April was an all-time record month for Canadian grain
and grain products. CP moved a best-ever 2.643 million metric
tonnes (MMT) of Canadian grain and grain products this past month,
bettering the previous record from October
2018.
This performance took place in a month when workload on CP's
network was close to the highest it has ever been. Gross Ton-Miles
(GTMs) averaged 817 million per day in April – the second-highest
average workload of any month on record. The results are due
to the ongoing efforts of the 13,000-strong CP family, the
strength of the precision scheduled railroading operating model,
and continuous communication and collaboration with customers.
"The first month of Q2 sets us up well for continued success
this quarter and beyond, but it hasn't been without significant
effort from our family of railroaders, customers and the broader
supply chain," said CP's Executive Vice-President and Chief
Marketing Officer John Brooks.
"Throughout 2019, the resiliency of our railroaders and our
customers has been remarkable. We look forward to continuing to
safely deliver for the North American economy in the days, weeks
and months ahead."
From a train length and train weight perspective, this past
month marked the best April performance in CP's history. April
train length, excluding local traffic, was an average of 7,576
feet, while train weight, excluding local traffic, was an average
of 9,356 tons.
Note on forward-looking information
This news release
contains certain forward-looking information and forward-looking
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, statements concerning
expectations, beliefs, plans, goals, objectives, assumptions and
statements about possible future events, conditions, and results of
operations or performance. Forward-looking information may contain
statements with words or headings such as "financial expectations",
"key assumptions", "anticipate", "believe", "expect", "plan",
"will", "outlook", "should" or similar words suggesting future
outcomes. This news release contains forward-looking information
relating, but not limited to, the success of our business, our
operations, priorities and plans, and anticipated financial and
operational performance, including with respect to our continued
success in Q2 2019 and beyond.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
foreign exchange rates, effective tax rates, land sales and pension
income; North American and global economic growth; commodity demand
growth; sustainable industrial and agricultural production;
commodity prices and interest rates; performance of our assets and
equipment; sufficiency of our budgeted capital expenditures in
carrying out our business plan; applicable laws, regulations and
government policies; the availability and cost of labour, services
and infrastructure; and the satisfaction by third parties of their
obligations to CP. Although CP believes the expectations,
estimates, projections and assumptions reflected in the
forward-looking information presented herein are reasonable as of
the date hereof, there can be no assurance that they will prove to
be correct.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; uncertainties of
investigations, proceedings or other types of claims and
litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; trade restrictions or other changes to international
trade arrangements; climate change; and various events that could
disrupt operations, including severe weather, such as droughts,
floods, avalanches and earthquakes, and cybersecurity attacks, as
well as security threats and governmental response to them, and
technological changes. The foregoing list of factors is not
exhaustive. These and other factors are detailed from time to time
in reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information" in CP's
annual and interim reports on Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of CP. CP-IR
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SOURCE Canadian Pacific