CALGARY, Aug. 1, 2019 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) is proud to announce it moved more Canadian
grain and grain products during the 2018-2019 crop year than any
year in its history. The final tally for the crop year stands at
26.8 million metric tonnes (MMT) of Canadian grain and grain
products.
The crop year, Aug. 1 to July 31,
saw 2.8 percent more Canadian grain and grain products shipped from
the prior record in the 2017-2018 season and 3.9 percent more than
the three-year average. In the past five years, CP has consistently
shipped more grain each year.
CP broke several all-time records during the 2018-2019 crop
year, including:
- A record May in 2019 for grain products, not including whole
grains, both from a carload and a volume perspective.
- In April 2019, achieved an
all-time record month for Canadian grain and grain products, moving
2.643 MMT.
- For the first time ever, recorded three consecutive months
(Sept. – Nov. 2018) shipping
15,000-plus carloads of western Canadian grain and grain products
to the Port of Vancouver.
CP also moved approximately 660,000 MT of Canadian grain in its
domestic intermodal service, for a grand total greater than 27.4
MMT.
"CP's record performance and focus on innovation supports the
entire grain supply chain in moving increased volume," said
Joan Hardy, CP Vice-President Sales
and Marketing, Grain and Fertilizers. "This past crop year, the
13,000-strong CP family was there to ensure even more Canadian
grain and grain products moved to port for export, and to other
destinations for processing. CP works closely with its customers to
bring North American commodities to market safely, reliably and
efficiently. Tight coordination across the supply chain enables
maximum efficiency even during challenging winter months."
CP's 8,500-foot High Efficiency Product (HEP) train model,
announced last summer, continues to gain significant traction with
CP customers. Construction is currently underway at five CP-served
facilities in Canada, enabling
producers to start shipping under the HEP train model this fall.
These add to the seven existing CP-served 8,500-foot loop-track
facilities. Four additional 8,500-foot HEP-qualified facilities
will be operating by spring 2020.
CP now has nearly 1,500 new high-capacity hopper cars in its
fleet, and at year's end, more than 1,900 of the new hopper cars
will be in service. The fleet will continue to grow in the years
ahead, as part of CP's $500 million
commitment to invest in 5,900 new hopper cars. Shippers are able to
load up to 10 percent more grain in these cars compared to the
older, less-efficient hopper cars they are replacing.
CP has submitted its 2019-2020 Grain Service Outlook Report to
Minister of Transport Marc Garneau.
The report outlines CP's plan to move the upcoming crop, including
where CP will invest capital to support western Canadian grain
movements. CP is closely watching crop forecasts for its service
area, and is in regular communication with customers and the
broader grain supply chain.
"We continue to make record investments in our network, hire
more running trades employees to operate trains, and modernize
locomotives to meet the needs of our customers and the North
American economy," Hardy said. "CP has been moving grain for more
than a century, and today more than ever, we are focused on driving
the future of grain transportation for the benefit of the entire
supply chain."
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 Q3 2019, capital
expenditures, shipment capacity, labour and employment plans, and
the timing, capacity and success of and continuing customer demand
for, the HEP train model and associated facilities.
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; our ability to complete our capital
and maintenance projects on the timelines anticipated; 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