CALGARY, Nov. 12, 2019 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) moved more Canadian grain and grain products
in October than any month in the company's history, delivering 2.66
million metric tonnes (MMT) to market. The high-capacity grain
hopper cars now serving in CP's fleet helped to enable the record
by increasing the amount of grain carried in each railcar.
"This record is a testament to ongoing collaboration with our
customers and innovation within the grain supply chain," said
Joan Hardy, CP Vice-President Sales
and Marketing, Grain and Fertilizers. "I thank our customers for
their efforts, and the hard-working men and women of CP for
delivering safely and efficiently for shippers, farmers and the
broader economy."
The October haul is the second time in calendar year 2019 that
CP has set a monthly record for grain handled. In April, CP moved
2.64 MMT of Canadian grain and grain products to market, breaking
the prior record.
The October record comes amid rising efficiency on CP's grain
network. On average, each CP hopper carried 1.2 metric tonnes of
additional grain compared to a year earlier. CP now has more than
1,900 new high-capacity hopper cars in its fleet, with
plans in place for another 1,400 cars by the end of 2020. 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 by weight and 15 percent more by volume in these cars
compared to the older, less-efficient hopper cars they are
replacing.
CP's 8,500-foot High Efficiency Product (HEP) train model,
announced in 2018, is driving investment at terminals across CP's
grain franchise. This highly efficient operating model, combined
with customer investments at terminals, generates significant new
capacity for the supply chain. By the end of this crop year, more
than 20 percent of CP's Canadian grain volume will move under the
HEP train model.
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 the growth in
our high-capacity hopper car fleet in 2020 and beyond, 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