CALGARY, Dec. 2, 2019 /CNW/ - Canadian Pacific (TSX:
CP) (NYSE: CP) moved more Canadian grain and grain products in
November 2019 than any month in its
history. CP delivered 2.74 million metric tonnes (MMT) during
November, beating the October 2019
all-time record of 2.66 MMT.
In addition to the overall record, CP marked two other key
milestones in November:
- More CP carloads of grain unloaded at the Port of Thunder Bay during the week of Nov. 18-24 than in any prior week. Our customers'
terminals in Thunder Bay unloaded
a record 2,216 cars in the Nov. 18-24
week, surpassing the previous weekly record of 2,144 in fall 2017.
Thunder Bay is a key shipping
point for Canadian grain exports, and cooperation between all
members of the Thunder Bay supply
chain is helping to get more grain to market.
- On Nov. 22, CP held an Alberta
Agriculture Round Table event at Bowden,
Alta., to discuss capacity gains in the grain supply chain,
featuring CP's new 8,500-foot High-Efficiency Product (HEP) train
model. The discussion included agricultural industry
representatives; senior government leaders, including Alberta ministers, the Honourable Devin
Dreeshen, Minister of Agriculture and Forestry, and the Honourable
Ric McIver, Minister of Transportation and Member of Parliament for
Red Deer-Mountainview Earl Dreeshen;
and CP representatives from the Operations and Sales and Marketing
teams. Attendees discussed grain supply chain capacity and
efficiency including the advantages of the HEP model and how to
ensure all participants in the supply chain are aligning their
organizations to maximize grain movement with CP.
"CP achieved great things last month for the Canadian grain
supply chain in close collaboration with our trusted supply chain
enablers," said Joan Hardy, CP's
Vice-President Sales and Marketing, Grain and Fertilizers. "The CP
team will keep open the lines of communication with shippers and
government leaders as we push to become even more effective and
efficient to meet the growing needs of Canada's agricultural sector."
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, our anticipated financial and
operational performance and efficiency of the HEP train model and
associated facilities, including growth in our high-capacity hopper
car fleet in 2020 and beyond, capital expenditures, shipment
capacity, labour and employment plans, and the ability to meet the
demands of shipping customers in Canada's agricultural sector and cooperation
with other stakeholders in the grain supply chain, particularly in
Thunder Bay.
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