CALGARY, Feb. 5, 2020 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) moved 2.09 million metric tonnes of Canadian
grain and grain products in January
2020, breaking the January
2019 record by 200,000 metric tonnes.
"CP's commitment to providing our customers with safe and
efficient service continues to create positive momentum across the
Canadian grain supply chain," said Joan
Hardy, CP's Vice-President Sales and Marketing, Grain and
Fertilizers. "This record-setting performance was achieved through
close collaboration across the supply chain and the efforts of our
world-class operating team."
CP's 8,500-foot High Efficiency Product (HEP) train model,
Dedicated Train Program (DTP) and new high-efficiency hopper
cars are significant factors in CP's record-breaking January. CP
now has more than 2,300 new high-capacity hopper cars in service
and expects to operate 3,300 by the end of 2020. The new hopper
cars can carry 10 percent more volume and 15 percent more weight
compared to the older cars they are replacing. Combined with the
additional length of the 8,500-foot grain train model, a HEP train
has more than 40 percent additional capacity than the 7,000-foot
model. The DTP incentivizes customers to load and unload more
quickly, driving increased overall grain movements.
"As we approach Feb. 11,
Canada's Agriculture Day, I am
once again reminded of the role CP and the entire grain supply
chain plays in enabling the Canadian agricultural industry," said
Hardy. "On Canada's Agriculture
Day, we celebrate the producers of the food that is enjoyed in
Canada and around the world. It is
with great pride that we deliver these products to market each and
every day."
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, HEP qualification of
CP-served train-loading facilities, performance by and investments
in the Canadian grain supply chain by CP and third-party shippers,
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.
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