CALGARY, May 4, 2020 /PRNewswire/ - Canadian Pacific
(TSX: CP) (NYSE: CP) is proud to report another record-setting
month in the movement of Canadian grain and grain products. In
April, CP moved a best-ever monthly total of 2.8 million metric
tonnes (MMT) to market, bettering the previous record set in
November 2019 by more than 100,000
metric tonnes (MT).
"CP's family of professional railroaders continues to deliver
for our customers and the economy during this extremely challenging
COVID-19 period," said Joan Hardy,
Vice-President Sales and Marketing Grain and Fertilizers. "By
working collaboratively with our customers from field to port, we
have been able to find synergies and efficiencies to drive the
grain supply chain forward. CP's service excellence and
best-in-class team have enabled us to move more grain steadily
throughout this crop year, with an impressive surge in April as the
Port of Thunder Bay opened for the
spring shipping season."
CP's performance in April comes on the heels of CP announcing
that January, March and Q1 2020 also saw record movements. At 21.4
MMT of grain and grain products shipped crop year to date, CP has
moved 51 percent of the grain and grain products originating by
rail in Canada, 6 percent more
grain this year than at the same point last year, and 8 percent
more than the previous three-year average. Based on metrics
generated by the grain shipping community, CP has moved 54 percent
of the whole grains moved by rail from the Canadian prairies this
crop year. CP foresees strong grain shipping for the remainder of
the 2019-2020 crop year now that the Port of Thunder Bay has reopened and is operating at
maximum capacity and efficiency.
"CP has been moving significant amounts of grain throughout the
year and will continue to do so as farmers deliver the balance of
last year's crop and begin planting for the 2020-2021 crop year,"
said Hardy "CP is proud to be working in lockstep with the entire
supply chain in delivering for North Americans and beyond."
The supply chain advancements by CP and its customers are
yielding significant productivity gains from field to rail to port.
CP's investment in high-capacity hopper cars will see 5,900 new
cars added to the railway's grain shipping fleet. CP's fleet of new
grain cars, now at more than 2,500, is adding more than 1.1 tonnes
of extra grain per railcar compared to the same period last year.
The new hopper cars can carry 15 percent more volume and 10 percent
more weight compared to the older cars they are replacing.
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 "will", "anticipate",
"believe", "expect", "plan", "should" or similar words suggesting
future outcomes.
This news release contains forward-looking information relating,
but not limited to, our operations, priorities and plans, the
anticipated demand for grain shipping for the remainder of the
2019-2020 crop year, the capacity and efficiency of the Port of
Thunder Bay, the impacts of
COVID-19 on CP's business, the anticipated 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, completion and the anticipated
impacts on capacity and efficiency of the HEP qualification of
CP-served train-loading 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:
North American and global economic growth; commodity demand growth;
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; the satisfaction by third parties of their
obligations to CP; and the anticipated impacts of COVID-19.
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. Current conditions,
economic and otherwise, render assumptions, although reasonable
when made, subject to greater uncertainty.
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; trade restrictions or other changes to
international trade arrangements; climate change; 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; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. 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 Statements" 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