'We've never been in better shape': CP Rail boosts profit and outlook ahead of 'top five all-time' grain crops - News Summed Up

'We've never been in better shape': CP Rail boosts profit and outlook ahead of 'top five all-time' grain crops


The grain crop in Western Canada is expected to reach 75.2 million tonnes this year, according to Statistics Canada. That would be about seven per cent above the five-year average, CP Rail said, and well above last year’s drought-stricken crop that was down 36 per cent. CP Rail’s fill rate was worse than the average, with 39 per cent of orders unfilled. CP Rail chief executive Keith Creel told financial analysts on Oct. 26 that the railway has hired 1,500 conductors since the beginning of the year and reached an “all-time” record for moving grain cars this fall, hitting 6,900 grain cars weekly on two separate weeks. CP Rail also expects to complete a four-year project in the fourth quarter to add 5,900 high-capacity grain cars to its fleet.


Source: National Post October 27, 2022 14:48 UTC



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