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Canadian Pacific (CP) Posts Best Year Ever for Grain Movement
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Canadian Pacific Railway Limited (CP - Free Report) set a record with respect to movement of Canadian grain and grain products in 2020. In the year just gone by, the railroad operator moved 31.32 million metric tonnes (MMT) of Canadian grain and grain products, more than any previous calendar year. Besides, the company also reported its best ever quarter apart from establishing another monthly record in December.
During the December-end quarter, Canadian Pacific moved 8.84MMT of Canadian grain and grain products. With this, the company broke its second-quarter 2020 record by 5.1%. The railroad also set a new December record by shipping 2.84 MMT of Canadian grain and grain products. With this, the company has broken its 2019 December record by 13.6%.
As stated by Canadian Pacific’s vice president Sales and Marketing Grain and Fertilizers, Joan Hardy, “Hard-won achievements like these require commitment and focus across the supply chain, but special credit must go to CP's customers and their dedicated employees “.
In line with the objective of investing in its grain fleet, Canadian Pacific added more than 3,700 new hopper cars to its fleet via purchase or lease. The new high-efficiency railcars carry 15% more grain with respect to volume and 10% more in terms of weight compared with older cars that are being replaced. Moreover, the company is significantly investing in its grain fleet with additional hopper cars coming into service every week.
The upbeat performance with respect to grain transportation is likely to have driven Canadian Pacific’s fourth-quarter 2020 performance. Detailed results will be out on Jan 27.
Zacks Rank & Stocks to Consider
Canadian Pacific currently carries a Zacks Rank #3 (Hold).
Long-term expected earnings per share (three to five years) growth rate for Knight-Swift, FedEx and Herc Holdings is pegged at 15%, 12% and 12.6%, respectively.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Canadian Pacific (CP) Posts Best Year Ever for Grain Movement
Canadian Pacific Railway Limited (CP - Free Report) set a record with respect to movement of Canadian grain and grain products in 2020. In the year just gone by, the railroad operator moved 31.32 million metric tonnes (MMT) of Canadian grain and grain products, more than any previous calendar year. Besides, the company also reported its best ever quarter apart from establishing another monthly record in December.
During the December-end quarter, Canadian Pacific moved 8.84MMT of Canadian grain and grain products. With this, the company broke its second-quarter 2020 record by 5.1%. The railroad also set a new December record by shipping 2.84 MMT of Canadian grain and grain products. With this, the company has broken its 2019 December record by 13.6%.
As stated by Canadian Pacific’s vice president Sales and Marketing Grain and Fertilizers, Joan Hardy, “Hard-won achievements like these require commitment and focus across the supply chain, but special credit must go to CP's customers and their dedicated employees “.
In line with the objective of investing in its grain fleet, Canadian Pacific added more than 3,700 new hopper cars to its fleet via purchase or lease. The new high-efficiency railcars carry 15% more grain with respect to volume and 10% more in terms of weight compared with older cars that are being replaced. Moreover, the company is significantly investing in its grain fleet with additional hopper cars coming into service every week.
The upbeat performance with respect to grain transportation is likely to have driven Canadian Pacific’s fourth-quarter 2020 performance. Detailed results will be out on Jan 27.
Zacks Rank & Stocks to Consider
Canadian Pacific currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Transportation sector are Knight-Swift Transportation Holdings Inc. (KNX - Free Report) , FedEx Corporation (FDX - Free Report) and Herc Holdings Inc. (HRI - Free Report) . Knight-Swift carries a Zacks Rank #2 (Buy), while FedEx and Herc Holdings sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected earnings per share (three to five years) growth rate for Knight-Swift, FedEx and Herc Holdings is pegged at 15%, 12% and 12.6%, respectively.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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