CP - Earnings call transcript Q3 2020 | Canadian Pacific Railway Limited

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Operator

Good morning. My name is Joanne, and I will be your conference operator today. At this time, I would like to welcome everyone to Canadian Pacific's Third Quarter 2020 Conference Call. The slides accompanying today's call are available at www.cpr.ca, let me repeat that, www.cpr.ca. All lines have been placed on mute to prevent any background noise. there a remarks, session. speakers’ the will question-and-answer be After introduce now AVP, begin [Operator would to the Maeghan to Instructions] I Pensions like Albiston, and Investor conference. Relations

Maeghan Albiston

today. and you, for Thank morning, everyone Good joining Joanne. us thanks

the presentation release Before we begin, uncertainties, filed differ This information on want MD&A results to and may two and other that results the The could slide outlined contains influence non-GAAP are and that actual actual on Canadian remind and materially. U.S. forward-looking also you three. presentation I in measures, this press risks, factors are in which with that slide described regulators. contains

of Executive is followed Vice team Chief Marketing Vice Joining today Keith be Q&A. you interest by Mr. available us appreciate Chris Executive your our And Officer; as Nadeem introduce any President both well call will President and after here Bruyn, in IR Financial and now limit Creel. follow-up to be the the remarks if it's as joining Chief might pleasure to my could from And formal will Velani, Brooks, one. with have. President you I CEO; Keith to answer and De Chris the time, as and Creel, John Today's well. questions we'd that, Officer; questions

Keith Creel

quite for just women it hard for customers. and and operate to Hey it warrants world recognition. to the in comments thanks, we takes family, we today's Maeghan we're shared. me about that and every in The operate our dedication certainly deliver talk the morning. service well opportunity live our communities CP is and pride living as our day work all the to that new demanding us especially unique that and earnings men thanking in and economy for as the joining CP start welcome that released everyone But Appreciate XX,XXX-strong Store result and this my let

with well serve women as to men as So, each day-out I'm one our produce day-in as and honored and customers these we shareholders. our of for

me tremendous have a Moving the of quarter about though, let results. onto pride say these I amount

strong weights balancing performance; lengths a on train still did team came as focusing train railroads, [technical well service, X% productivity year to businesses We Mark X% and operational and difficulty]. as phenomenal up versus the respectively continued our the and last job back

a we great industry take Let's train to in safest in meaningful the produce basis, quarter as day-out year-over-year that something the as the improvement down creating accidents proud face personal on injuries that's a driving in leading day-in pride railway well we of. material and and can XX% I'm XX%,

year to going future. want and I released you am I'm of to about we've let I performance itself for through we'll played and a talk financially, this, pause result proud I how moment the out, and proud company walk about -- going that today, but Nadeem say been, can of We I it's also So, close of excitement propels opportunity. in really has Maersk. market of what a pandemic. piece it's a challenge, accomplished announcement, super of that we've at I'm what think been this this about forward made The a manifested to want that John our CP's we been but with as commercially talk yesterday, XXXX as

creating a with service we value; turn, penetrate grow ability our stickiness all goals couple into adds sustainability. railroad and solution quite at convert gives and so a away of and CP part they and of be customer, to true It's the good time, strategic matters way take just partnership, that to announcement something our it's a can into enter customer, is with unique to our that offering, not the good holdings, good example customers. to with we're to from; only them. of we're and take not back offering and for commodity, spoke land in grow Maersk meaningful running that is objectives us grow a it's at a just allows going meaningful game; to that were creates serve land the how years spaces, strengths, in a that the the it's choose a that for to taking to that, is we would employees, solution textbook it's the walk that markets just our that of those chain partnerships Day, it's honored a of up a supply our me Let key the their how them solution frankly, to market to in to in to be ago, of customer. price an it's And that business, same part not we for for that partnership this they footprint and a about that's our good business, allow franchise it's into their for environment, assets, Investor that. And benefit their we service a It's a realize that hard going the and CP to and symbolic

off allow the dray to that to to compelling. to of the the take of roadways in alone to moving going opens moves is This footprint transload a congested footprint truck transfer this rough shift you going You right the railway. the about that does the is rail, are about up; model is shift of carbon this carbon on facility Vancouver, those that XXX,XXX essentially Vancouver, think numbers think road, highways, before now what day to today facility it a the City moves going are

thing like-minded our Maersk's with of something their -- something this for employees. customers, Jonathan two for do needle-moving Wahba highly can't It's a got the is John the a to us. speak I've for environment, So, enough a marketing for this this the team a team, Brooks, the know company of. and has It's proud right But been tell that experience team; I process. is that can compelling, compelling I the our and doing you, I long command companies

as we we ground we very, marketplaces additional on most where It's recent execute facility, been it's half something come the next this has constructed we're year. back compelling as going rail So, announcement, take to to our broken, to it's of move, the able this exciting to as business, product for with now. company. second build franchise, penetrate with September, Vancouver our that's in being be and from this, this But very going Canadian shared

growing forward come control to into couple I think be innovation. that can't the going and partnership things, we control. We're Maersk. years a to you So, on about stepping in We're with the it's for a strategic, said look multi-year, new with A of the pandemic, opportunities. other we this pandemic. ca to A going to motherhood look crisis very create what crisis beginning, focus often can internally, we and of

first that milestones what I more safer? did. quickly can we we become shareholder, So, I'll to How For ourselves, degree? area a ground. touch safer, a can XX%, asked it. we And on do can XXXX, not a rough I we and retained our how for earnings; what call sold on cost CP? Financially, that's become to This we can of an balance where It's what reliable, our several in of an we reliable? to last numbers. -- our and flow internally, control cost. the and in always opportunity one. our Detroit decision said of sense for The can How it become cash we owned internally, cash stronger to a We on you, before our sell customer, there's exactly week, tell my one better made point. employees, our margins, think position can XXXX, we get it's and asset, the But in XX%. this which again, focus opportunities announced mattered. our a accretive opportunity. fruit that's into with small to We the back. River a forward financial and asset it, was on strength were asset this we go we our made Tunnel That's XXXX, on I with more the efforts If CP a fast again, accretive color sheet certain very quarterly where compelling and there day buy percentage, that economic company, we've key the back that where is Predecessors acquisition, becoming at a cash is area half-half predates numbers percentage to controlling to stable commentary association to it crisis, strategic company

you can control. of symbolic what again, So, controlling

all about our of. footprint. in of to something those corporation this leaders continually we're you'll most powering place time; leaders of that zero will move the and of as at And And I we some of importantly, the employees. you being needle-mover with we to we're think ground, working discussion, that finish impact And not ESG we leaders proud become panel that's the leaders We this about we space. but our we're and more ESG You That's say a of our action. first technology, of where the discussion matters in headquarters at again, aware think a a about in office when see made CP be we're for that corporate most company. can the importantly, thought, Canada carbon solar have the we've on pandemic, space, think announcement only been lead we're see things in are innovation, what to control, this, fees. one broken another about building panel if it's that's Calgary, safety. something something environment, began, again, this socially that that project of We've can we proud action. controlling in That's solar some farm in our an and for the proud a we That's we

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So, assets of stopping terminal, where two time, time, you your the hits think multiplying demand it two of sheet, and about XX a locomotive busy it trains hours very equipment week across side. not hours two of start the the balance you've in side, locomotive across implications the track to a the asset and man-hours, consuming got hours hits side, utilization and the

needle. applying We the in detection standpoint. Cold wayside to we compelling, that it's wheel So, we created a that the It's efficiency CP continue at brakes to and from at technology imprint get are technology doing equipment the measure continue moves safety pioneered it we heat industry. needle wheels. to do, of better both the part a what to how move our is the using and another space the

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time balance going my So with questions. said, our the for time the I'm of or for save the that questions to

it turn the and to will color me then over on to color with it it markets some Nadeem brought up provide the wrap we Let to on John that bottom-line.

John Brooks

so morning, right, All everyone. good and you, thank Keith

down quarter were down total were X%. $X.X billion. X% X%, this flat, So, down also while RTMs to revenues was was FX fuel

currency-adjusted So, we will and as tough of out what on some our just expected loaded. results provide third forward. and and in I'll outlook talked to about. by quarter comps It backend to I performance the was speak our had business quarter We third a see colors looking basis. August. I how July line our on for speak very played

well-positioned are more close another manage product in grain XXX-year and service history. crop their to XX%. Canadian capacity volume up grain family quarter strong any potential quarter. tremendous customers. changing We made consecutive Revenues by over possible the the strong an is supply year in collaboration record and draw high fourth than high partnership a A our achievement volumes were grain. year particularly record, our new XX% up chains. hopper efficiency is customers prior finished QX by our Canada, in So, in There way as grain impressive the between move tonnage the and very X,XXX in our moving for were we with crop and cars was the XX% our a territory CP CP the record

very growing another in territory that are to X,XXX-foot Saskatchewan. is We announcement a pleased will yesterday in very on development competitive This build with CP Biggar, expand greenfield elevator Viterra exclusive CP's reach. targeted

the to end, P&W quite year to story of add grain, grain. And and U.S. be U.S. on the trade few this the model. see So, by of border outlook lower quarter. strength side origin transformed both on have volumes our QX by of elevators news related through X,XXX-foot to in grain for and sides I'm XXXX. the grain the will the optimistic I were over volumes years continued our year double-digits XX% a into through up disputes, export After we good and move accelerated as in we on

On done look their excellent increased we record December end potash number towards -- were an QX the we end we XXXX and fruition revenues of front, strong have as Brazil markets quarter. they volumes have passing for a a China is XX%, delivered actually came one the job and with out expected and up in tonnage Canpotex's to XX% we sold Canpotex diversifying market. as

as we're well domestic performing replenishment in poor side, the potash improves application nutrient also On several quite North after seasons. America

soil. to We demand increased driven by to high, to replenish the supply expect need food and the domestic continue usage remain for

remained in and remains our bulk key driver with Our The pandemic. solid outlook base, diversified of through very the book outperformance our strong. of year-to-date very franchise, deliver a steady ag resilient has business a growth

outages. XX% were result quarter down planned of as the on Moving coal, port volumes a

volume improved from commissioning. revenue that has Neptune facility the is and a now perspective September However,

XX% with We volumes revenue that decline The improvement over expect volume saw declined XX% Crude X,XXX led portfolio, carloads decline plastics trend. QX down QX to to only through energy, year-over-year. chemicals, XX%. shipped while continue

only and September. chemicals, down crude, were on in plastics X% positive Excluding and quarter volumes the was energy, volumes

strength pulp up Moving products demand well continued forest and execution product, XX%. all-time in quarterly to volume playbooks in record Strong line volumes in forest paper, as enabled our of an revenue our as and business. strong were lumber, of

oil again improving as revenues to MMC, continue housing in a acquisition coupled volumes sand In with starts, Continued once XX% driver Frac this CMQ will were the down space. demand was inputs, big excluding from other result year-over-year effectively a and our markets the Steel, QX drive recovered renovations, declined in by flat of decline through XX%. this growth home and and challenged business sequentially. the shut-in up of were In and facing and frac, aggregates, September, pandemic on challenges were was this production. construction which line year-over-year positive the basis. gradually

setting and were turn in proud FCA put record automotive, into to Moving volumes we the auto the strength year customer holdings the solutions year-over-year. a to September, In as up the work extremely will and unique and about quite strong XXXX. base our Base contract into our them space. the CP hard demand to land strategic end automotive Calgary QX wins -- on-boarded utilize and to welcome volumes our up remains environment of in through team automotive drive compounds auto were I'm the and by XX%, Vancouver auto and with outperformance XX% continued Glovis. of coupled

intermodal moving of X%. the on the volumes quarterly finally business, were side Now, to down

all-time record, On intermodal XX service. were delivered the and revenues this were the XX% the an essential setting double-digits are up showing for front, and In refrigerated volume. our particular, record up of CP all-time an revenue, domestic strength RTMs franchise quarterly year-to-date, we -- up

showcase will the for towards also the In acquisition retailers new Port a Canada weighed of Saint to but record Montreal on this the of the Saint received that finish Port we opportunity in ships from year. volumes, at tremendous Continued us the from of in help of CP a strike demand big four by ride end position international, the the diverting John strong we the to Port well created on that look consumer box CMQ John. CP for as

Maersk Hapag-Lloyd, [ph], are ongoing partnership support. all grateful World, this helped strong possible, and DP we MBSR their Our for and make with the

Saint combined of with the very being we confident track new will port capacity the CP's route-to-market, Saint offerings With in efficient I into most John service steamship added the that new remain to XXXX. John line

pipeline remained demand both of high international customers looking that QX coasts ships further, the at indicate and our the next into of stable end year, into of out heading ports the year. on look Now, the

super the work finally, team Maersk. creating Keith to our has strategic So, opening of new key I'm partnership the his components. as remarks, two in done spoke This in proud multi-year has partnership with

land intermodal is First, is the our recent multi-year most customers. terminal. solution construction this contract agreements that announced competitive, our markets to contracts in unique and Montreal. transload said certainly of our on advantage mainland to unique announcement state-of-the-art under provide And our all at pull partnership. holdings this service that Well, competitive is the trucks a Again, and we and transload in full a Vancouver co-located our lower most as secondly, to core rail-centric Vancouver efficient previously international the that our key holdings, will can value thousands off and CP for create direct for Port Maersk elements enabling Keith this out were service our of space these of CP's solution, Port of the be land of yesterday,

talked expect that on and of carried are we came on year close to and looking through September as continue move and about as things expected strong saying to we fully release. into we XXXX. the So, our strong momentum; it let by me QX October, We the end quite

auto more transloads of Maersk, includes and our grain compounds facilities, be This growth As continued in excited broad commodity a CMQ, and of have base now new Montreal, we've about. we not new opportunities to the we onboarding, touching that opened and only much are our opportunities with certainly we've about, set many that the talked areas.

to it pass that, I'll So, Nadeem. over with

Nadeem Velani

I'm John overcome lag we exceeded the very knew of the we sequentially, operationally. year-over-year Thanks carried year with headwinds in their stock From an team into costs for report control quarter. today. deliver our is first operating we delivering of update. that results and to had extremely the comp, in team and fuel proud ratio created to railroaders the perspective, momentum with some impressive third but the The of expectations and half ability

the XX On ratio stock-base volumes railroad increased headwind points comp the basis X%, points, The points underlying casualty extremely basis XXX XX.X%. and to operating of quarter, continues XXX with headwind to a down run basis of well.

the ratio. here strong weeks sit operating with quarter, finish and I QX confident year the remain three we'll we the As ever into best

we volatility this into tremendous position the We this building our macroeconomic seen, guidance you've EPS going year. given the updated strength fourth As we've quarter. of the mid-single-digit a momentum adjusted to at and least now our morning growth accomplishment been reflect expect global year-over-year,

notable XX% measured price and a a the to quarter. efficiency as we significant price million a on as property versus the up $XX continue the a was of Comp volume. of X% basis. the decrease the headcount paid Fuel way. offset This more expense year-over-year employees primary the increase headwind on an speaking of the in in million benefits partially I'll Moving and be expense in lower on The results a $XX expense items last decreased decrease in side, was to was operating and by bring improved to adjusted year. back $XX few million appreciation or driver on a FX share result

as X% expense adapt was bringing improve. real-time volumes team million, XX% The X%, back flat the largely of result resulted $XXX higher continues million, Depreciation base. and spend to casualty was asset Materials better as than an industry quarter. changing maintenance increase by relatively a environment. of Purchase efficiency, volume fuel the services effectively to in expense locomotive improved is X% the higher control avoided. by $XXX a of increased increased Our units service to related XX,XXX tons in year-to-date, which emissions which has has COX driven into average

to As in results the results. leading lockstep constructive in CP drive and and is apart. the past, tension teams improve I've work internal mentioned at collaboration together what The industry on sets us

new develop Keith mentioned operation, be to on or As of improving look team continue success. we better our it build doing that technology ways railroaders of through innovation to the things

outstanding. of periodic ups and or million a primarily level, out Rounding offset XX%, expense components interest the by discount a diluted recovery paper higher lower to due below lower benefit net X% debt $XX a due the impacted in negatively declined effective lower largely line, adjusted Interest Moving other quarter. income statement, XX% rate up were commercial the to rate. was

has the ways look committed advantage to network we and installed a in right balance innovative to in did work Year-to-date, head operating finding than X% capital dollars the team into our remain to the end crews the Mark more XXXX, block the sufficient XXXX. stretch $X.X unit managing by and continuing of the took our Credit by are plans. adjusted his Wright capital work the of our company. we've already benefit than evidenced continue the XX% ties engineering we cost intend between return of of more capital. on an to to all capital terrific The and in which capital engineering for We trip capital and time time QX, goes discipline invested envelope average our In our in on XXXX of as the XX.X%. shape Rest long-term We assured, ROIC spend deployment, to for to for maintain for year. maximize more on year as billion into we installation. install than of of XX% translated cross XXXX block and savings average

is in buyback range. continue -- our remains returns. around and leverage XX% complete to The our will XX% We balance targeted shareholder

the a asset capital, Keith acquisition to in on was as We full strategic opportunity the Tunnel Detroit upside stock, the is network. regain call our still control on business. see unique always however, mentioned, First a of River

New should you not can we buyback Year. our Continued it finish buybacks the a of expires announce core to this to expect area in the new December, before in invest expertise, in

beyond. We strong; the to lies about expect XXXX what ahead and I'm for excited finish year

over So, to to with the back things before go up to that, Keith Q&A. things I'll wrap turn

Keith Creel

flavor meet are solutions fuels even to on got our and this strength of unique it. of that challenges. for and more this unique this Pivoting growth, the this the innovative several execute certainly our of And this but with in the journey partners, franchise. to that's a our not has these are is outcomes that company years, it's our creating expectations. been a the journey, something these to what driven conviction lies expectations, for our DNA. our continues We've woven ahead about profile employees' expectations, This step our most destination. a of importantly company, This in time. we to and a our results, led these that with industry we've done. and hopefully, to Well, into hard resolve potential work shareholders' We'll large quite for expect this customers, and not It's in reflects some of customers' pandemic year a only Okay. with about company last get We're company. what continue exceed industry not

me that with over for it said, turn questions. So, let

Operator

Instructions] from Thank question line Hoexter Bank you. from [Operator comes of of first Your Ken America.

Your line is now open.

Ken Hoexter

you into XXXX. Thanks need morning. mid-single-digit sideline talk about growth. you assets, and into the things also on update. flip outlook on bit good in back to maybe the the the Great, EPS a the costs and cars, employee your And Maybe this could future the on environment. in for growth costs Great locomotives, as bring thoughts the

that growth? tension, about talk topline Just giving Keith, always and between the you costs

Keith Creel

to can can tension accountability I tension produce. change tell us and to the Well, this tension, that continue -- doesn't what allows is constructive that you

as we we the the look talk bring productivity, now. But look at these metrics about on, I we productivity, improvements I'm back fourth quarter the look can where even key employee So, and this board. car we at business at if thinking about drove look at quarter locomotive productivity, across I

X.X% XX.X%. up So, if reflecting at weights at quarter-to-date, down to alone, tension give month-to-date, month train on a I operating resources a those On have year-over-year, how are to we're got team we've day-out. this understands our we're RCM day-in manage lengths just and XX.X%, an I same that X%, point and keep X%, confidence look this volume. the improving train assets. to positive morning, numbers to where conviction share constructive basis, so can are This miles you crew we I starts that sweat

headcount, retreated and crews, trains and day-out, addition those return day-in and more and that grow business still hard that efficient. just for to we're back all currently But work off our going can the more part course as to have are to with in which and the on all We're in men one-for-one. employees work measures, the X% the is outside out reduction going quarter those moved and employees we're less bringing our going we've a be of those to maintain people of that expect to several on doing in we productivity to So, we women were several to invest in of hundred. bring and corporate to they're not laid still back hundred office, X% continue to down on continue the of as the the support we functions, we RTMs, investments became about so synergies the

one-for-one. So, for how you to Ken, for think we one-for-one, We more world replace are to be? in more one-for-one. and we less intend replaced we live can hours going meetings? take? the to in consumed shouldn't about certainly, fact, more productive if became many So, we in How How we innovative, we've going not much airports in be many productive to we transition are flights don't be crew or

efficiencies, assured will the additional of the out cost rest to of degenerate. productivity, allows harvest employees, the that time, to work the drive to same at synergies something you that benefits but So, and life better quality continue for

Ken Hoexter

you. Thank Great.

Operator

comes Your Landry ahead. Suisse. Credit go Please next question from from Allison

Allison Landry

Thanks.

to growth really over XXXX? volume opportunities earning the considering reason of you've CP. productivity could is next are Thank what weight, to year speak made and the momentum specific it in the you. next the year how then feasible various mid-XXs think Given and business years? of you length a this in is the the of And if you terms trade power OR And is improvements couple that

Keith Creel

and allows things we of the economy possible. a the not more think us event but predict, focused the play railway mid-XXs Nadeem and the want that great that can't on seized of art bit accused shock sandbagging as I these our We've doesn't a said in in way staggering if go play the the of that I that that's it's things out be way art some have I in they been may out bit, question. XXXX I’ll provide a Late provide of -- we a outcome to if doing just that's Well, color journey. Nadeem, to ratio, let profile on operating a the it's possible. that execute the bit a marketplaces. day-out compete in our Not and you to day-in of a color, way a but certainly that? do we're natural this is would

Nadeem Velani

of if by you, QX, it are And fuel mid-XX the doesn't kind the the on the environment, an year. rails point from the help of level our based Yes, benefiting benefit this hidden lower I math, a does the for in on certainly, mean, that guidance of we've ratio, surcharge and from OR. based have outlook income on the that for has you view, you but much do given that operating benefit

what fuel can't so of for we reason that. always on at of we that not and year. performance we're next level, operating the we've operating improving about outlines, get and that we which if why the why you year going improve no can't going John Outside and can't reason talked why we're our and so comp, no do of ratio So, already story and that kind level mid-XX growth control, a of assume benefits to and unique is there's we're stock -- the leverage to have

Allison Landry

Thank you.

Allison Landry

Thanks Allison.

Operator

Your Capital go ahead. Markets. next RBC Walter from Please question comes from Spracklin

Walter Spracklin

Thanks very morning Good much. everyone.

come tie a more sale but opportunity you you them I'm broad -- for of management contracts curious, is this correct multiple a new multi-year were much your that's only correct. and team win like intermodal kind to an a not you can your this take And perhaps to this really years? just international if sale conversion more contract, looking for your wrong customer for to deals back -- use And teaser as land do here, it this want I'm forward of John contrary longer land. of your land I revenue in to normal a using with win to can teaser So, of how me if chime more is to where in achieve think than Maersk, where is you prior kind is year

John Brooks

how been us this Investor Day, Yes, in out has heavily the brought we engine strategic laid Walter, growth of about we've back so story our our when playbook. as e-cog at Keith a to whole talked and

So, actively our We've we than I acres locations number and got the create auto compounds commodity-by-commodity, don't on. put it assets our looking land I've there four these other working we're if can over opened We've X,XXX that new can on take created a developments. on transload we're at I solutions. out two know additional that essentially land. various forward

our going more opportunity in just up certainly getting there's and think We're facility I Montreal. there. new

Maersk You ripe an the facility that you where beyond got is we're acres building transload at building, for Vancouver; look additional the XXX development.

we've forest auto just working that as of in some develop we has what what how you this area. to are, do So, begin there. products home think further that you keenly how and about how in a compound were just new Schiller the in improvement market, housing of at I opened ton to the Park think -- this markets, well-positioned on industry we we've a opportunity like needs to then look the being city the market, done Chicago But

opportunities start the not the you number it. all the go and Alberta But back in future. look using sure that in if if also be we in about, drive it the a this Heartland I'm So, whether IPL looking land talked of on -- I you mid-innings at assets, think put can opportunities ballgame what our can I of we're terms honestly those as into we

Walter Spracklin

Stay good Really color. Appreciate it. safe.

Operator

comes Stanley. Shanker Morgan next from Your question go from ahead. Ravi Please

Ravi Shanker

can to XQ the a everyone. Morning OR on XQ Nadeem, give more little us color you walk please. Thanks.

the tech of and puts focus. were Is ever OR of I the focus you and Why can think of XQ technology? I in for the a of kind expected best from sneak demand and push railroads? if timing? now? some towards question the in Thanks the it And Keith. takes ESG there. availability of Is because increased of it said for try it driving because Because of what's because ESG kind that customers, the your that second for Is COVID?

Keith Creel

walk the color we and ESG as on it world's Nadeem the more their OR. through their to concern focus us. I'll this living We've journey. well, the already It's aware. all on a changing provide that our about expectations to secret We're it. environmentally expressed although becoming the Listen, the we take then all We're in over me got their around shareholder and Ravi, Let the environment. turn It's the discussed first no were a number one industry. opportunity we the years two and speak right not we the for at we how ago, do almost private shareholder, It's differentiator guess years meeting only and honor their to two and our a Investor the and thing Day for I, rail to coming also largest on ESG, Nadeem it the it's discussed shareholder, space had had environment. up is this ago entire or

been leaders, truck. have the rail about We we of versus talked benefits moving

this going we to committed So, innovators; in leaders that we we're to going space. be decided be we're

it Wilson, Maeghan and technology we we've leaders leaders we're ESG, as in the We're become leaders, that safety, it thought focus. It we're be time a opportunity realized So, this customer this can in developed that as performance, has. space. company, in external in ever we focused we our all be, space has leaders created And and our -- team, performance, potential action in matters in to relations. certainly has Pitz, space more best attention We're we're partnerships we the leaders and this across space. our spaces. the lead trying Glen service to and on with has about think how possible than leaders in do is how Laird financial

the it. Our employees going to is by energized get environment benefit -- from

we does to close in to remotely financial time. I on aspect. itself, compelling. much and If think anywhere take is go about these we them. this appropriate a and in the we'll we're flash Calgary, that, in isn't in that the reliable it woven return across that the amount in mean standpoint going the garden never becoming more applications, And to think, we'll of as pan, the there's is operationalize money affordable been So, from and this solar We're is done. a of The because prove takes again, sense, being property, it more invest it way a become not in makes concept that the just

be that, the to just of You social that, compelling proposition value we'd not on of layer benefits well as a executing. environmental as it's remiss benefits to that, be top that

Nadeem Velani

going in question just the will second the well. the they that's our in around three seen coming be leverage change revenues QX your in stronger than weeks, extremely QX. Ravi, I first to think fact the Sure, be were sequential on that are our strength much as OR, positive biggest to the We've going to be operating

shared the day. help think improve supports stats improve will You density as our performance, as the of some which end our and Keith train and -- that far operating all about of crew our leverage operating at -- our and ratio the

Certainly, see a I year, QX that's certainly to that of casualty we'll we'll that's based bit been and to and extent, headwind the a in make expect we but performance high with QX expect The in comp. cost stock to a happens are I'd card. see that throughout continue change our had points on based an and other a what fully wild very

pointed out items I'd the between So, and XQ I are major QX. think those

So, benefiting operating volumes. in from a and really rebound leverage

Ravi Shanker

both. Thanks Great.

Nadeem Velani

Thanks Ravi.

Operator

Your next ahead. go Fadi Chamoun Please question comes from from BMO.

Fadi Chamoun

the high mid-single-digit I in from share up and the in pretty of Is of on seen moving other the have to kind a back two we've in between recovery, you RTM. my in XXXX going the three -- for of and coming side, you kind and know the for all of help can Canada a If the look scope I segments Good single-digit specific recovery now morning and you're you an what's and success what the you? to XXXX, working into market? kind about pipeline a and US. in both XXXX frame having Maybe and much for mid-single-digits in and think about CP opportunities grain high And guess including thanks taking given right commercial us single-digits grain, thinking challenge in kind the the last volume questions. in direction, there economic growth years opportunity was I RTM cyclical the go

John Brooks

look, XXXX RTMs will the you on speak tell in But all any that QX, the give blender position where this into we crude, putting we're yet. that Well, this Fadi, We're see quite certainly not year, elements you at you positive. to I'm QX to guidance I year, lands. exclude if look the as full

We've assets. Walter's without I can saying do utilizing think talked a done with we and that story on been the crude. things question remarkable, strength it of land about powerful I the tells our all that this we've

relates number going that. the haven't tailwind big acquisition opportunities We caught to even CMQ on and we're a our the to of to that in bring related

as Of Keith nice bring transformational will opportunity it, to for certainly spoke XXXX opportunity for course, that about as that's revenue revenue but be a develops a Maersk going over for time, us. us,

So, on deliver the we'll XXXX, can if in XXXX. the to all bullish anxious pandemic I'm obviously, yes, continues, have are watch trajectory Keith see out various look, I'm spoke and how economic But we things and to to that looming what there.

Keith Creel

that and here business being these and say Fadi art to in But bit are way I with today. the talked would to our we and our initiatives wins, business those these the possible certainly bit of with mix. contract the economy about, you're not things our potential commit the out company we've mix. this a the way we're out been The bit modest. If with humble ranges going John's about see business a playing them talking within go a plays of -- he's

John Brooks

go, Fadi. you There

Fadi Chamoun

Thanks. Appreciate it.

Operator

go Your Chris Please from comes ahead. from Wetherbee question Citi. next

Chris Wetherbee

morning. opportunities, line bit talk of little a sight to you can opportunities. thanks. number Day, Maybe a Hey, the John, sticking going of you back revenue potential Good had on Investor sort of a the to about,

XXXX? out on side, time? go thinking to little you Maersk a over period be as kind is how maybe then a talke of about of John's interesting. addition out able the a you intermodal obviously, the several international after? Saint of maybe what's really might specific those And Can be sold closed about think can Can sense you opportunities you of of still terms out us give the in You there

John Brooks

direct a Chris, to milestone opportunity we steamship Yes, is going our us. to and I that bringing am the and I like sort of specific CP the into think it Saint is Maersk interesting. John as to to of But the exciting. sit mix, international significant intermodal term I a space, line today be for art relates be longer where terminal good about -- really onboarding in directly quite XXXX. possible feeling will

frankly there and alternative to that opportunity just that long I would opportunity. also John going being capture to up and similar a the then Coast freight the say Rupert, dynamics from up business just of think and United years I of after our the miles transfer dynamic same real. be competitor Maritimes those so out the in to going Vancouver, is very that share, number to well-positioned the route, much some we nearshoring. of that very and New of really CP port West share gravitation shift how been of working the the in our some same Saint just in to natural York Jersey and there's seen, only in opportunities or towards New with think and but service to shorter Obviously, into not States we have about coming out years, access also hear also. now is and be Whether the the plays And as over for is XXX think we and again, we area new

John are CMQ of We've intermodal great as It there. but of domestic So, products our now. franchise, at and that got doesn't We provides automotives Glovis stop think that diversification a opportunity. it in part strong. piece effective forest international for beautiful that and merchandise great Saint others use opportunity that particularly been land -- to starting a we've got has

more online at grain crude inter-pipeline So, about that, the don't a on the facility. new diluent unit there's mid-XXXX, about We spoke open we've year. rail that give all just LPG in going coming Pembina coming opportunities that's is our I above big talked Hardisty by later had this in it. beyond and recovery of resiliency forget us to CMQ a -- part already got market. We've and

Keith Creel

as I I think our the investment, customers water think the province they're the innovativeness, port, now, capital in well by top stakeholders, as as middle that employees. and that for for the terminal. future, entrepreneurial way the as the is about Saint the John about hey vision the advantaged will CP, with bullish end of CMQ, -- from extremely our way distance from people capacity spirit geographically the that represents, to serve, I to XXX,XXX think of the Saint an an I'm effectively the opportunity partnership about well Chris markets The that's by is going to be TEU expansion in TEU in key key capacity the going with XXX,XXX of with XXXX, John,

for our and be a going journey for be and a be and super gateway the of from a what growth of. it's every to In John March going other feel So, lifeline Midwest, XXXX, this a the -- the and as a like created Canada, see U.S. the think and benefit, ago, economic which year, of the every the it's future it's part TEUs, associated other a between It's offering stream and into just think Pacific, flag, that's customers in key to growth, major enablers I'm which that lifeline begin and customers. will to well going to for franchise a we're economic markets from part tidewater Saint revenue XXX,XXX year something an said Saint to John of about going major looks excited for internal that's for Saint our as proud confident, great growth Canadian John; to be East, additional with the service and today honored gateway. in the that's steamship be in result XXX,XXX that, for XXX,XXX. half success I a Canada this compelling. getting is Vancouver, in as planted XXX,XXX to an to to you're

Chris Wetherbee

Thanks color. it. Appreciate for the

Operator

comes from Please Your from James. Raymond Hansen next ahead. question Steve go

Steve Hansen

way ask to on strategy. land I'm question the just a going other in similar

still framework seven two or sense still working Just to at? five might we that strategy on described a year, we'll are Thanks. But you you're acres where continued year or year, we a what strategy? in here get development it I trying for to the be three is land benefits see think a flow inning from X,XXX on.

Keith Creel

account, I it's the a and bank guess. land got savings We've deposit,

We've next land additional now, strategies. we what Vancouver, because all. contracts, with not some can out. might the able playbooks, be years that But different over see to that five could So, and seven we'll got play three certainly it to thought to years, I got Steve. we're ideas, there's revenues of in we converted market, two Every be we've those But play to it key additional concepts some out acres. two from a think do going Phase consume about XXX discussions

thesis to this As case additional just revenue Schiller we terminal creating there. in Bensenville. done means Chicago I that I'm this think we take to creating develop those opportunity than our business to opportunities, can what I stickiness, as in going us, in I capacity can it's Toronto. for Park, compelling. today, can that not It the we've transformational could at announced streams. yard, mean opened compound, more we go about we're continue And auto we're repurpose to unlock where that

I cases to we we the along. business bring as double, we have is a strategic think Vaughan, the in about essentially the location which at compelling footprint handle business

I of Milton, value generators. think and facility that compelling in about itself

the our that XX five should way we way There's they'll a and to for to So, going It's for to one strategic that concept going interest to not me, expect commodity. pick from XX at them least playbooks be create to of chain do this to win in every this a as that's railway to not to next think give value turn, service to supply not period. proposition months, we're and to value value that you additional create win conversion, feel We're go business. to in going it it, swapping. going We our earnings only partners the offering think wisely, revenue forward. go create as retain to unique application, as our makes that's contract we year the well continue it time to them. operationalized bringing solutions fuel growth value to that the that's to We

Steve Hansen

color. Appreciate Thanks. the

Keith Creel

you, Thank Steve.

Operator

Your next Evercore question comes ISI. from Jon from Chappell Please go ahead.

Jon Chappell

in it how Thank should know you. the this CP? specific your progress everybody. peers your the XQ? service John, same similar a And kind well, most in started? for the XQ, how of morning, through that Good of much RTM? with they Was in experienced Thank And revenue momentum pretty type the of ending than most pricing we for volumes much per October stronger you. through revenue RTM XQ, of in see to is we headwinds held of especially

John Brooks

I think little on we for as QX. of see I a fence RTM move bit acceleration that into

On haul time, as all frankly look and our certainly save the through on the honestly, to based to their fuel are ahead part the lower seeing pricing disciplined. capacity for pandemic truck range to again, offering service lanes of the I pricing performance as plan is both tighten, on front, the capacity trip staying really sides your spot I our XX% look in shorter from look that I tightens a -- earlier depending think on the I high provide. staying of -- And we yeah, continues cycles. some as rail know the customers past on point, but XX%, quicker they're this quite I markets of compensation money, our team prices. and compelling capability. But think it sure benefited as couple they but about to that I'm an has that in customers they're based through quarter is the capacity of stayed talk this bullish disciplined. in and And border. have value mentioned our And Keith to we we're

current environment I this on in front. opportunity the ongoing pricing So, see

Jon Chappell

That's Thanks Great. John.

Operator

from comes Benoit question go Desjardins next Your Poirier Markets. Capital from Please ahead.

Benoit Poirier

these the toward Could longer CMQ the Thanks? further opportunity the do the M&A whether you morning, and Tunnel? to you volume Good talk more term? and medium following see And everyone. Tunnel over Detroit bring Detroit unfortunate about

Nadeem Velani

Benoit, think you routing to the our and increasing certainly, and leveraging think lot lines that volumes look we can steamship thought the the into driver, about to certainly the a benefit of would went Midwest but a control about who having sole Tunnel and perfect is -- talked and that bring It traffic I our the thought connection I advantage that through River wasn't naturally CMQ process. with increasing -- from the to own destiny. heard Well, opportunity our through Detroit opportunity

I'd that's point So, what to.

a additional M&A, number been in XX the short would say. have and there as the months, of far market opportunities a of have lines been As number I last that

Always continue We are operational value, to there M&A, connecting provide customers, to markets powder very is. be we can I'd keep focused service our opportunity on it. our where look for be And even needs existing that's say rail going attention have to enter with benefits. our we'll dry. where or for a networks new at that it better look

fit financial free a cash look at and several We you where and and network the a free have as if fit, will we pursue It's generation, wherewithal. we there's see to a strategic cash and continue a are our it. what years next performance,

Benoit Poirier

color. for the That's time. much Thank very a great you

Operator

question from ahead. Vernon go Please Bernstein. from next Your comes David

David Vernon

Hey, good morning, the time. for guys. Thanks

inspection there quickly about received get as something you the train, you that might the real use expectation technology for out Just able when to exemption you And allowed potash portal rest your what's that specific the of of was on that early? for kind case network? the roll to be to think the about that

Keith Creel

have environment in. the out case in improvement that through that most importantly just actually we productivity, going safety, -- a it's creating we about operate it's not about in an proving our about Canada. that's process us that safer it's all is part Transport been that been the technology growing obviously, works, allow it's exemption, To proving the the Well, something for in

So, the technology, the we this. initially data, that has we've to through be can do proven proven through out that

sure drive as through for fleets. look bodes which result technology So, going change case run to to make as the to we're those we walk additional safety we're going to we We're at try well to improvements for this. this, that a continue not our of going through

to going least one and depending depending try of its with And to cover prove see service, the the this to going then at you progress how on got in more it's $X goes another million We're three expand. we're to So, these. we expense the us do a do one case, deploy technology that in to XXXX. a now, network. journey this in XXXX, application capital, We're one right the now we've to going on we've look about I the do at deployed, portal regulators, we're rough numbers, could

like journey a overnight. to the be is incremental safety continue It's happen But next we'll again, needle. going our three this it's two going to much move So, to journey, over change years. not to the

David Vernon

for additional your an just there the in need you -- one is fit do intermodal to sustain material corridor that you capacity, of kind CapEx to the now, that volume amount of pretty through infrastructure? existing right step-up Or relative can growth And the that capacity that growth? I'm in total to think Thanks. one squeeze port a that's going Saint last in, increase John

Keith Creel

change that's all. standard out TEU footprint, from when Saint effectively covered Yes, plan. to taking over railway is that have up that to approved watched we've convert short-line is to The working port CMQ we John, that the through get province. CP already World required XXX,XXX of been the purchased to existing that Class X existing capital with the three-year from a XXX,XXX capital DP has terminal. railway that that laid mainline plan don't We at to the our

vision the XXXX the And So, a a that's reality. world-class and going the part the completed money of in XXXX to into become be by is we've our it's the terminal, gateway. journey enable to protected, going timeline, that to to is going a beyond, partnership do help got started, to end world-class we're

John Brooks

into looked take time of track And we've down XXXX, and advantage capital forward during of a pandemic. volumes some with that work availability

to of CP sooner the approach later. wanting our with just track standard, up and to than -- get So, infrastructure a

Keith Creel

offering Saint Yeah, the objective asset to to once what And service full by to year, this able to but compelling exceed that's obviously, from that to this be within Montreal create service we going we're XX Chicago. John XX turn of spend is in deployed, a Toronto, objective standpoint objective hours. from that and capital the get get end the to is marketplace. XX to that

David Vernon

guys. time for All right. Thanks the

Keith Creel

Thank you.

Operator

Please Your next from question Bank. comes ahead. from Clarke Seldon Deutsche go

Seldon Clarke

of are for When think from the on, here Thanks question. Hey accommodate land this or good needed the sort to change this compare the X,XXX intensity you're does acres about opportunities, either overall to being enabled returns you profile morning. capital wins, your or of you by business so incremental and type the essentially that business? that volume incremental the growth growth the of capital typical when the of sitting opportunities additional how

John Brooks

aspects we factored Seldon, into Well, that these growth I of say our would process. in some capital long-term planning

So, the these the about and partnerships. thing great land they are we'll truly partnerships, contribute

the their of through committing of cash many of capital, ROIC ROIC as increase, going that our is. infrastructure returns, kind type committing our in well. seeing required, to So, are we of continue we contribute it additional returns at and ROIC be the And our capital, our -- if generate capital, land capital but reported that line we're that meaningful would infrastructure, what of when in customer look some the to some cases, land also it's it's us building some with

it's not So, beyond returns. that, overall detrimental our to

Seldon Clarke

I appreciate Okay, time. your Thanks.

John Brooks

Thank you.

Operator

next Konark Your ahead. question Gupta from comes from Please go Scotiabank.

Konark Gupta

good and everyone. morning Thanks

the on RTM, things. wanted So, just sense to I few for confirm a

two you by the the I by collecting? rail driven say and like of side, last in down is strong, strength that sense How damages favorable more think you're as also on quarters. are very the liquidity is RTM So, for the mix looks much ECP crude would that

Keith Creel

all is the again, QX, damages. by contracts we it's service rate of really crude backstopping. If continue rail and in the structured required of we've move all the run to some into these sort Well, capacity, through as that so would come liquidated Yes, to XXXX, we with significant. to of expect sort It going see we've I into seen. we're

rate that that'll should So, see itself, to presents that And if naturally, of a collect if change similar expect little run opportunity to the it market and freight continue to continue turns going kind bit. we'll haul And to the doesn't, that. you forward.

Konark Gupta

Thanks.

Operator

go now Research. ahead. Wolfe You're from comes Scott Please next from Group question

Scott Group

Hey, guys. Good thanks. morning,

the has about quarter so Nadeem, you the going if So, guidance? well? cash in up in think and raising upside to holding the maybe that just forward? if earnings flow Does assumed can got or any And fourth how targets give that's the as you leverage you comfort then gains and clarify there just they're

Nadeem Velani

Yeah.

of the just you Sorry, Scott, that repeat question, first part can that?

Scott Group

Yeah.

fourth gains sales on to quarter there's if any Just guidance? if node, in assumed the of upside or that's the

Nadeem Velani

be on pandemic. know, we to we've to upside No, And, also, capital we any you would committing through gain sales with reminding this leverage, discussions far the just allocation, had them our as the but rating approach guidance gave. as agencies how performed just to

the defensive capital. leverage of the kind of end our is we're and of being challenges at think our term kind that macro level. I would our shown of and also appreciated range, operating to that mix, at to Not I and crisis by because our we've X.X comfortable of through, through going gone need spend that's nature operational of do our well as at that that to of the kind we've short rating think defensive in a we've received highlight And, business unique something excellence say opportunity agencies. we the So we're and the business, been targets, going I change nature which that that gone times range, of high to X.X team,

there think the And I that. given in go our to a room going to this say the this downturns. up leverage been our three take But it's wouldn't we've operate do at freedom that to justified to to Scott. -- and point, ability by half, breathing we're and three or I

Scott Group

there likely the more then want that likely about game, that I fourth? And now? not is know million million, some models, $XX to make we Okay. year were right? get $XX Just talk maybe next a sure in Is

Nadeem Velani

Right.

that. the ownership mechanics a it's all and gain there's closes, DRTP would get It of XX.X% depends a -- we transaction, it gain, get know, be write existing our of up the on potential, when written though. our we'd would up, So the that

approvals -- XXXX, So in do it has year, remains be XXXX be to regulatory seen. it pass And to to that occurs or whether realized. for to for

not generate fundamental so in if we And mid-single to to addition to it our -- just going prudent above businesses, and but of felt guidance. in comes digit, it, off comes it the it's what's growth. be nature include our updated So, that, that EPS

Scott Group

Thanks, helpful. guys. Very

Nadeem Velani

Scott. Thanks,

Keith Creel

Scott. Thanks,

Operator

comes with UBS. Tom question next ahead. from Please go Wadewitz Your

Tom Wadewitz

morning. Good Yeah.

think I it about highlights to of know, speak, in extending the talking – You value the have, terms the of you're in bank the CMQ. franchise land growth, you as your both so

of aggressive extension multi-year Keith, think of more in in the inorganic three next, something in you franchise, success maybe So, the is with expansion, is think and the basis, do that expanding you whatever the reach of given the years? current reach about something all to that had five bigger a on cards the the kind franchise organic is that leveraging you've

Keith Creel

and an powder and we that's, to Tom, our a competition can point, our our going we service more length look to compelling creative us those to We're provide Nadeem’s that's we're keep to to what be creation to going be better for dry, certainly opportunities that can going longer extend keep If fall; strong. value sheet know, story. we're You give we're possible, reach, thought going balance and could aspirational interested.

have, our for powerful company's in is, imminent, to North those nothing is going our not then an if franchise, this that, a customers ecommerce do So want a there we're discussion shareholders, for it's always my at. suggest and misconstrue there's thoughts. value can for we're you opportunities. and more that and is we America, to creation create don't I'm to that to what willing for going look looking absolute But And I

Tom Wadewitz

all just a I of kind the of to kind your likely you less ask can executing Does make you growth Maybe it wrinkle plan? given in likely major consider, it the to on focus deals, on that as well. have more on if pipeline different you

Keith Creel

No, deals or opportunity potential likely. standalone, would front at I have other this, I less when you we're wouldn't it of deal, evaluate compelling creation what suggest a look to tell another suggest value in can to I very because if were complimentary us. we is doing, already I we

coming could been initiatives leaders We've got So the are play. if to the not resting some, be compelling, assets. allow I'm distract not something these what We've in laurels. continue, We're got that to or the industry. We've have we going about We've it's will going focus because continue on talked land, got about. that into talked our we to execute. to we've of haven't to team leadership we

opportunity. strength. strength its So standalone, and serves unique compelling that said that But with the

we if have then willing complements that that that couple again, So opportunity But already to obviously, powerful we story, we're network have. or do we an to that that certainly train it without. comes this could with along

it obviously And for say a to those it. say sense. then and hits has likely, just hits at qualifiers those So make less it's take I'd look metrics, we'll it if I wouldn't it us,

Tom Wadewitz

the for Okay, great. Thanks perspective.

Keith Creel

Tom. you, Thank

Operator

comes with ahead. Cowen. next question go Jason Your Please from Seidl

Jason Seidl

constrained talk your from the on really look strong has of only many come that chain not there's Thank or you, want But global lot this chain. looks We've inventories? do a other under hood, the of And been many, you from at much guys. the take demand in morning, low you think obviously, very operator. back, supply think Keith, out. much here from coming about I seen supply underlying just a just to places. snapback How is the is do restocking closer back across pipeline demand Good but how a a the function the pure places? industry, of consumer rail

Keith Creel

we've not not be think vaccine We I a this all of that am in is But the in tailwinds has empty, were view; that There put battle. I'm economy. not the for the some had there's filled. do disease overall the of because I'm going a we I'm same pin pandemic. that forward, as a think see all I that, But on restocking. bullish go gap. optimistic horrific shelves coming store to that is I to additional suggest We're sure. you middle do How of do a

I think that life in will normalize XXXX. a bit

I that we into I with pandemic. emerge strong economy, that going get election. And we pandemic, think the think the had economy past we a once a very past strong

a even do back it rail not more these do but created had compelling the counter tailwind what some creation? some us we first for for economy. restocking. industry? continent. bullish own doing. just of there that from entire the on fundamentals job I of But opportunity topic. they've very CP, are think stuff I'm to North the the I obviously before bring We again, the unique a I'm the demand, result pandemic as opportunities bullish the as there. our think on was quarter was in Right discussion I for to get And take in opportunity. American So freight industry and entire restocking, think, that does And does that is the for they offshore now, What what even a without us unique

we as pandemic, we're stronger come of the out a So company.

going that We have than fueled more that XXXX online opportunities pandemic in coming the had into we conviction.

So good place. we're at a

think the provide outside it in the industry overall, is field America, to of strong well continue I economic be predict rail I of strong Mexico. the to kind shock prosperity a can't continue think any as place. again, economy to and place catastrophic Canada we'll as that to And in the U.S. both that in a I in North

Jason Seidl

knock case. quickly. that's if a Well, just in Keith, really the wood follow-up

about without multiple specific, from you talking abroad? You obviously or mentioned certain are near-shoring operations with getting near-shoring people

Keith Creel

No, no.

Jason Seidl

Thank Okay. you. your time. Appreciate

Keith Creel

you. Thank

Operator

Barclays. with Oglenski Brandon from comes question go Please next ahead. Your

Brandon Oglenski

you some the I for the guys. that thanks on end issues they of my can, big quick, do of taking term guys question call port and at I remain into competitive what you and competitor to but service share taking needs Keith, keep the longer mentioned longer-term as Coast? controlling understand out lot thinking get there to your Are of port don't on West how saw took a things we morning, traffic. know I is Maersk Real congestion infrastructure, Good it taking here, the will opportunity the And if the be? think

Keith Creel

just for standpoint, From clarification? a capacity is that

Brandon Oglenski

shifting might the and patterns, bottleneck. of next just you the consequences Yes. And find unintended where service

Keith Creel

our and comes There's Canadian of obviously, network. one deployed in spectrum. the So that's the bread from on focused butter where being Port and most our investment the entire Vancouver, listen, we're across

we've in for supply of that's have capacity and a about new Now experience that that's done, of brought build existing go South Viterra fully expansion needles that's you've created the investment to along there GCT made then have like that with. increase been which in Neptune that There's for side, coal there's capacity whether Vancouver at transpired. got been think a Shore, additional the coming customers things, the us supply year, as done extension the and you've to chain, customers in been value online moved West terminal. the port or creator the a partners compared it's next of allow Both play. some throughput are the The Deltaport, And years a infrastructure I process had capacity. capacity, is an got growth lot that consumed. that on have have work well that our reliability, the Obviously, hasn't has those X, XX opportunity again, GX. been to investments talks to that is Coast create lot to If south faced the in that's relative work their our unique as chain concepts next to work substantial center with redesigning the I completing a that's that with

not I of Vancouver that we've a increasing don't think is the part operationalize the has a that that Pacific benefits to And continue. level suggest as dent There's made a investment lockstep out existing it. going So some being good But we gives solutions. pretty of I been plan improve and have invest. become we and I Port will you infrastructure think infrastructure I'm we're we in in good to benefit optimize unique think better rolled and to whole that place. operators, continue of Canadian those a in another capacity

Keith Creel

for in pride Okay. Again, share I'll bit appreciate what not can the warning, and extremely With thanking a we've you've up we we today. we're the we're we're feel world proud that color, The at the this class enabled today. that, that have where for XXXX looking excitement, you Hopefully, I'm the finish railroaders started to let's results wrap of that your call it's for time. these accomplished. I we company will the be this yet come to in to fourth objective service quarter excited control we forward momentum it's financial company will to in improvements potential that cost industry even most to continue, us. in compelling XXXX. growth in this about performance, XXXX continue The driving what more and the get carried and We'll service, for our be strong. leaders is in close execute earnings in margins, conviction, certainly more got our enthusiasm, on in and convicted, compelled,

results Thanksgiving with and forward look Christmas discussing day, So holiday. Have our wish I to healthy, safe a a fourth in everyone that, and quarter blessed we stay January.

Operator

concludes today's Thank call. you. This conference

now disconnect. may You

Canadian Pacific Railway Limited (CP) 20 Oct 202020 Q3 Earnings call transcript