Canadian Pacific Railway to cut 1,000 jobs as rail volumes slump

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Canadian cific Railroad plans to cut 1,000 positions this year as it adjusts to lower shipment books and profits.

The Calgary-based rail com ny says most of the cuts to unionized and directorate positions will result from attrition and kick in by the middle of 2016.

Since 2012, the iron horse has cut 6,000 to 7,000 positions, including 1,200 last year solitary.

CP made the announcement on a conference call today after releasing its fourth-quarter and year-end outcomes.

The com ny’s numbers show CP’s profits slipped 29 per cent to $319 million, or $2.08 per portion, in the three months before Dec.31. Those numbers are down from $451 million, or $2.63 per rt, a year earlier.

For the year as a whole, however, CP saw revenue of $6.71 billion in and $1.35 billion in net profits — both record highs, but both less than what analysts had been gravid.

“Thanks to our committed, hard-working employees across the network we have turn out a record low operating ratio along with record earnings per dole out,” CP’s CEO Hunter Harrison said in a release.. “Despite daring economic conditions and lower commodity prices, we continue to focus on what we can guide lowering costs, creating efficiencies and improving service.”

CP is in the midst of irksome to merge with U.S. railway Norfolk Southern, a deal that has that reason far been rebuffed by the target com ny’s board.

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