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Canadian Pacific bumps up 2013 capital spending by as much as $100 million
CALGARY – Canadian Pacific Railway Ltd. (TSX:CP) is bumping up this year’s capital spending program as it projects higher-than-expected cash flow.
Between $75 million and $100 million will be added to the railway’s $1.1-billion 2013 budget as some projects that had been planned for 2014 will be moved forward.
The increased spending will go towards upgrading track between Winnipeg and Edmonton, improving signalling systems between Moose Jaw, Sask., and Chicago and buying assets that would otherwise be leased.
“As our railway continues to transform, we see opportunities to accelerate enhancements to key sections of our North American system,” said CEO Hunter Harrison in a release Tuesday.
“By taking these opportunities now to further improve our operations, we will be better positioned to respond to our customers’ shipping needs.”
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