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CP Rail CEO says company to put cash toward dividends, buybacks

Published 2016-04-20, 02:45 p/m
© Reuters. CP Rail CEO says company to put cash toward dividends, buybacks
CP
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TORONTO, April 20 (Reuters) - Canadian Pacific Railway
CP.TO Chief Executive Hunter Harrison said on Wednesday that
Canada's No. 2 railroad would pay out dividends and put its
money toward share buybacks rather than build a cash horde for
possible deals that may or may not materialize down the road.
"We're not going to sit on cash unless we have an idea of
what we're going to do with it," Harrison told media after the
company's annual shareholder meeting in Toronto. "If we see an
opportunity that is realistic, that is maybe a year away and we
think we can make it happen, then we might start being not so
aggressive with dividends or buybacks and keep some of our
powder dry to be able to deal with it."


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