Canadian Pacific Kansas City Ltd (CP) 2024 Q3 法說會逐字稿

Good afternoon.

午安.

My name is Marjorie and I'll be your conference operator today.

我叫瑪喬麗，今天我將擔任你們的會議接線生。

At this time, I would like to welcome everyone to CPKC's third-quarter 2024 conference call.

此刻，我歡迎大家參加 CPKC 2024 年第三季電話會議。

The slides accompanying today's call are available at investor.cpkcr.com.

今天電話會議附帶的幻燈片可在 Investor.cpkcr.com 上取得。

(Operator Instructions)

（操作員說明）

I would now like to introduce Ashley Thorne, AVP, Investor Relations, to begin the conference call.

現在我想請投資者關係助理副總裁 Ashley Thorne 開始電話會議。

Thank you, Marjorie.

謝謝你，瑪喬麗。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

Before we begin, I want to remind you this presentation contains forward-looking information.

在開始之前，我想提醒您本簡報包含前瞻性資訊。

Actual results may differ materially.

實際結果可能存在重大差異。

The risks, uncertainties, and other factors that could influence actual results are described on slide 2 in the press release, and in the MD&A filed with Canadian and US regulators.

新聞稿的幻燈片 2 以及向加拿大和美國監管機構提交的 MD&A 中描述了可能影響實際結果的風險、不確定性和其他因素。

This presentation also contains non-GAAP measures outlined on slide 3.

本簡報也包含投影片 3 中概述的非 GAAP 衡量標準。

Please note, in addition to our regular quarterly financials, their supplemental Q3 combined revenue and operating performance data available at investor.cpkcr.com.

請注意，除了我們的常規季度財務數據外，他們的補充第三季度綜合收入和營運業績數據還可在 Investor.cpkcr.com 上取得。

With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our Executive Vice President and Chief Financial Officer; John Brooks, our Executive Vice President and Chief Marketing Officer; and Mark Redd, our Executive Vice President and Chief Operating Officer.

今天和我在一起的是我們的總裁兼執行長 Keith Creel； Nadeem Velani，我們的執行副總裁兼財務長；約翰‧布魯克斯 (John Brooks)，我們的執行副總裁兼首席行銷長；以及我們的執行副總裁兼營運長馬克‧雷德 (Mark Redd)。

The formal remarks will be followed by Q&A.

正式發言後將進行問答。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce our President and CEO, Mr. Keith Creel.

現在我很高興向大家介紹我們的總裁兼執行長 Keith Creel 先生。

Thank you, and good afternoon.

謝謝你，下午好。

Thanks for being with us today to discuss and review our third-quarter '24 results.

感謝您今天與我們一起討論和審查我們 24 年第三季的業績。

I'm pleased to share the results of our 20,000 strong CPKC family.

我很高興與大家分享我們 20,000 個強大的 CPKC 大家庭的成果。

I can tell you the body of work in what was a very challenging operational quarter with the [significant derailment] that Mark attend -- faced in early July, then we strike in August, both of which they did an exceptional job building the bounce back and network responded well as a result.

我可以告訴你，在馬克參加的一個非常具有挑戰性的營運季度中，我們在7 月初遇到了[嚴重脫軌]，然後我們在8 月罷工，他們在這兩次行動中都做了出色的工作，以實現反彈結果網路反應良好。

Following that, we gave you back in sync.

之後，我們給您恢復了同步。

In spite of the challenges, I'll tell you we're proud to say we remain on track to deliver full year guidance, double-digit earnings growth, including volume growth, which is better than what we had projected earlier in the year.

儘管面臨挑戰，但我可以自豪地說，我們仍然有望實現全年指引、兩位數的獲利成長（包括銷售成長），這比我們今年稍早的預測要好。

So specific to the results for the quarter, the CPKC family delivered revenues a $3.5 billion, which is up 6%, strong volume growth, an increase of over 4%, and operating ratio of 62.9%, earnings per share of $0.99, which was an increase of 8%, most importantly, from a safety perspective, continued improvement, the training access decreasing 17%, personal injuries increasing 8%.

具體到本季的業績，CPKC家族實現營收35億美元，成長6%，銷量成長強勁，成長超過4%，營運率為62.9%，每股收益0.99美元，增加了8%，最重要的是，從安全角度來看，持續改進，訓練機會減少17%，人身傷害增加8%。

On the operating side continued strong performance across the network, which Mark will provide a bit of color to, but I'd like to specifically recognize the operating team specific to those challenges with the strike.

在營運方面，整個網路持續表現強勁，馬克將為此提供一些色彩，但我想特別感謝針對罷工挑戰的營運團隊。

They did an exceptional job in preparing for and bouncing back from the odd activity expansions as a result of the strike.

他們在為罷工導致的異常活動擴張做好準備和恢復方面做得非常出色。

Commercially, John and his team as well continue to generate industry best, sustainable, profitable growth.

在商業上，約翰和他的團隊也持續創造業界最佳、永續、獲利的成長。

We're delivering unique products to the market with a strong service offering to our customers that's reflecting the results that we're going to share with you today.

我們正在向市場提供獨特的產品，並為客戶提供強大的服務，這反映了我們今天將與您分享的成果。

The MNBR, that's another exciting development over the quarter.

MNBR，這是本季另一個令人興奮的發展。

I'm pleased that we received approval last week from the STB for our new direct connection with the CSX, both in New Mexico and Texas and the US Southeast over the MBNR corridor.

我很高興上週獲得了 STB 的批准，透過 MBNR 走廊與新墨西哥州、德克薩斯州以及美國東南部的 CSX 建立新的直接連接。

I'd like to specifically again, thank the STB for their thorough review and approval of this pro-competitive transaction.

我想再次特別感謝國家旅遊局對這項有利於競爭的交易的徹底審查和批准。

The new interchange have established CSX going to provide a new competitive rail service to rapidly grow markets.

新的轉乘站建立了 CSX，將為快速成長的市場提供新的有競爭力的鐵路服務。

It's going to bring new solutions to our customers and take trucks off the road.

它將為我們的客戶帶來新的解決方案，並使卡車不再上路。

It's another example again of this unique growth story as the CPKC franchise is delivering.

這是 CPKC 特許經營權所講述的獨特成長故事的另一個例子。

On the hydrogen locomotive front, another milestone reached in the quarter.

在氫動力機車方面，本季達到了另一個里程碑。

When it comes to our hydrogenate program in early [September], very pleased to say that our first high horsepower [hydrogen] locomotive along with the fuel center join consist of three diesel locomotives in a fully loaded Western Canada corridor.

當談到我們在[九月初]的加氫計劃時，我們非常高興地說，我們的第一台高馬力[氫]機車以及燃料中心連接由加拿大西部滿載走廊中的三台柴油機車組成。

Certainly will impressive achievement the demonstration again of this company's commitment to leadership and sustainability.

當然，令人印象深刻的成就將再次證明該公司對領導力和永續發展的承諾。

As a may say in closing, I'm proud of the results being produced were off to a strong start to the fourth quarter, we're in a great position for a strong finish to '24, and an even more exciting transition into 2025 and momentum.

最後，我可能會說，我對第四季度的良好開局感到自豪，我們處於有利位置，可以在 24 年取得強勁的成績，並以更令人興奮的方式過渡到 2025 年和勢頭。

With that, I'm going to hand it over to Mark to provide some comments on the operating performance.

至此，我將把它交給馬克來提供一些關於營運績效的評論。

John to provide color on the market, and Nadeem will wrap up, elaborating on the numbers.

約翰將提供有關市場的信息，納迪姆將總結並詳細闡述數字。

Thank you, Keith, and good afternoon.

謝謝你，基思，下午好。

Looking at the quarter on my screen, (technical difficulty) railroad continued hard work to very safe and reliable service.

看看我螢幕上的季度，（技術難度）鐵路繼續努力提供非常安全可靠的服務。

In the third quarter, we continued to drive strong year-over-year operating improvements.

第三季度，我們持續推動營運年增強勁改善。

I look at the average terminal dwell declined 8%.

我發現平均終端停留時間下降了 8%。

Average train speed increased by 6%.

火車平均速度提高了 6%。

Locomotive productivity improved by 8% and just to round off the fuel efficiency improvement by 2%.

機車生產率提高了 8%，燃油效率提高了 2%。

All of these are results demonstrating an efficient and fluid, resilient network that is delivering strong service to our customers.

所有這些結果都證明了一個高效、流暢、有彈性的網路正在為我們的客戶提供強大的服務。

These results are particularly impressive given the challenges faced in the quarter, I'm proud of the resilience of this network and the teams display.

考慮到本季面臨的挑戰，這些結果尤其令人印象深刻，我對該網路和團隊表現出的彈性感到自豪。

As Keith mentioned, we navigated through our four-day work stop across our Canadian operations.

正如基斯所提到的，我們在加拿大業務中度過了為期四天的工作時間。

And thanks to the hard work and preparation of the team, I'm pleased to say that we have a quick, efficient transition back-to-normal operations.

感謝團隊的辛勤工作和準備，我很高興地說我們已經快速、有效率地恢復正常運作。

And I'll be frank, it was probably one of the best that I've seen in my career as we started this network back up.

坦白說，這可能是我職業生涯中見過的最好的網路備份之一。

And you can contribute this to the operating team working closely with the customers, the rail partners to minimize the interchanges and disruptions that we see as an operating team.

您可以將其貢獻給與客戶、鐵路合作夥伴密切合作的營運團隊，以最大限度地減少我們作為營運團隊所看到的交流和乾擾。

But the work stoppage behind us were well positioned to deliver to continue delivering the growth that we are needing is committed to and strong (technical difficulty) that our customers expect.

但我們背後的停工完全有能力繼續實現我們所需要的成長以及我們的客戶所期望的強大（技術難度）。

Thank you to all the (inaudible) that has contributed to this outcome.

感謝所有為這項成果做出貢獻的人（聽不清楚）。

Looking at safety for the quarter, if I look at FRA train accident frequency at 1.27 at an 8% improvement year over year.

看看本季的安全情況，如果我看看 FRA 火車事故頻率為 1.27，年減 8%。

If you look at the personal injuries, we were 0.85, which is 17% year-over-year improvement.

如果你看一下人身傷害，我們是 0.85，比去年同期增加了 17%。

I'm pleased with these results of the safety of the journey.

我對旅程安全的這些結果感到滿意。

We will always strive for further improvement.

我們將始終努力進一步改進。

We also continue to execute on a number of initiatives that are improving efficiency and operating performance.

我們也持續執行一系列提高效率和營運績效的措施。

The engineering team, in coordination with the operations is improving efficiency, significantly reducing slow orders across the network and also train delays.

工程團隊與營運部門協調，正在提高效率，顯著減少網路中的慢速訂單以及列車延誤。

Part of the leverage data from the investments in autonomous geometry testing to help us accurately plant preventive maintenance and capital investments.

部分利用自主幾何測試投資的數據來幫助我們準確地進行工廠預防性維護和資本投資。

Looking forward, there are additional benefits to roll out of these investments as we deploy these cars across our network and specifically into Mexico as well.

展望未來，隨著我們在我們的網路中部署這些汽車，特別是在墨西哥，這些投資還會帶來額外的好處。

And as we continue to make interoperability upgrades to the CP -- or excuse me, the legacy KCS and our fleet, so we can lead trains in Canada.

隨著我們繼續對 CP（或者對不起，舊的 KCS 和我們的車隊）進行互通性升級，這樣我們就可以在加拿大領導列車。

By end of the year, we'll have about 175 upgraded locomotives to be fully interchangeable across the North American network.

到今年年底，我們將擁有約 175 輛升級機車，可在北美網路中完全互換。

Looking at capital, we are executing to our plan to support safe and sustainable growth through the investment of the network.

就資本而言，我們正在執行我們的計劃，透過網路投資支持安全和永續的成長。

Through the first three quarters, we have in serviced six new sidings as part of the $275 million merger capital commitment.

前三個季度，作為 2.75 億美元合併資本承諾的一部分，我們已為 6 條新線路提供了服務。

Two sides will be targeted by the end of the year along with the capital projects in and around Kansas City area that will come online this year as well.

到今年年底，兩個方面將成為目標，堪薩斯城地區及其周邊地區的資本項目也將於今年上線。

Capacity in Kansas City will further help us align and streamline the connection between the two networks, our two legacy networks, improving the service through this key quarter.

堪薩斯城的容量將進一步幫助我們調整和簡化兩個網路（我們的兩個傳統網路）之間的連接，從而改善這個關鍵季度的服務。

We've also in service new Saudis in Mexico, along with crossovers of track railway alignment in our Escobedo yard, improving our capacity and fluidity in a key and growing segment of our network.

我們還在墨西哥為新的沙烏地鐵路提供服務，並在我們的埃斯科貝多站場進行軌道鐵路線的交叉，從而提高了我們網絡中關鍵且不斷增長的部分的運力和流動性。

The mislead signing is another investment in Mexico capacity are on the way, scheduled to go in service in Q4.

這項誤導性簽約是對墨西哥產能的另一項投資正在進行中，並計劃於第四季度投入使用。

These projects are targeted to improve the efficiency of our local and yard operations so we can run mainline trains where we serve customers, clearing the mainline increase in throughput.

這些項目旨在提高我們本地和堆場營運的效率，以便我們可以在為客戶服務的地方運行幹線列車，從而清除幹線吞吐量的成長。

Finally, I'm pleased to announce we're still on time with because of Laredo Bridge.

最後，我很高興地宣布，由於拉雷多大橋，我們仍然準時到達。

Second span will be opened by the end of the year.

第二個跨度將於今年年底開放。

Before I turn it over to John, I'd like to share my duty of the first phase of our high horsepower hydrogen locomotive tests completed in Q4.

在將其交給約翰之前，我想分享一下我在第四季度完成的高馬力氫機車測試第一階段的職責。

This is a tremendous accomplishment.

這是一項巨大的成就。

It's a result of a lot of hard work and dedication to his commitment to deliver our sustainable objectives.

這是他為實現我們的永續目標所做的大量努力和奉獻的結果。

In summary, we're operating safely, efficiently, the network is in excellent shape, our investments are creating capacity, and we have a strong momentum ahead in the fourth quarter.

總而言之，我們正在安全、高效地運營，網路狀況良好，我們的投資正在創造產能，並且我們在第四季度擁有強勁的發展勢頭。

With that, John?

就這樣，約翰?

All right.

好的。

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。

I'm extremely pleased with the top line performance the team delivered despite the work stoppage in the quarter.

儘管本季停工，但我對團隊交付的最高業績感到非常滿意。

We are creating and delivering on the unique opportunities, the strong service product we have and we're pricing to the values of the capacity in our service.

我們正在創造和提供獨特的機會，我們擁有強大的服務產品，並且我們正在根據我們的服務能力的價值進行定價。

Now looking at our results.

現在看看我們的結果。

This quarter, we delivered freight revenue growth of 6% on a 4% increase in RTMs.

本季度，我們的貨運收入成長了 6%，RTM 成長了 4%。

This performance was despite the four-day work stoppage that Keith and Mark spoke to and this was a 3% headwind to RTMs in the quarter.

儘管 Keith 和 Mark 談到了停工四天的情況，但 RTM 的業績在本季度下降了 3%。

Our cents per RTM was up 2% with strong pricing, partially offset by mix.

由於定價強勁，我們每 RTM 的美分上漲了 2%，但部分被混合所抵消。

Now taking a closer look at our third quarter revenue performance, I'll speak to the FX adjusted results.

現在仔細看看我們第三季的營收表現，我將談談外匯調整後的結果。

Starting with bulk.

從批量開始。

Grain revenues were up 10% on 7% RTM growth.

RTM 成長 7%，糧食收入成長 10%。

US grain volumes grew 11% over the prior year.

美國糧食產量比上年增加 11%。

Our franchise is benefiting from strong production in our growing regions, increasing shipments to Mexico as we connect new markets and create new opportunities for our grain customers.

我們的特許經營權受益於我們種植地區的強勁生產，隨著我們連接新市場並為我們的穀物客戶創造新機會，增加了對墨西哥的發貨量。

Canadian grain volumes grew 3% with increased wheat to Mexico and the ramp-up of harvest across the Canadian Prairies.

隨著運往墨西哥的小麥增加以及加拿大大草原收成的增加，加拿大糧食產量增加了 3%。

Now looking forward, we expect Canadian grain production in line with our five-year average, and our comps in Q4 and early 2025 are favorable as farmers held on to their crop a year ago.

現在展望未來，我們預計加拿大糧食產量將與五年平均值保持一致，而且我們第四季度和 2025 年初的業績比較有利，因為農民保留了一年前的作物。

Now that favorable volume setup coupled with regulated grain pricing of approximately 6.5% has us well positioned in Canadian grain.

現在，有利的產量設定加上約 6.5% 的受監管穀物定價使我們在加拿大穀物領域處於有利地位。

So looking ahead, for grain as a whole, we are working closely with our customers across all three countries and expect to deliver strong grain results into Q4 and well into 2025.

因此，展望未來，對於整個穀物而言，我們正在與這三個國家的客戶密切合作，並期望在第四季度和 2025 年實現強勁的穀物業績。

In potash, revenues were up 7% on a 20% volume growth.

鉀肥業務的收入成長了 7%，銷量成長了 20%。

We moved higher volumes of potash with Canpotex to the Portland terminal as demand remained solid, and we lap the ship loader outage in the ILU strike last year.

由於需求依然強勁，我們與 Canpotex 合作將更多鉀肥運至波特蘭碼頭，去年 ILU 罷工導致裝船機停駛。

Since our work stoppage this quarter, the potash supply chain has normalized and demand for export potash service is at an all-time high.

自本季停工以來，鉀肥供應鏈已恢復正常，鉀肥出口服務需求創歷史新高。

Coal revenue was up 8% on a 2% decline in volume.

煤炭收入成長 8%，但銷量下降 2%。

Lower natural gas prices weakened demand for US coal and the strike impacted our Canadian coal shipments to Vancouver and Thunder Bay.

天然氣價格下跌削弱了對美國煤炭的需求，罷工影響了我們向溫哥華和桑德貝的加拿大煤炭運輸。

As we move into Q4, we've seen both of these supply chains stabilized, resulting in increased coal volumes on our network.

隨著進入第四季度，我們看到這兩條供應鏈都趨於穩定，導致我們網路上的煤炭量增加。

Moving over to merchandise.

轉向商品。

Energy, chemicals, and plastics revenue grew 10% on 6% volume growth.

能源、化學品和塑膠收入成長 10%，銷售成長 6%。

Volume growth in the quarter was across multiple commodities driven by our self-help initiatives, synergy wins and more market share gains.

在我們的自助計劃、綜效和更多市佔率成長的推動下，本季多種商品的銷售成長。

Now looking at Q4, with the ongoing ramp-up of these business wins, and growing demand for LPG, we are set up for a solid year-end for ECP.

現在看看第四季度，隨著這些業務的持續成長以及對液化石油氣的需求不斷增長，我們為 ECP 的年底做好了準備。

Forest products revenues and volumes were both down 1%.

林產品收入和產量均下降 1%。

This is an area that continues to be impacted by a soft macro environment, and we are experiencing pressure on our Facebook of business.

這是一個持續受到疲軟宏觀環境影響的領域，我們的 Facebook 業務正面臨壓力。

We are able to partially offset these impacts with our unique synergy growth and our extended length of haul.

我們能夠透過我們獨特的協同增長和延長的運輸距離部分來抵消這些影響。

We're focused on what we can control in this area and the unique opportunities that this franchise unlocks.

我們專注於我們在這個領域可以控制的事情以及這個特許經營所釋放的獨特機會。

I'm confident that we are going to be in a position and strength as the construction and paper markets rebound in the future.

我相信，隨著未來建築和造紙市場的反彈，我們將處於有利地位和優勢。

Metals, minerals, and consumer products revenue was down 3% and 8% volume decline.

金屬、礦物和消費品收入下降 3%，成交量下降 8%。

Now much like the forest products area, the softer macro is impacting our base business in this area along with lower volumes of frac sand and from a steel facility in Mexico as it slowly ramped back up following a labor disruption.

現在，就像林產品領域一樣，宏觀經濟疲軟正在影響我們在該領域的基礎業務，同時壓裂砂和墨西哥一家鋼鐵廠的產量減少，因為勞動力中斷後該工廠的產量緩慢回升。

Moving to the automotive area.

轉向汽車領域。

This business segment reached another record quarter, with revenue up 27% on a 37% volume growth.

該業務部門再創歷史新季紀錄，營收成長 27%，銷售成長 37%。

This franchise continues to benefit from our closed loop service solution that we introduced shortly after control of the KCS, and is developing longer haul volumes across our work.

該特許經營權繼續受益於我們在控制 KCS 後不久推出的閉環服務解決方案，並且正在我們的工作中開發更長的運輸量。

Our New Dallas auto compound, along with other investments in auto reps and expanding our Chicago compound has helped us to deliver an entirely new supply chain model for the OEMs, giving them new competition, service and capacity certainty like they've never had before.

我們的新達拉斯汽車工廠以及對汽車代表的其他投資以及芝加哥工廠的擴建幫助我們為原始設備製造商提供了全新的供應鏈模式，為他們提供了前所未有的新的競爭、服務和產能確定性。

Now looking forward, we expect our auto business to continue to drive differentiated growth, as we benefit from these gains and the opportunities to compete for new business in the years ahead.

現在展望未來，我們預計我們的汽車業務將繼續推動差異化成長，因為我們將受益於這些收益以及未來幾年競爭新業務的機會。

On the intermodal side, revenue was down 5% on a 2% volume growth.

在多式聯運方面，收入下降了 5%，而運輸量增加了 2%。

Starting with domestic intermodal.

從國內多式聯運開始。

Volumes were down 7%, impacted by lower short-haul business in Mexico that was demarketed late last year, and the work stoppage as customers temporarily shifted some of their business to truck.

受去年年底取消市場的墨西哥短途業務減少以及客戶暫時將部分業務轉移到卡車上而導致停工的影響，銷量下降了 7%。

This decline was partially offset by growth on our MMX180/181 cross-border service which continues to perform extremely well in an otherwise very challenging domestic market.

這一下降被我們的 MMX180/181 跨境服務的成長所部分抵消，該服務在原本非常具有挑戰性的國內市場中繼續表現出色。

Now looking forward, we have a strong pipeline of opportunities in this area, including wholesale, retail shipments, and also our temp controlled service offerings.

現在展望未來，我們在這一領域擁有強大的機會，包括批發、零售運輸以及我們的溫度控制服務。

I'd like to also take this opportunity to share my enthusiasm for the STB's approval of our MNBR transaction.

我還想藉此機會表達我對 STB 批准我們 MNBR 交易的熱情。

This is just one example of the several unique opportunities that we are developing, which will continue to offer new optionality in a routing efficiency for our customers.

這只是我們正在開發的幾個獨特機會的一個例子，這些機會將繼續為我們的客戶提供新的路由效率選擇。

On the international intermodal front, volumes were up 12%, primarily due to onboarding their new contract with [ONE] that started up in June and lapping the impact of our port strike a year ago.

在國際多式聯運方面，貨運量增加了 12%，這主要是由於他們與 [ONE] 簽訂了 6 月開始的新合同，並消除了一年前我們港口罷工的影響。

In this space, we are excited to ever about our opportunity to grow our international cross-border service out of Lázaro.

在這個領域，我們很高興有機會在拉薩羅發展我們的國際跨境服務。

More to come as we move into 2025, but we are expanding the scope of our test shipments with a number of key customers who are interested in creating diversity and adding more resiliency into their supply chains.

隨著我們進入 2025 年，還會有更多的事情發生，但我們正在擴大我們的測試發貨範圍，與一些有興趣創造多樣性並為其供應鏈增加更多彈性的主要客戶合作。

So to close, volumes came in better than expected excluding the impact of our work stoppage, and I'm very pleased we are in a position to improve our RTM outlook to mid-single digits for the year.

因此，截至收盤，排除停工影響，銷量好於預期，我很高興我們能夠將今年的 RTM 前景改善至中個位數。

And while the macro certainly remains challenging in a few areas, we continue to have line of sight to unique growth opportunities from synergies, self help, and strong pricing.

儘管宏觀經濟在某些領域仍然面臨挑戰，但我們繼續關注協同效應、自助和強勁定價帶來的獨特成長機會。

Our outlook is supported by the reliable and resilient service that Mark spoke to, and that our operating team across three countries continues to deliver.

我們的前景得到了馬克談到的可靠和有彈性的服務的支持，以及我們遍布三個國家的營運團隊繼續提供的服務。

And I'm very excited of what we've accomplished so far this year and we'll continue to accomplish in the years ahead.

我對我們今年迄今為止所取得的成就感到非常興奮，我們將在未來幾年繼續取得成就。

With that, I'll pass it over to Nadeem.

有了這個，我會把它交給納迪姆。

Great.

偉大的。

Thanks, John, and good afternoon.

謝謝，約翰，下午好。

This quarter was marked by strong core performance and continued execution of our unique strategies that is delivering disciplined growth.

本季的特點是強勁的核心業績和持續執行我們獨特的策略，實現了有序的成長。

I'd also like to thank our best-in-class team of railroaders who continued focus on and execution that helped deliver these results, slight challenges in the quarter.

我還要感謝我們一流的鐵路人員團隊，他們持續關注和執行，幫助實現了這些成果，儘管本季度遇到了輕微的挑戰。

Now looking at our results on slide 12.

現在來看看投影片 12 上的結果。

CPKC's reported operating ratio was 66.1% and the core adjusted combined operating ratio came in at 62.9%.

CPKC 報告的營運率為 66.1%，核心調整後綜合營運率為 62.9%。

Diluted earnings per share was $0.90 and core adjusted combined diluted earnings per share was $0.99, up 8% from prior year.

稀釋每股收益為 0.90 美元，核心調整後合併稀釋每股收益為 0.99 美元，比上年增長 8%。

Taking a closer look at our expenses on slide 13, I will speak to the year-over-year variances on an FX-adjusted basis.

仔細觀察投影片 13 的支出，我將討論經匯率調整後的年比差異。

Comp and benefits expense was $644 million or $640 million on an adjusted basis.

薪資和福利費用為 6.44 億美元，調整後為 6.4 億美元。

The year-over-year increase in comp and benefits was driven by higher stock-based compensation along with inflation and volume-driven increases from higher GTM.

薪資和福利的同比增長是由更高的股票薪酬以及通貨膨脹和更高的 GTM 帶來的數量驅動的增長推動的。

This increase was partially offset by efficiency gains from reduced overtime improved train weights, improved crude utilization, and other product fit games as we continue to optimize the combined network.

隨著我們繼續優化組合網絡，這種增長被減少加班、提高列車重量、提高原油利用率以及其他產品適配遊戲帶來的效率增益所部分抵消。

Looking to Q4, we continue to expect average headcount to be roughly flat on a year-over-year basis driving further labor product [gains] as we grow volumes, particularly at bulk.

展望第四季度，我們繼續預期平均員工人數將與去年同期基本持平，隨著我們銷售的成長，尤其是批量銷售的成長，將推動勞動力產品進一步上漲。

Fuel expense was $419 million, down 2% year over year.

燃料費用為 4.19 億美元，年減 2%。

The decline was driven by lower fuel prices and a 2% improvement in fuel efficiencies for running longer and heavier trains, which resulted in $8 million in P&L savings for the quarter.

下降的原因是燃油價格下降以及運行更長和更重的火車的燃油效率提高了 2%，這使得本季度損益節省了 800 萬美元。

These savings were partially offset by volume-driven increases from higher GTMs.

這些節省金額被更高 GTM 帶來的銷售成長所部分抵消。

Material expense was $99 million or $98 million on an adjusted basis.

材料費用為 9,900 萬美元，調整後為 9,800 萬美元。

The year-over-year increase was driven by higher locomotive demands from increased fleet utilization along with higher GTM and inflation.

年比成長的原因是機隊利用率增加、GTM 和通貨膨脹增加導致機車需求增加。

We also in-sourced the locomotive maintenance contract in the quarter, which resulted in incremental material expense, but a favorable offset with in purchase services and other net savings in the quarter.

我們還在本季度內包辦了機車維護合同，這導致材料費用增加，但有利地抵消了本季度的採購服務和其他淨節省。

Equipment rents were $89 million, down 4% year over year.

設備租金為8,900萬美元，年減4%。

The decline was driven by higher receipts from increased participation in the fleet pool, reduce our higher payments along with efficiency gains from improved cycle times, and increased network velocity, partially offset by inflation.

下降的原因是增加車隊參與度帶來的收入增加、支付額的增加、週期時間改善帶來的效率提升以及網路速度的提高（部分被通貨膨脹所抵消）。

Depreciation and amortization expense was up 4% year over year, resulting from a higher asset base.

由於資產基礎較高，折舊及攤提費用年增 4%。

Purchased services and other expense was $623 million or $599 million on an adjusted basis.

購買的服務和其他費用為 6.23 億美元，調整後為 5.99 億美元。

The line was impacted by lapping insurance proceeds received in Q3 of 2023, as well as higher in-quarter casualty costs and inflation.

該保險受到 2023 年第三季收到的保險收益以及季度傷亡成本和通貨膨脹上升的影響。

These increases were partially offset by reduced intermodal services expense, efficiency savings and in-sourcing synergies, and savings on insurance renewals.

這些成長部分被多式聯運服務費用的減少、效率節省和內包協同效應以及保險續保節省所抵銷。

I'm pleased to see continued efficiency and synergy gains.

我很高興看到效率和協同效應持續提升。

We expect these gains along with the impact of lower inflation to be sustainable and continue improving our cost structure going forward.

我們預計這些收益以及較低通膨的影響將是可持續的，並繼續改善我們未來的成本結構。

As we move below the line on slide 14.

當我們移動到幻燈片 14 上的線下方。

The components of net periodic benefit recovery was $89 million in Q3, reflecting a lower discount rate compared to '23.

第三季淨定期福利回收的組成部分為 8,900 萬美元，反映出與 23 年相比較低的折現率。

Net interest expense was $192 million or $188 million, excluding the impact of purchase accounting.

扣除採購會計的影響，淨利息支出為 1.92 億美元或 1.88 億美元。

The decline was driven by reduced debt balance.

下降的原因是債務餘額減少。

Income tax expense was $262 million or $295 million on a core adjusted combined basis.

所得稅費用為 2.62 億美元，核心調整後合併基礎上的所得稅費用為 2.95 億美元。

We now expect to see [CPKC] core adjusted effective tax rate to be approximately 24.75% for the year.

我們現在預計今年 [CPKC] 核心調整後有效稅率約為 24.75%。

Turning to slide 15.

轉到投影片 15。

We are generating strong cash flow with cash provided by operating activities of $1.272 billion in Q3.

第三季經營活動提供的現金為 12.72 億美元，我們正在產生強勁的現金流。

Capital investments in safety and growth remain our priority.

安全和成長方面的資本投資仍然是我們的首要任務。

In this quarter, we reinvested $748 million, in line with our continued expectation to invest approximately $2.75 billion in 2024.

本季度，我們再投資了 7.48 億美元，符合我們對 2024 年投資約 27.5 億美元的持續預期。

As Mark discussed, we continue to make strategic investments in capacity across our network, positioning us to continue efficiently absorbing the growth that this merger has enabled.

正如馬克所討論的，我們繼續對整個網路的容量進行策略性投資，使我們能夠繼續有效地吸收這次合併帶來的成長。

We generated $523 million in adjusted combined free cash flow and continue to repay debt.

我們產生了 5.23 億美元的調整後合併自由現金流，並繼續償還債務。

Our leverage ratio is 3.1x, and we still expect to reach our target leverage of 2.5x in early 2025, at which point we will evaluate shareholder returns with our Board.

我們的槓桿率為 3.1 倍，我們仍預計在 2025 年初達到 2.5 倍的目標槓桿率，屆時我們將與董事會一起評估股東回報。

In review of the quarter, the team continued to deliver industry-leading volume growth along with continued discipline on price and cost control.

回顧本季度，該團隊繼續實現領先業界的銷售成長，同時繼續嚴格控制價格和成本。

The net impact of the work stoppage was 100 basis point headwind to the quarter, primarily driven by loss in revenue from temporary diversion and supply chain delays.

停工的淨影響比本季逆風 100 個基點，主要是由於臨時轉移和供應鏈延誤造成的收入損失。

An event along with higher casualties and stock-based comp fine for a 300 basis points or $0.11 year-over-year (inaudible) operating ratio and EPS respectively.

這一事件伴隨著更高的人員傷亡和基於股票的補償罰款，營業比率和每股收益分別比去年同期（聽不清楚）增加了 300 個基點或 0.11 美元。

As all of these impacts were isolated in the quarter, we believe that we are well positioned for sequential and year-over-year OR improvement in Q4.

由於所有這些影響在本季度都是孤立的，我們相信我們處於有利地位，可以在第四季度實現連續和同比 OR 的改善。

Our strong core performance puts us well on track to deliver double-digit core adjusted combined earnings growth in 2024 and mid-single-digit volume growth, which is an improvement from our beginning of the year at industry-leading.

我們強勁的核心業績使我們預計在 2024 年實現兩位數的核心調整後合併盈利增長和中個位數的銷量增長，這比我們年初的行業領先水平有所改善。

It's all had a strong positive some as we head into 2025 and feel good about the opportunities that we have ahead of us.

當我們邁入 2025 年時，這一切都帶來了強烈的正面影響，並對我們面前的機會感到滿意。

With that, let me turn things back over to Keith.

說到這裡，讓我把事情轉回給基斯。

Okay.

好的。

Thanks, Nadeem, John, Mark.

謝謝納迪姆、約翰、馬克。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator Instructions) Chris Wetherbee, Wells Fargo.

（操作員說明）Chris Wetherbee，富國銀行。

Yeah.

是的。

Hey, thanks.

嘿，謝謝。

Good afternoon.

午安.

Maybe if I could start like kind of higher level, Keith, I was kind of curious if I could get your take on what we've seen coming out of Mexican legislation, potentially about some railroad form down there.

也許如果我可以從更高的層次開始，基思，我很好奇我是否能得到你對墨西哥立法中我們所看到的內容的看法，可能是關於那裡的某種鐵路形式。

I want to get a sense of how you guys are thinking about that?

我想了解你們是如何看待這個問題的？

Is that something we should be concerned about from a risk perspective?

從風險角度來看，這是我們該擔心的事情嗎？

Yeah.

是的。

Great point, Chris.

說得好，克里斯。

I think the best way to kind of summarize the way I feel about it is encouraged.

我認為總結我的感受最好的方式是鼓勵。

We had some progress had some face-to-face meetings, and clearly understood the mandate from the previous government.

我們透過一些面對面的會議取得了一些進展，並且清楚地了解上屆政府的授權。

I would say that at this point, everything that's happened with the new president has only reinforced that, and in fact, expanded upon that.

我想說，在這一點上，新總統所發生的一切都只是強化了這一點，事實上，也進一步擴大了這一點。

I was very encouraged to hear a couple of weeks ago, I guess, it was on Sunday at Teatro, which is where the aspirational faster training with the destined two to Mexico City along our railway, the President announced that, not only been committed in our platform, but the vision is protect freight, regained a dedicated corridor for two passenger tracks in the adjacent railway.

幾週前，我想，那是周日在劇院，總統宣布，在這裡，與注定要沿著我們的鐵路前往墨西哥城的兩個人進行更快的訓練，總統宣布，不僅致力於我們的平台，但願景是保護貨運，重新獲得了鄰近鐵路兩條客運軌道的專用走廊。

So I think it uniquely complements.

所以我認為它具有獨特的互補性。

The other thing I'm very encouraged by, the core commitment to the environment. in her comments relative to the need to get trucks off the road to create additional pilot capacity, be friendly to environment, and bring additional business to the railway.

另一件令我深受鼓舞的事情是對環境的核心承諾。在她的評論中，需要讓卡車離開道路，以創造額外的試點能力，保護環境，並為鐵路帶來更多業務。

So we are part of the solution.

所以我們是解決方案的一部分。

And as long as they're part of the solution, I think with a very sovereign country that's focused on growth and being part of a strong brief plate-commerce system, I think you're in a good spot.

只要它們是解決方案的一部分，我認為對於一個專注於成長並成為強大的簡短板塊商務系統一部分的主權國家來說，我認為你處於一個很好的位置。

So again, encouraged.

如此，再次受到鼓勵。

Okay.

好的。

That's helpful.

這很有幫助。

And just one point on sort of clarification.

只是澄清一點。

Just Nadeem, you talked in the short term about some improvement both sequentially and year over year in the operating ratio in the fourth quarter.

納迪姆先生，您在短期內談到了第四季度營運比率的環比和同比有所改善。

I don't know if maybe you could put a little bit of a finer point on some of the opportunity here because obviously, RTMs seem like they're ramping back up.

我不知道您是否可以對這裡的一些機會進行更詳細的闡述，因為顯然，RTM 似乎正在回升。

There's growing opportunities in the fourth quarter that could be probably accretive from an OR perspective.

從 OR 的角度來看，第四季的機會可能會增加。

Any other incremental thoughts that we should think about for the fourth quarter specifically?

我們還應該具體考慮第四季度的其他增量想法嗎？

Yeah.

是的。

And so we had that labor disruption that has a 1000 basis point headwind to the -- OR in Q3.

因此，我們在第三季度遇到了勞動力中斷，對 OR 有 1000 個基點的阻力。

Obviously, we had a very unfortunate derailment, more relaxed North Dakota that was about $60 million expense hit.

顯然，我們發生了一次非常不幸的出軌事件，北達科他州比較寬鬆，損失了約 6000 萬美元的費用。

And so those are two unique items.

所以這是兩個獨特的項目。

Soft-based comp was a big headwind in Q3.

基於軟體的競爭是第三季的一大阻力。

So when I look at those onetime items not occurring again in the fourth quarter and I look at the opportunity for operating leverage, grain has started off quite strong.

因此，當我查看第四季度不再出現的那些一次性項目以及營運槓桿的機會時，穀物的開局相當強勁。

We had a robust crop ahead of it.

我們的農作物豐收。

We had a strong bulk outlook as a whole to factor all of that together and the ability to move at a low incremental cost, I think, Chris, I believe that we have the opportunity sequentially to have a 500-basis point improvement in the OR.

我們有一個強大的整體前景，將所有這些因素結合在一起，並且有能力以較低的增量成本進行移動，我認為，克里斯，我相信我們有機會連續在 OR 方面實現 500 個基點的改進。

We'll stay tuned.

我們將繼續關注。

Appreciate the time, thank you.

珍惜時間，謝謝。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

Yeah.

是的。

Thanks formuch, operator.

謝謝您，接線生。

Good afternoon.

午安.

So I'd like to talk a bit about your volume growth here.

所以我想在這裡談談你們的銷售成長。

I mean you increased your projection here on expectations for this year.

我的意思是，您在這裡增加了今年預期的預測。

Just curious, this is on a backdrop of still a weak macro environment.

奇怪的是，這是在宏觀環境仍然疲軟的背景下發生的。

So presumably, you're getting a lot of acetic volumes here.

所以想必，你在這裡得到了大量的醋酸。

Can you talk a little bit about those?

您能談談這些嗎？

And in particular, is it causing you to somewhat rethink your 28 targets of $1.5 billion revenue synergy on the upside or even your $5 billion kind of revenue pipeline as you've seen a little bit more opportunities and what's developing on this new network?

特別是，當您看到更多的機會以及這個新網路的發展時，它是否會導致您重新考慮 15 億美元收入協同效應的 28 個目標，甚至是 50 億美元的收入管道？

Are you seeing upward revisions to that kind of outlook?

您是否看到這種前景的向上修正？

Well, maybe I'll start, Walter.

好吧，也許我會開始，沃爾特。

Thanks for the question.

謝謝你的提問。

Focusing on the near term, as the team has already spoken about, our bulk franchise is very encouraging.

著眼於近期，正如團隊已經談到的那樣，我們的大宗特許經營權非常令人鼓舞。

Not only do we have a strong Canadian grain crop that I think sort of well-known and moving well, but we also have a really strong crop, not only in our Upper Plains North Dakota, Minnesota region but also down into Missouri, the legacy KCS region.

我們不僅擁有強勁的加拿大穀物作物，我認為這種作物是眾所周知且發展良好的，而且我們的作物也非常強勁，不僅在我們的北達科他州和明尼蘇達州的上平原地區，而且在密蘇裡州，傳統的遺產中南半島地區。

So really, I'm going to say the perfect storm as it relates to green and opportunities to move a lot of freight in that space at low incremental margins.

所以說真的，我要說的是完美風暴，因為它與綠色以及在該領域以低增量利潤運輸大量貨物的機會有關。

Now if you look beyond that in the bulk, we've got, as I said, record potash demand coming from Canpotex on the export front, but also given some of the struggles, Mosaic and others had in Q3 on the domestic front.

現在，如果你從整體上看，正如我所說，Canpotex 在出口方面的鉀肥需求創紀錄，但也考慮到 Mosaic 和其他公司在第三季度在國內方面遇到的一些困難。

We have a really strong domestic pull right now also.

我們現在也有非常強大的國內吸引力。

So I feel really good about the fertilizers and potash space.

所以我對化肥和鉀肥領域感覺非常好。

And frankly, we have some catch-up to do with Elk Valley and our coal opportunities, not only in Canada, but also a fair amount of maybe stronger demand of our legacy coal franchise in the US.

坦白說，我們需要在麋鹿谷和我們的煤炭機會方面進行一些追趕，不僅在加拿大，而且對我們在美國的傳統煤炭特許經營權的需求也可能更強勁。

So the bulks are set up well.

所以散裝設定得很好。

We've seen an uptick in our domestic intermodal business across Canada, and we continue to perform well in our new MMX service.

我們看到加拿大各地的國內多式聯運業務有所成長，我們的新 MMX 服務持續表現良好。

I think the last I looked if you kind of neutralize for some of the headwinds on the business that left our network, we're up 27%, I believe, on the year in growth on that train.

我認為，如果你能抵消我們網路業務中的一些不利因素，我認為，我認為，我相信，我們今年的成長速度是 27%。

So good outlook there.

那裡的前景很好。

International intermodal, frankly since COVID it's been tough to really tell how those international intermodal volumes will move up and down, but the lineup right now to close out the year with our customers continues to look strong.

國際多式聯運，坦白說，自新冠疫情以來，很難真正判斷這些國際多式聯運量將如何上下波動，但目前與我們的客戶一起結束這一年的陣容看起來仍然很強大。

And in fact, we're seeing some really good growth according to John with our services out there.

事實上，根據約翰的說法，我們的服務取得了一些非常好的成長。

So I feel pretty decent about the intermodal area.

所以我對聯運區感覺還不錯。

As I said, we're going to continue to battle in some of those merchandise and forest product areas for the foreseeable future.

正如我所說，在可預見的未來，我們將繼續在某些商品和林產品領域進行戰鬥。

But I think what makes us unique and maybe to your part of your question is, there's so many extended late of haul in new business development opportunities in the EPP space, the leverage of the franchise, and frankly, in the merchandise and forest product space also that we've been able to, I would say, maybe outpaced the industry a little bit in those areas.

但我認為我們的獨特之處也許是您的問題是，EPP 領域的新業務發展機會、特許經營權的槓桿作用以及坦率地說，在商品和林產品領域有很多長期的新業務發展機會我想說的是，我們在這些領域也許比業界領先了一點。

And what gives me comfort is we start to see any sort of rebound in some of those macro areas that I think it's going to be quite a tailwind.

讓我感到安慰的是，我們開始看到某些宏觀領域出現任何形式的反彈，我認為這將是一個很大的推動力。

So all that to say, I feel comfortable with we sit roughly around 4% RTM year to date right now.

綜上所述，我對今年迄今為止 RTM 大約為 4% 左右感到滿意。

I see the demand out there to improve on that as we move through the final couple of months of the year.

隨著今年最後幾個月的到來，我看到了對此有所改善的需求。

Work hard with our customers in the supply chain to make that happen.

與供應鏈中的客戶共同努力實現這一目標。

And frankly, I certainly believe alter the future is bright as I look into the future and what 2025 and beyond looks like.

坦白說，當我展望未來以及 2025 年及以後的情況時，我當然相信未來是光明的。

But I think I'd leave it at that in terms of what our outlook is in those outers.

但我認為就我們對這些外在因素的看法而言，我會就此保留。

Great color.

顏色很棒。

I appreciate it, John.

我很感激，約翰。

John Chappell, Evercore ISI.

約翰·查佩爾，Evercore ISI。

Thank you.

謝謝。

John, I'm going to stick with you.

約翰，我會和你在一起。

From any way we measure yield, whether it's whether per RTM or revenue per carload, the numbers are pretty strong.

從我們衡量產量的任何方式來看，無論是每 RTM 還是每車收入，數字都相當強勁。

So just generally on kind of core pricing momentum, but also I just wanted to highlight auto and intermodal from a revenue per RTM perspective, a little bit of pressure there.

因此，總的來說，就核心定價動力而言，我只是想從每 RTM 收入的角度強調汽車和多式聯運，那裡有一點壓力。

Is that a length of haul issue?

是航程長短的問題嗎？

Was that a new service kind of mark-to-market?

這是一種以市場定價的新服務嗎？

Or were there any kind of more extreme competitive pressures between those segments that maybe have been lagged the portfolio?

或者這些可能落後於投資組合的細分市場之間是否存在任何更極端的競爭壓力？

Yeah.

是的。

Thanks, John.

謝謝，約翰。

You nailed it.

你成功了。

I'll give you the stats.

我會給你統計數據。

Our automotive haul in the quarter was up 17%, and our intermodal lane hall about 20%.

本季我們的汽車運輸量成長了 17%，聯運車道大廳成長了約 20%。

So that is exactly what you saw in those numbers.

這正是您在這些數字中看到的。

You don't have a whole, I would say, I'm confident that this team has taken out of park in terms of pricing for the value of the service and the capacity that this network has.

我想說，你沒有一個整體，我相信這個團隊在服務價值和網路容量的定價方面已經取得了突破。

I'm super pleased with our year-to-date performance, just to be candid.

坦白說，我對我們今年迄今為止的表現非常滿意。

We're actively running north of 5% in a lot of those discussions and outcomes with those contracts.

在這些合約的許多討論和結果中，我們積極地進行了 5% 以上的討論。

And we feel good about that as we do that.

當我們這樣做時，我們感覺很好。

That gives us a nice tailwind as you think about 2025 and what our same-store looks like.

當你思考 2025 年以及我們的同店是什麼樣子時，這給我們帶來了良好的順風。

No doubt there's certain areas we're feeling more pressure.

毫無疑問，在某些領域我們感受到了更大的壓力。

And certainly the intermodal space with all the trucking capacity in the cheaper stock rates for trucks.

當然，還有具有所有卡車運輸能力且卡車庫存價格更便宜的多式聯運空間。

That has been a little more challenging.

這更具挑戰性。

But look, we start to see a little bit of tightening as we move into 2025 in that space.

但是，隨著進入 2025 年，我們開始看到這一領域出現了一些收緊。

And honestly, there may a little bit of catch-up opportunity.

老實說，可能還有一些追趕的機會。

I guess maybe the last point, John, and I think the important just to point out, if you look into Q4, as you know we are looking at pretty a significant fuel headwind as it relates to that sense for RTM, but maybe just something to keep an eye on.

我想也許是最後一點，約翰，我認為重要的是要指出，如果你看看第四季度，你知道我們正在考慮相當大的燃料逆風，因為它與 RTM 的感覺有關，但也許只是一些東西密切關注。

Helpful.

有幫助。

Thank you, John.

謝謝你，約翰。

Fadi Chamoun, BMO Capital Markets.

Fadi Chamoun，BMO 資本市場。

Yeah.

是的。

Good evening, thanks.

晚上好，謝謝。

Kind of staying on the commercial side a little bit.

有點停留在商業方面。

So the Gemini Alliance, I think, announced some schedules, they start up their service in February.

所以我認為雙子座聯盟宣布了一些時間表，他們在二月開始提供服務。

And we've noticed kind of they're highlighting three ports to serve being part of their loops.

我們注意到他們突出顯示了三個連接埠作為其循環的一部分。

And I was wondering if you have any insight into what this might mean or translate into your network or your share in that kind of lines as we go into 2025?

我想知道，當我們進入 2025 年時，您是否對這可能意味著什麼或轉化為您的網路或您在此類線路中的份額有任何見解？

And kind of a follow-up on some of the discussion earlier, like Keith, if you're not kind of prepared at this point to talk about volume growth guidance for 2025, can you give us an idea what you feel this synergy pipeline will look like as we progress in 2025?

這是之前一些討論的後續，例如 Keith，如果您現在還沒有準備好談論 2025 年的銷量增長指導，您能否告訴我們您認為這個協同管道將帶來什麼？

Or I think you said in the prior call, $800 million exit run rate for '24, what does this look like 12 months from now?

或者我想你在之前的電話會議中說過，24 年的退出運行率為 8 億美元，從現在起 12 個月後會是什麼樣子？

If you can provide any come inside into that?

您是否可以提供任何內部資訊？

Okay.

好的。

So there's a few pieces on tack there, Fadi.

Fadi，有一些事情要解決。

I'll start off with Gemini.

我將從雙子座開始。

Certainly, we have had a long-standing and really, I would say, strategic at the highest level relationship with Hapag-Lloyd, a tremendous amount of respect between our companies to grow, to expand our partnerships where we can to be very strategic.

當然，我們與赫伯羅特有著長期的、真正的、真正的、戰略性的最高級別的關係，我們公司之間非常尊重，以促進我們的發展、擴大我們的合作夥伴關係，從而使我們能夠變得非常具有戰略意義。

So certainly, we feel very good about their prominence as part of that alliance.

當然，我們對他們作為該聯盟的一部分的突出地位感到非常滿意。

As we know also, we've expanded our relationship over the years, most recently with Maersk in the development of our transload facility in Vancouver, where we utilized our land assets and build partner with them to build that facility.

我們也知道，多年來我們擴大了我們的關係，最近與馬士基合作開發了我們在溫哥華的轉運設施，我們利用我們的土地資產並與他們建立合作夥伴來建造該設施。

But also we've steadily grown our trust and our relationship with their IPI business not only into Canada and down into the US.

而且我們與他們的 IPI 業務的信任和關係也穩步成長，不僅擴展到加拿大，還擴展到美國。

So naturally, I think we feel really excited about the Gemini opportunity.

所以很自然地，我認為我們對雙子座的機會感到非常興奮。

Frankly, there, precision model that they want to deploy and how they deploy their ships in their assets and their port terminals really matches up philosophically with how Mark and Keith drive our rail operations on a daily basis.

坦白說，他們想要部署的精確模型以及他們如何在其資產和港口碼頭中部署船舶，在哲學上確實與馬克和基斯每天推動我們的鐵路運營的方式相匹配。

And I think that could yield a really positive strategic relationship.

我認為這可能會產生真正積極的戰略關係。

Not like it's in the early days, and we're working through what that's going to look like.

與早期不同，我們正在研究未來的情況。

But I just take, for instance, Lazaro and specifically to the synergies you were asking about.

但我只是以拉札羅為例，特別是你所問的協同效應。

That scenario where it hasn't grown in that opportunity for cross-border, or maybe hasn't grown as much as we initially thought or as fast as we initially thought, but with APM terminals and making the investments they're making and I think the commitment Gemini has to grow that business.

在這種情況下，它沒有在跨境機會中增長，或者可能沒有像我們最初想像的那樣增長，或者沒有我們最初想的那麼快，但是有了 APM 終端並進行了他們正在進行的投資，我認為雙子座必須致力於發展該業務。

Along with the investments that Hutchinson's making, we see a tremendous opportunity to begin to see that volume grow through that Lazaro terminal.

隨著哈金森的投資，我們看到了一個巨大的機會，可以看到拉扎羅碼頭的貨運量開始成長。

I will mention to you, Lazaro is still the fastest growing North American port that's out there.

我要向您提及的是，拉札羅仍然是北美成長最快的港口。

I think year to date, 32%, the last I saw volumes are up.

我認為今年迄今為止，32%，這是我最後一次看到的成交量上升的情況。

I can tell you, our rail volumes are up 27%.

我可以告訴你，我們的鐵路運輸量增加了 27%。

Now again, the majority of that is servicing domestic Mexico.

現在，其中大部分是為墨西哥國內服務的。

But again, we are seeing a fair number of, I would say, singles and doubles as we expand that service.

但我想說，隨著我們擴大這項服務，我們再次看到了相當數量的單打和雙打。

Maybe the last piece on Gemini.

也許是關於雙子座的最後一篇文章。

I think this is worth mentioning is with the investments that DP World has made at Port of St. John, it's really beginning to unlock the next function of capacity at that terminal from the 300,000 TEU a year potential to 800,000 TEU year with the development in addition of cranes at that port.

我認為值得一提的是，隨著 DP World 在聖約翰港的投資，它確實開始釋放該碼頭的下一個容量功能，從每年 300,000 TEU 的潛力到每年 800,000 TEU 的發展，在該港口增加起重機。

So again, I think just another example of how we potentially believe the partnership and an expanded service calling into that port to generate growth in 2025.

再說一遍，我認為這只是我們如何相信這種合作夥伴關係以及透過該港口擴展的服務將在 2025 年帶來成長的另一個例子。

Specific to the synergies in the exit run rate, I continue to feel really good.

具體到退出運行率的協同效應，我仍然感覺非常好。

Obviously, you only got a couple of months to go with our exit run rate of $800 million to close out this year.

顯然，距離我們今年 8 億美元的退出運行率只有幾個月的時間了。

I'm probably not allowed to give you any guidance beyond that into 2025 other than I feel no reason why if we keep doing the things we do, we execute on business development opportunities in MNDR, the Lazaro, the Gemini, you'll begin to see our Americold project in Kansas City and other locations unfold.

到 2025 年，我可能不被允許為您提供任何指導，除了我覺得沒有理由為什麼如果我們繼續做我們所做的事情，我們在 MNDR、Lazaro、Gemini 中執行業務發展機會，您就會開始來看看我們在堪薩斯城和其他地點的Americold 計畫的展開情況。

We continue to gain momentum with our MMX service North South.

我們的 MMX 服務 North South 繼續保持強勁勢頭。

I see no reason why we can't see that synergy number continue at the pace of growth that you've seen through the first, I guess, two years of our controls.

我認為我們沒有理由看不到協同效應數字繼續以您在我們控制的第一兩年中看到的增長速度。

That's great.

那太棒了。

Thanks.

謝謝。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks.

嘿，謝謝。

Good afternoon, guys.

下午好，夥計們。

So I don't know if this is for Nadeem or Keith.

所以我不知道這是給 Nadeem 還是 Keith 的。

As I think back to the Analyst Day last year, you talked about a sort of multiyear high single-digit revenue, I guess, probably mid- to upper teens earnings growth.

當我回想起去年的分析師日時，您談到了一種多年高個位數的收入，我猜，可能是中上十幾歲的盈利增長。

And I think you told us '24 might be less than that, right, because you don't have the buyback yet.

我想你告訴我們 '24 可能會比這個少，對吧，因為你還沒有回購。

It sounds like the buyback is going to start next year.

看來回購要從明年開始了。

So I know Nadeem, Keith, any puts and takes we should be thinking about for next year that you know about at this point that makes that algorithm more or less likely to play out?

所以我知道納迪姆、基思，明年我們應該考慮哪些看跌期權和看跌期權，您現在知道這些會讓該演算法或多或少有可能發揮作用？

Yes, Scott.

是的，斯科特。

I mean, obviously, we'll give our formal guidance in January, for results.

我的意思是，顯然，我們將在一月份給出正式的指導結果。

But I think you captured it well.

但我認為你捕捉得很好。

Nothing is changing as far as our multiyear outlook.

就我們的多年前景而言，一切都沒有改變。

We're holding the line in terms of what we guided to last June, which was, as you said, high single-digit revenue growth, double-digit EPS growth, CapEx of that around '26 to '28 range.

我們堅持去年 6 月的指導方針，正如您所說，高單位數收入增長、兩位數每股收益增長、資本支出約為 26 至 28 年範圍。

And as you said, we're not getting no benefit to the buyback now, but we should start seeing that benefit next year once we reinstitute a buyback program.

正如您所說，我們現在並沒有從回購中獲得任何好處，但一旦我們重新啟動回購計劃，我們應該會在明年開始看到這種好處。

So as I look at where wwe're exiting 2024, we know we've got a strong crop ahead of us.

因此，當我審視 2024 年《WWE》的退出時，我們知道我們將迎來豐收。

We know some of our key wins and synergy opportunities are going to give us a very idiosyncratic opportunity to grow and be an industry leader growth again next year, I would fully expect.

我們知道，我們的一些關鍵勝利和協同機會將為我們提供一個非常獨特的機會，讓我們在明年再次成長並成為行業領導者，我對此充滿期待。

So you can assume that what we guided to is we'll start hitting our stride in 2025.

因此，您可以假設我們的指導方針是我們將在 2025 年開始邁出步伐。

And so no reason why we shouldn't be able to what you just mentioned in terms of our 2025 numbers.

因此，我們沒有理由不能實現您剛才提到的 2025 年數字。

Helpful.

有幫助。

Thank you, guys.

謝謝你們，夥計們。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Hi, good afternoon.

嗨，下午好。

I wanted to see, John, if you could give some thoughts on where you might be more optimistic in 2025 just in terms of which markets do you think can really continue to go strong and be drivers of growth?

約翰，我想知道您是否可以就您認為 2025 年哪些市場真正能夠繼續強勁並成為增長驅動力方面可能更加樂觀的問題發表一些想法？

And then also, I guess, Mark.

我想，還有馬克。

Mark made some content at the beginning about some capacity investments that potentially enable you to -- I don't know if that creates more growth opportunity as you add some capacity.

馬克在一開始做了一些關於一些容量投資的內容，這些投資可能使您能夠——我不知道當您增加一些容量時這是否會創造更多的成長機會。

But just some thoughts about where should we be most optimistic in '25 in terms of specific markets?

但是，我們想談談 25 年在特定市場中哪些方面我們應該最樂觀？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Tom.

謝謝，湯姆。

So I think 2025 could shape up, at least in my mind, a little bit how we're closing out this year in terms of -- I don't know what we're going to get out of the organic base book if we're going to see a turnaround and rebound and some tailwind there.

所以我認為，至少在我看來，2025 年可能會在一定程度上影響我們今年的收官方式——我不知道如果我們能夠從有機基礎書中得到什麼我們將會看到好轉、反彈以及一些順風車。

And certainly, hoping for, but we're not count on it.

當然，我們希望如此，但我們並不指望它。

This kind of is going to repeat in terms of self-help initiatives and over deliver the synergies.

這種情況將在自助措施方面重複出現，並過度發揮協同作用。

And it is really that list that I just spoke to that excites me.

正是我剛剛談到的這份清單讓我興奮不已。

I do believe there's an opportunity for good growth in international intermodal, not only with Gemini or as I spoke to quite a bit with other players.

我確實相信國際多式聯運有良好成長的機會，不僅與 Gemini 合作，而且正如我與其他參與者交談過的那樣。

And now with our diversity across Vancouver, St. John, and down in Lazaro, I think, gives us a strong growth platform.

現在，我們在溫哥華、聖約翰和拉扎羅的多元化，我認為，為我們提供了一個強大的成長平台。

Ramp up of MMX still get marked on me quite a bit that we're not running a lot of trains on that service.

MMX 的提升仍然讓我印象深刻，因為我們沒有在該服務上運行很多列車。

And so I have a definite opportunity to continue to price into and fill up that North-South service.

因此，我有一個明確的機會繼續定價並填補南北服務。

Now, the good news is I see a strong decline of opportunity on [driving] and auto parts on a whole variety of different items, and we haven't even really scratched the surface on our refrigerated product.

現在，好消息是我看到各種不同產品的[駕駛]和汽車零件的機會大幅下降，而且我們甚至還沒有真正觸及我們的冷藏產品的表面。

I'll remind you that facility that Americold building will be up and running here of call it June, July of '25.

我要提醒您的是，Americold 大樓將在這裡建成並運行，稱為 25 年 6 月、7 月。

But I can also tell you, we've been very candid about this is about creating an ecosystem.

但我也可以告訴你，我們非常坦誠地表示這是為了創造一個生態系統。

It's about creating a differentiated product in the marketplace that really go after truck volumes that are moving today.

這是為了在市場上創造一種差異化的產品，真正滿足當今卡車運輸量的需求。

So I see the opportunity as we move into 2025 to expand the number of terminals we have colocated in this area, two or three or four more facilities which again gives us that ecosystem that excites me.

因此，當我們進入2025 年時，我看到了擴大我們在該地區共建的航站樓數量的機會，增加兩個、三個或四個設施，這再次為我們提供了令我興奮的生態系統。

And maybe one of the last areas, and we don't talk about a lot is our carload business, Tom.

也許最後的領域之一，我們不常談論的是我們的整車業務，湯姆。

It's an area of kind of the world of singles and doubles.

這是一個單打和雙打世界的區域。

But again, also really accretive business to our portfolio.

但同樣，這也確實為我們的投資組合帶來了業務增值。

And the team there has done a great job as I think about how we expand our presence in the markets in Texas, particularly Dallas.

當我思考如何擴大我們在德州（尤其是達拉斯）市場的影響力時，那裡的團隊做得非常出色。

How we continue to expand our fuel terminals in the Toronto and in Eastern Canadian markets.

我們如何繼續擴大多倫多和加拿大東部市場的加油站。

And then also the ongoing demand that we're seeing, really, as you think about that golf region to grow our aggregate business down in there and creating transload and solutions to service those markets.

然後，當您考慮高爾夫地區時，我們確實看到了持續的需求，以發展我們在那裡的整體業務，並創建轉運和解決方案來服務這些市場。

So those are a few of the key ones and I really did mentioned auto, Tom, as you think about that area, because we still have a lot of contracts out there that are going to be rolling over that we think we've got a really good service product to offer those OEMs.

所以這些是一些關鍵的，我確實提到了汽車，湯姆，當你想到這個領域時，因為我們仍然有很多合約將要滾動，我們認為我們已經有一個為那些原始設備製造商提供真正好的服務產品。

Great.

偉大的。

That's very helpful.

這非常有幫助。

From the capital side, what I would say, as John brings this business on, obviously, we don't need to work on getting some of these local in mainline where we can pass trains.

從首都方面來看，我想說的是，隨著約翰開展這項業務，顯然，我們不需要努力在主線中獲得一些本地的，這樣我們就可以通過火車。

When we talked earlier, that's what we what we're focused on to make sure yard separations, local separations.

當我們之前談到時，這就是我們所關注的重點，以確保院子裡的隔離、當地的隔離。

We can continue to run an operation parallel with the road services.

我們可以繼續與道路服務並行開展業務。

The biggest thing we'll hit at the end of this year is really double the capacity of Laredo Bridge.

今年年底我們將遇到的最大的事情是拉雷多大橋的容量翻倍。

KCS made that investment.

KCS 進行了這項投資。

We finished it.

我們完成了。

We'll bring it across the finish line here soon, and that will create a lot of capacity to get across the bridge 181, 180 amongst other grains and other product that could go across as well.

我們很快就會把它帶到這裡的終點線，這將創造大量的能力來跨越 181、180 橋以及其他可以通過的穀物和其他產品。

Another piece is really just Kansas City just as we treated it as two railroads years ago, as we look at it today as one network, we don't want to drive everything into Kansas City, we want to create that path where we could bypass Kansas city for dwell purposes, for speed for car up and running.

另一部分實際上是堪薩斯城，就像我們幾年前將其視為兩條鐵路一樣，當我們今天將其視為一個網絡時，我們不想將所有東西都駛入堪薩斯城，我們希望創建一條我們可以繞過的路徑堪薩斯城用於居住目的，用於汽車啟動和運行的速度。

So working through those capacity changes as well.

因此，也要應對這些容量變化。

So John continue to grow the business, but we can serve the customers as they expect to serve.

因此，約翰繼續發展業務，但我們可以按照客戶期望的方式為他們提供服務。

Great.

偉大的。

Thank you.

謝謝。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, great, good afternoon.

嘿，太好了，下午好。

Nadeem, that was a great rundown before on the kind of potential for 500 basis points sequential or improvement.

Nadeem，這是先前對 500 個基點連續或改善潛力的一個很好的總結。

You talked about the 100 basis point impact.

您談到了 100 個基點的影響。

Can you clarify, you just want so quick that the 300 basis point impact you just went there.

您能否澄清一下，您只是希望盡快達到 300 個基點的影響。

I just want to make sure I understand the dfifference.

我只是想確保我理解其中的差異。

And then my question for John is thoughts on potential for additional tariffs.

然後我要問約翰的問題是關於額外關稅的可能性的想法。

If we get an administrative change here, your thoughts on imports to Mexico, Canada, maybe cross-border, how should we be thinking about this as we prep over the next few weeks?

如果我們在這裡進行行政變更，您對墨西哥、加拿大甚至跨境進口的想法，我們在未來幾週的準備過程中應該如何考慮這個問題？

Yes.

是的。

Ken, the year-over-year impact of stock-based comp was as part of the 300 basis points.

Ken，股票比較的年比影響是 300 個基點的一部分。

And then we had a $50 million increase year over year on derailment costs, $60 million came from one in particular in borderlax.

然後，我們的脫軌成本逐年增加了 5,000 萬美元，其中 6,000 萬美元來自邊境鬆弛。

So that, combined with 100 basis points from the impact of the work stoppage is the full 300 basis points.

這樣，加上停工影響的 100 個基點，就是整整 300 個基點。

Yeah, Ken, look, it's a little bit of wait and see, obviously, on how that's going to play out.

是的，肯，聽著，顯然，這需要等待一段時間，看看事情會如何發展。

Again, I'm really encouraged the basis the comments Keith made earlier around kind of the administration in Mexico saying the line or maybe even double down a little bit here most recently around the desire to grow and to support commerce in Mexico to support North America.

再次，我真的很受鼓舞，因為基斯早些時候就墨西哥政府發表的評論說，最近圍繞增長和支持墨西哥商業以支持北美的願望，甚至可能加倍努力。

I kind of resting a little bit on the fact that whatever administration comes into play, I think commerce for North America is important.

我有點相信這樣一個事實：無論政府如何發揮作用，我認為北美的商業都很重要。

And ultimately, I think whether you look back at the current administration or maybe the one previous to that, that is what on the day.

最終，我認為無論你回顧現任政府還是前任政府，這就是今天的情況。

USMCA was obviously created during the first Trump administration, and ultimately turns into, I think, a good piece of policy for the three countries.

USMCA 顯然是在川普第一屆政府期間創建的，我認為最終成為這三個國家的好政策。

So we'll navigate it.

所以我們將對其進行導航。

Obviously, we're staying close with our customers on this file.

顯然，我們在這個文件上與客戶保持密切聯繫。

We're going to be active, no doubt, with whatever government in place in the US and also in Mexico and Canada.

毫無疑問，無論美國、墨西哥和加拿大的政府如何，我們都會積極參與。

And we'll navigate whatever those tariffs may or may not look like as we move into the future.

當我們走向未來時，我們將應對這些關稅可能會或可能不會的情況。

Great.

偉大的。

Thanks, John.

謝謝，約翰。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Yeah.

是的。

Thanks.

謝謝。

Appreciate taking the questions.

感謝接受提問。

Maybe just a couple of quick follow-ups for John there.

也許只是對約翰進行一些快速跟進。

Would you say you've already felt some of the act of this uncertainty with constitutional reform the passenger rail, just the broader tariff question in the elections and the transition of both administrations in the US and Mexico.

您是否會說，您已經感受到了客運鐵路憲法改革、選舉中更廣泛的關稅問題以及美國和墨西哥兩屆政府的過渡所帶來的一些不確定性。

I mean, foreign direct investment has been pretty soft for a little while.

我的意思是，外國直接投資一段時間以來相當疲軟。

So do you think you've already felt and seen some of this and the potential for it to improve when there's some certainty in terms of what the rules of the game are?

那麼，您是否認為您已經感受到並看到了其中的一些內容，以及當遊戲規則有一定確定性時，它有改進的潛力？

And then just maybe more specific -- it looks like there's been some trouble south of the border with your competitor handling some of the green shipping over there.

然後也許更具體一點——看起來邊境以南遇到了一些麻煩，你的競爭對手在那裡處理一些綠色運輸。

So you talked about a strong grain harvest and then the second bridge of the Laredo, I think that's an opportunity for you guys to pick up some additional share given the circumstances?

所以你談到了糧食豐收，然後是拉雷多第二座大橋，我認為鑑於目前的情況，這是你們獲得一些額外份額的機會？

I think it's hard to tell in terms of any impact.

我認為很難說有什麼影響。

We're talking about it actually prior to the call a little bit.

我們在通話之前實際上正在討論這個問題。

There's so much activity that's been announced in Mexico to support the auto industry, plastics, appliances, live goods, that we continue to work through with those customers down there that presents huge opportunities for our cross-border shipments.

墨西哥宣布了許多支持汽車工業、塑膠、電器、生活用品的活動，我們將繼續與那裡的客戶合作，這為我們的跨境運輸提供了巨大的機會。

It really gets tough for me to see if it is a remark slowdown or not.

我真的很難判斷這是否是評論速度減慢。

I think my answer is, no, I really haven't seen any effect at this point.

我想我的答案是，不，我目前還沒有看到任何效果。

And actually, just most recently, I can tell you we are down in front of some folks that just announced some recent production down in Mexico.

事實上，就在最近，我可以告訴你，我們領先於一些剛剛宣布墨西哥最近產量下降的人。

And there was no apprehensiveness from them whatsoever in terms of moving forward with their investments.

他們對推進投資沒有任何擔憂。

And that was foreign investment going into Mexico.

這就是進入墨西哥的外國投資。

So I'm going to have to just see how that plays out.

所以我得看看結果如何。

I think the fundamentals just continue to support a North American economy continue to make sense.

我認為基本面繼續支持北美經濟仍然有意義。

You mentioned about the grain, some of the grain challenges in that.

您提到了穀物，以及其中的一些穀物挑戰。

Yeah, I think we've certainly seen some opportunities migrate to our network.

是的，我認為我們確實看到了一些機會遷移到我們的網路。

But I'll also tell you you've heard this for a long time.

但我還要告訴你，你已經聽了很久了。

We're not going to oversubscribe, we're not going to oversell.

我們不會超額認購，也不會超額銷售。

We're going to be very disciplined on what those opportunities look like.

我們將非常嚴格地對待這些機會。

And that doesn't mean we're not willing to work with our other class one partners, because we certainly -- we are and we do.

這並不意味著我們不願意與其他一級合作夥伴合作，因為我們確實願意，而且確實願意。

But I also want to make sure that if we're going to take on the new business done in those lanes that market has seen can execute it because as we've said a number of times, building that trust with the customer is paramount.

但我也想確保，如果我們要在市場已經看到的這些通道上開展新業務，我們可以執行它，因為正如我們多次說過的那樣，與客戶建立信任至關重要。

And once you (inaudible) it, it became the (inaudible) harder so to get it back on railroad.

一旦你（聽不清楚）它，它就變得（聽不清楚）更難，所以讓它回到鐵路上。

And then I guess last, you said the second bridge, you're darn right, I believe it's each sales tool.

然後我想最後，你說第二座橋，你說得對，我相信這是每個銷售工具。

It is something that myself and my team and our team down Mexico are making sure our customers understand that additional capacity lifts that we're going to gain that not only will continue promote, I think, world-class fluidity through Laredo, but also give us the capacity to grow and grow with certainty with those opportunities that I'm talking about.

我和我的團隊以及墨西哥的團隊正在確保我們的客戶了解我們將獲得的額外產能提升，我認為這不僅將繼續促進拉雷多的世界級流動性，而且還將提供我們有能力通過我所說的這些機會來成長和成長。

So CKS presents a significant opportunity for my team and in the future.

因此，CKS 為我的團隊和未來提供了重要的機會。

Steve Hansen, Raymond James.

史蒂夫漢森，雷蒙德詹姆斯。

Thanks for the time, guys.

謝謝你們抽出時間。

John, I want to follow up on your last comments on grain.

約翰，我想跟進您對穀物的最新評論。

I think you've spoken pretty positively to the North-South garin [women] here for the past two or three quarters now. it's obviously somewhat crop dependent, but how would you characterize your progress so far in grain in establishing that new North South Corridor or North Corridor, you've been trying to work on relative to your initial expectations?

我認為在過去的兩到三個季度裡，您對這裡的南北加林[女性]發表了非常積極的講話。這顯然在某種程度上取決於作物，但您如何描述迄今為止在建立新的南北走廊或北部走廊方面，相對於您最初的期望，您在糧食方面取得的進展？

Yes, I'd say we're ahead of pace a little bit on that front.

是的，我想說我們在這方面領先了一點。

If you just think about our makeup of synergies and grain that's coming off of the legacy CP network terminating on the legacy KCS network, we're, I would say, ahead of pace.

如果您只考慮我們從傳統 CP 網路終止於傳統 KCS 網路的協同效應和顆粒組成，我想說，我們處於領先地位。

But in no order, I want to be on that front, Steve.

但無論如何，我都想站在這方面，史蒂夫。

I truly believe we're just scratching the surface in terms of creating optionality for those grain companies to sell into different markets like they've never had in the past.

我堅信，在為這些穀物公司創造向不同市場銷售產品的選擇權方面，我們只是觸及了表面，這是他們過去從未有過的。

My CEO would always tell me, I always complain that I didn't have enough grain markets for my shippers, and we don't have that credit now.

我的執行長總是告訴我，我總是抱怨我沒有足夠的糧食市場供托運人使用，而我們現在沒有這種信用。

We've got a really good service product to go into the South and into Mexico.

我們有非常好的服務產品可以進入南方和墨西哥。

So I'm super excited about 2025 can bring in that space in terms of not only grain out of Canada down into Mexico across all of our Upper Plains terminals.

因此，我對 2025 年不僅可以透過我們所有的上平原碼頭將穀物從加拿大運往墨西哥感到非常興奮。

And I think, Steve, I would add to the kit for estimate the power and the value to the customer of a reliable gateway.

我想，史蒂夫，我會添加到套件中，以評估可靠網關的功能和對客戶的價值。

That gateway is the single line gateway only grown stronger with more capacity, the alternative, the competitive alternative is very congested gateway, that's much more complex because you've got three railroads involved as opposed to one.

該網關是單線網關，只會隨著容量的增加而變得更強大，替代方案，競爭性替代方案是非常擁擠的網關，這要複雜得多，因為涉及三條鐵路而不是一條。

Just by nature, the complexity adds additional risk to the supply chain.

從本質上講，複雜性為供應鏈增加了額外的風險。

So in these times, with a competitive alternative is challenged as it has no challenges even makes the value proposition for our route even more compelling.

因此，在這些時候，有競爭力的替代方案會受到挑戰，因為它沒有挑戰，甚至使我們路線的價值主張更加引人注目。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Hi, everyone.

大家好。

So just a follow-up.

所以只是後續行動。

Kind of our surveys have shown a shift by customers towards the MMX service in recent months.

我們的一些調查顯示，近幾個月客戶開始轉向 MMX 服務。

Is that just a maturation of the offering since you launched it?

自從您推出產品以來，這只是該產品的成熟嗎？

Or has something changed recently with your commercial and go-to-market strategy there?

或者最近您的商業和上市策略發生了變化嗎？

I think you've called it right.

我認為你說得對。

It is a maturation.

這是一種成熟。

It's going through the sales cycle and process it's going through.

它正在經歷銷售週期和流程。

Example, we have one customer that we literally tested one box a day for 45 straight days, and every day measured our performance on a per box basis to see if we could deliver what we said we were going to do.

例如，我們有一位客戶，我們連續 45 天每天測試一個盒子，每天都根據每個盒子測量我們的性能，看看我們是否能夠實現我們所說的要做的事情。

And I'll tell you the good news is we did exactly what we said we were going to do, and they've rewarded us with a significant piece of business that's actually starting up as we speak.

我要告訴你的好消息是，我們完全按照我們所說的去做，他們獎勵了我們一項重要的業務，而就在我們說話的時候，這項業務實際上正在啟動。

So I do believe it's a natural progression.

所以我確實相信這是一個自然的進展。

I tell you doing it in the base of the sort of trucking challenge in the headwinds of all the capacity in that quarter that now has been a little bit of a surprise and more of a challenge than I anticipated.

我告訴你，在該季度所有運力的逆風中，卡車運輸面臨著挑戰​​，現在這有點令人驚訝，但比我預期的挑戰更大。

I'm pleased with the work our sellers have done.

我對我們的賣家所做的工作感到滿意。

Schneider, our partner in that corridor has really worked hard and performed quite well.

我們那個走廊的搭檔施耐德真的很努力，表現也很好。

And when you begin to now be able to expand your sales offering with a product such as the Meridian Speedway either to the NS or the CSX now with this transaction, just kind of continues to open up the portfolio of options we can offer shippers.

當您現在開始能夠透過此交易將 Meridian Speedway 等產品的銷售範圍擴大到 NS 或 CSX 時，我們可以為托運人提供的選擇組合將繼續開放。

So I continue to be optimistic that you're going to you'll see more of a step function of growth in that train pair.

因此，我仍然樂觀地認為，您將看到這對列車的更多階梯函數增長。

Great.

偉大的。

Thank you.

謝謝。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

Ari?

阿里？

Ari, your line is open.

阿里，您的線路已開通。

Benoit Poirier, Desjardins Capital Markets.

Benoit Poirier，加鼎資本市場。

Yes.

是的。

Thank you very much, and good evening, everyone.

非常感謝大家，大家晚上好。

Obviously, labor issues have been very topical this year.

顯然，勞工問題是今年非常熱門的話題。

When we look at the volume in Mexico, we've seen a great cross-border activity level.

當我們觀察墨西哥的交易量時，我們發現跨境活動水準很高。

So I was wondering whether there was any pull forward in demand with respect to the US election?

所以我想知道美國大選會拉扯需求？

And also, John, you've been able to quantify that labor issues impacted RTM by about 3% during Q3 that got lost.

另外，約翰，您已經能夠量化勞工問題對 RTM 的影響，在第三季損失了約 3%。

So I was just wondering about whether you see opportunity to recover?

所以我只是想知道你是否看到了恢復的機會？

And maybe the latest discussion with shippers retailer about the opportunity to get back this volume on the network?

也許最近與托運零售商討論了在網路上收回這一數量的機會？

So just a couple of comments there.

所以只有一些評論。

I do believe we sell off a fair amount of pull forward, but maybe not on our south product, but ahead of our labor stoppage in just ahead of that in August, July, and August.

我確實相信我們拋售了相當多的提前期，但可能不是我們南方的產品，而是在八月、七月和八月停工之前。

Now, I think it's normalized.

現在，我認為這已經正常化了。

As I said, actually, we've seen now and we move into October on that domestic intermodal front, I think a little bit of an off in our volumes, our transload volumes, and where optimistically the customer feedback seems to be that we're going to see that continue to close out the year.

正如我所說，實際上，我們現在已經看到，在國內多式聯運方面，我們進入了 10 月份，我認為我們的貨運量、轉運量以及樂觀的客戶反饋似乎表明我們「我們將看到這種情況繼續結束今年。

The 3% RTMs related to the strike, I think the good news is the bulk of that business was our old business.

與罷工相關的 3% RTM，我認為好消息是該業務的大部分是我們的舊業務。

It was products, coal, grain, opportunities like that, that simply will roll forward.

產品、煤炭、穀物等機會將持續向前發展。

And part of the reason when I say we've got record demand for coal in Q4, we got record demand for potash in Q4, part of it is that roll forward, so it's not lost.

當我說我們在第四季度對煤炭的需求創紀錄的部分原因是，我們在第四季度對鉀肥的需求也創紀錄，部分原因是向前滾動，所以它不會丟失。

Now certainly, we lost some domestic intermodal in that, but I think that's kind of washed itself out in the system already.

當然，我們因此失去了一些國內聯運，但我認為這已經在系統中被淘汰了。

And as I said, we've actually seen a little bit of pickup in that volume.

正如我所說，我們實際上已經看到該卷有所回升。

So that was the impact over those days.

這就是當時的影響。

I don't have any concerns just plenty of freight out there for us to close the year strong.'

我沒有任何擔憂，只要有足夠的貨運量，我們就能強勁地結束這一年。

That's great color, John.

這顏色真棒，約翰。

Thank you.

謝謝。

Thank you.

謝謝。

And we have run out of time.

我們已經沒有時間了。

So I will now turn the call back over to Mr. Keith Creel.

現在我將把電話轉回基斯·克里爾先生。

Thank you.

謝謝。

Listen, I appreciate the time this afternoon sitting with us and discussing our results.

聽著，我很高興今天下午與我們坐在一起討論我們的結果。

I hope you would definitely agree what you've heard in spite of the macro, we continue to be a very unique value-creating story at CPKC, outpacing the industry's growth, most importantly, bringing it to the bottom line safely and efficiently.

我希望您一定會同意您所聽到的，儘管有宏觀的影響，我們仍然是 CPKC 一個非常獨特的價值創造故事，超越了行業的增長，最重要的是，安全有效地實現了盈利。

We created a premium network in parallel in our industry with new growth opportunities and this team has and will continue to convert it, creating unique value for our shareholders.

我們在行業中同時創建了一個優質網絡，並提供了新的成長機會，該團隊已經並將繼續對其進行轉變，為我們的股東創造獨特的價值。

Stay tuned for our fourth-quarter results.

請繼續關注我們的第四季業績。

Thank you.

謝謝。

Thank you.

謝謝。

And that concludes today's conference.

今天的會議到此結束。

We appreciate your participation, and please have a wonder way.

我們感謝您的參與，請有一個奇妙的方式。