Canadian Pacific Kansas City Ltd (CP) 2025 Q1 法說會逐字稿

Good afternoon, everyone. My name is Beau, and I will be your conference operator today. At this time, I would like to welcome everyone to see CPKC's first-quarter 2025 conference call. The slides accompanying today's call are available at investor.cpkcr.com.

大家下午好。我叫 Beau，今天我將擔任您的會議接線生。現在，我歡迎大家來觀看CPKC 2025年第一季電話會議。今日電話會議的幻燈片可在 investor.cpkcr.com 上取得。

(Operator Instructions)

（操作員指示）

I would now like to introduce Mr. Chris de Bruyn, Vice President, Capital Markets, to begin the conference call. Please go ahead, sir.

現在，我想介紹資本市場副總裁克里斯·德布魯因先生來開始電話會議。先生，請繼續。

Thank you, Beau. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information. Actual results may differ materially. 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. This presentation also contains non-GAAP measures outlined on slide 3.

謝謝你，博。大家下午好，感謝大家今天的參與。在我們開始之前，我想提醒您，此簡報包含前瞻性資訊。實際結果可能存在重大差異。可能影響實際結果的風險、不確定性和其他因素在第 2 張投影片、新聞稿以及向加拿大和美國監管機構提交的 MD&A 中進行了描述。本簡報也包含投影片 3 中概述的非 GAAP 指標。

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.

今天和我一起在場的是我們的總裁兼首席執行官 Keith Creel； Nadeem Velani，我們的執行副總裁兼首席財務官；我們的執行副總裁兼首席營銷官約翰·布魯克斯 (John Brooks)；以及我們的執行副總裁兼首席營運官 Mark Redd。

The formal remarks will be followed by Q&A. In the interest of time, we would appreciate if you limit your questions to one. It is now my pleasure to introduce our President and CEO Mr. Keith Creel.

正式發言之後將進行問答環節。為了節省時間，如果您只將問題限制為一個，我們將不勝感激。現在我很高興介紹我們的總裁兼執行長 Keith Creel 先生。

Thanks, Chris. It's certainly great to be here with everyone today.

謝謝，克里斯。今天能和大家在一起真是太好了。

First order of business. I'd be remiss not to pay tribute and express my appreciation to the 20,000 strong team of railroaders we have spread across three nations that I get privileged to serve with on a daily basis that actually produce these, results that certainly demonstrate industry best performance.

第一項事務。如果我不對遍布三個國家的兩萬名鐵路工人團隊表示敬意和感謝，那將是我的失職，我很榮幸能夠每天與他們一起服務，他們創造的這些成果無疑體現了行業的最佳表現。

First quarter of the team delivered revenue of $3.8 billion which is up 8% the revenue growth. It is driven by volume growth of 4%, and operating ratio of 62.5, which is a 150-basis points improvement, and industry-based earnings growth at 14%, producing $1.06 of earnings. Finally, most importantly, a record performance from a safety perspective, driving tremendous improvement on both train accidents as well as personal injuries.

該團隊第一季的營收為 38 億美元，成長了 8%。推動這一成長的因素包括銷售成長 4%、營運比率達到 62.5（提高了 150 個基點）以及產業獲利成長 14%，產生了 1.06 美元的獲利。最後，最重要的是，從安全角度來看，我們取得了創紀錄的表現，大大改善了火車事故和人身傷害。

We're undoubtedly off to a strong start in 2025, and we're experiencing a strong start to the second quarter as well. That being said, there's certainly an undeniable macro environment uncertainty that exists, trade policy uncertainty, and currency uncertainty. As such, based on what we do know today, we do feel it's prudent and responsible to adjust our guidance at this time.

毫無疑問，我們在 2025 年將有一個強勁的開端，並且我們在第二季也將迎來一個強勁的開端。話雖如此，不可否認的是，宏觀環境的不確定性、貿易政策的不確定性和貨幣的不確定性確實存在。因此，根據我們今天所了解的情況，我們確實認為此時調整我們的指導是謹慎和負責任的。

That said, I firmly believe as a leader it's our responsibility to drive positive results for those things that we can control. We're not paid to make excuses. Crisis creates opportunities, and that's how we're approaching this uncertainty around tariffs and trade policies.

話雖如此，我堅信，作為領導者，我們有責任為我們能夠控制的事情帶來積極的成果。我們不是被雇來找藉口的。危機創造機遇，這就是我們應對關稅和貿易政策不確定性的方式。

Our base business remains strong. It's reflected in the results in the quarter, and our volumes year-to-date driven by strength in our grain portfolio, coal, potash, intermodal, including a record quarter on our Midwest, Mexico express as well as a new partnership with Gemini.

我們的基礎業務依然強勁。這反映在本季度的業績中，今年迄今為止我們的運輸量受到糧食組合、煤炭、鉀肥、多式聯運等強勁表現的推動，其中包括中西部、墨西哥快捷創下的季度紀錄以及與 Gemini 的新合作夥伴關係。

The uncertainty that's created by these shifting trade policies on a positive side is also accelerating opportunities that we always eventually felt would develop when we combined these two companies. This unparalleled three-nation network is uniquely built for times like this.

從正面的一面來看，這些不斷變化的貿易政策所帶來的不確定性也加速了我們始終認為會在兩家公司合併後出現的機會。這個無與倫比的三國網絡就是為這樣的時代而專門建立的。

We stepped into this trade storm that we're facing to become market makers. We're seeing opportunities with new trade flows between Canada and Mexico. We've got increased refined fuels, LPGs, plastics, grains that our customers in Canada are sending south as they look to diversify their end markets.

我們走進這場面臨的貿易風暴，成為市場製造商。我們看到了加拿大和墨西哥之間新的貿易流動所帶來的機會。我們增加了精煉燃料、液化石油氣、塑膠和穀物的出口量，加拿大客戶將這些產品運往南方，以尋求終端市場的多元化。

Our network connects to those new markets, a land bridge to Mexico uniquely. The ability to move more appliances coming north, furniture, food products, finished vehicles, and auto parts from Mexico to Canada as well. CPKC uniquely serves as a land bridge between Canada and Mexico. We're working closely with our customers in creating these industry unique positive outcomes.

我們的網路連結這些新市場，以獨特的方式架設通往墨西哥的陸橋。能夠將更多從墨西哥運往北方的家用電器、家具、食品、成品車和汽車零件運往加拿大。CPKC 是加拿大和墨西哥之間獨特的陸橋。我們正在與客戶密切合作，創造這些產業獨一無二的正面成果。

But it's not just at the customer level that we're driving these results. Our teams are working closely with the government in Canada at the federal, provincial level, as well as the government in Mexico regarding policies that could further incentivize growing Canada to Mexico trade volumes. We're hearing from both governments a genuine desire to see the Canada-Mexico trade relationship mature and deepen, and we're playing a major role in supporting that agenda.

但我們推動這些成果的不僅是客戶層面。我們的團隊正在與加拿大聯邦政府、省級政府以及墨西哥政府密切合作，制定進一步激勵加拿大與墨西哥貿易量成長的政策。我們從兩國政府聽到了希望看到加拿大與墨西哥貿易關係成熟和深化的真誠願望，我們在支持這項議程方面發揮著重要作用。

Now let's talk more on the US front with the FRA, another very encouraging area of opportunity, positive developments and opportunities that we've been actively working on from a regulatory perspective. I'm extremely encouraged by the early discussions with Secretary Duffy and the US Department of Transportation team, especially those in place at the FRA on their willingness to implement process changes and utilization of technology to deliver safer and more reliable outcomes. It makes too much sense not to do these things.

現在讓我們多談談美國方面的 FRA，這是另一個非常令人鼓舞的機會領域，也是我們一直在從監管角度積極努力的積極發展和機會。我對與達菲部長和美國交通部團隊進行的早期討論感到非常鼓舞，特別是那些在法蘭克福機場管理局的人員，他們願意實施流程變革和利用技術來提供更安全、更可靠的結果。不做這些事是很有道理的。

Mark will get into the details, the fact-based, data-driven results and opportunities that the regulator wants, to embrace for best outcomes from a safety perspective as well as from a service perspective. This is all again refreshing change in my mind, common sense, best sense, value creating change.

馬克將深入探討監管機構希望獲得的細節、基於事實、數據驅動的結果和機會，以便從安全角度和服務角度獲得最佳結果。這在我心中又是一個令人耳目一新的變化，是常識、最佳意識、創造價值的變化。

In line with other value creation opportunities that we realized in the quarter, the PCRC, the Panama Canal Railway, as you've seen earlier in the month, after careful evaluation, we made the decision to divest our 50% stake in the railroad.

與我們在本季度實現的其他價值創造機會一致，PCRC，巴拿馬運河鐵路，正如您在本月早些時候看到的那樣，經過仔細評估，我們決定剝離我們在該鐵路的 50％ 股份。

The sale of this non-core asset to a key strategic partner, a major customer of the PCRC, allows us to focus on our core business and generates additional capital that we deployed to create value for our shareholders elsewhere in our three-nation network.

將這項非核心資產出售給一個關鍵的策略合作夥伴（PCRC 的主要客戶），使我們能夠專注於我們的核心業務，並產生額外的資本，我們將利用這些資本為我們在三個國家網絡的其他地方的股東創造價值。

When shareholder returns another area of strength last month, having delivered on our commitment to repay debt and reduce our leverage following the merger, we announced a new 4% share buyback program. And just yesterday, we announced a 20% increase in our quarterly dividend. I'm very pleased for this company to be in a position of strength again to begin returning cash to shareholders, particularly in midst the volatile market.

上個月，股東回歸了另一個強勢領域，履行了我們在合併後償還債務和降低槓桿的承諾，我們宣布了一項新的 4% 股票回購計劃。就在昨天，我們宣布季度股息增加 20%。我很高興看到這家公司再次處於強勁地位，開始向股東返還現金，尤其是在動盪的市場中。

So in closing, let me say this. The short-term uncertainties undoubtedly from the macro to trade policies. That said, this network is performing extremely well and volumes continue to be strong. We've continued the momentum we carried from 2024 to the first four months of 2025 just as we told you we would do. We have the opportunity, the network, and the team to drive a differentiated outcome, and that's exactly what we will do.

最後，請容許我這樣說。短期的不確定性無疑來自宏觀層面以及貿易政策。也就是說，該網路表現極佳，且流量持續強勁。正如我們告訴你們的那樣，我們延續了 2024 年至 2025 年前四個月的勢頭。我們有機會、人脈和團隊來推動差異化成果，而這正是我們要做的。

So with that said, I'm going to turn it over to Mark to speak a bit to the operation. John, provide some color on the markets, and Nadeem on the numbers, and then we'll open it up for questions.

話雖如此，我會把時間交給馬克談談這次行動。約翰，請提供一些市場情況，納迪姆請提供一些數字，然後我們將開始提問。

Over to you, Mark.

交給你了，馬克。

Thank you, Keith, and good afternoon. The operating team did deliver another strong performance for the quarter, demonstrating why they're the best in the business. They're focused on safely delivering our precision scheduled service model is delivering exceptional results even during some of the challenging winter operating conditions throughout most of February.

謝謝你，基思，下午好。營運團隊在本季確實再次取得了強勁的表現，證明了他們為何是業內佼佼者。他們專注於安全交付我們的精確定期服務模式，即使在二月大部分時間的一些具有挑戰性的冬季營運條件下也能取得卓越的成果。

Dealing with three consecutive weeks of extreme cold is no easy feat, and I'm particularly proud of how quickly our networks bounced back to produce a record march. We have carried this momentum also into the second quarter.

應對連續三週的極端寒冷絕非易事，我對我們的網路迅速恢復並創下紀錄感到特別自豪。我們也將這股勢頭延續到了第二季。

So think about the results. We continue to drive strong year-over-year operating improvements. Our train weight and length improved 5% and 4%. Our locomotive productivity improved 3%. Fuel efficiency was flat despite the challenging winter. We delivered on strong demand and in March, we delivered the strongest daily GTMs in our combined company history.

因此想想結果吧。我們持續推動強勁的年比營運改善。我們的列車重量和長度分別提高了5％和4％。我們的機車生產率提高了3%。儘管冬季充滿挑戰，但燃油效率仍保持穩定。我們滿足了強勁的需求，並在 3 月實現了公司合併史上最強勁的每日 GTM。

We met demand safely, efficiently, in part by leveraging our prior investments in locomotive interoperability, allowing us to send power from the southern portion of the network to the western portion of Canada, where we saw a significant surge in GTMs. Our resilient network is well positioned to maintain this momentum, quickly adapt to changes in the operating environment as needed.

我們安全、有效率地滿足了需求，部分原因是利用了我們先前在機車互通性方面的投資，使我們能夠將電力從網路的南部輸送到加拿大的西部，在那裡我們看到了 GTM 的大幅成長。我們的彈性網路能夠很好地保持這種勢頭，並根據需要快速適應營運環境的變化。

If I look at safety, the FRA personal injuries were 0.98%, which is 14% better year-over-year improvement. Our FRA train accident at a record 0.38%, that's 58% improvement year over year and noted a record performance as a combined company. And although we never stopped striving to do better, I'm extremely proud of the team for the commitment to our home safe culture.

如果我看一下安全狀況，FRA 人身傷害率為 0.98%，比去年同期提高了 14%。我們的法蘭克福火車事故發生率降至創紀錄的 0.38%，較去年同期改善了 58%，並創下了合併後公司業績的新高。儘管我們從未停止努力做得更好，但我對團隊對家庭安全文化的承諾感到非常自豪。

If I look at the labor update just turn into the labor. I'm pleased on the progress we have made in this space. Recently we announced four-year agreements ratified by both UNIFOR, MWED, and USW in Canada representing our mechanical, engineering, and clerical forces. We're also working closely with the unions in the US to expand our hourly agreements.

如果我查看勞動更新，就會變成勞動。我對我們在這一領域取得的進展感到高興。最近，我們宣布了一項為期四年的協議，該協議得到了加拿大 UNIFOR、MWED 和 USW 的批准，代表我們的機械、工程和文職部隊。我們也與美國工會密切合作，擴大我們的小時協議。

These hourly agreements will support some of the redefined crew districts that we're in the process of implementing. As we evaluate traffic flows across this new network, combining crew districts in certain areas will allow us to run extended runs, further improve cycle times, and deliver more resilient service to our customers.

這些按小時計酬的協議將支持我們正在實施的一些重新定義的船員區域。當我們評估這個新網路的交通流量時，合併某些區域的工作人員區域將使我們能夠延長運行時間，進一步改善週期時間，並為客戶提供更具彈性的服務。

As Keith noted and very proud, we're working closely with the FRA on a number of initiatives that will enhance safety and generate operational improvements, including removing redundant air tests at the US and Mexican border, also securing the final waiver approval to optimize where we change bad orders, better wheels on our network, driving yard efficiencies, and also reducing dwell at key locations like Kansas City and Laredo.

正如 Keith 所指出的並且非常自豪的是，我們正與 FRA 密切合作，開展一系列舉措，以提高安全性並改善運營，包括取消美國和墨西哥邊境的冗餘空中測試，同時確保獲得最終豁免批准以優化我們更改不良訂單的位置，改善我們網絡上的輪子，提高場站效率，並減少在堪薩斯城和拉雷多等關鍵地點的停留。

Exploring our cold wheel technology that will that when implemented in Canada or when we did implement in Canada, we've identified 30% more defects than standard tests and the ability to better utilize our broken rail detection in dark territories.

探索我們的冷輪技術，當該技術在加拿大實施或當我們確實在加拿大實施時，我們發現的缺陷比標準測試多 30%，並且能夠在黑暗區域更好地利用我們的斷軌檢測。

Since we began this in 2021, we've detected 150 instances of broken rail preventing numerous derailments. I'm extremely encouraged by the FRA and their willingness to explore the process and technology improvements which will lead to improved safety outcomes and enhanced service.

自 2021 年開始這項計畫以來，我們已偵測到 150 起鐵軌斷裂事件，從而防止了多起脫軌事故。我對法蘭克福機場管理局及其探索流程和技術改進的意願感到非常鼓舞，這將改善安全結果並增強服務。

As I look at the balance of 2025, our capital plan is built to support safe, efficient, sustainable growth through pinpointed investments. We have capital investments coming online this year, including merger sightings and CPC that we spoke about, along with targeted investments in Mexico and Kansas City area to improve fluidity through those key corridors.

展望2025年，我認為我們的資本計畫旨在透過精準的投資支持安全、高效、永續的成長。我們今年有資本投資上線，包括我們談到的合併目標和 CPC，以及對墨西哥和堪薩斯城地區的定向投資，以改善這些關鍵走廊的流動性。

We're also beginning to take on delivery of the new Tier 4 locomotives in the coming week, that will support our growth and improve reliability and fuel efficiency for our fleet. We will continue to make targeted safety investments across the network, including hotbox detectors and broken rail detectors, which are improving safety and generating material expense of savings.

我們也將在下週開始接收新的 Tier 4 機車，這將支持我們的成長並提高我們車隊的可靠性和燃油效率。我們將繼續在整個網路內進行有針對性的安全投資，包括熱軸探測器和斷軌探測器，這將提高安全性並節省材料費用。

So in closing, we have a lot of momentum operationally. This network is built to drive growth with the team to execute it. The operating team and the commercial team are closely aligned and work with each other on our customers to adapt quickly to changes in demand and traffic flows.

總而言之，我們在營運方面擁有很大的發展動能。建立這個網路是為了與執行它的團隊一起推動成長。營運團隊和商業團隊緊密合作，共同努力，為客戶提供快速適應需求和交通流量變化的服務。

With that, I'll pass over to John.

說完這些，我就把麥克風交給約翰。

All right, thank you, Mark, and good afternoon, everyone. I'm extremely pleased with the record volumes and revenue, continued strong pricing, and unique value for our customers that we delivered this quarter. This performance is unique, particularly impressive, if you think about the weather impact from February, along with the macro and tariff policy uncertainty.

好的，謝謝你，馬克，大家下午好。我對本季創紀錄的銷售和收入、持續強勁的定價以及為客戶提供的獨特價值感到非常滿意。如果考慮到二月的天氣影響以及宏觀和關稅政策的不確定性，這種表現是獨一無二的，尤其令人印象深刻。

Q2 is off to a strong start, as Keith said, and our network is performing quite well. And although we continue to face this uncertainty, the team is laser focused on what we can control, and I'm confident in our ability to deliver disciplined growth to this network.

正如 Keith 所說，第二季開局強勁，我們的網路運作良好。儘管我們繼續面臨這種不確定性，但團隊專注於我們能夠控制的事情，我相信我們有能力為這個網路帶來有序的成長。

Now looking at our Q1 results. This quarter, we delivered freight revenue growth of 9% on a 4% increase in RTMs. Sent for RTM was up 5%, with strong pricing and FXs partially offset by fuel and mix.

現在來看看我們的第一季業績。本季度，我們的貨運收入成長了 9%，RTM 成長了 4%。發送的 RTM 上漲了 5%，強勁的定價和 FX 部分被燃料和混合所抵消。

Now taking a closer look at our first quarter performance, I'll speak on an FX adjusted results. Starting with our bulk business. Grain revenues were up 4% on 3% volume growth, a record Q1 performance. Canadian grain volumes were up 12%, driven by increased grain to Vancouver and Mexico if export demand remains steady, and we drive unique growth from our synergies.

現在仔細看看我們第一季的業績，我將談談外匯調整後的結果。從我們的批量業務開始。糧食收入成長 4%，產量成長 3%，創下第一季紀錄。如果出口需求保持穩定，加拿大的穀物產量將增加 12%，這得益於溫哥華和墨西哥的穀物進口增加，並且我們將透過協同效應實現獨特的成長。

Now looking forward, our comps remain favorable through the first half of the year. The VRCPI was recently reported at 3.1%, and our outlook for further synergies remains strong.

展望未來，今年上半年我們的業績仍保持良好。根據最近報道，VRCPI 為 3.1%，我們對進一步綜效的前景依然強勁。

Moving to US grain, volumes were down 5% over prior year as we saw reduced volumes of US grain exports. However, our US grain franchise remains well positioned with available grain stocks. And as we look ahead, we expect steady volumes across multiple outlets, including to the P&W, Canada, Eastern US, and down to

至於美國穀物，由於美國穀物出口量減少，出口量較前一年下降了 5%。然而，我們的美國穀物特許經營權仍然擁有充足的穀物庫存。展望未來，我們預期多個銷售點的銷售量將保持穩定，包括普惠、加拿大、美國東部，以及

Mexico. We also had a record Q1 in potash with revenues up 10% and 8% volume growth. With positive demand fundamentals and Capatechs fully committed at strong levels for the first half of the year, we continue to expect another strong year of potash growth in 2025.

墨西哥。我們鉀肥第一季的業績也創下了紀錄，營收成長 10%，銷量成長 8%。由於需求基本面良好，且 Capatechs 在上半年全力投入，我們預計 2025 年鉀肥將再創強勁成長。

And to finish out bulk, we closed the quarter with coal revenue up 21% on 10% volume growth. Strength was driven by higher Canadian met coal as we moved more volume to Vancouver and Thunder Bay, driven by inventory drawdowns resulting from the prior labor strikes and weather impacts.

在散裝業務方面，本季結束時，我們的煤炭收入成長了 21%，銷量成長了 10%。由於先前的罷工和天氣影響導致庫存減少，我們將更多的煤炭運往溫哥華和桑德貝，從而推動了加拿大冶金煤價格上漲。

Now moving to our merchandise business segment. Energy, chemicals, and plastics revenue grew 3% on flat volumes. Our base ECP franchise continues to deliver volume growth across multiple commodities from synergies, self-help, market share gains, and they were offset this quarter though by lower crude volumes.

現在轉到我們的商品業務部門。能源、化學品和塑膠收入在持平的情況下成長了 3%。我們的基礎 ECP 特許經營權繼續透過協同效應、自助、市場份額增加等方式實現多種商品的銷售增長，但本季度這些增長被原油銷量的下降所抵消。

We have strong growth from refined fuel shipments and plastics from both the US Gulf Coast in Canada and Mexico. We also posted an all-time record LPG performance in the quarter as our network is efficiently connecting Canadian production with destinations in the US and Mexico.

我們從美國墨西哥灣沿岸到加拿大和墨西哥的精煉燃料和塑膠運輸量都實現了強勁成長。由於我們的網路有效地將加拿大的生產與美國和墨西哥的目的地連接起來，我們在本季度也創下了液化石油氣業績的歷史新高。

Looking ahead, we have a very positive outlook for this business segment, with opportunities across multiple commodities, improving crude fundamentals, and new opportunities for trade directly between Mexico and Canada.

展望未來，我們對這一業務部門持非常樂觀的態度，包括多種商品的機會、原油基本面的改善以及墨西哥和加拿大之間直接貿易的新機會。

Forest products revenues were up 2% on 4% volume growth. We continue to drive synergies and extended length of hall in this space, despite uncertain markets and a softer base demand. Volumes this quarter did benefit from higher wood pulp and paper board driven by synergies and a new contract that we secured last fall.

林產品營收成長 2%，產量成長 4%。儘管市場不確定且基本需求疲軟，我們仍繼續推動該領域的協同效應並延長展廳長度。本季的銷量確實受益於木漿和紙板的增加，這得益於協同效應以及我們去年秋天獲得的新合約。

Metals, minerals, and consumer products revenue was down 1% on flat volumes. A softer demand environment, coupled with supply chain shifts, impacted the volumes in the quarter. These declines were partially offset by higher volumes of frac sand and aggregates.

金屬、礦產和消費品收入在銷售持平的情況下下降了 1%。需求環境疲軟，加上供應鏈轉變，影響了本季的銷售量。這些下降被壓裂砂和骨材產量的增加部分抵消。

Looking forward, we see lower cross-border steel demand resulting from the tariffs. However, we expect to see partial offsets from growth at two new aggregate transload terminals, along with the development of direct steel moves that our network can facilitate between Canada and Mexico.

展望未來，我們預期關稅將導致跨境鋼鐵需求下降。然而，我們預計兩個新的綜合轉運碼頭的成長將部分抵消這一成長，同時我們的網路可以促進加拿大和墨西哥之間鋼鐵直運的發展。

Moving on to the automotive area, revenues were up 18% and 24% volume growth. We posted another record quarter, and this continues to be an area of unique growth for CPKC driven by our advantage footprint serving production plants and auto compounds across North America, along with our closed loop service solution.

在汽車領域，收入成長了 18%，銷量成長了 24%。我們又創下了季度記錄，這繼續成為 CPKC 獨特的成長領域，這得益於我們為北美各地的生產工廠和汽車化合物提供服務的優勢，以及我們的閉環服務解決方案。

While evolving trade policy has resulted in choppy volumes, our long-term outlook remains strong, and we're staying close with our customers to drive growth in this business segment. On the intermodal side, revenue and volumes were up 4%. Starting with domestic intermodal, we delivered solid performance this quarter with volumes up 8%.

儘管不斷變化的貿易政策導致貿易量波動，但我們的長期前景仍然強勁，並且我們將與客戶保持密切聯繫，以推動該業務部門的成長。在多式聯運方面，收入和運輸量增加了 4%。從國內聯運開始，本季我們表現穩健，貨運量成長了 8%。

We are seeing steady volumes with our Canadian retail customers and strong momentum on our MMX-180, 181 service as customers continue to take advantage of the fastest, most efficient cross-border rail solution between the US, Mexico, and Canada. Our volumes on this service were 42% in Q1 and marked with our highest volume month on record.

隨著客戶繼續利用美國、墨西哥和加拿大之間最快、最高效的跨境鐵路解決方案，我們的加拿大零售客戶數量保持穩定，MMX-180、181 服務發展勢頭強勁。我們第一季的此項服務交易量成長了 42%，創下了有史以來最高的月份交易量。

Now looking ahead, we have a good line of sight to domestic intermodal growth as our business with Schneider National continues to outperform and Americold's cold storage warehouse co-located in Kansas City starts ramping up mid-year.

現在展望未來，我們對國內聯運成長有著良好的預期，因為我們與施耐德國家公司的業務繼續表現出色，而且 Americold 位於堪薩斯城的冷藏倉庫在年中開始擴大規模。

On the international intermodal front, the volumes were flat in the quarter. We saw higher volumes through the Port of Saint John and Lazaro, primarily with half egg Lloyd as Gemini vessels started to ramp up in March. However, some of that growth was offset by lower volumes through Vancouver and Montreal.

在國際聯運方面，本季的貨運量持平。我們看到聖約翰港和拉扎羅港的貨運量增加，主要是半蛋勞合社的貨運量，因為雙子星號的船舶在 3 月開始增加。然而，溫哥華和蒙特婁的客流量下降抵消了部分成長。

But looking forward, we continue to see a lot of opportunity in this space as the Gemini alliance increasingly utilizes CPKC serve ports, which you are now seeing in our volumes quarter today. While the Trans-Pacific market experiencing volatility as a result of tariffs, our diverse port access across North America and reliable service proposition positions us well as trade policy evolves.

但展望未來，隨著雙子星聯盟越來越多地利用 CPKC 服務端口，我們將繼續看到這一領域的大量機遇，這一點您今天在我們季度銷量中已經看到。儘管跨太平洋市場因關稅而出現波動，但我們遍布北美的多樣化港口通道和可靠的服務主張使我們在貿易政策演變過程中處於有利地位。

To close, while the macro and trade policy remains uncertain, we continue to be confident in the unique growth opportunities this franchise has, coupled with strong fundamentals in our bulk business and disciplined pricing. I'm extremely encouraged by this network's resiliency and this team's ability to develop and convert new markets, and I remain confident in our volume outlook for the year.

最後，儘管宏觀和貿易政策仍不確定，但我們仍然對該特許經營權的獨特增長機會充滿信心，再加上我們大宗業務的強勁基本面和嚴格的定價。我對這個網路的彈性以及這個團隊開發和轉換新市場的能力感到非常鼓舞，並且我對我們今年的銷售前景充滿信心。

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

因此，我將把它交給 Nadeem。

Great, thanks, John, and good afternoon. Turning to our first quarter results on slide 12. CPKC's reported operating ratio was 65.3%, and the core adjusted operating ratio came in at 62.5%, of 150-basis point improvement over prior year. Diluted earnings per share was $0.97 and core adjusted diluted earnings per share was $1.06 up 14% versus last year.

太好了，謝謝，約翰，下午好。我們來看第 12 張投影片上的第一季業績。CPKC 報告的營運比率為 65.3%，核心調整後營運比率為 62.5%，比上年提高 150 個基點。每股攤薄收益為 0.97 美元，核心調整後每股攤薄收益為 1.06 美元，較去年同期成長 14%。

Taking a closer look at our expenses on slide 13, I will speak to the year-over-year variances on an effects adjusted basis. Comp and benefits expense was $682 million or $677 million adjusted for acquisition costs. The year-over-year decline was driven by lower stock-based compensation and efficiency gains from improved train weights and lower crew costs, partially offset by inflation and volume-driven increases from higher GTMs.

仔細查看幻燈片 13 上的我們的費用，我將討論調整後效果後的同比差異。薪資和福利支出為 6.82 億美元，根據收購成本調整後為 6.77 億美元。年比下降的原因包括股票薪資下降、列車重量減輕和乘務員成本降低帶來的效率提升，但通貨膨脹和 GTM 提高帶來的運量成長部分抵消了這一影響。

As we look to the rest of the year, we expect our average headcount to be roughly flat, driving labor productivity gains against mid-single digit volume growth. Fuel expense was $481 million, up 3% year over year. The increase was driven by 3% higher GTMs, partially offset by lower price and continued to improved efficiency. The change in fuel prices was a $22 million or 20-basis point headwind to the quarter.

展望今年剩餘時間，我們預期平均員工人數將基本持平，從而推動勞動生產力提高，並實現中等個位數的產量成長。燃料費用為4.81億美元，年增3%。成長的原因是 GTM 增加了 3%，但價格下降和效率持續提高部分抵消了這一成長。燃料價格的變化給本季帶來了 2,200 萬美元或 20 個基點的不利影響。

The materials expense was $123 million adjusted for acquisition costs. The year-over-year increase was driven primarily by the long-term parts agreement that was put in place last year, driving higher materials expense with a favorable offset within TSNO for net savings in the quarter. We also saw higher maintenance expenses this quarter driven by unfavorable weather conditions.

材料費用根據收購成本調整後為 1.23 億美元。同比成長主要得益於去年實施的長期零件協議，該協議導致材料費用增加，但 TSNO 內部的有利抵消作用帶來了本季的淨節省。由於惡劣的天氣條件，本季的維護費用也有所增加。

Equipment rents were $99 million, up 14% year over year. The increase was driven by higher volume as we continue to extend length of haul, particularly for our automotive business, along with reduced efficiency from weather impacts in the quarter.

設備租金為 9,900 萬美元，年增 14%。成長的原因是，我們繼續延長運輸距離，特別是汽車業務，導致運輸量增加，同時本季天氣影響導致效率下降。

Appreciation and amortization expense was up 4%, resulting from a higher asset base. Purchase services and other expense was $573 million adjusted for acquisition costs and purchase accounting, 1% year over year.

由於資產基礎增加，升值和攤銷費用上漲了 4%。採購服務和其他費用為 5.73 億美元，根據收購成本和採購會計進行調整，年增 1%。

The year-over-year decline was driven by savings from the long-term parts agreement, which I mentioned earlier, along with lower casualty expense. These savings were partially offset by the impact of lapping a $34 million one-time, non-competition waiver received last year.

年比下降的原因是，我之前提到的長期零件協議節省了成本，同時意外事故費用也降低了。這些節省的部分被去年收到的 3400 萬美元一次性非競爭豁免的影響所抵消。

Despite the impact of weather this quarter, we continue to drive efficiency and cost energy gains. These gains, along with lower inflation, are driving sustainable improvements to our cost structure.

儘管本季受到天氣影響，我們仍繼續提高效率並降低能源成本。這些收益加上較低的通貨膨脹正在推動我們成本結構的可持續改善。

Moving below the line on slide 14. Other expense was $7 million in Q1, driven by FX impacts in the quarter. Other components of net periodic benefit recovery was $107 million reflecting primarily the lower discount rate compared to 2024.

移至投影片 14 上的線下方。第一季其他支出為 700 萬美元，受外匯影響。淨定期福利回收的其他部分為 1.07 億美元，主要反映了與 2024 年相比較低的折現率。

Net interest expense was $216 million or $211 million excluding the impact of purchase accounting. The year-over-year increase was driven by higher short-term debt balances and new long-term debt issued in the quarter, along with FX impacts.

淨利息支出為 2.16 億美元，若不包括購買會計的影響則為 2.11 億美元。年成長的原因是本季短期債務餘額增加、新發行的長期債務增加以及外匯影響。

Income tax expense was $292 million or $322 million adjusted for significant items and purchase accounting. For 2025, we continue to expect CPKC's core adjusted effective tax rate to be approximately 24.5%.

所得稅費用為 2.92 億美元，根據重大項目和購買會計調整後為 3.22 億美元。到 2025 年，我們繼續預期 CPKC 的核心調整後有效稅率約為 24.5%。

Now turning to slide 15 and cash flow, Q1 cash provided by operating activities increased 14% to approximately $1.2 billion. We continued our strong level of investment in the network with CapEx spend of $711 million in the quarter. Cash flow remains strong as we delivered $466 million adjusted free cash for the quarter.

現在轉到投影片 15 和現金流，第一季經營活動提供的現金增加了 14%，達到約 12 億美元。我們繼續對網路進行大力投資，本季資本支出為 7.11 億美元。現金流依然強勁，本季我們提供了 4.66 億美元的調整後自由現金。

The quarter also marked an important milestone as we resumed shareholder returns for the first time since the merger. In late February, aligned with our principles of disciplined and opportunistic shareholder returns, we announced a new 4% share repurchase program. This was an acceleration from our original plan in order to take advantage of volatility in the market. In the first month of the program, we are purchasing 3.5 million shares or approximately 9%.

本季也是一個重要的里程碑，因為我們自合併以來首次恢復股東回報。2 月底，為了遵循我們嚴謹且機會主義的股東回報原則，我們宣布了一項新的 4% 股票回購計畫。為了利用市場波動，這比我們原來的計畫有所加快。在該計劃的第一個月，我們將購買 350 萬股，約佔 9%。

In line with our strategy of a balanced approach to shareholder returns, as Keith mentioned yesterday, we announced a 20% increase to our quarterly dividend. This dividend will continue to be an important avenue to return cash to shareholders, and we intend to gradually increase it over time towards a payout ratio of 20% to 30%.

正如 Keith 昨天提到的那樣，按照我們平衡股東回報的策略，我們宣布將季度股息提高 20%。股利將繼續成為向股東返還現金的重要途徑，我們打算隨著時間的推移逐步提高股息派息率，達到 20% 至 30%。

Now looking at our guidance update. In January, we gave a wider guidance range acknowledging macro uncertainty. And we committed to updating that outlook as we learn more. Four months into the year, we are tracking right on plan with volumes up mid-single digits.

現在來看看我們的指導更新。一月份，我們承認宏觀不確定性，給出了更廣泛的指導範圍。隨著我們了解更多信息，我們承諾更新這一觀點。今年已經過去四個月了，我們的業績按照計畫順利成長，銷量達到了中等個位數。

The updated guidance reflects our current view of the impacts from trade policies on certain areas of our business as well as the impact from a stronger Canadian dollar, which at current levels, would present a 2% -- a 2 point headwind to the guidance we issued in January.

更新後的指引反映了我們目前對貿易政策對我們某些業務領域的影響的看法，以及加元走強的影響，按照目前的水平，這將對我們在一月份發布的指引造成 2% 的阻力——2 個百分點。

Taking a step back and review of the quarter, Mark and his team have the network running extremely well. John and his team are driving industry leading growth, and we are still tracking the mid-single digit volume growth for the year. We continue to deliver discipline on price and cost control, and we have resumed returning cash to shareholders.

回顧本季度，馬克和他的團隊讓網路運作得非常好。約翰和他的團隊正在推動領先業界的成長，我們仍在追蹤今年中等個位數的銷售成長。我們繼續嚴格控制價格和成本，並已恢復向股東返還現金。

While much remains uncertain, the team continues to deliver strong results, and we're very well positioned for another year of double-digit earnings growth.

儘管仍有許多不確定因素，但團隊繼續取得強勁業績，我們已為明年實現兩位數的盈利增長做好了準備。

With that, Keith, I'll turn it over back to you.

基思，有了這個，我就把它交還給你了。

Okay, thanks, gentlemen. Operator, let's open it up for questions.

好的，謝謝各位先生。接線員，讓我們開始提問吧。

(Operator Instructions) Scott Group, Wolfe Research.

（操作員指示） Scott Group、Wolfe Research。

Hey. Thanks, afternoon. So John, I wanted to start with you. There's seemingly this big import cliff coming into the US. I'm wondering, are we seeing -- are we expecting to see the same thing into Canadian ports and Mexican ports and just how you think about the impact of that?

嘿。謝謝，下午好。約翰，我想從你開始。美國似乎面臨巨大的進口斷崖。我想知道，我們是否看到——我們是否預計會看到加拿大港口和墨西哥港口也發生同樣的事情，以及您如何看待其影響？

And maybe this is silly, but do you think there's opportunities for Canadian ports to be gaining share from US ports, maybe as a workaround with tariffs? And then just like broaden out to the broader like tariff thing, just what you -- like what percent of your book of business you think is ultimately tariff exposed here? I know there's a bunch, but broadly on tariff.

這也許很愚蠢，但您是否認為加拿大港口有機會從美國港口獲得市場份額，或許可以作為解決關稅問題的方法？然後就像擴大到更廣泛的關稅問題一樣，您認為您的業務簿中有多少百分比最終會受到關稅的影響？我知道有很多，但大體上是關於關稅的。

All right, Scott. Let me see if I can work through that a little bit. On the international front, I would say we're very different than, I think, what the US roads may or I guess, may not face here in terms of that cliff.

好的，斯科特。讓我看看是否能稍微解決這個問題。在國際方面，我想說，就懸崖而言，我們與美國道路可能面臨的情況（或者我猜想，可能不會面臨的情況）有很大不同。

I would say we really haven't seen a whole lot of pull ahead on that front at all as it relates to international. Our volumes are, I think, uniquely positioned strong right now, and I think you can definitely see it in the numbers right now, simply on the basis of the partners that we've selected, the growth with Gemini and they're off to a really good start.

我想說，就國際而言，我們確實沒有看到這方面有任何進展。我認為，我們的銷售目前處於獨特的優勢地位，而且我認為您現在肯定可以從數字中看到這一點，僅基於我們選擇的合作夥伴，與 Gemini 的增長，他們已經有了一個非常好的開始。

And I would tell you those volumes both at Port of St. John and a centrum in Vancouver have been somewhat stronger than we expected. And again, as you know, the majority of our freight over time has somewhat transitioned maybe a little bit more away from cross-border US trade to a higher profile of Canadian dust and freight. And I think we're benefiting from that right now.

我想告訴你們，聖約翰港和溫哥華中心的貨運量都比我們預期的要高一些。而且，正如您所知，隨著時間的推移，我們的大部分貨運可能已經從跨境美國貿易轉向了更重要的加拿大貨運。我認為我們現在正從中受益。

And maybe to that point, a very small percent of our book, I'm going to say less than 1% is international freight that would be, let's call it, from China desk into the US through our Canadian port. So I would characterize that as a little risk. And honestly, we continue to see strong growth at Lazaro. I think I consistently said it last year, it was the fastest growing port in North America and frankly, the world in many cases.

也許到那時，我們業務中只有很小一部分，我想說不到 1% 是國際貨運，也就是從中國櫃檯經我們的加拿大港口運往美國。所以我認為這是有一點風險的。說實話，我們繼續看到 Lazaro 的強勁成長。我想我去年就一直這麼說過，它是北美乃至坦白說在很多情況下也是世界上發展最快的港口。

And Lazaro continues to show good growth not only with our domestic service within in Mexico, but then also, we've seen a steady growth in some of our cross-border business, and that continues today. That largely has not been impacted by any tariffs.

Lazaro 不僅在墨西哥國內服務方面繼續呈現良好成長勢頭，而且我們的部分跨境業務也呈現穩步增長，這種趨勢一直持續到今天。這基本上沒有受到任何關稅的影響。

So I feel really good about what the future holds on our international business right now. Broadly speaking on the tariffs, certainly, the automotive area is an area that -- it presents some risk and choppiness that we've been watching.

因此，我對我們的國際業務的未來感到非常樂觀。廣義上講，就關稅而言，汽車領域當然是一個存在一定風險和波動的領域，我們一直在關注。

The steel tariffs are an area that we're keenly focused on in working with our customers on alternative. As I look ahead, as we get to new crop in the harvest in the US, we'll certainly be watching how our soybean movements progress export to China and in what alternative markets we can develop for that business.

在與客戶合作尋找替代方案時，鋼鐵關稅是我們重點關注的領域。展望未來，隨著美國新作物的收穫，我們一定會關注我們的大豆出口到中國的進展情況，以及我們可以為該業務開發哪些替代市場。

And really, those are the areas that we're focused on. I think the good news is that, as Keith alluded to, really, the balance of our book has been quite strong so far year-to-date. Hope I got most them.

事實上，這些正是我們關注的領域。我認為好消息是，正如基斯所提到的那樣，今年到目前為止，我們的帳簿餘額確實相當強勁。希望我得到了大部分。

Very helpful.

非常有幫助。

You got it, thank you.

你明白了，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, thanks very much, operator. Good afternoon, everyone. So my question is really on your volume cadence. And John, you mentioned that your second quarter seems to be starting out even stronger than your first and accelerating, I mean, last week was almost 20%. And you didn't change your RTM guide as part of the EPS guide.

是的，非常感謝，接線員。大家下午好。所以我的問題其實是關於你的音量節奏。約翰，你提到第二季的開局似乎比第一季更強勁，而且還在加速，我的意思是，上週已經成長了近 20%。並且您沒有將 RTM 指南變更為 EPS 指南的一部分。

And I just wanted to dive in a little bit more as to what really is leading you to an EPS growth reduction while holding your RTMs which -- your RTMs are still at mid-single digit and if anything, accelerating from here. So just curious the logic there in terms of how you map out your guidance by each of those -- each of those inputs.

我只是想更深入地了解一下，究竟是什麼原因導致你們的 EPS 增長減少，同時保持你們的 RTM——你們的 RTM 仍然處於中等個位數，如果有的話，從現在開始加速。所以我只是好奇你如何透過每一個輸入來規劃你的指導的邏輯。

Walter, let me just take that. Just in terms of where the Canadian dollar has really appreciated since the beginning of the year, our initial guidance had Canadian dollar exchange rate around $1.42, $1.43 level. Look today, we're closer to $1.37, $1.38.

沃特，讓我來接手吧。就今年年初以來加元的實際升值幅度而言，我們最初的指導價格是加元匯率在 1.42 美元至 1.43 美元左右。看看今天，我們更接近 1.37 美元、1.38 美元。

So that in and of itself has an EPS impact of about 2 percentage points. So if you look at the low end of guidance, we went from 12% down to 10%. And that's really the big driver of that, really around the currency. So we still anticipate that mid-single-digit RTM growth, as I mentioned. So that's the big driver.

因此，這本身對每股盈餘的影響約為 2 個百分點。因此，如果你看一下指導的低端，我們從 12% 下降到了 10%。這確實是推動這現象的主要因素，與貨幣有關。因此，正如我所提到的，我們仍然預計 RTM 將實現中等個位數成長。這就是最大的驅動力。

Appreciate that color. Thanks, Nadeem.

欣賞那種顏色。謝謝，納迪姆。

Thanks, Walter.

謝謝，沃爾特。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Yeah, thanks. Good afternoon. Maybe just to follow up on that. So I guess the low end moves with FX. Should we assume that the high end ticks down a little bit more maybe on the lower end of mid-single-digit RTMs and then I guess maybe if I broaden out the question a little bit for 2025, how do you think about the OR in that context, maybe you want to answer on 2Q or give some thoughts around the full year, whatever is helpful.

是的，謝謝。午安.也許只是為了跟進這一點。所以我猜低階會隨著 FX 而移動。我們是否應該假設高端會稍微下降一點，可能在中等個位數 RTM 的低端，然後我想如果我將問題稍微擴大到 2025 年，您如何看待這種背景下的 OR，也許您想回答第二季度的問題，或者對全年給出一些想法，無論什麼都是有幫助的。

Yeah, I think, Chris, I think that's fair in terms of when we factor in some of the tariff impact and policy changes that could have an impact on the top end of volume. So maybe it's not 6, maybe it's closer to 5 and that type of level. As far as the OR, you should see sequential improvement from the 62.5. Of course, Q1 has typically much higher OR than the rest of the year. And I expect that to continue to improve over the course of the year.

是的，克里斯，我認為，當我們考慮到一些可能對銷售最高端產生影響的關稅影響和政策變化時，這是公平的。所以也許不是 6，也許更接近 5 和那種等級。就 OR 而言，您應該會看到從 62.5 開始的連續改善。當然，第一季的 OR 通常比一年中其他時間高得多。我希望這一情況在今年繼續改善。

Traditionally, we've seen 250 basis points of improvement in the OR and I don't see why not, especially in this volume environment where we're seeing such a strong start to the quarter and we've got some pretty easy comps into May for the year.

傳統上，我們已經看到 OR 提高了 250 個基點，我不明白為什麼不會這樣，特別是在這種交易量環境下，我們看到本季度開局如此強勁，並且今年 5 月份我們的業績相當輕鬆。

I fully expect us to be able to deliver a sub-60 OR for the year. And I don't see why we can't do that. You've got fuel prices as fuel surcharge coming off that's supportive to the OR neutral from operating income, but it's still helpful with the OR. At the end of the day, we're running extremely well of this network. Mark and team have it humming and so from an efficiency point of view, I think operationally, we're going to see some benefits there.

我完全相信我們今年能夠實現低於 60 的 OR。我不明白為什麼我們不能這樣做。由於燃油附加費的取消，燃油價格對 OR 的營運收入產生了中性的影響，但對 OR 仍然有幫助。總而言之，我們這個網路的運作非常好。馬克和他的團隊進展順利，因此從效率的角度來看，我認為從營運角度來看，我們會看到一些好處。

We don't anticipate the labor disruptions that impacted our ports and international volumes last year that impacted our network when we still had some of those stop and starts last August. So I think the impact that we had on casualty a year ago was -- become a big tailwind to the OR. So I'm quite bullish about our ability to get back sub-60 and leverage this great volume that we've got to start of the year.

我們預計，去年影響我們港口和國際貨運量的勞工中斷不會再影響我們的網絡，因為去年 8 月我們仍有一些停停走走的情況。所以我認為我們一年前對傷亡的影響是——成為手術室的一大推動力。因此，我非常看好我們能夠回到 60 以下，並利用我們今年年初所擁有的巨大銷量。

That's great. Thank you very much. Appreciate it.

那太棒了。非常感謝。非常感謝。

Brian Ossenbeck, JP Morgan.

摩根大通的 Brian Ossenbeck。

Good afternoon. Thanks for taking the questions. John, maybe for you. I think you mentioned that the cross-border really hadn't seen too much of an impact. So I just wanted to see if you could impact that a little bit more, obviously, the 180/181 seems to be a big driver there, but I would have thought with maybe some network issues with your peer in the east that might have been slowed down, especially with the auto headlines as well.

午安.感謝您回答這些問題。約翰，也許對你來說是這樣。我想您提到過跨境確實沒有受到太大的影響。所以我只是想看看你是否可以對此產生更大的影響，顯然，180/181 似乎是那裡的一個重要驅動因素，但我認為也許東部同行的一些網絡問題可能會減慢速度，尤其是自動標題。

So thought there will be appreciated. And then just Nadeem, if you can talk about how we should expect pace of the buyback to ramp up from here off to a pretty strong start in the first quarter. Thank you.

所以我認為會受到讚賞。然後，Nadeem，您能否談談我們應該如何預期回購步伐從現在開始加快，並在第一季取得相當強勁的開局？謝謝。

Yeah, Brian. So maybe a couple of things there. So certainly, as some of these tariff noise rolled on and off specific to, let's say, auto at the beginning of April, there's no doubt we saw some choppiness in some of those cross-border flows coming out of Mexico onto our network.

是的，布萊恩。所以也許那裡有幾件事。因此，當然，隨著 4 月初針對汽車等關稅問題的不斷出現，我們毫無疑問地會看到從墨西哥流出到我們網路的一些跨境流量出現一些波動。

Now I can tell you that has progressively smoothed out through the month and as of the last couple of days, I think all of our production facilities are up and running and shipping automobiles. So I feel good on that.

現在我可以告訴你們，整個月的情況已經逐漸平穩，截至最近幾天，我認為我們所有的生產設施都已恢復運行並開始運送汽車。所以我對此感覺很好。

The domestic product that you're talking about MMX. Those volumes have just continued to be growing and strong Schneider. I'm excited to say that we've just launched this week over 200 new shipments specific to auto parts in conjunction with Schneider.

你說的那個國產產品就是MMX。這些銷量一直持續成長，施耐德實力強勁。我很高興地說，本週我們剛與施耐德合作推出了 200 多批專門針對汽車零件的新貨。

On our network, it's a brand-new business that we're bringing on, and it's really our first foray into a major way of moving that business. So I'm quite pleased with that. And frankly, we're still just in the early innings of growth with CSX as we work on that product to the Southeast. Other areas we've probably seen a little bit of cross-border impact specific to some of our steel business that moves out of Mexico into the US.

在我們的網路上，這是我們正在進行的一項全新業務，也是我們首次嘗試推動該業務發展的重大方式。所以我對此非常滿意。坦白說，我們仍處於 CSX 發展的初期，我們正在向東南部推廣該產品。在其他領域，我們可能看到了一些跨境影響，特別是我們的部分鋼鐵業務從墨西哥轉移到美國。

But that being said, we've also seen some new opportunities materialize in which we're actually shipping some steel products out of Mexico up into Canada and some other markets. So there certainly is some impact there. But the team is not [resting] as Keith said, it's an all-out blitz literally to do everything we can to make our own luck as all this uncertainty unfolds on the tariff front.

但話雖如此，我們也看到了一些新的機遇，我們實際上正在將一些鋼鐵產品從墨西哥運往加拿大和其他一些市場。因此肯定會產生一些影響。但正如基斯所說，團隊並沒有休息，而是全力以赴，在關稅方面出現所有這些不確定性的情況下，盡我們所能創造自己的運氣。

Brian, just on the buyback. So you'll see the filings. I mean we've been quite aggressive. I think as of yesterday, we bought back 20% of the program, the 4% share buyback for the year. So 20% of that program is complete.

布萊恩，剛才談到回購。所以你會看到這些文件。我的意思是我們已經相當積極了。我認為截至昨天，我們已經回購了該計劃的 20%，即今年的 4% 的股票回購。因此該計劃的 20% 已經完成。

You should expect us to finish it by the end of the year, completing about 10% of the capacity per month. We've been quite aggressive given the pullback given the compression in multiples and -- given the fact that we're trading at a discount compared to where we should be trading.

您應該期望我們在今年年底前完成它，每月完成約 10% 的產能。考慮到回調、倍數壓縮以及我們的交易價格與應有的價格相比存在折扣，我們一直採取相當激進的策略。

And so we're going to be aggressive up to the point that we see the stock price is getting closer to our intrinsic value. So you should expect this program to be complete by the end of the year.

因此，我們將積極採取行動，直到股價接近我們的內在價值。因此，您應該期望該計劃在今年年底前完成。

Okay, thank you.

好的，謝謝。

Fadi Chamoun, BMO Capital Markets.

蒙特利爾銀行資本市場的 Fadi Chamoun。

Thank you. I want to circle back on the volume framework. Maybe a little bit more medium term, when this network was put together the biggest addressable market opportunity, felt like being US, Mexico driven in various end markets.

謝謝。我想重新回到音量框架。也許從中期來看，當這個網路整合在一起時，最大的可尋址市場機會感覺就像是由美國、墨西哥在各個終端市場推動的。

And a lot of these end markets feel like they're under attack a little bit with these trade balls, whether it's autos or steel and other things like do you -- I mean, from your comment doesn't feel like your outlook is dampened by any of these things.

許多終端市場感覺自己受到了貿易戰的衝擊，無論是汽車還是鋼鐵，以及其他領域，您是否——我的意思是，從您的評論來看，您似乎沒有感覺到您的前景受到任何這些因素的影響。

I just wanted to get some additional framework from you, where do you see the opportunity potentially if these end markets do come under attack and ultimately end up being more punitive from a growth perspective?

我只是想從您那裡獲得一些額外的框架，如果這些終端市場確實受到攻擊並最終從成長角度來看變得更加嚴厲，您認為潛在的機會在哪裡？

Fadi, I'll let John provide a little color, but I'll just say at a high level, listen, if these end markets are impacted, that's our job then to shift and create solutions. And when I talk about market makers, and I talk about land bridge, if we lose a little bit because of the impact of tariffs on autos, or tariffs on steel, number one, we don't think it's going to be material.

法迪，我會讓約翰提供一些細節，但我只想從高層次上說，聽著，如果這些終端市場受到影響，那麼我們的工作就是轉變並創造解決方案。當我談到做市商和陸橋時，如果我們因為汽車關稅或鋼鐵關稅的影響而遭受一點損失，首先，我們認為這不會是實質的。

This thing started to settle out. It's doing exactly what we thought it would do and the automotive manufacturers are back online, just making those shifts over night are impossible to do. There's still a demand in the US for vehicles and these OEMs are producing them.

這件事開始平息了。它正在做我們想做的事情，汽車製造商已經重新上線，一夜之間完成這些轉變是不可能的。美國對汽車仍有需求，這些原始設備製造商正在生產這些汽車。

That said, this crisis that's been created with uncertainty in Canada and Mexico and lessening their dependence upon US markets, it's created opportunities. Making these numbers that offset some of those headwinds. Just over the last month, John could give you more color and names, if necessary, but there's over $100 million of new revenue that this crisis has created that originates in Alberta that goes to Mexico.

儘管如此，這場危機為加拿大和墨西哥帶來了不確定性，減少了它們對美國市場的依賴，同時也創造了機會。這些數字可以抵消一些不利因素。就在上個月，如果有必要，約翰可以給你更多的細節和名字，但這場危機創造了超過 1 億美元的新收入，這些收入源自阿爾伯塔省，流向了墨西哥。

So you start thinking about the puts and the takes and this -- again, this network is uniquely enabled to be able to do that. So if we lose here, we're going to gain there, and it's our job to go out and convert those opportunities, and that's exactly the expectation that John and his team have and that's exactly what they're doing.

因此，您開始考慮投入和產出，而且 — — 再次強調，這個網絡具有獨特的能力來做到這一點。因此，如果我們在這裡失敗，我們就會在那裡獲得成功，我們的工作就是出去轉化這些機會，這正是約翰和他的團隊的期望，而這正是他們正在做的事情。

Fadi, I think you know from our team, we're focused on what we can control. And frankly, not that we're not keenly watching the tariffs to evolve and understanding those impacts, but we are laser-focused on the task at hand.

法迪，我想你從我們團隊中了解到，我們專注於我們能夠控制的事情。坦白說，我們並不是沒有密切關注關稅的變化並了解其影響，而是我們全神貫注於手頭的任務。

And to Keith point that's sales blitzes. That's getting our -- we just finished a 60-day sales blitz where we met with over 500 customers. We believe we've developed $100 million of new wins simply in that effort that will onboard mostly in the merchandise and ECT spaces.

正如 Keith 所指出的，這就是閃電銷售。這就是我們的——我們剛剛結束了為期 60 天的銷售閃電戰，會見了超過 500 名客戶。我們相信，僅透過這項努力，我們就已創造了 1 億美元的新收益，這些收益主要集中在商品和 ECT 領域。

To Keith's point, we've seen good momentum. Largely, I would say, again, in the energy space, but really across all commodities to figure out how we enhance this land bridge and connect Mexico in Canada.

正如 Keith 所說，我們已經看到了良好的動力。我想再次強調，主要集中在能源領域，但實際上涉及所有商品，以弄清楚我們如何加強這座陸橋並將墨西哥與加拿大連接起來。

But it doesn't stop there. It's dusting off the conversion files that we talked about back at IR Day. And there's still $100 million that I've targeted to my team there that is 3 to 2 and 4 to 2 routes that we can convert and provide a better product for our customer.

但它並沒有就此止步。它正在清除我們在 IR Day 討論過的轉換檔案。我還為我的團隊設定了 1 億美元的目標，即 3 比 2 和 4 比 2 的路線，我們可以轉換這些路線，為我們的客戶提供更好的產品。

So when -- I guess, you put all that together, combined with the resiliency of our bulk franchise, which, again, I think if you look back to recession and pandemic time, that both franchises have stood up against a lot of uncertainty.

所以當——我想，你把所有這些放在一起，再加上我們大宗特許經營的彈性，我認為，如果你回顧經濟衰退和疫情時期，這兩個特許經營權都經受住了許多不確定性的考驗。

And we feel really good about the demand in coal, potash, in both US and Canadian grain. I fully expect we're going to outperform on our synergies this year. Just bring you back, I think we can grow by $300 million in run rate on synergies in 2025.

我們對煤炭、鉀肥以及美國和加拿大穀物的需求感到非常樂觀。我完全相信我們今年的綜效將會取得優異成績。回想一下，我認為到 2025 年，我們的協同效應可以使運行率增加 3 億美元。

And I have no reason to believe we can't do that and potentially even outperform that. And I can assure you, we're going to continue to be in, and we have been super disciplined on our pricing. The pricing model has held in really strong. I'm super proud of the team, and we're going to keep the foot, we're going to keep it in throttle 8, on the pricing front as we look forward.

我沒有理由相信我們不能做到這一點，甚至有可能超越這一點。我可以向你們保證，我們將繼續堅持下去，我們對定價非常嚴格。定價模式一直非常強勁。我為這個團隊感到非常自豪，我們將繼續保持腳步，在定價方面繼續保持第 8 檔。

Fadi, I'm going to give you a case in point. This is a fellow Canadian. I'm going to give you a Canadian success story that this crisis has created. So just last week, I was in Toronto, and I was having a conversation with a CEO , fellow CEO of a very large Canadian retailer about opportunities, about diversifying markets, about imports, about exports, that might not involve the United States if that's not the desired market or the warranted market to go to.

法迪，我舉一個例子給你聽。這是一位加拿大同胞。我要向你們講述這場危機所創造的加拿大成功故事。就在上週，我在多倫多與一位執行長（一家大型加拿大零售商的執行長）進行了交談，談到了機會、市場多元化、進口、出口等問題，如果美國不是理想的市場或值得進入的市場，那麼可能不會涉及美國。

And the question about how many things are on Canadian shales that Canadian consumers purchase that yesterday originated in the United States, but where do they truly originate from? Where are they produced?

問題是，加拿大消費者昨天購買的加拿大頁岩油中有多少東西原產於美國，但它們真正的原產地是哪裡？它們在哪裡生產？

And if you really get into the detail and you're motivated to create solutions for the customer, you lead them to information that, quite frankly, you see that a lot of these products, in this case, are produced in Mexico, then their truck in the United States to be packaged and labeled and warehoused and then trucked out of the United States to go across the border to the Canadian shale.

如果你真正了解細節，並有動力為客戶創造解決方案，你就會引導他們了解這些信息，坦白說，你會發現很多這些產品都是在墨西哥生產的，然後用卡車在美國包裝、貼標籤、入庫，然後用卡車運出美國，跨越邊境到達加拿大頁岩油田。

Was that good for the environment? I'd say no. Is that good for cost control and for optimizing a supply chain? I'd say that's not best in class.

這樣對環境有好處嗎？我認為不是。這對於成本控制和優化供應鏈有好處嗎？我想說這不是最好的。

But when you're a railroad that can uniquely connect the origin and the destination, and the middleman is redundant are not necessary and inefficient. And in some cases, they don't want you to be there, that creates opportunities.

但是當你有一條鐵路可以唯一地連接出發地和目的地時，中間人是多餘的，這是沒有必要的，而且效率低下。在某些情況下，他們不希望你在那裡，這就創造了機會。

So those discussions are being had -- they are being had with people that have interested in motivated minds and for us to be able to help create some of those wins, it's just all accretive to our ability that this unique combination is created again, creating a solution that, quite frankly, before was never possible, and even today, only this railroad can create that solution. That's the power of this network.

因此，我們正在與那些對積極進取的思想感興趣的人們進行這些討論，為了能夠幫助創造一些勝利，這一切都增強了我們的能力，再次創造了這種獨特的組合，創造了一個坦率地說以前不可能實現的解決方案，即使在今天，也只有這條鐵路才能創造出這樣的解決方案。這就是網路的力量。

That's great. I appreciate the detailed answer. Thanks.

那太棒了。我很感謝你的詳細回答。謝謝。

Ravi Shankar, Morgan Stanley.

拉維‧香卡 (Ravi Shankar)，摩根士丹利。

Great, thanks. Just a follow-up on the point of controlling the controllables here. What is the plan if there is a prolonged cliff in incoming port volumes? Is there a pandemic playbook you can dust off on costs? Anything you can do with labor flexibility or is it just a wait-and-see approach?

太好了，謝謝。這只是對此處可控因素的控制點的後續關注。如果港口進港量長期大幅下降，該怎麼辦？是否有可以藉鏡的應對疫情成本的策略？您可以對勞動力彈性採取什麼措施嗎？還是只是採取觀望態度？

No, it's never going to be a wait and see. We're always paying attention to that, Ravi. And I can tell you, I've been doing this for three decades now, and I've been the PSR leader in this industry for two decades, and I've been through several recessions, up cycles, down cycles, we have metrics in our company. We see slippage when it's occurring and we take action on a daily and on a weekly basis.

不，這絕對不會是等待和觀望。我們一直在關注這一點，拉維。我可以告訴你，我已經做這個工作三十年了，二十年來我一直是這個行業的 PSR 領導者，我經歷過幾次經濟衰退、上升週期和下降週期，我們公司有衡量標準。當出現滑坡時，我們會發現，並且每天、每週都會採取行動。

So if we see -- we have visibility to this alleged cliff. We see the ships coming. We know 2 or 3 weeks ahead of time, we're not going to wait two or three weeks to take action. We're going to start lining up responsible action. We can adjust crew starts. We can adjust fleet sizes, we can adjust yard expenses.

所以如果我們看到──我們就能看到這個所謂的懸崖。我們看到船來了。我們提前兩三週就知道了，我們不會等兩三週才採取行動。我們將開始採取負責任的行動。我們可以調整機組人員的開始時間。我們可以調整船隊規模，我們可以調整船場費用。

We have all kinds of levers that we quite frankly have pretty good muscle memory in swing history of pulling and swinging in this railroad in those times, we're going to be the ship in the storm. There's no doubt about it. I don't think that's going to happen. We're not planning for a recession, but we're always prepared for one.

我們擁有各種各樣的槓桿，坦白說，我們在當時拉動和擺動這條鐵路的歷史中擁有相當好的肌肉記憶，我們將成為暴風雨中的船。毫無疑問。我不認為這會發生。我們沒有為經濟衰退做準備，但我們始終為經濟衰退做好準備。

And Keith, I would add, I mean, we're two years in this CPKC and we're experienced enough now on the southern region where we can react quite quickly move power around crew starts, whatever it is we need to do. Again, I think you said it best, we control what we can control, and that's what we will do. It's not enhanced.

基思，我想補充一下，我們在這個 CPKC 工作已經兩年了，現在我們在南部地區有足夠的經驗，我們可以很快地做出反應，在機組啟動時轉移電力，無論我們需要做什麼。再說一次，我認為你說得最好，我們控制我們能控制的，這就是我們要做的。它沒有得到增強。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah, good afternoon. So Keith and John, you've had some pretty interesting commentary on pivoting to the Canada, Mexico opportunity. And you mentioned the $100 million opportunity out of Alberta to Mexico. Is there more perspective you can offer like if you said -- I'm not sure the right framework, but just trying to think about the size of that relative to if you said Mexico, Canada relative to the size of your Mexico US business? I'm assuming it's a lot smaller, but maybe like what the starting point is?

是的，下午好。所以，基斯和約翰，你們對轉向加拿大、墨西哥機會發表了一些非常有趣的評論。您提到了從阿爾伯塔省到墨西哥的 1 億美元商機。您能否提供更多觀點，例如，如果您說——我不確定正確的框架，但只是想考慮相對於墨西哥、加拿大的規模，相對於您的墨西哥美國業務的規模？我假設它要小得多，但也許起點是什麼？

And I guess, other examples of where you potentially could see growth outside of ECP or just to frame it a little bit more because it seems something new and pretty interesting, but a little hard to get your arms around how to frame it or give it context. Thank you.

我想，還有其他例子，您可能會看到 ECP 之外的成長，或者只是稍微對其進行一些框架化，因為它看起來是一些新穎且非常有趣的東西，但很難理解如何對其進行框架化或為其提供背景。謝謝。

Yeah, Tom, it's a good question. And honestly, as part of this sales blitz we've deployed, it's really been trying to understand that and peg it ourselves. I can tell you between LPG, plastics, fuels. And frankly, those have been the biggest three so far.

是的，湯姆，這是個好問題。老實說，作為我們部署的這次銷售閃電戰的一部分，我們一直在努力理解這一點，並親自確定它。我可以告訴你液化石油氣、塑膠和燃料。坦白說，這是迄今為止最大的三個。

The ECP space has led the way, and I'll tell you I was down in Mexico last week, meeting with a number of customers. And certainly, some of the steel business down there has been impacted by cross-border in that.

ECP 領域一直處於領先地位，我可以告訴你們，我上週去了墨西哥，會見了一些客戶。當然，那裡的一些鋼鐵業務已經受到跨國的影響。

But getting into a discussion with the CEO of major steel company and really picking his brain around having sold into the Canadian market and what products would be conducive. And frankly, maybe not dissimilar to what we stepped into when we took over KCS on the auto front, that crisis and creating something good out of that with our closed loop.

但是與大型鋼鐵公司的執行長進行討論並真正了解進入加拿大市場以及哪些產品有利可圖。坦白說，這可能與我們在汽車領域接管 KCS 時遇到的情況並沒有什麼不同，當時我們正經歷著一場危機，並透過我們的閉環創造出了一些好的東西。

We're in the early innings of that in this process. And I don't -- to your point, it probably isn't anywhere to the order of magnitude in terms of like Mexico into the US or Canada into the US. But there's certainly an opportunity there.

我們正處於這一進程的早期階段。我不認為 — — 就你的觀點而言，它可能與墨西哥進入美國或加拿大進入美國的數量級相差甚遠。但那裡肯定存在機會。

And I'll just give you another -- just example to help frame it up. Like grain that moves out of the US today in the Mexico does not have to be fumigated but it can move, I'm going to say, generally, seamlessly into the market. Grain out of Canada is an area where past regulation has required this grain to be fumigated and also requires some different documentation and policy to move into Canada or into Mexico.

我再舉一個例子來幫助你理解這一點。就像今天從美國運往墨西哥的穀物不需要經過熏蒸，而是可以，我想說，一般來說，無縫地進入市場。根據加拿大過去的規定，出口到加拿大或墨西哥的穀物必須經過燻蒸，並且需要一些不同的文件和政策。

And it's not that it's -- we're not doing it today, we are. But as Keith talked about, these are the things we're working with the governments on both sides of the border to say, how do we foster this in this case, grain trade in a more seamless way that we can certainly enable through our 8,500-foot grain product out of Canada and Mexico.

這並不是說——我們今天沒有這樣做，我們正在這樣做。但正如基思所說的，我們正在與邊境兩邊的政府合作，討論如何在這種情況下以更無縫的方式促進糧食貿易，我們當然可以透過從加拿大和墨西哥出口 8,500 英尺的糧食產品來實現。

So a lot was said there, but and I'll be able to probably hopefully quantify it a lot better as we move down this path. But I would say the most important point is we're not resting on our laurels here. We're attacking this opportunity just like we did the autos 1.5 years ago, and we're already starting to see some early results.

所以那裡說了很多，但是隨著我們沿著這條道路前進，我希望能夠更好地量化它。但我想說，最重要的一點是，我們不會滿足於現狀。我們正在抓住這個機會，就像我們一年半前抓住汽車機會一樣，我們已經開始看到一些早期成果。

So it sounds like it could broaden out from ECP and maybe steel and grain and could be broader than that, but you just need some time to see how that develops. Is that fair?

因此，聽起來它可能從 ECP 擴展到鋼鐵和穀物，甚至可能比這更廣泛，但你只是需要一些時間來觀察它如何發展。這樣公平嗎？

Yeah, we've got to sweat it out. Tom, to John's point talking about grains speaking to that specifically, we had a move two weeks ago that -- it was a test move, a new move for us. We got oats that originated in Saskatchewan that went all the way deep into Mexico. It's a 3,000-mile unit train move. That's a pretty exciting thing to think about when you think about the power of that.

是的，我們必須努力解決。湯姆，關於約翰談到的穀物問題，具體來說，我們兩週前採取了一項舉措——這是一項試驗舉措，對我們來說是一個新的舉措。我們得到的燕麥原產於薩斯喀徹溫省，一直延伸到墨西哥深處。這是一次長達 3,000 英里的列車運輸。當你思考它的威力時，這是一件非常令人興奮的事情。

But again, that fumigation is an impediment. It's additional costs, it's additional time. It affects the assets, it affects the rate we have to charge, it affects the customer service. So why does it need to be there? We got the mines and the motivation now and the attention to the Mexican government.

但熏蒸又是一種障礙。這需要額外的成本和時間。它影響資產，影響我們的收費標準，影響客戶服務。那麼為什麼它需要在那裡呢？我們現在得到了礦山和動力，並引起了墨西哥政府的注意。

We've got a great spirit of partnership with the Mexican government. We educate, we communicate, we eliminate those unnecessary barriers and we (technical difficulty) -- more trade to move between the nations of Canada and Mexico.

我們與墨西哥政府有著良好的合作精神。我們進行教育，我們進行交流，我們消除那些不必要的障礙，我們（技術難題）－促進加拿大和墨西哥之間更多的貿易。

Great. Thanks for the time.

偉大的。謝謝你的時間。

Kevin Chiang, CIBC.

加拿大帝國商業銀行的 Kevin Chiang。

Good afternoon. Thanks for taking my question. Maybe just on the auto front. It does feel like, at least with the US administration, reshoring US auto production is certainly key to their industrial policy.

午安.感謝您回答我的問題。也許只是在汽車方面。至少對美國政府來說，將美國汽車生產轉移回國內無疑是其產業政策的關鍵。

And I think over the past few weeks, we continue to hear more D3 OEMs and foreign OEMs, talk about increasing US production. I'd be interested in knowing what discussions you're having with these customers as they look to reshape their supply chain? And I guess how CPKC can assist with that?

我認為在過去幾周里，我們不斷聽到更多 D3 OEM 和外國 OEM 談論增加美國產量。我感興趣的是了解當這些客戶試圖重塑他們的供應鏈時，您與他們進行了哪些討論？我猜想 CPKC 可以如何協助實現這一點？

Well, maybe a couple of points on that, Kevin. I guess, first of all, as I said at the beginning, we're in a pretty good position on our auto franchise right now. We've got all our production facilities up, running and shipping. And I can tell you, for the most part, inventories are fairly low across at least our network and across Canada.

好吧，凱文，關於這一點，也許我可以提出幾點看法。我想，首先，正如我在一開始所說的，我們目前的汽車特許經營狀況相當良好。我們的所有生產設施均已啟動、運作並開始出貨。我可以告訴你，至少在我們的網路和整個加拿大，大多數情況下庫存都相當低。

So that's been actually pretty supportive of volumes. And I do believe the consumer as a whole, maybe has been a little more aggressive in looking to buy automobile maybe earlier in this year than maybe they had planned. And that's burning some demand. I can tell you, I met with a leading automotive shipper here a couple of weeks ago, and they got 60,000 unfilled orders in Canada alone. Those are sales made where they're waiting on vehicle to get into the marketplace.

所以這其實對交易量有很大的支持。我確實相信，總體而言，消費者在今年早些時候購買汽車的意願可能比他們計劃的要積極一些。這正在激發一些需求。我可以告訴你，幾週前我在這裡遇到了一家領先的汽車托運商，僅在加拿大他們就有 60,000 份未完成的訂單。這些都是在等待車輛進入市場時進行的銷售。

And that's certainly the area which we do best, and we fell. The other piece that I would point to is we got 6,000 available acres across this network in three countries that we can develop. And I think you've heard the story in our land value quite a bit over the years on how we've created unique opportunities for our shippers and our customers and co-location across our franchise.

這當然是我們最擅長的領域，但我們卻失敗了。我想指出的另一點是，我們在三個國家的整個網路中擁有 6,000 英畝可供開發。我想，多年來，您已經多次聽到我們土地價值的故事，關於我們如何為我們的托運人和客戶創造獨特的機會，以及如何在我們的特許經營範圍內實現共置。

And certainly, that is something that we've been aggressive to get into the marketplace. And frankly, we just published the nine site-ready locations that we've gone out and we're actively marketing those locations with well, not only the OEMs and automotive companies, but all sorts of supportive industry that may be looking to do more or build more in the space.

當然，我們一直積極將其推向市場。坦白說，我們剛剛公佈了九個已準備好的場地位置，我們正在積極地向這些位置推銷，不僅針對原始設備製造商和汽車公司，還針對可能希望在該領域做更多事情或建造更多東西的各種支持行業。

So we'll see what that brings. But as it stands right now, I fully expect in our automotive franchise to continue to produce at the record rate we've been able to do really last year and through the first quarter.

因此我們將看看這會帶來什麼。但就目前情況而言，我完全相信我們的汽車特許經營權將繼續以去年和第一季創下的紀錄速度生產。

That's great. Thank you very much.

那太棒了。非常感謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good afternoon, thank you. One is a quick follow-up question and just your commentary in terms of OR performance for the full year and in the second quarter. Did I hear you correctly with idea that you expect OR to improve as the year progresses. Are you meaning sequentially off of this first quarter level?

你好，下午好，謝謝。一個是快速的後續問題，只是您對全年和第二季 OR 表現的評論。我是否正確理解了您的想法，即您預計 OR 會隨著時間的推移而改善。您指的是第一季水準的連續變化嗎？

Yeah, absolutely.

是的，絕對是如此。

Okay. Got it. And then second, more of a big picture question here. As you've had, whether it was your sales blitz or just continuing to have conversations with customers, have you particularly those customers in Mexico or with businesses in and out of Mexico, have you seen any increase in activity of maybe production move to Mexico or plans to move to Mexico, just given the disruptions or potential disruption in trade lanes from other parts of the world and maybe viewing Mexico as a viable alternative from a manufacturing standpoint?

好的。知道了。其次，這是一個更重要的宏觀問題。正如您所說，無論是您的銷售閃電戰還是繼續與客戶交談，特別是那些墨西哥的客戶或在墨西哥境內外的企業，您是否看到生產轉移到墨西哥或計劃轉移到墨西哥的活動有所增加，只是考慮到來自世界其他地區的貿易航線的中斷或潛在中斷，也許從製造業的角度來看墨西哥是一個可行的選擇？

Well, you know what, the industrial device development pipeline on our network in Mexico was really strong. A number of projects underway, underdeveloped -- development under construction, I wouldn't characterize, Stephanie, that maybe we're seeing a glut of new.

嗯，你知道嗎，我們墨西哥網路上的工業設備開發管道非常強大。一些正在進行的項目尚未開發——正在建設中的開發項目，斯蒂芬妮，我不會說我們看到了新項目的過剩。

We've certainly seen some pause. But I would say the majority are continuing to push forward which is something we've watched really close given some of this uncertainty if those projects would be shelved or changed or the boardrooms we're thinking differently around those investments. And we really haven't seen that at all on a grand scale.

我們確實看到了一些停頓。但我想說的是，大多數人仍在繼續推進，我們一直密切關注此事，因為存在一些不確定性，例如這些項目是否會被擱置或改變，或者董事會對這些投資的看法是否會有所不同。我們確實還沒有見過大規模的這類現象。

So I continue to believe that our Mexican territory is ripe for development, and we're going to continue to certainly push that narrative.

因此我仍然相信我們的墨西哥領土已經具備了開發的條件，而且我們一定會繼續推動這項進程。

Thank you. I appreciate it.

謝謝。我很感激。

Jonathan Chappell, Evercore ISI.

喬納森·查佩爾（Jonathan Chappell），Evercore ISI。

Thank you, good afternoon. John, I feel like if we didn't have the crisis to talk about, there might be a little bit more focus on Gemini. I know you're super excited about it late last year and you've mentioned a couple of times this morning -- this afternoon.

謝謝，下午好。約翰，我覺得如果我們沒有談論危機，我們可能會更加關注雙子座。我知道您在去年年底對此非常興奮，並且您今天上午和下午已經提到過幾次了。

Is there any way to put numbers around what the Gemini potential is, given your positioning with the two partners there, whether it's in units or revenue? And has that changed at all over call it, the 12- to 24-month period. Just given some of the uncertainty that's emerged since that partnership started?

考慮到您與兩家合作夥伴的定位，是否有辦法估算出 Gemini 的潛力，無論是單位還是收入？在所謂的 12 至 24 個月期間，情況是否發生了變化？只是考慮到自合作關係開始以來出現的一些不確定性？

Jon, my enthusiasm around it is not waned one bit. Actually, the -- it started off, I would say, even faster than anticipated DP World is doing a tremendous job with Gemini at Centerm. We are -- attempt to quantify it a little bit for you but we're moving quickly towards two trains a day.

喬恩，我對此的熱情絲毫沒有減弱。實際上，我想說，它開始得比預期的還要快，DP World 在 Centerm 的 Gemini 專案中做得非常出色。我們正在嘗試為您稍微量化一下，但我們正在迅速實現每天兩班火車的運作。

That's the pressure I am wanting to put on Mark and the team in Vancouver to get to two trains a day, launched at Centrum. And the majority of that tied to Gemini. They've done a great job at Port of St. John. Maersk has moved their service. Now as part of the Gemini out of Halifax down to that port. So we're super pleased with that.

這就是我想要給馬克和溫哥華團隊的壓力，讓他們每天開兩趟從 Centrum 出發的列車。其中大部分與雙子座有關。他們在聖約翰港做出了巨大貢獻。馬士基已轉移其服務。現在雙子座號的一部分已經從哈利法克斯駛往該港口。所以我們對此非常滿意。

Maybe the one area that we'll watch is Lazaro. We have a lot of opportunity between Maersk and Hapag focused on cross border into the US. I would say the momentum hasn't slowed on that. Certainly, a portion of that was tied to imports through Mexico from China. So we're watching that and how that may change or not.

也許我們要關注的一個領域是拉札羅。馬士基和赫伯羅特之間有很多機會專注於跨境進入美國。我想說，這股勢頭並未減緩。當然，其中一部分與透過墨西哥從中國進口有關。因此我們正在觀察這種情況以及它是否會改變。

But honestly, I don't really feel that that's going to be a needle mover in the end of the day. But needless to say, no, I continue to be super excited about what Gemini bring to this network.

但說實話，我並不認為這最終會成為什麼重大的推動力。但不用說，我仍然對 Gemini 為這個網絡帶來的東西感到非常興奮。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

John or I guess, Nadeem, just you've had a couple of questions in the OR, but I just want to understand that the normal post 1Q to 2Q, you get about 260 basis points. I think just want to understand your comment there, can you outpace normal performance given the weather you had? Or were you saying the weather wasn't too difficult that is just going to be a normal path?

約翰，或者我猜，納迪姆，你在手術室裡問了幾個問題，但我只是想了解，在第一季到第二季的正常情況下，你會得到大約 260 個基點。我想我只是想了解你的評論，考慮到你所處的天氣情況，你的表現能超越正常水平嗎？還是您是說天氣不太惡劣，這只是一條正常的路？

And then my question, John, on pricing, you haven't really gotten a lot of pricing. You mentioned pricing real quick. But revenue priority really accelerated, I guess, focused on coal, grain, potash, ECP. Any thoughts you want to talk about seeing some of the accelerating strength in some of those commodities?

然後我的問題是，約翰，關於定價，你實際上並沒有得到很多定價。您很快就提到了定價。但我猜收入優先順序確實加快了，重點是煤炭、糧食、鉀肥和 ECP。對於某些商品價格加速上漲，您有何看法？

Ken, I think that 200 to 250 basis points, a realistic expectation. Obviously, there's areas where we can't control like stock-based comp. And if that becomes a tailwind, it could be bigger than that. I'm optimistic it won't, but that's I think the 200, 250 is fair.

肯，我認為 200 到 250 個基點是一個現實的預期。顯然，有些領域是我們無法控制的，例如股票薪酬。如果這成為一種順風，其影響可能會更大。我樂觀地認為不會，但我認為 200 或 250 是公平的。

And Ken, a few comments on pricing. I continue to tell you that this team is the best in the industry and pricing to the value of our servicing capacity. And I think that's what we've continued to see.

肯，關於定價，我有幾點評論。我繼續告訴你們，這個團隊是業界最好的，而且價格與我們的服務能力價值相符。我認為這就是我們一直看到的。

Our renewals are on the very top end, 4% to 5% plus. I'm quite pleased with that. I can tell you in this quarter, we've repriced two existing legacy KCS contracts that were out there. There wasn't much left to reprice, and we got through those this quarter in a positive way.

我們的續約率處於最高水平，為 4% 至 5% 以上。我對此非常滿意。我可以告訴您，在本季度，我們已經重新定價了現有的兩份傳統 KCS 合約。剩下的需要重新定價的部分已經不多了，我們在本季以積極的方式解決了這些問題。

So I feel good about that. There's -- I think we guided in IR day back then, pricing at 3% to 4%. My expectation is to exceed that. And as I said earlier, BR CPI came in today at 3.1% for our '25, '26 crop year. So we're pleased with where that landed.

所以我對此感覺很好。我認為我們當時在 IR 日指導的價格為 3% 至 4%。我的期望是超越這一點。正如我之前所說，巴西消費者物價指數今天公佈，25、26 作物年度的物價指數為 3.1%。因此，我們對最終結果感到滿意。

So again, we'll keep it on throttle 8, as it relates to pricing.

因此，我們再次將其保持在油門 8 上，因為它與定價有關。

Steve Hansen, Raymond James.

史蒂夫漢森、雷蒙詹姆斯。

Keith, I was pretty taken by your upbeat commentary about the FRA discussions pertaining to technology deployment and I guess some potential benefits safety and service. Is there a way to frame the time frame around that deployment and think it could ultimately mean to the efficiency and safety?

基思，我對你關於 FRA 討論的樂觀評論非常感興趣，這些討論涉及技術部署以及一些潛在的安全和服務利益。有沒有辦法確定該部署的時間範圍，並認為它最終可能意味著效率和安全性？

Very short term, the changes that Mark spoke to on bad orders with our green fleet. There's an optimal design that we've implemented since spending and investing some money in IFG, which is our terminal there in Kansas City that allows specifically the legacy KCS great network to benefit from and takes cars that would have been shuffled up to Kadoke Yard to be bad order repaired and then shuffle back down to being trained.

馬克談到的短期變化針對的是我們綠色車隊的糟糕訂單。自從我們在堪薩斯城的終點站 IFG 投入一些資金以來，我們就實施了一個優化設計，它可以讓傳統的 KCS 大型網絡受益，並將原本要被轉移到 Kadoke Yard 進行故障維修然後再轉移回列車的車輛轉移到 IFG。

So we're going to get some relief with a waiver that allows us to take them out and train at Laredo as well as at IFG, which optimize that supply chain, and that's imminent.

因此，我們將獲得一些豁免，允許我們帶他們出去並在拉雷多和 IFG 進行培訓，從而優化供應鏈，而這即將實現。

Yeah, that's within the days. I've already spoke about it this morning.

是的，就在幾天之內。我今天早上已經談過這個了。

And in part two on the redundant air break test Mark spoke of, we expect that in the near term as well.

在馬克談到的第二部分冗餘空氣斷路測試中，我們也預期短期內也會如此。

Yeah. So we've had FRA on property for the past two weeks in Laredo, seeing very good signs doing a good job on our staff down there showing them what we do, how we do it. And we believe within the coming months, it's a really good dialogue back and forth.

是的。因此，過去兩週我們一直在拉雷多的物業上進行 FRA 活動，看到了非常好的跡象，在那裡我們的員工做得很好，向他們展示了我們做什麼，我們如何做。我們相信，在接下來的幾個月裡，雙方將會進行非常好的對話。

I know I spent some time in Washington just like you did. And good dialogue with FRA, good dialogue with what they see with data, how we can use that data to better a lot of different things that were taking away over the past years.

我知道我和你一樣在華盛頓待過一段時間。與 FRA 進行良好的對話，就他們透過數據所看到的情況進行良好的對話，了解我們如何利用這些數據來改善過去幾年中出現的許多不同的事情。

That's great to hear. Appreciate the color.

聽到這個消息真是太好了。欣賞色彩。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good afternoon, everyone. Thanks for taking the question. Mark, I guess, following up on that, I know you -- I think you mentioned something along the lines of getting your labor agreements in place is helping the network actually run better? Or maybe I misheard you on that, but I guess what's the plan this year, just looking at it from a operational perspective, combating inflation and getting the efficiency up even further?

嘿，大家下午好。感謝您回答這個問題。馬克，我想，關於這一點，我知道你——我想你提到過，制定勞動協議是否真的有助於網路更好地運作？或者也許我聽錯了，但我想今年的計劃是什麼，僅從營運角度來看，對抗通貨膨脹並進一步提高效率？

Yeah. So a couple of things. First, I would say, every year, we had GM meetings where we look at taking cost out. We do that first regardless of what increase that we have as far as the cost of living for unions. We look at that first [$50 million, $60 million] of Howard, upward of $70 million that would take out just cost alone.

是的。有幾件事。首先，我想說，每年我們都會召開總經理會議，探討如何降低成本。無論工會的生活成本增加多少，我們都會先這樣做。我們來看看霍華德的第一筆[5000萬美元、6000萬美元]，單是成本就高達7000萬美元。

And then for the stability that we have spoke about is the three unions that we've already signed up this year at 3%, that would be a four-year deal. We're on the cusp of finishing up TCRC and the RTCs, which is the dispatchers, that will be coming up in the coming weeks. We'll go to coming out of mediation on that and should have that finished up in arbitration here soon.

然後，為了我們談到的穩定性，我們今年已經與三個工會簽署了 3% 的協議，這將是一份為期四年的協議。我們即將完成 TCRC 和 RTC（調度員），它們將在未來幾週內投入使用。我們將就此進行調解，並很快透過仲裁結束此事。

Now when we turn to the US side, we are still looking at our hourly agreements. We can have hourly agreements across a couple of the southern region, meaning the former MidSouth KCS, some of the LMA territory just takes you back some of the operating agreements they've had in place.

現在，當我們轉向美國方面時，我們仍在關注我們的小時協議。我們可以在幾個南部地區簽訂小時協議，也就是以前的 MidSouth KCS，部分 LMA 領土只是帶回他們已經實施的一些營運協議。

So looking at doing some of those hourly agreements down there. So some of that you can change some of the crew base around. You can also run longer in some areas, which we have implemented toward the New Orleans route. So certainly, every opportunity we can take now we're taking. And then once we get new agreements in place, we can build upon that.

因此，考慮在那裡達成一些小時協議。因此，你可以改變一些船員基地。您還可以在某些地區跑得更久，我們已經在新奧爾良路線實施了這項計劃。因此，我們當然會抓住現在能抓住的每一個機會。一旦我們達成新的協議，我們就可以在此基礎上繼續努力。

And I would even say, just from the Mexico perspective, we can continue to work with the unions in Mexico to do more. I know it's steady staging. We work with them every month and every year to do those agreements, but it's certainly making progress for sure.

我甚至想說，僅從墨西哥的角度來看，我們可以繼續與墨西哥工會合作做更多的事情。我知道這是一個穩定的舞台。我們每年每月都會與他們合作達成這些協議，但肯定會取得進展。

Thank you, Mark.

謝謝你，馬克。

Ari Rosa, Citigroup

花旗集團的阿里·羅莎

Great. Just going back to the regulatory discussion. Maybe you could talk about what are some of the other areas that you're pursuing? And just how impactful you think they could be in terms of the cost savings opportunity or the efficiency opportunity that's gained from that?

偉大的。回到監管討論。也許您可以談談您正在追求的其他領域是什麼？您認為它們在成本節約機會或效率機會方面能產生多大影響？

Yeah, the cold wheel technology is something we've had in place for years in Canada and partly what that does for you is it increases the cycles of turns on trains meaning the equipment of grain hoppers, if it's coal, whatever the cycle maybe, includes locomotives, so I can do more with less because I'm spinning the asset so much faster. And if you talk about what we could control, that's what we could control.

是的，冷輪技術是我們加拿大已經使用多年的技術，它對你來說部分作用是增加了火車的轉彎週期，這意味著穀物料斗的設備，如果是煤炭，無論週期如何，都包括機車，所以我可以用更少的資源做更多的事情，因為我可以更快地旋轉資產。如果你談論我們能夠控制什麼，那就是我們能夠控制的。

So when I do the inspections of that, I can certainly pinpoint mechanical work whenever I do have to stop the train to do the inspection. I can understand what I can do it once, not just several times on inspection. So working with FRA, if we can get that in place with the US operations, we can certainly do that toward the P&W. We can certainly do that down toward Mexico.

因此，當我進行檢查時，無論何時我必須停下火車進行檢查，我都可以肯定地找出機械問題。我可以理解我可以做一次，而不僅僅是檢查幾次。因此，如果我們能夠與 FRA 合作，在美國業務中實現這一點，那麼我們肯定也可以在 P&W 中做到這一點。我們當然可以向墨西哥這樣做。

And again, it's a one-stop shop with inspections.

再次強調，這是一個提供一站式檢查服務的地方。

There's lots of money to be had in that, I don't want to quantify it until we can see exactly what we can do with that yet. But again, there's many more opportunities from a safety perspective from hot box detectors that we talked about, just inspections of the portals that we have where we can do more work and inspect cars and see more defects than we do today from the human eye.

這裡面可以賺很多錢，在我們確切知道可以用它做什麼之前，我不想量化它。但是，從安全角度來看，我們討論過的熱箱探測器還有更多的機會，只需檢查我們擁有的門戶，我們就可以做更多的工作，檢查汽車，發現比今天人眼更多的缺陷。

And certainly, from a technology perspective that is much better. Not saying it will get away from human eye will always do that work but I guarantee you we'll have a safer railroad because of it.

當然，從技術角度來看，這要好得多。並不是說它會遠離人類的視線，而是說它會一直發揮作用，但我向你保證，有了它，我們的鐵路將更加安全。

Benoit Poirier, Desjardins Securities.

Benoit Poirier，德斯雅爾丹證券。

Yes, thank you very much and thanks for taking my question. John, with respect to the China vessel surcharge, I was wondering if you have seen any customer react to this potential? Any new calls into your ports as customers try to diversify away from US ports. And talking about port movement with respect to St. John, given the increased momentum with the Southeast Asia improvement at the Red Sea channel?

是的，非常感謝您回答我的問題。約翰，關於中國船舶附加費，我想知道您是否看到任何客戶對這種潛力做出反應？當客戶嘗試將航線從美國港口轉移時，您的港口是否會有新的停靠？鑑於東南亞在紅海航道改善方面的勢頭增強，您能否談談聖約翰的港口活動？

And have you seen any increased dialogue to ramp up at faster pays the operation in St. John in -- or through the Eastern ports? Thank you.

您是否看到任何關於加快聖約翰或透過東部港口開展業務的對話？謝謝。

Yeah, Benoit, we've got pretty good momentum out it, St. John. Again, I feel really good with the ramp-up of Gemini there, but our existing business with the other steam ship lines has been growing also.

是的，貝努瓦，我們的勢頭非常好，聖約翰。再次，我對雙子星號在那裡的發展感到非常高興，但我們與其他輪船公司的現有業務也在成長。

And frankly, we just turned on a number of additional [gensets] in that marketplace that's going to provide export opportunities, frankly, of products that maybe traditionally were coming out of the US -- frozen product coming out of the US that now we're working with Canadian producers of similar products for export, and a lot of that's going to be pointed at St. John for us.

坦白說，我們剛剛在該市場啟動了一些額外的[發電機組]，這將提供出口機會，坦率地說，這些產品可能傳統上來自美國 - 來自美國的冷凍產品，現在我們正在與加拿大類似產品的生產商合作出口，其中許多產品將指向聖約翰。

So overall, feel ongoing positivity around the whole St. John opportunity and on the backs of the growth we already have at that location.

因此，總體而言，我們對整個聖約翰的機會以及我們在該地點已經取得的成長感到持續的積極態度。

Get good upside on capacity as well. I mean there's plenty of room out there since they've moved out some industry.

在容量方面也獲得良好的上升空間。我的意思是，由於他們已經遷出了一些行業，所以那裡還有足夠的空間。

What was the other part, Benoit?

另一部分是什麼，Benoit？

With respect to the China vessel surcharge, whether you'd see more increased dialogue for people wanting to go to Canada instead?

關於中國船舶附加費，您是否希望看到更多想要前往加拿大的人進行對話？

You know what, I would say pretty minimal at this point. I think overall, there's a fair amount of relief on the changes that were implemented versus what that could have been initially when it was talked about.

你知道嗎，目前我會說這非常少。我認為總體而言，與最初談論的情況相比，已經實施的變革帶來了相當大的緩解。

So I think the steamship lines will adjust their fleets appropriately ultimately for the US ports. I'm not sure that is going to impact us a whole lot one way or the other, whether you think about Mexico and Canada. We are looking at a few opportunities down in the Texas area with some existing business and what alternatives if in fact, some of these applications may apply to that business.

因此我認為輪船公司最終會針對美國港口適當調整其船隊。我不確定這是否會對我們產生很大影響，無論你是否考慮墨西哥和加拿大。我們正在尋找德克薩斯州地區的一些現有業務機會，以及事實上其中一些應用程式可能適用於該業務的替代方案。

But again, these aren't huge opportunities. But certainly, it's a wait and see, and we'll understand it more as it progresses as we get closer and closer to October.

但同樣，這些並不是巨大的機會。但當然，這還需要等待，隨著十月的臨近，我們會對事情的進展有更多的了解。

Okay. Many thanks.

好的。非常感謝。

Okay. Thank you.

好的。謝謝。

Thank you. And we have reached our allotted time for Q&A. I would now like to turn the call back over to Mr. Keith Creel.

謝謝。我們的問答時間已經到了。現在我想將電話轉回給基斯·克里爾先生。

Thank you. Well, listen, thank you for your time this afternoon. I hope you walk away with a bit of color. Certainly, in spite of the winter, in spite of the many uncertainties that we're all facing, we produced a very strong first quarter.

謝謝。好吧，聽著，感謝您今天下午抽出時間。我希望你能帶著一點色彩離開。當然，儘管正值冬季，儘管我們都面臨著許多不確定因素，但我們第一季的業績仍然非常強勁。

We're set up well to reduce a strong year in 2025. This unique three-nation network is built for times like this. We're going to create solutions, not excuses that will lead to industry unique growth outcomes and value for our shareholders, not just in 2025, but beyond. Thank you, and we look forward to sharing our second-quarter results.

我們已經做好了準備，將在 2025 年迎來一個強勁的年份。這個獨特的三國網絡就是為這樣的時刻而建立的。我們將創造解決方案，而不是找藉口，這將為我們的股東帶來行業獨特的成長成果和價值，不僅在 2025 年，而且在更遠的未來。謝謝，我們期待分享第二季的業績。

Thank you. Ladies and gentlemen, that will conclude today's CPKC's first-quarter 2025 conference call. Again, thanks so much for joining us, everyone. We wish you all a great remainder of your day. Goodbye.

謝謝。女士們、先生們，今天的 CPKC 2025 年第一季電話會議到此結束。再次感謝大家的參與。我們祝福大家今天餘下的時間過得愉快。再見。