CSX Corp (CSX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the CSX Corporation first-quarter 2025 earnings conference call. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 CSX 公司 2025 年第一季財報電話會議。（操作員指示）謝謝。

And I would now like to turn the conference over to Matthew Korn, Head of Investor Relations and Strategy. Matthew, you may begin.

現在我想將會議交給投資者關係和策略主管馬修·科恩 (Matthew Korn)。馬修，你可以開始了。

Thank you, Krista. Hello and good afternoon, everyone. We're very pleased to have you join our first-quarter conference call.

謝謝你，克里斯塔。大家好，下午好。我們非常高興您參加我們的第一季電話會議。

Joining me from the leadership team are Joe Hinrichs, President and Chief Executive Officer; Mike Cory, EVP and Chief Operating Officer; Kevin Boone, EVP and Chief Commercial Officer; and Sean Pelkey, EVP and Chief Financial Officer.

與我一同加入領導團隊的還有總裁兼執行長 Joe Hinrichs； Mike Cory，執行副總裁兼營運長； Kevin Boone，執行副總裁兼首席商務長；以及執行副總裁兼財務長 Sean Pelkey。

In the presentation accompanying this call, which is available on our website, you will find slides with our forward-looking disclosures and our non-GAAP disclosures for your review.

在我們網站上提供的本次電話會議的簡報中，您將找到包含我們的前瞻性揭露和非公認會計準則揭露的投影片，供您審查。

With that, it's now my pleasure to introduce Mr. Joe Hinrichs.

現在我很高興向大家介紹喬·欣里奇斯先生。

All right. Thank you, Matthew, and hello, everyone. Thank you for joining our first-quarter call.

好的。謝謝你，馬修，大家好。感謝您參加我們的第一季電話會議。

Since I came to CSX, we have been clear about our commitment to lead with service consistent, reliable, excellent services is what -- strengthens our relationships with customers, expand our markets and ultimately drives profitable growth. We do not fulfill that commitment this quarter.

自從我來到 CSX 以來，我們就明確了我們的承諾，即以一致、可靠、優質的服務引領未來，從而加強我們與客戶的關係，擴大我們的市場，並最終推動盈利增長。本季我們沒有履行該承諾。

The start of the year typically brings operational challenges that we manage the network through the worst of winter weather. We think that these challenges will be more difficult this year because of the constraints associated with our two major infrastructure projects, the Howard Street Tunnel and the Blue Ridge Subdivision rebuild.

年初通常會帶來營運挑戰，我們需要在最惡劣的冬季天氣中管理網路。我們認為，由於我們的兩個主要基礎設施項目——霍華德街隧道和藍嶺分區重建——的限制，今年的挑戰將更加艱鉅。

Unfortunately, our performance fell short of our expectations. As a result, we left good business on the table, which reduced our revenues and our inefficiencies met, we incurred more expense. We take full accountability for our performance this quarter, and we are not standing still. The team is aligned. Our expectations are clear, and we are taking actions to stabilize our operations, improve efficiency and enhance coordination across the entire One CSX team.

不幸的是，我們的表現並沒有達到我們的期望。結果，我們失去了一些好生意，這減少了我們的收入，而且由於效率低下，我們產生了更多的費用。我們對本季的業績負全部責任，我們不會停滯不前。團隊已協調一致。我們的期望很明確，我們正在採取行動穩定我們的運營，提高效率並加強整個 One CSX 團隊的協調。

All that said, I want to reiterate the underlying strengths of our business. This is still the same great network and on CSX team. Our customer relationships are strong, and the fundamentals of our strategy are sound. I want to thank our employees for their resilience and our investors for their continued support as we move forward with urgency and clarity.

儘管如此，我想重申我們業務的潛在優勢。這仍然是同樣出色的網路和 CSX 團隊。我們與客戶的關係十分牢固，我們的策略基礎也十分穩健。我要感謝我們員工的堅韌和投資者在我們緊迫而清晰地前進過程中給予的持續支持。

Now let us go over some highlights. Let's start with slide 1, where we feature some of the key results from our first quarter. Total volume decreased 1% compared to last year, but we did see intermodal volumes increased 2% on the quarter as we saw an uptick in port traffic. Total revenue was $3.4 billion for the quarter, down 7% from the same period last year.

現在讓我們回顧一下一些亮點。讓我們從幻燈片 1 開始，其中展示了我們第一季的一些關鍵結果。與去年相比，總貨運量下降了 1%，但由於港口運輸量增加，本季聯運量增加了 2%。本季總營收為34億美元，較去年同期下降7%。

As we anticipated, much of this decline was due to the commodity effects of lower benchmark coal prices and reduced fuel surcharge. Earnings per share decreased by 24%, reflecting the effects of our margin from reduced revenues and our challenged network performance. We know that trust is earned through consistency.

正如我們預期的那樣，這種下降很大程度上是由於基準煤炭價格下降和燃油附加費減少帶來的商品效應。每股盈餘下降了 24%，反映了收入減少和網路效能受到挑戰對利潤率的影響。我們知道信任是透過堅持不懈而贏得的。

One quarter doesn't define us. What defines us is how we respond, how we learn and how we come back stronger. That is our focus. We are committed to delivering better results and most importantly, to executing in the quarters ahead.

一個季度不能定義我們。定義我們的是我們如何應對、如何學習、如何變得更強大。這是我們的重點。我們致力於取得更好的業績，最重要的是，在未來幾季內實現更好的業績。

Now I will turn the call over to Mike to provide details around our operational performance.

現在我將把電話轉給麥克，讓他提供有關我們營運績效的詳細資訊。

Thank you, Joe, and thanks to all of you for taking the time to participate today. As Joe highlighted in his opening remarks, this was a difficult quarter for the CSX network and the team. We've talked about how we have two major infrastructure rebuilds and progress that are causing us to reorganize and reroute a significant amount of our daily traffic.

謝謝你，喬，也謝謝大家今天抽出時間來參加。正如喬在開場白中所強調的那樣，對於 CSX 網路和團隊來說，這是一個艱難的季度。我們已經討論過，我們的兩個重大基礎設施重建和進展將導致我們重新組織和重新安排大量日常交通。

As a result, we were hit by severe weather and faced other tough railroading challenges has become more complicated for us to recover, and it's just taking us longer to stabilize our operations. These effects are clear in our service metrics as all of you have noticed.

結果，我們遭受了惡劣天氣的襲擊，並面臨其他嚴峻的鐵路挑戰，使我們的恢復變得更加複雜，而且我們需要更長的時間來穩定運作。正如大家所注意到的，這些影響在我們的服務指標中表現得非常明顯。

Let me say this as firmly as I can, improving the fluidity of the network is essential in order to deliver on our promises to our customers, and we are committed to getting this done. We expect our performance to improve from first quarter even as we manage the ongoing infrastructure projects.

讓我盡可能堅定地說，提高網路流動性對於兌現我們對客戶的承諾至關重要，我們致力於做到這一點。即使我們正在管理正在進行的基礎設施項目，我們預計我們的業績將從第一季開始改善。

I'll talk more in a moment about what steps we're taking, but let's first discuss safety results for the quarter. The first quarter saw a third straight sequential decline in our FRA injury rate, which also brought us lower on a year-over-year basis.

稍後我將詳細介紹我們正在採取的措施，但讓我們先討論本季的安全結果。第一季度，我們的 FRA 受傷率連續第三個季度下降，與去年同期相比也有所下降。

The continued education and mentorship programs that we've put in place are having a measurable effect helping our employees understand how to reduce their risk exposure every day that they're on the job. I'm pleased that our FRA train accident rate also declined sequentially and improved year-over-year. Our team sees this as an encouraging affirmation that our Safe CSX program is taking hold and driving positive results.

我們實施的繼續教育和指導計劃正在產生顯著的效果，幫助我們的員工了解如何在每天的工作中減少風險。我很高興看到我們的法蘭克福火車事故率也環比下降，並且比去年同期有所改善。我們的團隊認為這是一個令人鼓舞的肯定，表明我們的 Safe CSX 計劃正在取得成功並取得積極成果。

We will continue our work to build a safety-focused culture here at CSX always with the goal of everyone returning home safe and sound after every day.

我們將繼續致力於在 CSX 建立以安全為中心的文化，始終以每個人每天都能安全回家為目標。

Let's move to the next slide. At the top of this page, you'll see metrics reflecting our network fluidity. After working through the storms in the second half of 2024, our velocity was affected early in the first quarter of 2025 after closing the Baltimore Tunnel and it continued to be challenged as we manage through the after effects of harsh winter weather. Dwell demonstrated a similar unfavorable trend over the last several weeks as yard congestion persisted, making it difficult for trains to depart on schedule.

讓我們看下一張投影片。在此頁面的頂部，您將看到反映我們網路流動性的指標。在經歷了 2024 年下半年的暴風雨之後，我們的速度在 2025 年第一季初因巴爾的摩隧道關閉而受到影響，並且在我們努力克服嚴酷冬季天氣的後果時，速度繼續受到挑戰。過去幾週，德威爾也表現出了類似的不利趨勢，因為站場壅塞持續存在，導致火車難以準時出發。

We're working hard to address the increase in cars online as having excess inventory has slowed the network, with particular flooding on our Southwest and Midwest regions, Nashville and Cincinnati, in particular, we have much to do in this regard.

我們正在努力解決線上汽車數量增加的問題，因為庫存過剩已經減慢了網路速度，特別是西南和中西部地區、納許維爾和辛辛那提遭遇洪水，在這方面我們還有很多工作要做。

The charts on the bottom show important customer-facing metrics. Our Intermodal business is highly service sensitive. We have to get this right to stay competitive in this market. As this chart shows, our intermodal trip plan compliance rebounded nicely in the first quarter after the hurricane-related disruptions that hit last fall.

底部的圖表顯示了面向客戶的重要指標。我們的多式聯運業務對服務高度敏感。我們必須做好這一點才能在這個市場上保持競爭力。正如該圖所示，在去年秋季颶風造成交通中斷之後，我們的聯運行程計畫合規性在第一季出現了良好反彈。

The team has worked hard to keep our terminals fluid and minimize the amount of time at trade drivers are waiting to drop off or pick up boxes. We're encouraged by this result, but we didn't do nearly as well with Carload TPC, which was negatively impacted from the quarter's fluidity constraints.

團隊一直努力保持我們的終端暢通，並盡量減少貿易司機等待卸下或取回箱子的時間。這一結果令我們感到鼓舞，但我們在 Carload TPC 方面的表現卻不太好，因為它受到了本季度流動性限制的負面影響。

This is a primary area of attention for the team. We have to deliver here in order to support our current merchandise business and the substantial amount of new business that Kevin and his team won and expect to win going forward.

這是團隊關注的主要領域。我們必須在此方面做出努力，以支持我們目前的商品業務以及凱文和他的團隊贏得的並期望在未來贏得的大量新業務。

Finally, our CSD or first mile, last mile measure shows fairly steady performance, but we know that for our customers, every percentage point represents important freight that they've entrusted to CSX. So we understand where we are, and we are certainly committed to getting back to where we need to be.

最後，我們的 CSD 或第一英里、最後一英里測量顯示出相當穩定的表現，但我們知道，對於我們的客戶來說，每個百分點都代表著他們委託給 CSX 的重要貨物。因此，我們了解自己所處的境地，並且我們一定會致力於回到我們需要的狀態。

Top to bottom, our team is focused on speeding our operations back up and rebuilding the positive momentum that comes from a fluid balance network. Now we're not going to get back to our true potential until we get these major projects completed, but we are doing the hard work to drive incremental improvement step by step as we go through the year.

從上到下，我們的團隊致力於加快恢復營運並重建流體平衡網路帶來的積極勢頭。現在，除非我們完成這些重大項目，否則我們無法恢復真正的潛力，但我們正在努力工作，逐步推動全年的漸進式改進。

The first things we're doing is to get the resources in place that will enable us to run a consistent operating plan even with the two major closures to work around. We're bringing online a modest number of locomotives to help get the network in balance and reduce train delay. This is scheduled railroading. Trains leave on schedule, everything else is able to fall in place.

我們要做的第一件事就是準備好資源，這樣即使面臨兩個重大關閉，我們也能執行一致的營運計劃。我們正在投入少量機車，以幫助平衡網路並減少列車延誤。這是預定的鐵路運輸。火車準時發車，其他一切順利進行。

We're also taking steps to drive our asset utilization. Our field leaders are connecting with our customers to identify and flush cars off our network. This car is accumulated network fluidity declined. So we're working closely with our customers and taking immediate action to get these levels back to where they need to be.

我們也正在採取措施提高資產利用率。我們的現場領導正在與我們的客戶聯繫，以識別並從我們的網路中清除汽車。這就導致汽車網路流動性累積下降。因此，我們正在與客戶密切合作，並立即採取行動，使這些水準恢復到應有的水準。

Finally, we're making sure that everyone in this organization acts according to the priority that we at CSX place in delivering customer service. There's no single measure for the railroad that accounts for everything. But for years, TPC has served us as a very good guide to effective statistics. When we miss, we hold ourselves accountable, find a solution and make it right with our customers.

最後，我們要確保組織中的每個人都按照 CSX 在提供客戶服務時所設定的優先順序行事。對於鐵路而言，沒有任何單一的衡量標準能夠涵蓋所有情況。但多年來，TPC 一直是我們有效統計的非常好的指南。當我們失敗時，我們會承擔責任，找到解決方案並與客戶達成和解。

We have a lot of work to do. But remember this, we have the same people in the same assets that we had a year ago. And we take a lot of pride knowing how to apply the core principles of an effective scheduled railroading.

我們還有很多工作要做。但請記住，我們擁有的人員和資產與一年前是一樣的。我們非常自豪地知道如何應用有效的鐵路調度核心原則。

On top of that, we're adding improved tools such as the real-time operations portal system that we previewed at our Investor Day. Hundreds of railroaders across the network, use our top every day to strengthen communication and support faster, more effective decision-making.

除此之外，我們還添加了改進的工具，例如我們在投資者日預覽的即時操作入口網站系統。整個網路的數百名鐵路工人每天都使用我們的系統來加強溝通並支持更快、更有效的決策。

The bottom line is that we're aligned across the team, and we're going to deliver for our customers and our shareholders.

最重要的是，我們整個團隊保持一致，我們將為我們的客戶和股東提供服務。

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

說完這些，我就把話題交給你了，凱文。

All right. Thank you, Mike. Right now, CSX and our customers are navigating elevated levels of macro uncertainty. Clearly, there's an added market volatility and global trade policy is shifting day to day.

好的。謝謝你，麥克。目前，CSX 和我們的客戶正在應對高度的宏觀不確定性。顯然，市場波動加劇，全球貿易政策也日益變化。

We are staying close to our customers to understand the changing landscape, partnering to ensure supply chains remain resilient and efficient as well as looking for opportunities to grow together, including investments in US manufacturing. Year-to-date, end market demand has remained relatively stable. While some areas are clearly stronger than others, we have not seen any major negative inflections.

我們與客戶保持密切聯繫，了解不斷變化的情況，攜手合作確保供應鏈保持彈性和高效，並尋找共同成長的機會，包括對美國製造業的投資。年初至今，終端市場需求保持相對穩定。雖然有些地區明顯比其他地區強勁，但我們並未看到任何重大的負面變化。

That said, we are unsatisfied. The disruptions we faced across the network resulted in missed opportunities in some of our key end markets. As you've heard, our entire team is 100% engaged and we have confidence that we will show improvement as the year progresses.

話雖如此，我們並不滿意。我們面臨的網路中斷導致我們錯失了一些關鍵終端市場的機會。正如您所聽到的，我們整個團隊都 100% 投入其中，我們有信心隨著時間的推移，我們會取得進步。

As an example of our commitment, I want to quickly highlight the CSX's TDSI automotive terminal team, sit a record with four terminals winning the auto industry's premier awards for origin and destination operations as recognized by the AAR. We are incredibly proud of our TDSI team and how they represent service excellence here at CSX.

作為我們承諾的一個例子，我想快速強調一下 CSX 的 TDSI 汽車終端團隊，該團隊創下了四個終端榮獲 AAR 認可的汽車行業首屈一指的起點和目的地運營獎項的記錄。我們為我們的 TDSI 團隊以及他們在 CSX 所代表的卓越服務感到無比自豪。

Now let's turn to the slides. Starting with our merchandise business, as shown on slide 6. In total, for the first quarter, both revenue and volume declined 2%. RPU increased 1% year over year as higher core pricing gains offset lower fuel surcharge and the effects of negative mix.

現在讓我們翻到幻燈片。從我們的商品業務開始，如幻燈片 6 所示。總體而言，第一季營收和銷量均下降了2%。由於核心價格上漲抵消了燃油附加費下降和負面組合的影響，RPU 年比成長 1%。

Looking across the different end markets, Fertilizer volume was up 2% compared to last year, benefiting from modest improvement in short-haul, Bone Valley shipments. Our revenue was flat as RPU was affected by this mix shift.

縱觀不同的終端市場，化肥銷量較去年同期成長了 2%，這得益於短途運輸和骨谷運輸的適度改善。由於 RPU 受到這種組合轉變的影響，我們的收入持平。

Market demand was strong for ag and food, but operational challenges limited our ability to meet this demand, reducing our shipments compared to the market opportunity. Minerals volume was lower by 1% as weather impacted aggregate shipments but underlying construction activity remained robust.

市場對農業和食品的需求強勁，但營運挑戰限制了我們滿足這一需求的能力，與市場機會相比，我們的出貨量減少了。由於天氣影響了骨材運輸，礦物產量下降了 1%，但基礎建築活動仍然強勁。

Cement volume was favorable over the quarter, supported by the ramp-up of new production, which contributed to favorable RPU mix and helped lift revenues by 4% for the quarter.

受新產量增加的支撐，本季水泥銷量良好，這有助於形成良好的 RPU 組合，並幫助本季營收成長 4%。

Chemicals revenue was up 1% against a 1% decline in volume. We saw positive demand in plastics and energy-related areas such as propane and LPGs, but cold weather had an impact on asphalt shipments. Forest products volume declined 4%, reflecting an uncertain building products environment when considering interest rates and changing trading policies.

化學品收入成長 1%，但銷量下降 1%。我們看到塑膠和丙烷、液化石油氣等能源相關領域的需求積極，但寒冷天氣對瀝青運輸產生了影響。林產品銷售量下降了 4%，反映出在考慮利率和不斷變化的貿易政策的情況下建築產品環境的不確定性。

Metals and equipment continued to be sluggish with volume down 7% for the quarter. Automotive production was slow to start the year, and though we saw improvements in March, volume and revenue declined 7% and 8%, respectively.

金屬和設備繼續低迷，本季銷量下降 7%。今年年初汽車產量緩慢，儘管 3 月有所改善，但產量和收入分別下降了 7% 和 8%。

As we look to the second quarter and the rest of the year, we're closely watching the daily changes in trade and tariff policy. As I said before, based on what we observe from our merchandise customers now demand across merchandise is relatively steady.

展望第二季及今年剩餘時間，我們正密切關注貿易和關稅政策的每日變化。正如我之前所說，根據我們對商品的觀察，現在顧客對商品的需求相對穩定。

There are even some encouraging recent signs with a good seasonal pickup in aggregates, strong end market demand in some of our ag markets and some early favorable effects from tariffs as steel prices have improved. If markets hold, we see opportunities to capitalize on improved network performance, allowing us to capture and fulfill more of the demand in some of our key markets.

最近甚至出現了一些令人鼓舞的跡象，總量出現良好的季節性回升，一些農業市場的終端市場需求強勁，而且隨著鋼鐵價格上漲，關稅也帶來了一些早期的有利影響。如果市場保持穩定，我們就有機會利用改進的網路效能，讓我們能夠捕捉並滿足一些關鍵市場的更多需求。

Now let's turn to slide 7 to go over the coal business. Coal revenue declined 27% on 9% lower volume as the team navigated lower export prices, producer issues and operational challenges in the quarter. All-in coal RPU declined 20% year over year and fell 4% sequentially, slightly more than the 3% decline that we anticipated last quarter.

現在我們翻到第 7 張投影片來了解煤炭業務。由於該團隊在本季應對出口價格下跌、生產商問題和營運挑戰，煤炭收入下降了 27%，銷售量下降了 9%。全部煤炭 RPU 年減 20%，季減 4%，略高於我們上個季度預期的 3% 的降幅。

We saw year-over-year declines in both our export and domestic businesses. Export tonnage declined by 12%, partially driven by the impacts of two significant temporary mine outages. While domestic tonnage was lower by 4%, we did see positive demand trends through the quarter.

我們的出口和國內業務均出現年減。出口噸位下降了12%，部分原因是兩次重大礦場臨時停產的影響。儘管國內噸位下降了 4%，但我們確實看到本季需求呈現正面趨勢。

Utility demand has been supported by higher natural gas prices, and we see positive signals from some of our key customers for increased demand into the summer and beyond. Domestic shipments to steel mills were also down year over year, reflecting soft conditions in the metals market to start the year.

公用事業需求受到天然氣價格上漲的支撐，我們從一些主要客戶看到積極的信號，表明夏季及以後的需求將會增加。國內對鋼廠的出貨量也較去年同期下降，反映出年初金屬市場狀況疲軟。

For pricing, the Australian benchmark averaged $185 per ton over the first quarter and currently sits around that level. On a lag basis, this would be a modest headwind to ARPU in the second quarter. although we could see a slight positive yield offset if we're able to increase our deliveries to the southern utility customers.

就價格而言，第一季澳洲基準價格平均為每噸 185 美元，目前維持在該水準附近。從滯後角度來看，這將對第二季的 ARPU 造成輕微的阻力。不過，如果我們能夠增加對南方公用事業客戶的交付量，我們可能會看到輕微的正收益抵銷。

Turning to slide 8 to review the intermodal business. This quarter, revenue was down 3% despite a 2% increase in volume. RPU was lower by 5%, with a 3% impact due to lower fuel surcharge and the remainder largely due to stronger international shipments. The volume growth for the quarter was driven by international activity as we saw positive trends in container import flows sourced from our global partners.

翻到投影片 8 回顧多式聯運業務。本季度，儘管銷量成長了 2%，但收入卻下降了 3%。RPU 下降了 5%，其中 3% 是由於燃油附加費降低，其餘主要由於國際貨運量增加。本季的貨運量成長是由國際活動推動的，因為我們看到來自全球合作夥伴的貨櫃進口流量呈現正面趨勢。

While some of this may have been due to a moderate pull forward ahead of anticipated tariffs, we do not see any real step change in the trend line until we approach the end of March. Domestic was effectively flat with grain in our rail asset shipments and new initiatives offsetting mixed results among some of our other channel partners.

雖然部分原因可能是由於預期關稅的適度提前，但直到接近三月底，我們才會看到趨勢線出現任何真正的變化。國內市場基本上持平，鐵路資產運輸中的穀物和新舉措抵消了我們其他一些通路合作夥伴的混合表現。

Again, we're encouraged by what we've seen over the quarter, but visibility is low into the rest of the year. The trucking market has not inflected, but does not seem to be past the bottom but does seem to be past the bottom, which is moderately favorable for the Intermodal overall.

再次，我們對本季的業績感到鼓舞，但今年剩餘時間的前景看好。卡車運輸市場尚未發生變化，但似乎尚未觸底，但似乎已經觸底，這對整體聯運來說是比較有利的。

Finally, let's turn to slide 9 for an update on industrial development at CSX. It's been very encouraging to see how our overall program has continued to progress. As you've heard us say at recent conferences, inbound calls to our team remain at very high levels, and our total pipeline of projects continues to grow, reaching nearly 600 by quarter end.

最後，讓我們翻到第 9 張投影片，了解 CSX 工業發展的最新情況。看到我們的整體計劃不斷取得進展，我們感到非常鼓舞。正如您在最近的會議上聽到我們所說的那樣，我們團隊的來電數量仍然很高，我們的專案總數也在持續增長，到季度末已達到近 600 個。

Even better, one quarter of these projects are already under contract or nearing the final site selection. Activity within this pipeline continues to move forward. with 24 new facilities going live on our network over the first quarter. These new plants and expansions will ramp up over the next few years, contributing to our positive outlook on growth.

更令人欣喜的是，其中四分之一的項目已經簽訂合約或接近最終選址。該管道內的活動正在繼續向前推進。第一季度，我們的網路上有 24 個新設施投入使用。這些新工廠和擴建項目將在未來幾年加速發展，為我們對成長的樂觀展望做出貢獻。

We expect to keep this momentum up through the rest of the year with up to 50 additional facilities scheduled to start service over the next nine months. We remain confident that as the program continues to mature and accelerate we are on track towards realizing the volume growth path we outlined at the November Investor Day.

我們預計今年剩餘時間將保持這一勢頭，未來九個月內將有多達 50 個設施投入使用。我們仍然相信，隨著該計劃的不斷成熟和加速，我們將朝著實現 11 月投資者日所概述的數量增長路徑邁進。

We're being very excited about this unique growth opportunity. and we'll continue our efforts to attract more and more customers who will benefit from growing their business on the CSX network.

我們對這一獨特的成長機會感到非常興奮。我們將繼續努力吸引越來越多的客戶，讓他們透過在 CSX 網路上拓展業務而受益。

With that, let me turn it over to Sean.

說完這些，讓我把它交給肖恩。

Thank you, Kevin, and good afternoon. Looking at first quarter results, revenue fell by 7% or $258 million from a 1% drop in volume as well as lower export coal benchmark prices, lower fuel recovery and declines in other revenue and trucking.

謝謝你，凱文，下午好。從第一季的業績來看，由於銷量下降 1%、出口煤炭基準價格下降、燃料回收率下降以及其他收入和卡車運輸量的下降，收入下降了 7% 或 2.58 億美元。

Expenses increased by 2%, and I'll discuss the line item details on the next slide. Interest and other expense was $14 million higher compared to the prior year, and we expect this amount to step up slightly following our debt issuance in March.

費用增加了 2%，我將在下一張投影片中討論專案細節。利息和其他支出比前一年增加了 1,400 萬美元，我們預計在 3 月發行債務後，這筆金額將略有增加。

Income tax expense fell by $76 million on lower pretax earnings. As a result, earnings per share decreased by $0.11. Declines in export coal benchmarks and net fuel prices drove a $0.04 headwind to EPS. We expect a similar commodity price headwind in the second quarter, which should ease throughout the back half of the year.

由於稅前收益下降，所得稅支出減少了 7,600 萬美元。結果，每股收益減少了0.11美元。出口煤炭基準和淨燃料價格的下降導致每股收益下降 0.04 美元。我們預計第二季大宗商品價格將面臨類似的逆風，但下半年這種逆風將會緩解。

Going into the year, we knew that Q1 would represent an earnings trough both on a year-over-year and an absolute basis. Then difficult operating conditions faced during the quarter led us to miss our own expectations for both revenue and expense.

進入今年，我們知道第一季的獲利無論是以同比還是以絕對值計算都將跌至低潮。然後，本季面臨的艱難經營條件導致我們的收入和支出均未達到自己的預期。

Despite new challenges from storms and flooding early in the second quarter, our team of railroaders is working tirelessly to clear congestion and deliver the service product our customers deserve, which will drive revenue and expense benefits moving through the year.

儘管第二季初面臨風暴和洪水帶來的新挑戰，但我們的鐵路員工團隊仍在不懈努力，疏通交通擁堵，為客戶提供應有的服務產品，這將推動全年收入和支出效益的提高。

Let's now turn to the next slide and take a closer look at expense. Total first quarter expense increased by 2% or $38 million. This includes around $45 million of additional costs related to network disruptions, congestion and severe winter weather. These headwinds plus the impact of inflation were partly offset by savings from lower fuel prices.

現在讓我們翻到下一張投影片，仔細看看費用。第一季總支出增加了 2%，即 3,800 萬美元。其中包括與網路中斷、擁塞和嚴寒冬季天氣相關的約 4500 萬美元的額外成本。這些不利因素加上通貨膨脹的影響被燃料價格下降所帶來的節省部分抵消。

Turning to the individual line items. Labor and fringe was up $16 million primarily due to inflation. Headcount has remained stable over the last year, and we expect it to be about flat through the year. Purchased services and other expense increased by $54 million. About half of this increase was tied to network disruptions and weather with inflation and other items driving the remainder.

轉向各個單獨的項目。勞動力和福利支出增加了 1,600 萬美元，主要原因是通貨膨脹。去年員工人數保持穩定，我們預計全年員工人數將基本持平。購買服務和其他費用增加了 5,400 萬美元。其中約一半的成長與網路中斷和天氣有關，其餘部分則由通貨膨脹和其他因素推動。

Depreciation was up $15 million due to a larger asset base. Fuel costs decreased $50 million driven by a lower gallon price and savings from efficiency and lower volume. Gallons per GTM has now improved on a year-over-year basis for five consecutive quarters, driving over $50 million in cumulative savings over that period. Finally, equipment and rents increased by $3 million.

由於資產基礎擴大，折舊增加了 1500 萬美元。由於加侖價格下降以及效率和產量減少的節省，燃料成本減少了 5,000 萬美元。目前，每加侖汽油的加侖數已連續五個季度同比提高，在此期間累計節省了 5000 多萬美元。最後，設備和租金增加了300萬美元。

Now turning to cash flow and distributions on slide 13. Investing for the safety, reliability and long-term growth of our railroad continues to be our first priority use of capital. Q1 property additions were higher, including $133 million of spending towards the rebuild project on our Blue Ridge Subdivision.

現在轉到投影片 13 上的現金流量和分配。對我們鐵路的安全性、可靠性和長期發展進行投資仍然是我們資本使用的首要任務。第一季的房地產增加價值較高，其中包括對藍嶺分區重建項目的 1.33 億美元支出。

For the full year, our expectations are unchanged with non-Blue Ridge spending roughly flat to 2024 and the total Blue Ridge rebuild expected to exceed $400 million before insurance recoveries.

對於全年而言，我們的預期保持不變，非藍嶺地區的支出到 2024 年基本持平，而藍嶺地區重建總費用在保險賠償前預計超過 4 億美元。

Free cash flow was stable in the first quarter as lower earnings were offset by cycling a previously postponed tax payment in the prior year. Now as a reminder, cash outflows in the second quarter will include a roughly $425 million tax payment that was postponed from 2024 due to hurricane-related tax relief.

第一季的自由現金流保持穩定，因為較低的收益被上一年推遲的納稅循環所抵消。現在提醒一下，第二季的現金流出將包括因颶風相關的稅收減免而從 2024 年推遲的約 4.25 億美元稅款。

After fully funding capital investments, we are committed to returning cash to shareholders, including nearly $1 billion in the first quarter. Our approach will remain balanced and opportunistic, factoring in an attractive current share valuation while closely monitoring shifts in demand for our services and the broader economic climate.

在完全資助資本投資後，我們致力於向股東返還現金，包括第一季的近 10 億美元。我們的方法將保持平衡和機會主義，考慮到有吸引力的當前股票估值，同時密切關注對我們服務的需求和更廣泛的經濟環境的變化。

With that, let me turn it back to Joe for his closing remarks.

現在，請容許我把話題轉回喬，請他作最後發言。

Okay. Thank you, Sean. Now I will conclude our remarks by walking you through our updated guidance for the full year 2025. First, we continue to expect overall volume growth for the full year. As Kevin said, demand remains fairly stable.

好的。謝謝你，肖恩。現在，我將透過向大家介紹我們對 2025 年全年的最新指導來結束我們的演講。首先，我們繼續預計全年整體銷量將成長。正如凱文所說，需求保持相當穩定。

However, the near-term effects of rapidly changing trade and tariff policies are uncertain. This makes it difficult to project a reasonable range.

然而，快速變化的貿易和關稅政策的近期影響尚不確定。這使得預測合理範圍變得困難。

That said, we remain very well positioned to facilitate and benefit from the continued long-term trend toward expansion of US manufacturing capacity. As we have called out in the past, our revenue will reflect the challenges of lower commodity prices and changes in mix. The year-over-year impact of lower export coal benchmark should be smaller than what we reported in the first quarter.

儘管如此，我們仍然處於非常有利的位置，可以促進並受益於美國製造業產能長期持續擴張的趨勢。正如我們過去所呼籲的，我們的收入將反映出大宗商品價格下跌和產品組合變化帶來的挑戰。出口煤炭基準價格下降的年比影響應該小於我們在第一季報告的情況。

As Sean highlighted, we expect first quarter to be a trough for our probability for this year as we improve the your network as we continue to drive our greater efficiency and we deliver labor productivity, we should see sequential improvement. Our CapEx forecast is unchanged as you heard from Sean. And as you see in this past quarter, a balanced opportunistic approach to capital returns also remains in place.

正如肖恩所強調的，我們預計第一季將是今年機率的低谷，隨著我們改善您的網絡，隨著我們繼續提高效率並提高勞動生產力，我們應該會看到連續的改善。正如您從肖恩那裡聽到的，我們的資本支出預測沒有變化。正如您在上個季度所看到的，對資本回報的平衡機會主義方法仍然存在。

To conclude, while this core did not meet our expectations, I appreciate the commitment focus and the efforts of our entire One CSX team. That said, we recognize that the effort must translate into better outcomes, and that is where our attention is right now.

總而言之，雖然這個核心沒有達到我們的預期，但我感謝整個 One CSX 團隊的承諾、專注和努力。話雖如此，我們意識到努力必須轉化為更好的結果，而這正是我們現在關注的重點。

We are fully committed to running a safer, faster, and more reliable railroad. And we know that doing so consistently is the path to delivering the long-term software growth we expect to ourselves.

我們全力致力於營運更安全、更快速、更可靠的鐵路。我們知道，堅持這樣做是實現我們期望的長期軟體成長的途徑。

Thanks to all of your interest in our company. Matthew, we're ready to take questions.

感謝大家對我們公司的關注。馬修，我們準備好回答問題了。

Thank you, Joe. We will now proceed to the question-and-answer session. (Operator Instructions) Krista, we're ready to start the process.

謝謝你，喬。我們現在進入問答環節。（操作員指示）克里斯塔，我們已準備好開始流程。

(Operator Instructions) Tom Wadewitz, UBS

（操作員指示）瑞銀集團（UBS）Tom Wadewitz

Yeah. Good afternoon. Wanted to see if you could, I guess, I don't know, break down into maybe high level, but the buckets of the operational challenges. You're obviously making the strategic move with Howard Street Tunnel and the investment there, and that's in effect. Is that half of the challenge on the operating side? Or how do you view that? Was that a greater impact?

是的。午安.我想看看你是否可以，我想，我不知道，分解成也許高層次，但操作挑戰的桶。您顯然正在對霍華德街隧道及其投資採取策略性舉措，而且這項舉措已經生效。這是營運方面面臨的一半挑戰嗎？或者您如何看待這一點？這影響更大嗎？

And then you talked about weather. I don't know how big that is. I guess the other piece would seem to be -- I don't know if there's some that's from like longer train strategy that maybe there's noise related to that or maybe just not as good execution. But just wanted to see if you could attribute a little bit more and then also give a sense of how quickly maybe you can see improvement in any operating performance?

然後你談到了天氣。我不知道它有多大。我想另一部分似乎是——我不知道是否有一些來自更長的火車策略，也許存在與此相關的噪音，或者可能只是執行得不好。但只是想看看您是否可以提供更多屬性，然後了解您多快可以看到營運績效的改善？

Thank you for the question, Tom. Look, we got no excuses for where we are. What we're dealing with are the results of significant compounding events, basically that have built over several months right to last week's flooding in line closure of one of our most critical lines.

謝謝你的提問，湯姆。瞧，我們對自己的處境沒有任何藉口。我們正在處理的是重大複合事件的結果，基本上這些事件已經持續了幾個月，直到上週洪水導致我們最重要的一條線路關閉。

So what we're doing is really focusing on a series of things, and it's first of all, reducing the cars online. And that's what's accumulated through all these events. And there was like six of them and they're every month coming up to this point.

因此，我們真正要做的是專注於一系列的事情，首先是減少上網汽車。這就是透過所有這些事件所累積起來的。他們一共有六個人，每個月都會來這裡。

We're working really close with our customers to identify, first of all, the excess cars in our serving yards and our active inventory. And then we're working with them where we can to provide extra service to work these cars off.

我們正在與客戶密切合作，首先確定我們服務場和活躍庫存中的多餘車輛。然後，我們會盡力與他們合作，提供額外的服務來處理這些車輛。

And then also providing enough service of understand and can reduce their pipelines to help us create the fluid that we need. Lastly, we always have embargoes as an option, but that's not really our preferred move.

然後還提供足夠的理解服務並可以減少他們的管道來幫助我們創造我們所需的流體。最後，我們始終將禁運作為一種選擇，但這並不是我們真正喜歡的舉措。

The next thing is we're adding locomotives into areas that we know were congested and we need that ability to be flexible to be able to move the traffic that we have. And we're also placing additional mechanical folks out in the field to reduce the amount of time to cycle back locomotives to major shops.

接下來，我們將在已知的擁塞區域增加機車，我們需要靈活的能力來疏導現有的交通。我們還在現場安排了更多的機械人員，以減少將機車送回主要車間的時間。

In terms of our crews, we're transferring employees from other jurisdictions as they become available into these affected terminals. We're temporarily adjusting our planned capital track and structures program to reduce activity in those affected areas. That will allow us, again, to provide more flexibility or more capacity.

就我們的工作人員而言，我們正在從其他管轄區調動員工到這些受影響的航站樓。我們正在暫時調整計劃的資本軌道和結構方案，以減少受影響地區的活動。這將使我們能夠再次提供更多的靈活性或更多的容量。

And to get back, really, Tom, again, I have no excuse as to where we are then the buildup of a series of significant events that really took away the capacity that we had planned once we took down the Howard Street Tunnel. If you remember, it's about 17, 18 trains each way prior to that with the Blue Ridge gone, we've been affected severely in our other two westernmost routes, and that's what we're working through.

湯姆，說實話，我再次強調，對於我們現在所處的境地，我沒有任何藉口，因為一系列重大事件的發生確實佔用了我們拆除霍華德街隧道後所計劃的容量。如果你還記得的話，在此之前，藍嶺山脈消失後，單程大約有 17 到 18 列火車，我們另外兩條最西邊的路線也受到了嚴重影響，這就是我們正在努力解決的問題。

So it's not an effect of any plan we had in terms of long trains or anything else. This is just a series of events that we have got to work through, and that's what the team is absolutely committed to. And we will improve through this quarter and our goal is to get to the summer where we see normal seasonality of some traffic tapering off, whether it's auto or egg to allow us to fully reset ourselves into Q3, but it's going to take going to take the time and definitely it's going to get the effort from everybody from me on out. I hope that answers you.

所以這不是我們長途列車或其他計劃的影響。這只是我們必須完成的一系列事件，這也是團隊絕對致力於的事情。我們將在本季度取得進步，我們的目標是進入夏季，屆時我們將看到一些流量的正常季節性減少，無論是汽車還是雞蛋，這都使我們能夠完全重置到第三季度，但這需要時間，而且肯定需要從我做起的每個人的努力。我希望這能解答你的疑問。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Mike, maybe if we can follow up there. So it sounds like this is going to take maybe longer than a quarter to resolve and you might need to see lower levels of demand to push through here. But I guess thinking about this from a margin perspective -- and sorry, maybe the question is more for Sean.

麥克，也許我們可以跟進一下。因此，聽起來這個問題可能要花一個季度以上的時間才能解決，而且你可能需要看到較低的需求才能解決。但我想從利潤角度來考慮這個問題——抱歉，也許這個問題更多的是針對肖恩的。

But normally, you see like a 400 basis point improvement from 1Q to 2Q operating ratio or operating margin however you want to look at it, is that on the table here? Or with these additional resources maybe taking a longer time to recover, is that off the table at this point?

但通常情況下，您會看到從第一季到第二季度的營業比率或營業利潤率會提高 400 個基點，無論您如何看待它，這是在這裡討論的嗎？或者這些額外的資源可能需要更長的時間來恢復，現在這個方案是不是就不考慮了？

Brandon, thanks for the question. I think Q1 versus Q2, typically, Q2 is always better, right? The magnitude each year is a little bit different depending on how challenging the winter was in Q1 and other factors that go through there. Our expectation is that, clearly, Q2 results are going to be better than Q1 this year.

布蘭登，謝謝你的提問。我認為 Q1 與 Q2 相比，通常 Q2 總是更好，對嗎？每年的程度略有不同，這取決於第一季冬季的嚴峻程度以及當時遇到的其他因素。我們的預期是，今年第二季的業績顯然會優於第一季。

I want to clarify one thing, which is Mike talked about putting a couple of resources here and there. We're really not adding costs. These are very small things. that at the end of the day, when we run more fluid, we actually save costs. It's cheaper, right?

我想澄清一件事，那就是麥克談到在這裡和那裡投入一些資源。我們確實沒有增加成本。這些都是非常小的事情。最終，當我們運行更多流體時，我們實際上節省了成本。比較便宜吧？

And not only that, we wanted to make it clear that there's a revenue opportunity there as well. There's demand that we weren't able to meet in that as operations begin to improve, we're going to be able to go get those opportunities, assuming that the demand environment remains stable. So those things will help.

不僅如此，我們還想明確表示，那裡也存在創收機會。有一些需求是我們無法滿足的，隨著營運開始改善，我們將能夠獲得這些機會，假設需求環境保持穩定。所以這些事情會有幫助。

And I think the pace of margin improvement and operating income improvement from Q1 to Q2 will largely depend on that macro environment as well as the pace of improvement that you see in operations, which will translate cost, but also and arguably more importantly, to the revenue side of the equation.

我認為，第一季到第二季利潤率和營業收入改善的速度將在很大程度上取決於宏觀環境以及營運改善的速度，這將轉化為成本，可以說更重要的是，轉化為收入。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Sean, I'm going to stick with that topic a little bit here. I mean in Investor Day and in January, you laid out a bunch of one-offs specific items for this year. That $45 million that you laid out on Slide 12, is that all incremental to what you'd identified in January? And is that all ring-fenced to 1Q, so we know what an appropriate starting point is for 2Q? Or I guess is there some overrun?

肖恩，我將在這裡繼續討論這個主題。我的意思是，在投資者日和一月份，您為今年列出了一系列一次性的具體項目。您在第 12 張投影片上列出的 4500 萬美元，是相對於您在一月份確定的金額有所增加的嗎？這些是否都限定在 1Q 內，以便我們知道 2Q 的合適起點是什麼？或者我猜是存在一些超支的情況？

And Mike just mentioned another flooding situation last week. So just again, trying to figure out how much of this is incremental to the already one-off things and how we think about 2Q starting going forward?

麥克上週剛剛提到了另一起洪水情況。因此，再次嘗試弄清楚其中有多少是針對已經發生的一次性事件的增量，以及我們如何看待第二季度的開始？

Sure. Thanks, Jon. So the $350 million, the biggest part of that is the commodity price headwind of about $300 million. We still think that's a good number for the year. Met coal prices came down a little bit over the course of Q1 hopefully found the bottom here.

當然。謝謝，喬恩。因此，這 3.5 億美元中，最大的一部分是大宗商品價格逆風，約 3 億美元。我們仍然認為這對今年來說是一個不錯的數字。第一季冶金煤價格略為下降，希望能觸底。

But we'll see a big impact again year-over-year in Q2, probably pretty similar to what we saw in Q1 from the commodity price perspective.

但我們將在第二季再次看到同比的巨大影響，從大宗商品價格的角度來看，可能與我們在第一季看到的情況非常相似。

When it comes to the cost side, that $45 million that we called out that includes the $10 million a month that we expected due to reroute costs around both the Howard Street Tunnel and the Blue Ridge. You have to remember, in the first quarter, we had two months of Howard Street reroute costs with that project beginning February 1. So call it $20 million to $25 million of reroute cost and then another $20 million to $25 million of weather congestion, lack of fluidity.

說到成本方面，我們所說的 4500 萬美元包括我們預計的每月 1000 萬美元，這筆費用是由於霍華德街隧道和藍嶺周圍的改道費用造成的。您必須記住，在第一季度，我們有兩個月的霍華德街改道成本，該項目從 2 月 1 日開始。因此，我們可以說，改變航線的成本為 2000 萬到 2500 萬美元，而天氣擁堵和流動性不足的成本則為 2000 萬到 2500 萬美元。

That's the opportunity for us. going from Q1 to Q2. I don't think you're going to see that whole $20 million to $25 million come out, particularly given some of the challenges we've had to start the quarter, but you'll see it improve as we continue on in the next couple of months. And again, don't forget, I think there's a sizable revenue opportunity for us as well as things get fluid.

這是我們的機會。從 Q1 進入 Q2。我認為你不會看到全部 2000 萬到 2500 萬美元的支出，特別是考慮到我們在本季度開始時面臨的一些挑戰，但隨著我們在接下來的幾個月裡繼續前進，你會看到情況有所改善。再說一次，別忘了，我認為隨著事態的發展，我們將面臨巨大的收入機會。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Great. So you mentioned some of the lost customer contracts. I was just hoping maybe you could quantify that? And then either Joe or Kevin, if you could talk about where customer conversations are on the tariff impact and how you see customers positioning for the policy uncertainty that we're working through right now, I think that would be helpful.

偉大的。所以你提到了一些遺失的客戶合約。我只是希望您能量化這一點？然後，無論是喬還是凱文，如果您可以談談客戶對關稅影響的討論，以及您如何看待客戶對我們目前正在解決的政策不確定性的定位，我認為這會有所幫助。

Yes. I want to clarify that, and it's an important point. There's no loss contracts that we've seen. In fact, it's more about being able to lean into some of the growth opportunities that were out there for us to capture, and a lot of that was on our unit train side of our business. So that's where it's concentrated, but there's other instances and I would also point out that we've done.

是的。我想澄清這一點，這是一個重要的觀點。我們沒有看到任何虧損合約。事實上，這更多的是能夠抓住一些我們可以抓住的成長機會，其中許多都在我們的業務單元列車方面。這就是它集中的地方，但還有其他情況，我還要指出我們已經做過了。

Given the communication that we have with the operating team and the great job that Shannon who runs our customer service group does, we really mitigated the real issues at the customer sites. And continue to prioritize where it really makes sense, those shipments and making sure those things are getting delivered, and we're not creating disruptions for our customers. But it was really about leaning into further growth opportunities.

鑑於我們與營運團隊的溝通以及負責客戶服務團隊的 Shannon 所做的出色工作，我們確實緩解了客戶現場的實際問題。並繼續優先考慮真正有意義的事情，即那些貨物的運輸，並確保這些物品能夠順利送達，並且不會給我們的客戶帶來幹擾。但這其實是為了抓住進一步的成長機會。

On the tariff side, it changes every day. There's a lot of conversations. Joe and myself have been spending a lot of time with our customers. We've had a number of conferences and other events. And it's obviously a fluid situation.

在資費方面，它每天都在變化。有很多對話。喬和我花了很多時間與我們的客戶在一起。我們舉辦過許多會議和其他活動。顯然，這是一個不穩定的情況。

There's a lot of positives that can come out of this. And clearly, there is some uncertainty on the consumer side and what that means for basic consumption in the U.S. But there's -- obviously, longer term, if you see more industrial production coming to the U.S. That's a very, very big positive for you for the U.S. and our network because we're well positioned to capture a lot of that activity given where we are in the Southeast and Midwest primarily.

這可以帶來很多正面的影響。顯然，消費者方面存在一些不確定性，這對美國的基本消費意味著什麼。但顯然，從長遠來看，如果你看到更多的工業生產流向美國，這對美國和我們的網路來說是一個非常非常積極的訊號，因為我們主要位於東南部和中西部，完全有能力捕捉到很多這樣的活動。

So I think right now, we're trying to stay as close as we can in each one of these markets, trying to understand how the freight flows are going to change. Clearly, with these tariffs, they will change. I think you can see a lot of benefits from decoupling from China that can benefit the East Coast, potentially, and we're watching that and making sure we're staying in front of it, both with our investments and how we're thinking about that and really working with our customers to position them so they can capture the markets as they change.

所以我認為現在我們正試圖盡可能密切地關注每個市場，試圖了解貨運流量將如何變化。顯然，隨著這些關稅的實施，情況將會改變。我認為與中國脫鉤會帶來很多好處，這可能會使東海岸受益，我們正在關注這一點，並確保我們始終處於領先地位，無論是透過我們的投資還是我們如何思考這個問題，以及真正與我們的客戶合作，為他們定位，以便他們能夠抓住市場變化的機會。

Yeah. Let me just add real quick. This is Joe. I think last earnings call, we talked about we had -- during the fourth quarter of last year, we had our highest ever net promoter score from our customers. We're really proud of that because that happened during a very difficult time period during the hurricanes and everything.

是的。讓我快速補充一下。這是喬。我想在上次財報電話會議上，我們談到了——去年第四季度，我們從客戶那裡獲得了有史以來最高的淨推薦值。我們對此感到非常自豪，因為這件事發生在颶風等災害肆虐的非常困難的時期。

We still -- while it declined a little bit in the first quarter, we still have one of our highest scores ever and significantly up from the year before when we were running a lot better, frankly.

我們仍然——雖然第一季度略有下降，但我們仍然擁有有史以來最高的得分之一，並且比前一年有顯著提高，坦率地說，當時我們的表現要好得多。

So it's a testament to the work that's going into our customer service and the focus we have on communicating with customers prioritizing where they tell us to prioritize and making sure that they know what we know so that we can plan our business accordingly.

因此，這證明了我們在客戶服務方面所做的工作以及我們與客戶溝通的重點，即優先考慮他們告訴我們要優先考慮的事情，並確保他們了解我們所知道的信息，以便我們能夠相應地規劃業務。

So that's a major improvement that we've made as an organization over the last several years that connectivity with the customer and that cost of communication. So when things don't go as planned, we're still in touch and we're all making sure we adjust and they adjust as appropriate. But we'll continue to obviously continue to prioritize that.

這是我們作為一個組織在過去幾年中在與客戶的連結和溝通成本方面取得的重大進步。因此，當事情沒有按計劃進行時，我們仍然保持聯繫，並確保我們進行調整，並且他們也進行適當的調整。但我們顯然會繼續優先考慮這一點。

As Kevin mentioned, the biggest opportunity we left on the table was really on unit trains, really coal January, February, we had much better performance in coal in March. And then really the grain throughout the quarter because we had so many issues through that Midwestern corridor that's been where all traffic is pushed over from the East, given the shutdowns we have right now. But we'll get back on that as weather certainly cooperates better, but also as our network gets better.

正如凱文所提到的，我們面臨的最大機會實際上是在列車上，實際上是在一月、二月的煤炭上，三月份我們在煤炭方面的表現要好得多。然後整個季度的情況確實如此，因為我們在中西部走廊遇到了很多問題，由於我們目前的關閉，所有的交通都是從東部推過來的。但隨著天氣的配合越來越好，以及我們的網路越來越完善，我們會重新開始這項工作。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

So maybe just to clarify the revenue opportunities that -- is that still sitting there that you can go after again and just wasn't very picked up on service? Or did you potentially lose it and then just getting back to normal. So first clarification.

因此，也許只是為了澄清收入機會——它是否仍然存在，您可以再次追求，只是對服務不太感興趣？或者你可能失去了它然後又恢復正常。首先澄清一下。

And then secondly, maybe, Sean, if you can update us on the guidance you gave last quarter, which was the low end of the target mid-single to high single-digit EPS -- or I'm sorry, EBIT growth from the Investor Day for this year when you back out the the normalization that you called out? So given everything that's happened, just wanted to see if you could update us on that as well.

其次，肖恩，您能否向我們介紹一下您上個季度給出的指導意見，即目標中個位數到高個位數每股收益的低端 - 或者抱歉，當您退出您所呼籲的正常化時，今年投資者日的息稅前利潤增長是多少？因此，考慮到發生的一切，我只是想看看您是否也可以向我們通報最新情況。

Yeah, I'll start if on the -- some of that revenue, I think you could say it was perishable, but a lot of it is getting back up to the demand levels that the markets are seeing right now. And so that's an opportunity in the second quarter where we see strong demand in some of these specific markets that we're meeting that demand level and they're not having to use alternatives. And so some of it was perishable, but there's a big opportunity in the 2Q versus 1Q.

是的，我會從其中一些收入開始，我想你可以說它是易腐爛的，但其中許多正在恢復到市場目前看到的需求水準。因此，這是第二季度的一個機會，我們看到一些特定市場的需求強勁，我們正在滿足這一需求水平，而他們不必使用替代品。因此，其中一些是易腐爛的，但與第一季相比，第二季度存在很大的機會。

And Brian, I would just add on the second part of the question. I think given what we did on the volume guide and the uncertainty that's out there, I think it's -- that bleeds over into what we're thinking when it comes to EBIT or operating income as well as margins.

布萊恩，我只想補充一下問題的第二部分。我認為，考慮到我們在銷售指南上所做的工作以及存在的不確定性，我認為這會影響我們對息稅前利潤或營業收入以及利潤率的思考。

I think it's challenging to pin down exactly how things are going to play out over the course of the year. There's opportunities there for sure, as Kevin's outlined here, and Mike talked about in terms of improving the fluidity of the network. Both of those things are important.

我認為，要準確預測今年的情況將如何發展是很有挑戰性的。正如凱文 (Kevin) 所概述的，以及邁克 (Mike) 所談到的改善網路流動性方面的機會肯定存在。這兩件事都很重要。

The demand environment is important as well, and all of that will feed into how well we're able to do on a full year basis.

需求環境也很重要，所有這些都將影響我們全年的表現。

That being said, when you look at where we're hit with this year, some of the things that relate to the outages we've got and the costs associated with that, but also what we were hit with here in the first quarter. It's all temporary impacts, right? These are things that will cycle. And so as we exit 2025 and think forward to the next couple of years, we still feel good about the guidance that we gave in November on the 3-year CAGRs down the line.

話雖如此，當你看看我們今年遇到的打擊時，你會發現有些事情與我們遇到的停電以及與之相關的成本有關，但也有我們在第一季遇到的打擊。這些都是暫時的影響，對嗎？這些都是會循環的東西。因此，當我們走出 2025 年並展望未來幾年時，我們仍然對 11 月給出的未來 3 年複合年增長率的指導感到滿意。

Christian Wetherbee, Wells Fargo.

富國銀行的克里斯蒂安‧韋瑟比 (Christian Wetherbee)。

Sean, maybe a quick follow-up on that and then one for Kevin. I guess just to make sure I understand, I think you guys talked about potentially growing profit in the back half of the year. I guess when you think about that, is that something that is maybe a little bit harder to do with the uncertain volume environment and maybe thinking about that separate from some of the costs that you're carrying from the service challenges that you're facing?

肖恩，也許我可以快速跟進這個問題，然後再跟凱文問一個。我想只是為了確保我理解，我認為你們談到了今年下半年潛在的利潤成長。我想，當您考慮這一點時，在數量不確定的環境下，這是否是一件更難的事情，也許您需要將其與您面臨的服務挑戰所產生的一些成本分開考慮？

And I guess just for Kevin, when you -- I think you said in the remarks earlier that maybe something on the intermodal side had changed a bit in early April. Just want to get a sense of what that was or if I heard that correctly?

我想對凱文來說，當你——我想你在之前的評論中說過，也許在四月初，多式聯運方面發生了一些變化。只是想了解那是什麼或我是否聽對了？

Yeah, Christian, we'll stay away from guidance quarterly or full year guidance. Of course, that being said, Joe outlined the commodity price headwinds that we're facing will ease as we go through the year. assuming that met coal prices remain stable, fuel prices remain relatively close to where they are right now. The comps get a little bit easier in the back half. And we also had the hurricane impacts from last year in the fourth quarter.

是的，克里斯蒂安，我們將不再提供季度指導或全年指導。當然，話雖如此，喬表示，我們面臨的大宗商品價格逆風將在今年逐漸緩解。假設冶金煤價格保持穩定，燃料價格將保持相對接近目前的水平。後半部分的比賽變得稍微容易一些。去年第四季我們也受到了颶風的影響。

So that makes year-over-year growth a little easier in the second half of the year, but a lot depends on what happens in the macro and, of course, the improvement in the operations.

因此，下半年的同比增長會稍微容易一些，但這在很大程度上取決於宏觀形勢的變化，當然還有營運的改善。

Yeah. On the intermodal side, the point was we saw some acceleration in late March and continuing in through this month. And we believe a portion of that is probably related to some pull forward related to the tariffs. So some strength in the international market that we're seeing currently.

是的。在多式聯運方面，我們在三月底看到了一些加速，而這種加速持續到了本月。我們認為，其中一部分可能與關稅提前有關。因此，我們目前看到國際市場有一些強勁表現。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Joe, maybe just talking about that same thing, the big picture here on volume. You're talking positive volume growth and 1Q was mentioned to be trough. But I guess if we start thinking about the maybe a cliff of volumes, it seems like if China is down 20%, 25%, when you mentioned things like, hey, we can pick up some industrial activity, I presume that's longer term?

喬，也許只是在談論同一件事，這裡的大局是關於音量的。您說的是正銷量成長，而第一季則被認為是低谷。但我想，如果我們開始考慮可能出現的產量斷崖式下降，就好像中國產量下降了 20%、25% 一樣，當你提到諸如“嘿，我們可以恢復一些工業活動”之類的事情時，我認為這是長期的？

Or are you suggesting that there are things near term that can offset that? And then just a quick number question for Mike, that the on-time arrivals of 55% an origination of 68%, is that adjusted for the construction projects? Or is that just weather impacts? I'm just trying to understand what normal would look like.

或者您認為近期有些事情可以抵銷這種影響？然後我想問 Mike 一個簡單的數字問題，準時到達率為 55%，發貨率為 68%，這是否針對建築項目進行了調整？還是這只是天氣影響？我只是想了解正常是什麼樣子的。

Ken, no, that's regular schedules, that's not adjusted for any of the outages. That's just the performance that we have right now and that we need to improve.

肯，不，那是常規時間表，不會根據任何停電情況進行調整。這就是我們目前的表現，我們需要改進。

Yeah. Ken, so I'll answer the part of your question. I mean first of all, we have to remember and recognize that the industrial part of the economy has been in a a negative growth environment for better part of almost two years. And so there may be some opportunity if that starts to pick up. What we're seeing in real time is our orders coming from steel plants was going up.

是的。肯，我來回答你問題的一部分。我的意思是，首先，我們必須記住並認識到，近兩年來，經濟的工業部分一直處於負成長環境中。因此，如果這種情況開始好轉，可能會有一些機會。我們即時看到的情況是，來自鋼鐵廠的訂單正在增加。

As you might imagine, there's a lot discussion around increased steel production in the US given the tariffs that are happening, you could see a scenario where the US -- certainly, you expect to see a scenario where the US auto production picks up in the United States, maybe not North America in total, but in the US, and that will drive both steel and aluminum, but also other parts, but also, of course, finished vehicle deliveries. You could see that scenario playing out.

正如您可能想像的那樣，鑑於正在實施的關稅，關於美國增加鋼鐵產量的討論很多，您可能會看到這樣一種情況：美國——當然，您預計會看到美國汽車產量在美國回升，也許不是整個北美，但在美國，這將推動鋼鐵和鋁，以及其他零部件，當然還有整車交付。你可以看到這種情況正在發生。

Housing is still, as Kevin mentioned in his remarks, still down, and I'm not going to be one to try and predict when that recovers. But you could start to see a little bit of when it's certainly in the auto space, and we'll watch that one very carefully, especially for us in the East where a lot of the US plants are in our footprint. But in the medium term, we're still bullish on industrial development projects that we continue to talk about.

正如凱文在演講中提到的那樣，房屋市場仍然處於低迷狀態，我不會試圖預測何時會復甦。但當它確實出現在汽車領域時，你會開始看到一些跡象，我們會非常仔細地觀察這一點，特別是對於我們東部地區來說，那裡有很多美國工廠在我們的覆蓋範圍內。但從中期來看，我們仍然看好我們繼續談論的工業發展項目。

And as Kevin mentioned, the first quarter was a lot of activity. even an increased level of activity for our team, which that's a good sign. And so that's going to continue. We talked about there's already some coming online in the first quarter and more coming online this year. So we're watching to see what happens on the industrial part of the economy that could be helpful.

正如凱文所提到的，第一季有很多活動。甚至增加了我們團隊的活動水平，這是一個好兆頭。這種情況將會持續下去。我們談到第一季已經有一些項目上線，今年還會有更多項目上線。因此，我們正在觀察經濟工業部分將發生哪些可能有幫助的事情。

But to reiterate, coal demand volume-wise is still there. I mean certainly met coal prices have come down, but export volumes, we had some mine outages, which have affected us a little bit, but there's still some increased activity now on the domestic utility side. So coal volume is still there. As a very strong grain harvest, especially a lot of grain to move to the Southeast. So the grain volume has continued to be strong.

但需要重申的是，從數量上看，煤炭需求仍然存在。我的意思是，冶金煤價格肯定下降了，但出口量下降了，我們遇到了一些礦井停產，這對我們造成了一點影響，但現在國內公用事業方面的活動仍有所增加。因此煤炭產量仍然存在。由於糧食豐收，特別是大量糧食要運往東南地區。因此糧食產量持續保持強勁。

Aggregates, we expect to continue to be strong. minerals and minerals should be okay with all the construction projects everything going on. So if you go sector by sector, obviously, there's some weakness in some areas. We watch chemicals very closely because our largest sector, and that one was flat year-over-year in the first quarter.

總體而言，我們預計其將繼續保持強勁。礦產和礦產資源應該同意所有建設項目一切順利進行。因此，如果你逐一查看各個行業，顯然你會發現某些領域存在一些弱點。我們密切關注化學品，因為這是我們最大的行業，而且該行業在第一季同比持平。

But you could see that one, hopefully holding firm. And then you've got the other areas where you can see some growth. So in the medium term, we can see -- in the near term, rather, we can see some opportunity in the second quarter, and we got to make sure we can -- we have the network flowing to be able to realize it.

但你可以看到，希望它能保持穩定。然後你會看到其他領域的一些成長。因此，從中期來看，我們可以看到——或者更確切地說，從短期來看，我們可以在第二季度看到一些機會，我們必須確保我們能夠——我們的網路能夠暢通無阻，從而能夠實現它。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

I just wanted to come back to the industrial development. It seemed pretty optimistic. I'm just curious, I know it's still early probably with the tariffs and potential boost to domestic industrial production. But are you starting -- are you actually hearing that maybe there's some thought about accelerating decisions to go ahead?

我只是想回到工業發展這個主題。這看起來相當樂觀。我只是好奇，我知道現在可能還為時過早，因為關稅和國內工業生產可能會受到提振。但是，您是否已經開始——您是否實際上聽說也許有人在考慮加快推進決策？

And then secondly, have you thought about the previous tailwind you talked about for the projects long term, I think it was about 2%. I mean are you thinking maybe there could be some potential upside to that?

其次，您是否考慮過之前談到的對專案長期有利的因素，我認為大約是 2%。我的意思是，您是否認為這可能有一些潛在的好處？

Yeah. In terms of upside, I think the potential is the current projects are brought online quicker and ramp up faster. If the demand environment supports that when you look at the metal side and obviously, timing could be very, very good when you think about tariffs and needing domestic production there on aluminum and other parts where we're well positioned to really benefit from that. that's what we're watching.

是的。就好處而言，我認為潛力在於當前專案能夠更快地上線並更快地發展。如果從金屬方面來看需求環境支持這一點，那麼考慮到關稅以及需要在國內生產鋁和其他零件，時機可能非常非常好，我們完全有能力從中受益。這就是我們所看到的。

I don't think at this stage, given that it's a very fluid situation that we're seeing a lot of acceleration of decision-making. I think the rules need to be set for that to happen, but clearly, the administration is pointing to trying to incentivize domestic production, and that would be a very good thing for our network.

我認為，鑑於目前情況非常不穩定，我們目前還看不到決策速度大幅加快的跡象。我認為需要製定規則來實現這一點，但顯然，政府正試圖激勵國內生產，這對我們的網路來說是一件非常好的事情。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

I wanted to focus a little bit on the intermodal side and how we should think about the reported yields going forward? Because if you take a look at the international trade, the booking numbers are down pretty drastically. So there could be a shift coming your way soon.

我想稍微關註一下多式聯運方面，以及我們該如何看待未來的報告收益？因為如果你看一下國際貿易，你會發現預訂數量急劇下降。因此，你很快就會遇到轉變。

And one of the major intermodal players was talking about at least some of the slightly disappointing numbers on the pricing side of the domestic market. So I was hoping that's something maybe you can work through that with us for the modeling purposes.

一家主要的多式聯運企業正在談論國內市場定價方面至少一些令人略感失望的數據。所以我希望您能和我們一起解決這個問題，以達到建模的目的。

Yeah. We've largely gone through bidding season. I think you got some pretty good commentary through already one that's already reported is a partner of ours. So probably, we are where we are for the remainder of the year, probably not a huge opportunity for an inflection in the back half of the year from a pricing perspective. if you saw more strength in domestic versus our international business, that generally is a positive from a yield -- from an RPU perspective.

是的。我們基本上已經度過了競標季節。我認為您已經透過已經報導過的我們的合作夥伴獲得了一些非常好的評論。因此，從定價角度來看，今年剩餘時間我們的價格可能仍會維持現狀，下半年可能不會出現大幅的轉折。如果您發現我們的國內業務比國際業務更具優勢，那麼從收益率（從 RPU 角度來看）來看，這通常是一件好事。

And so we'll see if that plays out as we get through the year. And if domestic business picks up, that would be a positive from that aspect.

因此，我們將拭​​目以待，看看這一情況在今年是否能夠改善。如果國內業務回暖，從這個方面來說這將是一個積極的方面。

But it's -- there's a lot of moving parts right now. And we're just working with our customers and our partners to make sure that we're meeting the demand and looking at the freight flows and if they're changing working with Mike and his team to make sure we're on top of that.

但目前有很多活動部件。我們只是與我們的客戶和合作夥伴合作，以確保我們滿足需求並專注於貨運流量，如果他們發生變化，我們會與麥克和他的團隊合作，以確保我們處於領先地位。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Just a couple of housekeeping items here. Can you just remind us of the updated coal contracts, if there is a floor to pricing on the benchmark price I think there was before or not? And second, any color on the other revenues in a little bit of a step down here? What's a good run rate for the rest of the year?

這裡只有幾件家事。您能否提醒我們一下更新後的煤炭合同，基準價格是否有定價下限（我認為之前有）？其次，其他收入方面有變化嗎？今年剩餘時間的良好運作率是多少？

Yeah. Every contract is unique. So there's not a certain floor, but yes, we're above those four levels today but they all have floors embedded in it. And hopefully, we don't touch those floors where we are based on what we've seen here recently with a little bit of stabilization over the last couple of months.

是的。每份合約都是獨一無二的。所以沒有一個特定的底線，但是是的，我們今天已經高於這四個層級，但它們都嵌入了底線。並且希望，根據我們最近看到的情況，我們不會觸及目前的最低水平，因為過去幾個月的情況有所穩定。

And Ravi, on the other revenue, yeah, it came in a little bit lower. I'd say there's a lot of items that go into that line item from subsidiary revenue to storage to revenue reserves. So it can be a little bit more challenging to predict. I'd say where we are now is a pretty good run rate going forward, maybe plus or minus a little bit from the [115] that we saw in Q1.

拉維，就其他收入而言，是的，收入稍微低了一點。我想說有很多項目都歸入該項目，從子公司收入到儲存到收入儲備。因此預測起來會更具挑戰性。我想說，我們現在的運行率相當不錯，可能比第一季的 [115] 略有增加或減少。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

Yeah. Hey, good evening. Thanks, guys. Maybe want to take it on the cost side a little bit here. On headcount, specifically, I think volume has been softer to start the year. I think last quarter, the expectation was maybe flattish head count this year. Sean, can you just talk about how volume dependent that headcount trajectory is through the year? Could you flex it lower if volume remained underwhelming?

是的。嘿，晚上好。謝謝大家。也許這裡需要稍微考慮一下成本方面的問題。具體來說，從員工人數來看，我認為今年年初的員工數量有所減少。我認為上個季度的預期是今年的員工人數可能持平。肖恩，您能否談談全年員工人數變化趨勢對數量的依賴程度？如果音量仍然不大，您可以將其調低嗎？

And then similarly, I think you baked most of your union contracts now for the back half of the year. So how should we be thinking about maybe comp per head inflation as we move through the year?

同樣，我認為您現在已經簽訂了下半年的大部分工會合約。那麼，隨著時間的流逝，我們該如何考慮人均通貨膨脹率呢？

Yeah. Thanks for the question. I'll answer it. Mike, if you have anything to add, feel free. But on the headcount side, I mean, I think where we are in Q1, yes, we didn't move as much volume.

是的。謝謝你的提問。我會回答的。麥克，如果你還有什麼要補充的，請隨意。但就員工人數方面而言，我的意思是，我認為我們在第一季的情況是，我們的人員流動沒有那麼大。

But because the network is not as fluid as it should be, you're using your crews inefficiently. So as service recovers, volume goes up and the crews are working more efficiently and running the trains on schedule.

但由於網路不夠流暢，導致您的工作人員使用效率低。因此，隨著服務的恢復，運量上升，工作人員的工作效率更高，列車也能準時運轉。

So I think we're in a good spot when it comes to crews. I think we're in a good spot really across the support functions as well. Clearly, if there's a major drop off in volume, we adjust to that and reflect, but that's not the base case for us. So I think we'll see head count remain relatively flat through the year. There will be some timing impacts with training and all of that, but nothing significant from quarter-to-quarter.

所以我認為我們在船員方面處於有利地位。我認為我們在支援功能方面也處於良好的狀態。顯然，如果交易量大幅下降，我們會進行調整並反映出來，但這不是我們的基本情況。因此我認為全年員工人數將保持相對穩定。培訓等都會對時間產生一些影響，但每季之間不會有顯著的影響。

And then in terms of comp per employee, I think you hit on it in terms of second half, you'll see the 4% wage increase hit. That's really the only difference between first half and second half. the expectation would be that going from Q1 to Q2, we should see a little bit of a decline in copper head, especially when you consider some of the overtime we were running related to weather issues and storms in the first part of the year. So -- but then in second half, just really just inflation.

然後就每位員工的薪酬而言，我認為在下半年，你會看到薪資成長 4%。這確實是上半場和下半場之間的唯一區別。預計從第一季到第二季度，我們應該會看到銅頭數量略有下降，特別是考慮到我們在今年上半年因天氣問題和風暴而加班的情況。所以——但在下半年，其實只是通貨膨脹。

Richa Harnain, Deutsche Bank

Richa Harnain，德意志銀行

I guess just one on the revenue opportunity that was left behind, I guess, can you quantify that maybe further? Like -- and how easy, I appreciated the comments around the Net Promoter Scores being still very, very good despite some of the disruptions you faced in the first quarter. But how easy is that share shift opportunity to come back to your network?

我想這只是一個被遺漏的收入機會，你能進一步量化嗎？就像——多麼簡單啊，儘管你們在第一季遇到了一些幹擾，但淨推薦值仍然非常非常好，我很欣賞你們的評論。但是，這種份額轉移機會重回您的網路有多容易？

Yeah. We've obviously done a lot of work internally with the math and what the math would suggest is somewhere $1 million-plus a day in revenue opportunity if you look at cycle times that were more normalized in some of these markets. So sometimes you don't know the exact demand because you're not up against it, but that's a rough math that we've done here internally.

是的。我們顯然在內部做了大量的計算工作，計算結果表明，如果觀察一下這些市場中更規範的周期時間，那麼每天的收入機會將超過 100 萬美元。所以有時你不知道確切的需求，因為你沒有遇到它，但這是我們內部所做的粗略計算。

And then on the Net Promoter Score, I think we've earned a trust. We have some great relationships with our customers, and the team has done a great job of staying in front of them, communicating sharing when we're going to have issues when we have storms on the network, our communication levels have never been better about getting in front of it, so our customers can plan.

然後在淨推薦值方面，我認為我們已經贏得了信任。我們與客戶保持著良好的關係，團隊在走在客戶前面、溝通共享方面做得非常出色，當網絡出現風暴時，當我們遇到問題時，我們的溝通水平從未如此出色，因此我們的客戶可以提前做好計劃。

So we have every expectation as we run better, the customers have stayed with us. They trust what we're doing. We're overcommunicating where we can, and we've really built that trust with our customers. So we expect -- and I mentioned before, the contracts we've continued to maintain our share in the market, we believe, and you'll see that as we improve our network operations.

因此，我們完全有理由相信，隨著我們經營得更好，客戶會繼續與我們合作。他們相信我們所做的事情。我們盡可能地進行充分溝通，並且確實與客戶建立了信任。因此，我們預計—我之前提到過，我們相信，我們簽訂的合約將繼續保持我們的市場份額，隨著我們網路營運的改善，您會看到這一點。

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。

Kevin, you called out a favorable partner alignment in your international intermodal side as an opportunity. Can you expand a bit on that? And if that's going to create any additional opportunities? Has any of those partner alignments perhaps get a little bit more or get deeper or if you can expand them to other partners as well?

凱文，您指出，在國際聯運方面建立有利的合作夥伴聯盟是一個機會。能詳細闡述嗎？這是否會創造任何額外的機會？這些合作夥伴聯盟是否會變得更加深入，或者您可以將其擴展到其他合作夥伴？

I wasn't necessarily being specific to any one specific partner relationship. I think we are well positioned when you look at our portfolio on the international side longer term with some partners that are really focused on growth and are, we think, are winners in the market.

我並不一定針對任何特定的合作關係。我認為，從長期來看，我們的國際投資組合處於有利地位，我們擁有一些真正專注於成長的合作夥伴，我們認為他們是市場上的贏家。

So that wasn't a specific reference any new contract or anything like that on that side, but we are well positioned there. And we're doing a lot of unique things, I think, from an inland port perspective and other things to really work with our customers to find growth opportunities for them.

所以這並不是針對任何新合約或類似內容的具體提及，但我們在那裡處於有利地位。我認為，從內陸港口的角度和其他角度來看，我們正在做很多獨特的事情，以便真正與我們的客戶合作，為他們尋找成長機會。

We're thinking a lot about the shift away from China and certainly that we believe that helps the East Coast and working with the ports there and really making sure we're positioned to where there's opportunity and where freight flows want to come into the east and move further into our network that we're well ahead of it and have the capabilities, quite frankly, to handle that business.

我們正在認真考慮將業務從中國轉移出去，當然，我們相信這有助於東海岸的發展，並與那裡的港口合作，真正確保我們處於有機會的位置，並且貨運流希望進入東部並進一步進入我們的網絡，這樣我們就遙遙領先，並且坦率地說，我們有能力處理這項業務。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So Mike, as you think about the resiliency part of restoring service levels, is this a resource issue? Is it just a scheduling issue and a lack of weather issue? I'm just wondering if you're going to be able to get the service metrics back on track here before some of the work is done in like Howard Street or whether we're going to be living with these challenges for the rest of the year?

那麼麥克，當您考慮恢復服務水準的彈性部分時，這是一個資源問題嗎？這僅僅是時間安排問題和天氣問題嗎？我只是想知道，在霍華德街等地的一些工作完成之前，您是否能夠讓這裡的服務指標重回正軌，或者我們是否會在今年剩餘時間裡一直面臨這些挑戰？

Thanks for the question, David. It is going to be a gradual process to get the network back. And so it's not going to be overnight. Our focus is really over this next quarter to get us into a position to take advantage of some of the tapering of some of the commodities. Again, the compounding weather that's affected us has really made us go back to the position of we have to start from scratch.

謝謝你的提問，大衛。恢復網路將會是一個漸進的過程。所以這不會在一夜之間發生。我們的重點實際上是在下個季度，以便我們能夠利用部分大宗商品的縮減。再一次，影響我們的惡劣天氣確實讓我們又回到了必須從頭開始的境地。

This last piece of flooding really affected a key corridor for us that we counted on to take the traffic off the Howard Street and the Blue Ridge reroutes. So it's going to be a process, but we'll get through it. It's just not going to be overnight. It's going to be throughout the quarter.

最近的洪水確實影響了我們的一條重要通道，我們指望這條通道能減少霍華德街的交通，並改變藍嶺的路線。所以這將是一個過程，但我們將度過難關。但這不會在一夜之間發生。它將持續整個季度。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

As you work through a lot of disruptions, many of them out of your control, some of them chosen like Howard Street and dig out and also face a demand picture that's more uncertain today than it was a month ago. I mean, clearly, 2025 is going to be a challenging year in a lot of ways.

當你處理很多幹擾時，其中許多幹擾是你無法控制的，其中一些是像霍華德街和挖掘那樣選擇的，並且面臨的需求狀況比一個月前更加不確定。我的意思是，顯然，2025 年在許多方面都將是充滿挑戰的一年。

But Joe, as we look to next year, is 2026 the year that investors should judge the financial output of your strategy? Or do you think it makes more sense to look to 2027 and year three of the three-year plan to really get a clean comp and enough time to really have the outcomes that you've driven?

但喬，展望明年，2026 年是否是投資人應該評判你的策略財務產出的一年？或者您認為更有意義的是展望 2027 年和三年計劃的第三年，以真正獲得乾淨的補償並有足夠的時間來真正實現您所推動的成果？

Yeah, Bascome, thanks for the question. I'll answer the question, but first, I want to take a step back because we've been on this journey for over 2.5 years. And if you look at -- now that we have our some of our segment reporting in our 10-Q and then we had in the 10-K and see more clearly the trucking and the rail side of the business, you look in 2023, our margins were 40% best in the rail margins, were 40% best in the industry. Last year, we're 39%, second best in the industry.

是的，巴斯科姆，謝謝你的提問。我會回答這個問題，但首先，我想回顧一下，因為我們已經踏上這段旅程超過 2.5 年了。如果你看一下——現在我們在 10-Q 中有一些分部報告，然後在 10-K 中也有，並且更清楚地看到卡車運輸和鐵路業務方面，那麼到 2023 年，我們的利潤率在鐵路利潤率中是 40%，在行業中也是 40%。去年，我們的份額為 39%，位居行業第二。

And so our strategy, if you want to call it that, has been working and leading -- and providing leading levels of customer service and margin. Clearly, when you start to look at the data, late fall of last year or fall of last year.

因此，我們的策略（如果你願意這麼稱呼它的話）一直在發揮作用並處於領先地位——並提供領先水平的客戶服務和利潤。顯然，當你開始查看數據時，你會看到去年深秋或去年秋天的數據。

Our cars online started to go up a little bit, our draw started going up a little bit and then the hurricanes hit. And then you've seen the data since then you can do a direct correlation between to dwell, the cars online, triple compliance and what's happened, and we're all committed to getting back to those levels.

我們的線上汽車數量開始略有上升，我們的吸引力也開始略有上升，然後颶風就來襲了。然後你會看到從那時起的數據，你可以將停留時間、線上車輛、三重合規性和發生的事情直接關聯起來，我們都致力於回到這些水平。

So the three-year thesis we laid out in Investor Day in November, is still something we believe in and we actually feel what we can and will deliver. Obviously, we had a worse first quarter than we were expecting to be sure. But the fundamentals of the first quarter that we are projecting still held true: lower net coal prices, lower fuel surcharge the Howard Street Tunnel and the Blue Ridge rebuilds having some impact on our network.

因此，我們仍然堅信我們在 11 月投資者日提出的三年期論文，並且我們確實感受到了我們能夠實現的目標。顯然，第一季的表現比我們預期的要差。但我們預測的第一季基本面仍然適用：淨煤炭價格下降、燃料附加費下降、霍華德街隧道和藍嶺重建對我們的網路產生了一定影響。

And so as we cycle through all that, and we continue to execute the levels we know we're capable of doing, getting the game the dwell, the velocity vector was prior to the hurricanes, getting the cars online down and realizing the potential of the fluidity of this network and how we focus on customer service and relationships we have with customers. We haven't lost a major contract and really proud of that because it's really important as we build for the future.

因此，當我們循環所有這些時，我們會繼續執行我們知道我們有能力做到的水平，讓遊戲停留，速度向量在颶風之前，讓汽車上線並實現該網路流動性的潛力以及我們如何專注於客戶服務和與客戶的關係。我們沒有失去任何重要合同，對此我們感到非常自豪，因為這對我們未來的建設非常重要。

All those fundamentals should continue to deliver exactly what we talked about in November at Investor Day. So it's a '26, '27 story, to be sure. Our expectation is, of course, as Sean laid out in November that we see -- and Kevin, we see some industrial production improvement over that time period. And if you take out all the volatility of met coal prices in fuel, we should see those improvement levels that we talked about.

所有這些基本面應該會繼續實現我們在 11 月投資者日所談論的內容。所以可以肯定，這是一個 1926、1927 年的故事。當然，我們的預期是，正如肖恩和凱文在 11 月所述，我們看到工業生產在那段時期內有所改善。如果消除燃料中冶金煤價格的所有波動，我們應該會看到我們所談論的那些改善程度。

Now we have a more near-term improvement scenario, which is we got to demonstrate to you and and to all of our shareholders and to all of our stakeholders that we can get ourselves out of the situation we're in, and I feel confident we'll be able to do that, and we have the team to do that. We know what it takes.

現在我們有一個更近期的改善方案，那就是我們必須向你們、我們所有的股東和所有利益相關者證明，我們可以擺脫目前的困境，我相信我們能夠做到這一點，而且我們有團隊來做到這一點。我們知道需要什麼。

We know how to do it. Actually, we did it in the fall of '22 pretty quickly without the power feed tunnel and the Blue Ridge issues, but we had fewer people. So our team knows how to do this. And Mike and his team are working around the clock, seven days a week on looking at everything that we can do to make that happen.

我們知道該怎麼做。實際上，我們在 1922 年秋天很快就完成了這項工作，沒有電力傳輸隧道和藍嶺問題，但人手較少。所以我們的團隊知道如何做到這一點。麥克和他的團隊每週七天、每天24小時都在努力尋找實現這一目標的一切方法。

So near term, we show you we can get our network back to up to industry-leading levels and service and margins and then realize that growth in volume that we believe will come of industrial development and from industrial production and hopefully, economic growth as well. So I'd say '26, '27, but in the near term, we got to get our network back and give you confidence that we can deliver those volumes.

因此，短期內，我們將向您展示我們可以使我們的網路恢復到行業領先的水平、服務和利潤率，然後實現產量的增長，我們相信這將來自工業發展和工業生產，並希望來自經濟成長。所以我想說是 26 年、27 年，但在短期內，我們必須恢復我們的網路並讓你們相信我們能夠提供這些數量。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

A question more for Kevin, and it might be a tough one to answer, but if you were to try to put some circles around buckets of pre-ship or some tariff accelerated related business you may have seen, what's your best shot at that?

我還想問凱文一個問題，這個問題可能比較難回答，但是如果您嘗試對您可能見過的裝運前業務或一些與關稅加速相關的業務進行概括，那麼您最好的答案是什麼？

That's a tough one. I think obviously, it's probably concentrated on the international intermodal side, on the container side and it's consumer products, things like that, if you can. But the lead times on these things. First, you've got to get -- you got to put the order into the factory. It's got to get to the, obviously, the port where it's being manufactured and then it takes weeks on a ship.

這是一個艱難的決定。我認為，顯然它可能集中在國際聯運方面、貨櫃方面以及消費品方面，諸如此類，如果可以的話。但這些事情的準備時間是有限的。首先，你必須－你必須將訂單下達給工廠。顯然，它必須到達製造港口，然後乘船運輸數週。

And so the ability to really get ahead of this is probably pretty limited, but I did want to recognize there's probably a few points, a couple of points that we're seeing probably on our international side here currently related to some of that dynamic.

因此，真正領先於此問題的能力可能非常有限，但我確實想認識到，我們目前在國際方面可能看到的幾個點，可能與其中的一些動態有關。

I do think from an export perspective, as things really shift, we're thinking more and more about the advantages of the East Coast versus the West. Obviously, the West has been very leveraged to China. And as freight flows change, if ag products don't want to go to China, where are they going to go? Are they going to go to Europe and other places as those are supplemented from other areas.

我確實認為，從出口的角度來看，隨著情況的真正變化，我們越來越多地考慮東海岸相對於西海岸的優勢。顯然，西方對中國的影響力很大。隨著貨運流的變化，如果農產品不想去中國，那麼它們要去哪裡？他們會去歐洲和其他地方嗎？因為這些都是由其他地區補充的。

So there's a lot of moving parts. I think some of these things could really benefit where we're positioned as a network, but all these things are very, very fluid right now, and we're just trying to stay ahead of it and make sure we're actively thinking about it with our customers. And so we can deliver the solutions when they decide where these freight flows want to go, and we're there for them.

因此有很多活動部件。我認為其中一些事情確實可以使我們作為網路的定位受益，但是現在所有這些事情都非常非常不穩定，我們只是試圖保持領先地位並確保我們與客戶一起積極思考。因此，當他們決定貨運流向何處時，我們可以提供解決方案，並為他們提供協助。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Good evening. This is Ivan Yi on for Scott. Thanks for the time. Last question related to tariffs again. What -- roughly what percent of your volumes or revenues are, in fact, tied to China? I imagine it's mostly international intermodal. But is there any material China exposure in any other commodity segment? Thank you.

晚安.這是 Ivan Yi 為 Scott 主持的節目。謝謝你的時間。最後一個問題再次與關稅有關。事實上，你們的銷售量或收入中大約有多少百分比與中國有關？我想這主要是國際聯運。但其他大宗商品領域是否存在實質的中國業務？謝謝。

Yeah. We're -- yeah, we don't -- obviously, given our East Coast position we're really not as leveraged to China as others. So it's pretty -- it's probably concentrated in that intermodal side for us that comes over the West Coast and in our network.

是的。是的，我們不會，顯然，考慮到我們位於東海岸的位置，我們對中國的影響力確實不如其他人。所以它很漂亮——它可能集中在我們西海岸和網路的多式聯運方面。

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。