CSX Corp (CSX) 2025 Q2 法說會逐字稿

Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2025 CSX Corporation Earnings Call. (Operator Instructions) I would now like to turn the call over to head of investor relations and strategy, Matthew Korn. Mr. Korn, please go ahead.

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加 2025 年第二季 CSX 公司收益電話會議。（操作員指示）現在，我想將電話轉給投資者關係和策略主管馬修·科恩。科恩先生，請繼續。

Thank you, Tiffany. Good afternoon, everyone. We're very pleased to welcome you to our secondnd quarter conference call. Joining me from the leadership team are Joe Henrichs, President and Chief Executive Officer; Mike Corey, EVP and Chief Operating Officer; Kevin Boone, EVP and Chief Commercial Officer; and Sean Pelkey, EVP and Chief Financial Officer.

謝謝你，蒂芙尼。大家下午好。我們非常高興歡迎您參加我們的第二季電話會議。與我一同加入的領導團隊包括總裁兼執行長喬‧亨里克斯 (Joe Henrichs)、執行副總裁兼營運長 Mike Corey、執行副總裁兼首席商務長凱文‧布恩 (Kevin Boone) 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'll find slides with our forward-looking disclosures and our non-GAAP disclosures for your review. With that, it is my pleasure to introduce Mr. Joe Hinrichs.

在我們網站上提供的本次電話會議的簡報中，您可以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。我很高興向大家介紹喬·欣里奇斯先生。

All right. Thank you, Matthew, and hello everyone and thank you for joining us for our second quarter call. When we last spoke, we acknowledged the challenges we were facing on our network, and we made a commitment to act decisively to turn it around.

好的。謝謝你，馬修，大家好，謝謝你參加我們的第二季電話會議。上次談話時，我們承認了我們的網路面臨的挑戰，並承諾採取果斷行動扭轉局面。

What you'll see in the numbers and the momentum behind them is the result of deliberate and effective actions taken to return our network back to the efficient, well-run operation needed to provide superior service for our customers.

您將從這些數字及其背後的動力中看到，我們採取了深思熟慮的有效行動，使我們的網路恢復到高效、運作良好的狀態，從而為我們的客戶提供優質服務。

This quarter shows what is possible when you pair clean clear priorities with decisive action, and the results are a testament to the one CSX culture we've been instilling across the business. Now turning to slide 1, as we think about what we accomplished in the quarter and what we see out in front of us, four things come to mind.

本季度展示了將清晰的優先事項與果斷的行動結合起來所能取得的成果，其結果證明了我們在整個企業中灌輸的 CSX 文化。現在翻到投影片 1，當我們思考本季的成就以及我們面臨的情況時，我想到四件事。

First, as I've already highlighted, we are proud of how our network performance has bounced back from the challenges of the first quarter. As Mike will cover later on, our velocity dwell, trip plan compliance, and other metrics have steadily trended upward.

首先，正如我已經強調的那樣，我們對我們的網路效能如何從第一季的挑戰中恢復感到自豪。正如 Mike 稍後將介紹的那樣，我們的速度停留時間、行程計劃合規性和其他指標均穩步上升。

In some areas, we are approaching or surpassing some of the best levels we've seen in recent history. This recovery reflects the strength of our operations and the team's ability to overcome challenges. We have to keep pushing, but this has been a great result.

在某些領域，我們正在接近或超越近代歷史上的一些最佳水準。這種復甦反映了我們營運的實力和團隊克服挑戰的能力。我們必須繼續努力，但這已經是一個很好的結果了。

Second, the entire CSX team's commitment to working efficiently helps us deliver improved cost performance that supported meaningful, sequential margin expansion. We will continue this focus throughout the year.

其次，整個 CSX 團隊致力於高效工作，幫助我們提高成本績效，進而支持利潤率的連續成長。我們將全年繼續關注這一點。

Third, we are very pleased with the progress being made at our Howard Street tunnel and Blue Ridge rebuild projects. We expect completion in the fourth quarter, which will remove two key constraints from our network. Finishing these two projects will open back up two of our four North-South routes, and as we're excited about removing the last impediment to double stacking the modal on the N95 corridor.

第三，我們對霍華德街隧道和藍嶺重建計畫的進展感到非常滿意。我們預計將於第四季度完成，這將消除我們網路中的兩個關鍵限制。完成這兩個項目將重新開放我們四條南北路線中的兩條，我們很高興能夠消除 N95 走廊上雙層堆疊模式的最後障礙。

Finally, as Kevin will discuss, we know that our customers are facing mixed markets with activity holding strong in certain areas and slowing in others. That said, at CSX, we will continue to drive forward across all of our initiatives. We will not sit back and wait for the markets to turn.

最後，正如凱文將要討論的，我們知道我們的客戶面臨著混合市場，某些地區的活動保持強勁，而其他地區的活動則放緩。儘管如此，在 CSX，我們將繼續推動我們的所有計劃。我們不會坐等市場轉變。

Now let's turn to slide 2, where we feature some of the most important results from our second quarter. Total volume was flat compared to last year, and we saw a 4% sequential increase in the quarter driven by merchandise and improvement in total coal shipments.

現在讓我們翻到投影片 2，其中展示了我們第二季的一些最重要的結果。總銷量與去年同期持平，受商品和煤炭總出貨量改善的推動，本季季增 4%。

Total revenue was $3.6 billion for the quarter, down 3% from the same period last year, largely due to lower coal and fuel prices. Quarter over quarter, total revenue improved 4% in line with the increase in volume. Our reported operating margin, which includes our trucking business, declined by 320 basis points compared to the second quarter of 2024, but increased by 550 basis points sequentially, supported by the solid cost performance that accompanied our operational improvement.

本季總營收為 36 億美元，較去年同期下降 3%，主要原因是煤炭和燃料價格下跌。與上一季相比，總收入隨著銷量的增長而增長了 4%。我們的報告營業利潤率（包括我們的卡車運輸業務）與 2024 年第二季度相比下降了 320 個基點，但環比增長了 550 個基點，這得益於伴隨運營改善而來的穩健的成本表現。

Earnings per share decreased by 10% year over year but grew by 29% quarter over quarter. Now after a difficult start to the year, I am proud of all that we have accomplished, but we also cannot let our foot off the gas. We are committed to maintaining this momentum. Now that our network has stabilized, we are positioned to pursue more opportunities to grow the business.

每股盈餘較去年同期下降 10%，但較上季成長 29%。在經歷了艱難的開年之後，我為我們所取得的一切成就感到自豪，但我們也無法放鬆腳步。我們致力於保持這股勢頭。現在我們的人脈已經穩定下來，我們可以尋求更多機會來發展業務。

To do that, we will run safer, faster, and more consistently. We'll provide attractive, profitable solutions for our customers, even when economic conditions are uncertain. As we move forward, we'll make sure that our execution remains effective and efficient.

為了實現這一目標，我們將更加安全、更快速、更穩定地運作。即使在經濟狀況不確定的情況下，我們也會為客戶提供有吸引力且有利可圖的解決方案。隨著我們不斷前進，我們將確保我們的執行仍然有效且有效率。

As an example, as part of our normal business review process, we recently reorganized management resources across several areas to improve align with the businesses and accelerate decision making. These are positive steps toward our goal of sustainable, profitable growth. With that, let me turn the call over to Mike to discuss our operational performance.

例如，作為我們正常業務審查流程的一部分，我們最近重組了多個領域的管理資源，以更好地與業務保持一致並加快決策速度。這些都是我們朝著永續獲利成長目標邁出的正面步伐。說完這些，讓我把電話轉給麥克討論我們的營運表現。

Thank you, Joe, and thanks to all of you for participating today. So, after a difficult first quarter, the team has effectively responded to our recovery plan that we presented on our last call. While we still have many opportunities for improvement, I'm really proud of the work the team has accomplished so far and truly appreciate their efforts.

謝謝你，喬，也謝謝大家今天的參與。因此，在經歷了艱難的第一季之後，團隊有效地回應了我們在上次會議上提出的恢復計劃。雖然我們仍有許多改進的機會，但我對團隊迄今為止所完成的工作感到非常自豪，並由衷感謝他們的努力。

So let's go over to the next slide. Through our challenges of late winter into the spring, we remained committed to safely running our operations. Leading with our safe CSX values, our focus on eliminating significant injuries has resulted in a reduction of both life-changing injuries and missed work days. Also, improved alignment and engagement and safety leadership is occurring throughout the operations organization.

那麼讓我們來看看下一張投影片。從冬末到春季，我們一直面臨著各種挑戰，但我們始終致力於安全地開展業務。秉承安全的 CSX 價值觀，我們致力於消除重大傷害，從而減少了改變生活的傷害和誤工天數。此外，整個營運組織的協調、參與和安全領導力也不斷提高。

Our managers and craft employees are learning how to have meaningful conversations about exposure reduction, leading to a culture that is eager to identify and mitigate hazards before they become exposures. However, improvement in our train accidents have not followed suit. Most of our incidents occur in the slow speed environment of our yards and result in little damage to infrastructure or equipment.

我們的管理人員和工匠正在學習如何就減少暴露進行有意義的對話，從而形成一種渴望在危害變成暴露之前識別和減輕危害的文化。然而，我們的火車事故卻並未隨之改善。我們的大多數事故都發生在我們院子的低速環境中，對基礎設施或設備造成的損壞很小。

However, they still are disruptive to the operations of our network. We continue to further implement yard inspection drones that will assist in identifying conditions that lead to track caused derailments in our yards, and we continue to work on improvements to our wayside car health monitoring systems to prevent impact from equipment failures.

然而，它們仍然會擾亂我們網路的運作。我們將繼續進一步實施場站檢查無人機，這將有助於識別導致場站軌道脫軌的情況，並且我們將繼續致力於改進路邊車輛健康監測系統，以防止設備故障的影響。

An important area we have seen great improvement on is our human factor derailments, which continue to decrease. Over the next slide. Train velocity continues to improve while being affected by the rerouting of traffic off our two corridors. Our cars online and do all continue to improve and our backup levels experienced prior to our disruptions.

我們看到的一個重要進步就是人為因素脫軌現象的持續減少。翻到下一張投影片。受到兩條走廊交通改道的影響，列車速度不斷提高。我們的車輛在線狀況和所有功能都在持續改善，我們的備份水平也達到了中斷之前的水平。

Reducing cars online was a key focus during our recovery period, but we did so in a way that minimized customer supply chain impacts by avoiding the use of disruptive embargoes. We accomplished all of this while experiencing weekly volumes in line with our prior years. Our recovery is a real true testament to the hard work and dedication of every railroader at CSX.

減少線上汽車銷售是我們恢復期間的重點，但我們透過避免使用破壞性的禁運措施來最大限度地減少對客戶供應鏈的影響。我們完成了所有這些工作，同時每週的交易量與前幾年持平。我們的復甦真正證明了 CSX 每位鐵路工人的辛勤工作和奉獻精神。

As we move into the third quarter, our efforts are concentrated on operating efficiently across our network. Over the next slide, our efforts over the last quarter have improved our service measures. But while we're not yet at the TPC performance we strive for, our view is these measures will continue to improve as we improve our dwell and train velocity.

進入第三季度，我們的努力將集中在整個網路的高效運作上。在下一張投影片中，我們上個季度的努力改善了我們的服務措施。但是，雖然我們尚未達到所追求的 TPC 性能，但我們認為，隨著我們提高停留時間和訓練速度，這些指標將會繼續改善。

With the completion of our network projects, we expect these numbers to improve. With respect to our local service delivery, we continue to work very closely with our customers to make sure our service to them is everything they need for success. And under the last slide, at this time, both our major projects are tracking on schedule.

隨著我們的網路專案的完成，我們預計這些數字將會提高。關於我們的本地服務交付，我們繼續與客戶密切合作，以確保我們為他們提供的服務是他們成功所需的一切。在最後一張投影片中，目前，我們的兩個主要項目都在按計劃進行。

The Howard Street Tunnel portion of our I-95 project will be done in time for the fourth quarter, and the Blue Ridge subdivision used primarily for access to and from the Carolinas, will also be ready for the fourth quarter. But these projects, while these projects unlock significant capacity for the entire network, we're also upgrading our capacity and throughput at our yard in Indianapolis with the extension of the hump pullback.

我們的 I-95 項目的霍華德街隧道部分將在第四季度完成，主要用於進出卡羅來納州的藍嶺分區也將在第四季度準備就緒。但這些項目雖然為整個網路釋放了巨大的容量，但隨著駝峰迴撤的延長，我們也在提升印第安納波利斯院子的容量和吞吐量。

While this project is small in nature relative to the other two, it will give us the ability to hunt more cars with less handlings at a very critical yard in our network. The entire team has accomplished much more over the last over the last three months, but we're not done with converting opportunities that we have to make this railroad run better. And with that, I'll turn it over to Kevin.

雖然相對於其他兩個項目，這個項目規模較小，但它將使我們能夠在我們網路中一個非常關鍵的場地尋找更多需要較少處理的汽車。整個團隊在過去三個月裡取得了巨大成就，但我們還沒有完成轉換機會，讓這條鐵路運作得更好。說完這些，我就把麥克風交給凱文。

All right. Thank you, Mike. First, I want to thank the entire operations team for their hard work. Our service levels are approaching record levels and our ability to communicate across our teams and react to any disruptions has never been better.

好的。謝謝你，麥克。首先我要感謝整個營運團隊的辛勤工作。我們的服務水平正在接近創紀錄的水平，我們與團隊溝通以及應對任何中斷的能力從未如此出色。

Many of the industrial markets we serve continue to face challenges with uncertainty around tariffs, trade, interest rates, and the overall direction of the economy. Our focus remains on the customer and driving strategic discussions that deliver value to our customers and new growth opportunities to the CSX network.

我們服務的許多工業市場繼續面臨關稅、貿易、利率和整體經濟方向不確定性的挑戰。我們的重點始終放在客戶身上，並推動策略討論，為客戶創造價值，為 CSX 網路帶來新的成長機會。

Now let's review our end markets. Turning to slide 9, merchandise in the second quarter saw both revenue and volume decline of 2%. RPU was flat as lower fuel surcharge and negative mix were offset by core pricing gains. Our metals market and equipment volume was up 3%, while revenue was down 3%.

現在讓我們回顧一下我們的終端市場。轉到投影片 9，第二季商品收入和銷量均下降了 2%。由於較低的燃油附加費和負面組合被核心價格上漲所抵消，RPU 持平。我們的金屬市場和設備銷售量成長了 3%，但收入卻下降了 3%。

We captured volume from positive trends in the steel market, while lower equipment and higher scrap volumes did impact RPU. Continued infrastructure demand in the Southeast and strengthened new cement production led to 5% revenue growth for the mineral segment.

我們從鋼鐵市場的正面趨勢中捕捉了產量，而較低的設備價格和較高的廢料產量確實影響了 RPU。東南部持續的基礎設施需求和新水泥產量的加強導致礦產部門的收入增加了 5%。

Agan Food volume was up 2% compared to last year as operational execution enabled us to fully capitalize on strong grain demand into the Southeast region of our network. This was partially offset by weaker consumer demand and food products, including alcoholic beverages.

由於營運執行使我們能夠充分利用網路東南地區強勁的糧食需求，Agan Food 的銷售量與去年相比增長了 2%。這在一定程度上被消費者需求和食品（包括酒精飲料）需求的疲軟所抵消。

Automotive volumes were down 2% for the quarter. Volume gains from a contract win with a new North American auto plant were more than offset by lower overall industry demand, and production challenges that some CSX serve plants.

本季汽車銷量下降了 2%。與北美一家新汽車廠簽訂的合約帶來的銷售成長被整體行業需求的下降以及一些 CSX 服務工廠面臨的生產挑戰所抵消。

Forest products have been impacted by challenges in the housing market in an overall sluggish demand environment. We continue to see industry plant consolidation, along with several extended plant outages concentrated in the second quarter. Looking at the second half, we anticipate less downtime and expect to continue to drive incremental opportunities through our strategic partnerships with industry leaders.

在整體需求低迷的環境下，林產品受到了房地產市場挑戰的影響。我們繼續看到產業工廠整合，以及第二季集中發生的幾起工廠長期停產事件。展望下半年，我們預計停機時間會減少，並希望透過與產業領導者的策略合作夥伴關係繼續推動增量機會。

Chemical volumes decrease due to lower shipments of export plastics impacted by an extended unplanned outage at a customer location, as well as a decline in Chlor-alkali shipments. Fertilizer shipments declined 6% as we experienced softer phosphate volumes due to customer production issues. The revenues remain flat due to positive core pricing and mix.

由於客戶所在地發生長時間意外停工，導致出口塑膠出貨量減少，以及氯鹼出貨量下降，導致化學品產量下降。由於客戶生產問題導致磷酸鹽產量下降，化肥出貨量下降了 6%。由於核心定價和產品組合積極，收入保持穩定。

As we move into the third quarter, we will continue to monitor tariff policy and expect to see mixed demand within in markets, including auto and housing, which remain well below long-term demand levels. One area of the business that we continue to see reasons for optimism, despite the uncertainty in the economy, is our industrial development pipeline.

隨著進入第三季度，我們將繼續監測關稅政策，預計包括汽車和住房在內的市場需求將呈現混合狀態，遠低於長期需求水準。儘管經濟情勢不確定，但我們仍對工業發展通路這一業務領域保持樂觀。

We are still seeing great progress in that area with another 25 projects that went into service in the second quarter, bringing the total for the year to 49. As we look to the back half of the year, we have another 30 that are nearing completion and additional projects on top of that, which may go in service depending on permitting and construction timelines.

我們在該領域仍取得巨大進展，第二季度又有 25 個項目投入使用，使今年的項目總數達到 49 個。展望下半年，我們還有另外 30 個項目即將完工，此外還有一些其他項目，這些項目可能會根據許可和施工時間表投入使用。

These facilities consume raw materials or produce finished products for a wide range of markets, including natural gypsum, aggregates, rolled aluminum, steel, and food and beverage, and with support from recently passed tax legislation, we expect to continue to see more projects added to the roster for years to come.

這些設施消耗原材料或生產成品，以滿足廣泛的市場需求，包括天然石膏、骨料、軋製鋁、鋼鐵以及食品和飲料，並且在最近通過的稅收立法的支持下，我們預計未來幾年將繼續看到更多項目加入名單。

Now let's turn to slide 10 to review the coal business. Coal revenue declined 15% for the quarter on 1% higher volume. As we continue to face headwinds from lower global benchmark pricing. All in coal RPU declined 16% year over year and fell 2% sequentially, slightly below previous expectations.

現在我們翻到第 10 張投影片來回顧一下煤炭業務。本季煤炭收入下降了 15%，但煤炭銷量增加了 1%。我們持續面臨全球基準價格走低所帶來的阻力。全部煤炭 RPU 年減 16%，季減 2%，略低於先前的預期。

The Australian benchmark averaged $184 per tonne in the quarter versus $242 in the same period last year. Our export business was also impacted by production constraints. We knew 2025 would be challenging for this market, but we remain hopeful we will benefit from mind restarts towards the end of the year.

本季澳洲基準價格平均為每噸 184 美元，去年同期為每噸 242 美元。我們的出口業務也受到生產限制的影響。我們知道 2025 年對這個市場來說將充滿挑戰，但我們仍然希望我們將從年底的思維重啟中受益。

Our domestic markets were mixed as the utility coal segment was well supported by high burn rates, higher natural gas prices, and faster cycle times. At the same time, our steel and industrial markets were impacted by unfavorable source shifts and softer steel market fundamentals. Moving forward, we expect the domestic segment to be supported by growing power demand and the deferral of coal plant closures.

我們的國內市場漲跌互現，因為公用事業煤炭部門受到高燃燒率、更高的天然氣價格和更快的循環時間的良好支持。同時，我們的鋼鐵和工業市場受到不利的貨源轉移和鋼鐵市場基本面疲軟的影響。展望未來，我們預計國內市場將受到不斷增長的電力需求和煤電廠關閉延遲的支持。

Turning to slide 11 to review the intermodal business. Second quarter revenue declined 3% on a 2% increase in volume as lowered diesel prices and unfavorable mix dragged on RPU. Our international business performed well, with solid year over year unit growth supported by increased activity ahead of tariffs, especially early in the quarter.

翻到第 11 張投影片回顧多式聯運業務。由於柴油價格下降和不利的產品組合拖累了 RPU，第二季度收入下降了 3%，而銷量增加了 2%。我們的國際業務表現良好，得益於關稅前活動的增加，尤其是在本季度初，實現了同比穩健的單位成長。

In recent weeks we've seen a pickup in container arrivals as we expected, with exporters reacting to change in tariff policy. Domestic volumes were effectively flat year over year as the ongoing soft trucking market remains a drag and interchange business from West Coast arrivals softened.

最近幾週，正如我們預期的那樣，貨櫃抵達數量有所回升，出口商對關稅政策的變化做出了反應。由於持續疲軟的卡車運輸市場仍然是一個拖累因素，且西海岸抵達的換乘業務有所減弱，國內運輸量同比基本持平。

Looking ahead, we're excited with the momentum we're building and expect to drive several new opportunities, including truck conversions through the new Myrtlewood interchange. Overall, just as Joe described, we're facing mixed markets into the second half of the year but are taking a proactive approach with our CSX specific initiatives.

展望未來，我們對正在形成的勢頭感到興奮，並期望帶來一些新的機遇，包括透過新的 Myrtlewood 立交橋進行卡車改裝。總體而言，正如喬所描述的，今年下半年我們將面臨混合市場，但我們對 CSX 的具體舉措採取了積極主動的方式。

Our service levels are allowing the team to drive positive engagement with our customers as we continue to convert wallet share opportunities. It's important to highlight that our total net promoter score with customers over this last quarter was the highest it's ever been. It is clear that they see that and appreciate our return to industry leading service and that we accomplished this through teamwork and great communication across the one CSX team.

隨著我們繼續轉換錢包份額機會，我們的服務水準使團隊能夠與客戶進行積極的互動。值得強調的是，上個季度我們的客戶總淨推薦值達到了歷史最高水準。顯然，他們看到了這一點，並對我們重返行業領先服務表示讚賞，而且我們透過整個 CSX 團隊的團隊合作和良好的溝通實現了這一目標。

We are also excited about the reopening of the Howard Street Tunnel in Blue Ridge subdivision later this year that will improve on the positive service levels customers are experiencing today. We expect to achieve double stack clearance through the Howard Street Tunnel in the 2nd quarter of 2026, following the completion of bridge clearance work.

我們也很高興看到今年稍後藍嶺分區霍華德街隧道的重新開放，這將提高客戶今天體驗到的積極服務水平。我們預計，在橋樑清理工作完成後，霍華德街隧道將於 2026 年第二季實現雙層清理。

This will open the CSX network to new markets and drive incremental growth opportunities. Now, with that, let me turn it over to Sean to discuss financials.

這將使 CSX 網路向新市場開放並推動增量成長機會。現在，讓我將話題交給肖恩來討論財務問題。

Thank you, Kevin, and good afternoon. Looking at second quarter results, revenue fell by 3% on flat volume as weaker export coal benchmark pricing, lower fuel recovery, and unfavorable mix all contributed to lower yields. Expenses increased by 2%, and I'll discuss the details on the next slide.

謝謝你，凱文，下午好。從第二季業績來看，由於出口煤炭基準價格走弱、燃料回收率下降以及產品結構不利，導致收益率下降，收入在銷量持平的情況下下降了 3%。費用增加了 2%，我將在下一張投影片中討論細節。

Interest in other expense was $9 million higher compared to the prior year, while income tax expense fell by $40 million on lower pre-tax earnings. As a result, earnings per share fell by $0.05. Included in these numbers is quality carriers, which, as has a continued margin drag on our results and has been impacted by a challenged trucking market. We are working closely with the team to drive improved results.

與去年相比，其他費用利息增加了 900 萬美元，而所得稅費用因稅前收益下降而減少了 4,000 萬美元。因此，每股收益下降了0.05美元。這些數字中包括優質承運商，它們的利潤率持續拖累我們的業績，並受到了卡車運輸市場挑戰的影響。我們正在與團隊密切合作以取得更好的結果。

I also want to touch on sequential performance against the first quarter. As Joe mentioned, our railroaders worked tirelessly to help our network recover from an extremely challenging start to the year, and these efforts carried through to our financial performance. Operating income increased $242 million from Q1, and margins improved by 550 basis points, both well ahead of normal sequential seasonality.

我還想談談與第一季相比的連續表現。正如喬所提到的，我們的鐵路工人不知疲倦地工作，幫助我們的網絡從年初極具挑戰性的困境中恢復過來，這些努力也延續到了我們的財務業績中。營業收入較第一季增加 2.42 億美元，利潤率提高 550 個基點，均遠高於正常的連續季節性。

This reflects strong momentum, particularly when you consider that April was challenged by flooding across the Midwest with a gradual recovery and operating performance through the month that resulted in a strong May and June. Let's now turn to the next slide and take a closer look at expenses.

這體現出強勁的發展勢頭，特別是考慮到 4 月份美國中西部地區遭遇洪災，但當月逐漸恢復，運營表現良好，5 月和 6 月表現強勁。現在讓我們翻到下一張投影片，仔細看看費用。

Total second quarter expense increased by 2% or $38 million against the prior year. This variance includes around $10 million per month of network disruption costs, plus the impacts of inflation and higher depreciation, partly offset by savings from lower fuel prices.

第二季總支出較上年同期增加 2%，即 3,800 萬美元。這一差異包括每月約 1000 萬美元的網路中斷成本，加上通貨膨脹和更高折舊的影響，部分被燃料價格下降帶來的節省所抵消。

Looking on a sequential basis, our service recovery during the quarter was complimented by improved efficiency, as expenses fell 4% or over $90 million from the first quarter, despite a 6% increase in gross to miles. Mike and the team delivered for our customers while also driving improved rolling stock utilization and operating with a rail headcount that was lower versus the first quarter.

從環比來看，本季我們的服務復甦得益於效率的提高，儘管總里程增加了 6%，但費用卻比第一季下降了 4%，即 9,000 多萬美元。麥克和他的團隊為我們的客戶提供服務，同時也提高了機車車輛的利用率，並且鐵路員工人數比第一季有所減少。

Turning to the individual expense line items, labor in fringe was up $25 million year over year, mostly driven by inflation. An additional increase is attributed to our trucking business, where headcount was higher primarily due to the conversion of previously independent affiliates with offsetting savings in the PSNO line.

談到個別費用項目，附加勞動力費用比去年同期增加了 2,500 萬美元，主要受通貨膨脹的影響。額外的成長歸因於我們的卡車運輸業務，該業務的員工人數增加主要是由於先前獨立附屬公司的轉換以及 PSNO 線路節省的抵消作用。

Railhead count was lower on both a year over year and sequential basis. Despite a higher workload with fewer employees, monthly overtime expense fell by over 15% in May and June relative to the first four months of the year.

鐵路終點站數量較去年同期和季減。儘管工作量增加、員工人數減少，但 5 月和 6 月的每月加班費用與今年前 4 個月相比下降了 15% 以上。

Also, as a reminder, costs per employee will step higher in Q3, as the majority of our union employees now covered by new labor agreements received a 4% wage increase effective on July 1, and labor expense will include accrued wage increases for the remaining employees. This will result in roughly a $20 million sequential increase to labor infringe expense in Q3.

另外，需要提醒的是，第三季每位員工的成本將會上升，因為目前受新勞動協議保護的大多數工會員工從 7 月 1 日起獲得了 4% 的工資增長，而勞動力費用將包括其餘員工的應計工資增長。這將導致第三季的勞工侵權費用連續增加約 2,000 萬美元。

Third quarter labor in fringe will also include a charge of $15 million to $20 million related to the management restructuring Joe mentioned earlier, which will help position our workforce for 2026 and beyond. Annualized expense savings should be approximately $30 million, resulting in minimal net impact this year when you account for the Q3 charge.

第三季的邊緣勞動力還將包括與喬之前提到的管理重組相關的 1500 萬至 2000 萬美元的費用，這將有助於我們的勞動力為 2026 年及以後做好準備。年度費用節省應約為 3000 萬美元，如果算上第三季的費用，今年的淨影響將微乎其微。

Purchase services and other expense increased $19 million year over year, which includes about half the total network disruption costs, as well as inflation and volume-related expenses, partly offset by multiple net favorable variances. The line also saw a significant improvement from the first quarter, benefiting from lower locomotive costs and other items on top of normal seasonal trends.

採購服務和其他費用比去年同期增加了 1,900 萬美元，其中包括約一半的總網路中斷成本以及通貨膨脹和與數量相關的費用，但部分被多個淨有利差異所抵消。該線路的情況也較第一季有了顯著改善，得益於機車成本和其他項目的降低以及正常的季節性趨勢。

Depreciation was up $17 million due to a larger asset base. Fuel cost was down $32 million driven by a lower gallon price partly offset by additional gallons consumed due to network reroutes. Finally, equipment and rents increased by $9 million year over year, reflecting costs from seasonally higher volume and other items that were partially offset from the benefit of sequential improvements in payable car cycle times of 5% and 12% in our merchandise and automotive fleets.

由於資產基礎擴大，折舊增加了 1,700 萬美元。由於汽油價格下降，燃料成本下降了 3,200 萬美元，但部分抵消了由於網路改道而消耗的額外汽油量。最後，設備和租金年增了 900 萬美元，反映了季節性銷售增加和其他項目的成本，但這些成本被我們的商品和汽車車隊應付汽車週期時間連續改善 5% 和 12% 帶來的好處部分抵消。

We're encouraged that both operational improvement from Q1 as well as structural efficiency opportunities are resulting in cost momentum. As we continue to invest in emerging technologies, we expect to deliver further savings that will support strong incremental margins in 2026 and beyond. Now turning to cash flow and distributions on slide 15.

我們感到鼓舞的是，第一季的營運改善以及結構效率機會都帶來了成本成長動能。隨著我們繼續投資新興技術，我們預計將實現進一步的節約，從而支持 2026 年及以後強勁的增量利潤。現在轉到投影片 15 上的現金流量和分配。

Investing in the safety, reliability, and long-term growth of our railroad continues to be our highest priority use of capital. Year-to-date, property additions are higher, including around $295 million of spending towards the rebuild project on our Blue Ridge subdivision. Excluding Blue Ridge, capital spending is still expected to be roughly flat to the prior year at $2.5 billion.

投資鐵路的安全性、可靠性和長期發展仍然是我們資本使用的最高優先事項。今年迄今為止，我們的房產增值有所增加，其中包括對藍嶺分區重建項目的約 2.95 億美元支出。除藍嶺之外，資本支出預計仍將與去年基本持平，為 25 億美元。

Free cash flow is lower year-to-date as a result of the increased total CapEx and the decline in net earnings, as well as a smaller impact from the relative size of previously postponed tax payments in each year. As we look forward, second half cash flow will be meaningfully stronger than first half and is partially supported by now permanent bonus depreciation.

由於總資本支出增加、淨收益下降，以及每年推遲繳納的稅款相對規模較小，導致今年迄今的自由現金流較低。展望未來，下半年的現金流將明顯強於上半年，並部分受到目前永久性獎金折舊的影響。

This should positively impact our cash flow by approximately $250 million in the second half, and we expect continued benefits in future years. After fully funding our capital investments, we are committed to returning cash to shareholders, including close to $1.7 billion year-to-date. This reinforces our ongoing balanced and opportunistic approach to shareholder returns. With that, let me turn it back to Joe for his closing remarks.

這將對我們下半年的現金流產生約 2.5 億美元的正面影響，我們預計未來幾年將繼續受益。在為我們的資本投資提供全部資金後，我們承諾向股東返還現金，其中今年迄今已接近 17 億美元。這強化了我們持續採取的平衡且機會主義的股東回報方法。現在，請容許我把話題轉回喬，請他作最後發言。

All right. Thank you, Sean. We'll conclude our remarks with a review of our guidance, which is effectively unchanged from the previous quarter. And we continue to expect overall volume growth for the full year. As we have discussed, markets are mixed overall with some very stable while others are showing some signs of softening.

好的。謝謝你，肖恩。我們將透過回顧我們的指導意見來結束我們的發言，該指導意見與上一季相比實際上沒有變化。我們繼續預計全年整體銷量將成長。正如我們所討論的，市場整體表現好壞參半，有些市場非常穩定，而有些市場則顯示出一些疲軟跡象。

With our fluidity improved and incremental contributions expected from new projects and new service offerings, we feel very good about our momentum. And consistent with our past statements, there will be a smaller year over year impact from lower coal and fuel prices over the second half of the year, as export coal benchmarks and diesel moderate over the back half of 2024.

隨著我們的流動性得到改善以及新項目和新服務產品預期帶來的增量貢獻，我們對我們的發展勢頭感到非常滿意。與我們過去的聲明一致，由於 2024 年下半年出口煤炭基準和柴油價格將趨於平穩，下半年煤炭和燃料價格下跌帶來的同比影響將較小。

Our intense focus on efficiency, including labor productivity, will continue through the rest of the year. Summing up, we are encouraged by the progress made this quarter. Our team did a great job of working together and responding effectively to the tests we faced earlier in the year.

我們將在今年剩餘時間內繼續高度關注效率，包括勞動生產力。總而言之，我們對本季的進展感到鼓舞。我們的團隊出色地合作並有效地應對了今年早些時候面臨的考驗。

They delivered a strong operational recovery and truly demonstrated the benefits of the one CSX culture that we have been building. And finally, we know there's been a lot of rumour and speculation about consolidation in the railroad industry in recent weeks.

他們實現了強勁的營運復甦，真正展示了我們一直在建立的 CSX 文化的優勢。最後，我們知道最近幾週有關鐵路業整合的謠言和猜測很多。

While we cannot comment, we want to be clear that at CSX we are absolutely focused on delivering shareholder value and are always open to anything that can help us achieve this objective. We have a strong franchise that we believe is the best in the East, and we are making it stronger every day. Our customer service is industry-leading, and we have exceptionally strong relationships with those customers.

雖然我們無法發表評論，但我們希望明確表示，在 CSX，我們絕對專注於實現股東價值，並且始終對任何可以幫助我們實現這一目標的事物持開放態度。我們擁有一支強大的球隊，我們相信它是東部最好的球隊，而且我們正在讓它每天都變得更強大。我們的客戶服務是業界領先的，我們與這些客戶保持著異常牢固的關係。

We are working closely with numerous partners to help accelerate the buildout of industrial capacity on our network, and our commercial team is actively developing new solutions that will help us expand our reach and gain share. We are driving forward major network projects that will prove to be valuable investments or how our free eternal project will allow us to compete in key intermodal markets.

我們正在與眾多合作夥伴密切合作，以幫助加速我們網路上的工業能力建設，我們的商業團隊正在積極開發新的解決方案，以幫助我們擴大影響力並獲得份額。我們正在推動大型網路項目，這些項目將被證明是有價值的投資，或者我們的免費永恆項目將使我們能夠在關鍵的多式聯運市場中競爭。

The Blue Ridge rebuild will ensure network balance, and our operations team continues to unlock added efficiency yard by yard and region by region. While we are confident in CSX path forward, we welcome all opportunities that would allow us to deliver value for our shareholders, drive proper growth, and serve our customers better.

藍嶺重建將確保網路平衡，我們的營運團隊將繼續逐一場地、逐一地區地提高效率。雖然我們對 CSX 的未來發展充滿信心，但我們歡迎一切能讓我們為股東創造價值、推動合理成長並更好地服務客戶的機會。

We actively evaluate these opportunities for their upside potential. This has been and remains the focus of our management and our board. With that, Matthew, we're ready to take questions.

我們積極評估這些機會的上升潛力。這一直是我們管理階層和董事會關注的重點。馬修，現在我們可以回答問題了。

Thank you, Joe. We will not proceed to the cost the life of session. I think that we maximizes opportunities to participate in the time that we have. We also agree yourself (inaudible) when we start the process.

謝謝你，喬。我們不會為了這場會議的生命而繼續下去。我認為我們充分利用了我們所擁有的時間，從而最大限度地增加了參與的機會。當我們開始這個過程時，我們也同意您自己（聽不清楚）。

(Operator Instructions)

（操作員指示）

Brian Ossenbeck, JP Morgan.

摩根大通的 Brian Ossenbeck。

Hey, good evening, thanks for taking the question and congratulations on the significant service recovery here over the last couple of months. Joe, I think you have a unique perspective as a former shipper, current railroad to offer you some additional thoughts on potential rail consolidation.

嘿，晚上好，感謝您回答這個問題，並祝賀過去幾個月來這裡的服務取得了顯著的恢復。喬，我認為你作為前托運人、現任鐵路人員有著獨特的視角，可以就潛在的鐵路整合提供一些額外的想法。

So as a former shipper, what are some the pinch points of the benefits you think that potential consolidation transcontinental that we've all seen could bring the shipper community and then in your current seat at CSX. Obviously, there's a lot of momentum currently and you've got some initiatives across the network, but where do you think there's some opportunity to add more value that shippers don't really have right now.

那麼，作為一名前托運人，您認為我們都看到的潛在跨大陸整合可以為托運人群體帶來哪些好處，以及您目前在 CSX 的職位。顯然，目前勢頭強勁，並且您已經在整個網路中採取了一些舉措，但您認為哪些機會可以為托運人增加目前尚未擁有的更多價值？

You might be able to do through something more strategic. Thank you.

您也許可以透過一些更具策略性的方式來實現這一點。謝謝。

There was a lot there, Brian. Thanks for the questions. I mean, first off, you're right. I spent over 30 years in the auto industry and was a longtime customer of the rails. And I'll go back to where I started when I came here, which is that our thesis all along has been, that improved customer service and making it easier to do business with the railroads are paramount and important to support pro-growth for our industry.

那裡有很多東西，布萊恩。感謝您的提問。我的意思是，首先，你是對的。我在汽車行業工作了 30 多年，並且是鐵路的長期客戶。我將回到我剛來這裡時所討論的問題，那就是我們一直以來的論點：改善客戶服務和使與鐵路做生意變得更容易是至關重要的，對於支持我們行業的成長非常重要。

And we're not going to speculate or talk about any kind of merger or anything of that kind, but clearly customers are looking for railroads to provide better service, more reliable, dependable, repeatable, and also looking for us to be easier to do business with as far as getting rates and how to do business with all of us. Opportunities there throughout to work together with all the rail ecosystem to improve that.

我們不會猜測或談論任何形式的合併或類似的事情，但顯然客戶希望鐵路能夠提供更好的服務，更可靠、更可信賴、可重複，同時也希望我們在獲取費率和如何與我們所有人開展業務方面更容易開展業務。有機會與整個鐵路生態系統共同努力來改善這種情況。

From this seat here today and almost three years on the job, I continue to have that same feeling that there's an opportunity for us to continue to work together in this industry to serve customers better and to properly grow the business and to compete with trucks on a broader scale.

今天坐在這裡，工作了將近三年，我仍然有同樣的感覺，我們有機會繼續在這個行業中合作，更好地服務客戶，適當發展業務，並在更廣泛的範圍內與卡車競爭。

So again, I'm not going to talk about how we do that or all those, and as we said in our remarks, we're open to all those possibilities and all those conversations and how we could, we can do that, how we can best create value for our shareholders, properly grow the business and serve those customers better and look forward to those opportunities. Thanks.

所以，我再說一遍，我不會談論我們如何做到這一點或所有這些，正如我們在評論中所說的那樣，我們對所有這些可能性和所有這些對話持開放態度，以及我們如何能夠做到這一點，如何才能最好地為股東創造價值，適當發展業務並更好地服務於這些客戶，並期待這些機會。謝謝。

Ari Rosa, Citi Group.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hi, good afternoon. Congrats on the strong quarter here. Folks, maybe for Mike or Joe, it would be helpful, I think, if you could just talk about what you're doing differently that drove the improvement in service. To what extent was that kind of a function of better weather versus proactive steps that you took?

嗨，下午好。恭喜本季業績強勁。各位，我想，對於麥克或喬來說，如果你們能談談你們做了哪些不同的事情來推動服務的改善，那將會很有幫助。這種現像在多大程度上是由於天氣好轉以及您採取的主動措施所致？

And how do you think about the sustainability of that service performance and how much can we see kind of a further step up when the construction projects are finished?

您如何看待這種服務表現的可持續性？當建設項目完成時，我們能看到多大的進一步提升？

Thanks. Hi Ari. It's Mike. Thanks for the question. Look, it started with weather improving, but we were at it far before that took place, and that was mid-April by the time the weather came around. But really, we did four things. The first thing we focused on was the cars that we had online and so whether they were involved with the customers or their plants, their serving yard or pipelines, or whether they were actually in our yards, we took action.

謝謝。你好，阿里。我是麥克。謝謝你的提問。你看，一切開始於天氣好轉，但我們早在天氣好轉之前就已經開始行動了，而那時已經是四月中旬了，天氣才開始好轉。但實際上，我們做了四件事。我們首先關注的是我們在線的汽車，因此無論它們是與客戶還是他們的工廠、他們的服務場或管道有關，或者它們是否實際上在我們的場內，我們都採取了行動。

We worked with our customers to make sure that we were providing extra service where possible to work off the loads, the pipeline, work with them to reduce their pipeline, moderate it for us, but help us get fluidity on our main line.

我們與客戶合作，確保在可能的情況下提供額外的服務，以減輕管道負荷，與他們合作減少他們的管道，為我們調節管道，但幫助我們獲得主線的流動性。

And then in our yards we did everything from senior coverage around the clock to senior coverage in our war we're making sure we're going through every standard. We're following up on every area of opportunity to minimize the misses because we knew we were over capacity.

然後在我們的院子裡，我們做了所有事情，從全天候的高級報道到戰爭中的高級報道，我們確保我們符合每項標準。我們正在跟進每一個機會領域，以盡量減少失誤，因為我們知道我們的產能已經超出了。

Along with that, we added some locomotives selectively. We made sure our bulk network was looked after, so the coal and the grain, without going into our merchandise network, allowed our yards to stay fluid because of regular power flow. And then we did other things like create capacity on online and road and shifting our engineering work gangs out.

除此之外，我們也選擇性地增加了一些機車。我們確保我們的散裝網絡得到妥善管理，因此煤炭和穀物無需進入我們的商品網絡，就能讓我們的貨場因正常的電力流動而保持暢通。然後，我們還做了其他事情，例如在線上和道路上創造容量以及轉移我們的工程工作隊。

So again, we had that ability to run. You remember we're compressing anywhere from 17 to 20, 22 trains that were traveling on other tracks onto two, onto other tracks that we lost that capacity. So really that's what we did. But Ari, that's kind of what we do. We got set back pretty bad from the weather and then compounded it with the shutdowns, especially the Howard Street, but this remains the way we operate today.

所以，我們再次證明，我們有能力運作。您記得，我們將 17 到 20、22 列在其他軌道上行駛的火車壓縮到兩條軌道上，這樣我們就失去了運力。所以我們確實這麼做了。但是阿里，這就是我們所做的。我們因天氣原因而遭受了相當大的挫折，然後又因停工而更加嚴重，尤其是霍華德街路段，但我們今天仍然保持著這種運作方式。

It's how we, maybe, we operated before, but really with more focus on the connectivity between the field, the network, the seniors, the people in the field, giving them information, that we have that war room set up still.

這也許就是我們以前的運作方式，但實際上我們更注重現場、網絡、高級人員和現場人員之間的連通性，向他們提供信息，因此我們仍然設立了作戰室。

So I see from going forward with the two outages coming back to us just to improve metrics all around the ability not only to grow but to make sure that our customers benefit from the service we're providing and Kevin and the team can get out there and get more business. We're creating capacity and I see more of that coming once we get the closures over with.

因此，我看到，從這兩次中斷中我們得到的回饋來看，我們不僅要提高各項指標，還要確保我們的客戶能夠從我們提供的服務中受益，並且 Kevin 和他的團隊可以獲得更多業務。我們正在創造產能，一旦我們完成關閉，我預計產能將進一步增加。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, good afternoon. This is Eric Morgan. I'm for Brandon. Thanks for taking my question. I wanted to ask on the guidance, you're still calling for volume improvement for the year. I think that maybe implies a little bit of acceleration in the business from two levels. Is that, I think you called out some outage unexpected outages in 2Q.

嘿，下午好。這是埃里克摩根。我支持布蘭登。感謝您回答我的問題。我想問指導意見，您仍然要求今年的銷量有所提高。我認為這可能意味著業務在兩個層面上會略有加速。是的，我認為您提到了第二季度的一些意外停電。

So is this kind of some of those, items coming back online or are you starting to see any momentum kind of across the business lines and just relatedly, if you do see volumes improved sequentially as I believe the guidance implies for 3Q, do you think you'll be able to improve operating margin as well? Thank you.

那麼，這些項目是否正在恢復正常運營，或者您是否開始看到整個業務線出現任何發展勢頭？與此相關的是，如果您看到銷售量環比增長，正如我認為第三季指引所暗示的那樣，您是否認為您也能夠提高營業利潤率？謝謝。

Let me handle that first part of that, and I'll hand it over to Sean on the on the margin side of it. Look, I think, it was an unusual quarter for us broadly across the second quarter. We had a number of outages, quite frankly across several different business units, I can think of.

讓我來處理第一部分，然後我會把它的邊緣部分交給肖恩。我認為，總體而言，第二季對我們來說是一個不尋常的季度。坦白說，我記得我們遇到過多次停電事件，涉及多個不同的業務部門。

On the metal side, we had, we experienced some of that impact on the fertilizer side, we're looking at a market today that's pretty good fundamentals from a demand perspective, and we're really hopeful that we'll see improvement from some of our core customers there that, have experienced some production issues in those areas, and we expect that to kind of start to impact us in the third quarter into the four Forest Products.

在金屬方面，我們在化肥方面也經歷了一些影響，從需求角度來看，今天的市場基本面相當不錯，我們真的希望看到一些核心客戶的情況有所改善，他們在這些領域遇到了一些生產問題，我們預計這將在第三季度開始對我們四大林業產品產生影響。

That's another example where we saw an unusually high amount of just unplanned outages, that we see improving as we move into the third and fourth quarter, particularly on the paper side, paper mill side in that in that area.

這是另一個例子，我們看到了異常多的計劃外停機，隨著進入第三季度和第四季度，我們看到這種情況有所改善，特別是在紙張方面，造紙廠方面。

And then on the chemical side, similarly, it seems like a lot of these instances we saw a large customer on that and that had some production issues that we see hopefully improving as we get in the third and fourth quarter and we already see the start of that happening.

然後在化學方面，同樣地，似乎在很多情況下我們都看到一個大客戶遇到了一些生產問題，我們希望在第三季度和第四季度時這些問題會得到改善，而且我們已經看到這種情況開始發生。

So yes, I think the short answer is yes, some of it's driven by some of those factors I just mentioned, and then the other factor is we did see some of these markets start to experience some demand headwinds in the back half of last year and so we'll start to lap those.

所以是的，我認為簡短的答案是肯定的，其中一些是由我剛才提到的一些因素驅動的，另一個因素是我們確實看到其中一些市場在去年下半年開始經歷一些需求逆風，因此我們將開始應對這些問題。

So maybe a little bit easier comparisons for some of these markets there and then some expectation along with some of the things that the team's doing, the drives and conversions, and we, despite a very weak truck market, we're still seeing conversions and it's credit to the team to really go out there and find those and so those will impact us as well.

因此，對於其中一些市場，也許可以更容易地進行比較，然後進行一些預期，以及團隊正在做的一些事情，驅動和轉換，儘管卡車市場非常疲軟，但我們仍然看到轉換，這要歸功於團隊真正去那裡找到這些，因此這些也會對我們產生影響。

And just to add on in terms of the margins, this is Sean. Obviously, the volume helps and anytime we're able to grow volumes and keep cost discipline, keep the resources the same or lower, that's going to help from an incremental margin perspective. That said, normal seasonality Q2 to Q3, Q2 is typically kind of the peak for both operating income and operating margin.

再補充一下邊距，這是肖恩。顯然，產量是有幫助的，任何時候我們能夠增加產量並保持成本紀律，保持資源不變或更低，從增量利潤的角度來看，這都會有所幫助。也就是說，第二季到第三季是正常的季節性，第二季通常是營業收入和營業利益率的高峰。

Part of the reason for that is you've got the wage increases that go into effect in Q3 that will happen again this year. I quantified that at about $20 million. We've also got that restructuring charge that'll hit in Q3, $15 million to $20 million in labor.

部分原因是第三季生效的工資上漲政策今年還會再次實施。我將其量化為約 2000 萬美元。我們還將產生第三季的重組費用，其中人工費用為 1500 萬至 2000 萬美元。

And then, on the cost side, one other thing I'd point to is, we talked about net favorable items in purchase services and other in the quarter. That's probably going to be about a $20 million headwind going into Q3 versus Q2 as well. So those will be a couple of things that work against us and then export coal pricing will be a factor as well. We'll see where that goes from here.

然後，在成本方面，我想指出的另一件事是，我們討論了本季採購服務和其他方面的淨有利項目。與第二季相比，這可能意味著第三季將面臨約 2,000 萬美元的逆風。因此，這些都會對我們不利，而且出口煤炭定價也是一個因素。我們將拭目以待接下來會發生什麼。

Stephanie Moore, Jefferies LLC.

史蒂芬妮·摩爾（Stephanie Moore），Jefferies LLC。

Absolutely thank you. I wanted to circle on the commentary about reorganizing management resources. If you could just talk a little bit about, what drove maybe those decisions is this, in an effort to go after maybe some incremental business, being able to respond to customers more quickly, any additional color there would be helpful. Thank you.

非常感謝。我想圈出有關重組管理資源的評論。如果您可以稍微談一下，促使這些決定的因素可能是為了追求一些增量業務，能夠更快地回應客戶，任何額外的資訊都會有所幫助。謝謝。

Sure, Stephanie, thanks. This is Joe. We recognized in the first quarter that, whether due to the fuel prices or export coal prices or even some of our operational issues, our revenue wasn't coming in at the level that we were expecting. So months ago, we embarked on a process that we've been working on for a while, which is around how should we be structured to efficiently operate the business.

當然，斯蒂芬妮，謝謝。我是喬。我們在第一季就意識到，無論是由於燃料價格、出口煤炭價格，還是我們的一些營運問題，我們的收入都沒有達到預期的水平。因此幾個月前，我們開始了一個我們已經研究了一段時間的流程，該流程圍繞著我們應該如何建立才能有效地經營業務。

And so we challenged each of the different business segments within CSX to find about 5% of efficiency by reorganizing and prioritizing where we were going, but also then having to stop doing some things and reorganizing.

因此，我們向 CSX 內部的各個業務部門發起挑戰，要求他們透過重組和確定工作的優先順序來提高 5% 左右的效率，但同時也要停止一些工作並進行重組。

So but, it took us a few months to get all that work accomplished, but I'm really proud of how the work was done and there are more significant changes in like, for example, engineering inside operations or in technology, some of those areas where we really had to reprioritize some of our resources and really given what's going on.

但是，我們花了幾個月的時間才完成所有這些工作，但我對工作的完成方式感到非常自豪，並且在一些領域發生了更重大的變化，例如在運營內部工程或技術方面，我們確實必須重新調整一些資源的優先順序，並真正考慮到正在發生的事情。

But I feel really good about how it was done and, it just happened to be timed where we did it, in early July again. It's all part of the discipline of the cost structure of our business, and you saw that in the operations in the quarter, you saw that in the decisions we made on management structure, and you'll continue to see us be discipline and cost. We watch our revenue versus our costs very carefully and we'll take actions as appropriate. Thanks.

但我對這件事的完成方式感到非常滿意，而且我們做這件事的時間恰好也是在七月初。這都是我們業務成本結構紀律的一部分，您在本季度的營運中看到了這一點，您在我們在管理結構上做出的決策中看到了這一點，並且您將繼續看到我們遵守紀律並控製成本。我們非常仔細地關注我們的收入與成本，並採取適當的行動。謝謝。

Scott Group, Wolfe Research

斯科特集團、沃爾夫研究公司

Hey, thanks. afternoon. So, Sean, just one thought that the sequential cost comments were helpful, but maybe I was just, like April would certainly look like a challenging month, maybe even made it to some extent, meaning like the operating metrics seem to get so much better throughout the quarter. I presume that means that costs got better throughout the quarter.

嘿，謝謝。午安.因此，肖恩，我只是認為連續成本評論是有幫助的，但也許我只是覺得四月肯定看起來是一個充滿挑戰的月份，甚至可能在某種程度上成功了，這意味著整個季度的營運指標似乎都會好得多。我認為這意味著整個季度的成本都有所改善。

So, is there any way to like think about like the exit cost run rate relative to the average cost rate? is that an offset to some of the cost items that that you flagged, or are we thinking about this wrong? And then maybe just separately, Kevin, you sound a little different about coal just given everything going on with power and maybe just your expanded thoughts on do we need to think about coal a little bit differently going forward.

那麼，有沒有什麼方法可以考慮退出成本運行率相對於平均成本率呢？這是對您標記的一些成本項目的抵銷嗎，還是我們對此有誤解？然後也許只是分開來說，凱文，考慮到電力方面發生的一切，你對煤炭的看法聽起來有點不同，也許只是你擴展了你的想法，關於我們是否需要在未來以不同的方式看待煤炭。

Hey Scott. I'll take that first part. I think you're in the right direction there in terms of, yes, April was more challenging from both the weather perspective and operational fluidity. Yeah, we carried a little bit of extra cost, but it was pretty small in the grand scheme of things. You didn't hear us call it out here in the results that $30 million of kind of reroute costs that we had includes a little bit of overhang in April.

嘿，斯科特。我將接受第一部分。我認為你的方向是正確的，是的，從天氣和營運流動性來看，四月更具挑戰性。是的，我們承擔了一點額外費用，但從整體來看，這筆費用相當小。您沒有聽到我們在結果中提到這一點，即我們在 4 月產生的 3000 萬美元改道成本中包含了一點點過剩。

So yeah, May and June were better. We got a lot of focus in terms of cost discipline, which, the actions that we took in terms of the management restructuring, some of the things we're doing on the operating side. I mentioned overtime reductions, but there's a lot of things throughout the business that we're focused on that have already yielded some results here in Q2.

是的，五月和六月的情況更好。我們非常關注成本控制，我們在管理重組方面採取的行動，以及我們在營運方面所做的一些事情。我提到了減少加班，但在整個業務中我們關注的許多事情已經在第二季取得了一些成果。

So it wouldn't necessarily model, significant run rate improvements from Q2 into Q3. I think we're in a good spot. As we stand right now, we feel good about how this sets us up going into next year as well, when we really see a good opportunity not only to kind of grow the top line, but also to see that flow through into strong earnings growth.

因此，它不一定會模擬從第二季到第三季的顯著運行率改善。我認為我們處境很好。就目前情況而言，我們對這為我們進入明年奠定了基礎感到很滿意，屆時我們不僅將看到一個很好的機會來增加營業收入，而且還將看到這轉化為強勁的盈利增長。

And I'll add on the cold side, I think Scott you're referring to on the domestic side. I will say I think it's absolutely true that we're seeing more positive trends above, what we have planned for this year. And when we broadly look across our utilities, particularly the ones in the South, you're sitting at around 40% utilization today and we're seeing activity that could suggest that that utilization rate goes up and we're encouraged by that, we're seeing signs that a number of specific utilities that we serve today.

我還要補充一點，關於寒冷的一面，我認為史考特你指的是國內的一面。我想說的是，我認為我們看到了比今年計劃更積極的趨勢，這是絕對正確的。當我們廣泛審視我們的公用事業，特別是南部的公用事業時，今天的利用率約為 40%，我們看到的活動可能表明利用率上升，我們對此感到鼓舞，我們看到跡象表明，我們今天服務的許多特定公用事業。

In fact, I know Mike and his team were working through the operation plan to make sure we're putting up enough coal against those plants today. So, we're also, we're hearing about extensions of life on some of these plants that have been targeted for closure in the years ahead.

事實上，我知道麥克和他的團隊正在製定營運計劃，以確保我們今天向這些工廠提供足夠的煤炭。因此，我們也聽說一些計劃在未來幾年關閉的工廠的壽命將被延長。

So, I think all of that is encouraging, and obviously offset some of the pressure that we have seen on the export side, driven by obviously the price that we've seen this year, but also the two temporary mine outages that we've seen that hopefully we'll see later in this, rather in the probably in the fourth quarter comeback online for us.

所以，我認為所有這些都是令人鼓舞的，顯然抵消了我們在出口方面看到的一些壓力，這顯然是由於我們今年看到的價格，也是我們所看到的兩次礦山暫時停產所致，希望我們能在晚些時候看到這種情況，或者可能是在第四季度恢復生產。

Jonathan Chappell, EVERCORE ISI.

喬納森‧查佩爾 (Jonathan Chappell)，EVERCORE ISI。

Thank you. Good afternoon. Sean, I know trying to forecast commodity prices is a fool's game, but in prior quarters you typically give the sequential outlook on coal RPU, which is obviously very important. And then also, is there any way to quantify the quote unquote smaller revenue headlines from combination of both at coal benchmark and diesel prices as we think about 2H versus 1.

謝謝。午安.肖恩，我知道試圖預測商品價格是愚蠢的行為，但在前幾個季度，你通常會給出煤炭 RPU 的連續展望，這顯然非常重要。而且，當我們考慮下半年與上半年時，是否有任何方法可以量化煤炭基準價格和柴油價格組合所帶來的較小收入？

Yeah, Jonathan, I think when you think about total coal RPU, mix can play into that for sure, but based on kind of what we're seeing right now, probably see a similar RPU in Q3 versus Q2, maybe down a little bit depending where the benchmark heads, but it'd be modest decline in total coal RPU.

是的，喬納森，我認為當你考慮煤炭 RPU 總量時，混合因素肯定會發揮作用，但根據我們目前看到的情況，第三季度與第二季度的 RPU 可能會相似，可能會略有下降，具體取決於基準走勢，但煤炭 RPU 總量會適度下降。

And then in terms of those headwinds, between commodity prices you're looking at $200 million in the first half. That, that's going to be more like $100 million in the second half with, about two thirds of that concentrated in Q3. The comps are a little bit easier as we get into Q4, which is why, we think there's a good opportunity to return to year over year growth in Q4.

就這些不利因素而言，上半年大宗商品價格的損失預計為 2 億美元。也就是說，下半年的支出將達到 1 億美元左右，其中約三分之二集中在第三季。進入第四季度，比較起來稍微容易一些，這就是為什麼我們認為第四季度有很大機會恢復同比增長。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah. So I wanted to ask on the Joe, you've talked a lot about what kind of make the railroads easier to deal with. You mentioned earlier in the calls of doing business. I guess, when you think about the ease of working with the single line railroad versus working with interline service, do you think ease of business is the difference between those two?

是的。所以我想問喬，你已經談了很多關於什麼可以讓鐵路更容易處理。您之前在通話中提到了做生意。我想，當您考慮單線鐵路與聯運服務的便利性時，您是否認為業務便利性是兩者之間的差異？

That's something that, kind of a lot of times people say, oh, it's tougher to work with two different railroads. Do you think that's true, or you think that doesn't really have an effect on the shipper experience?

很多時候人們會說，與兩條不同的鐵路合作更困難。您認為這是真的嗎？或者您認為這對托運人的體驗沒有真正的影響？

Yeah, Tom, I'm not going to really comment on anything that has to do with a merger or Transcontinental Railroad. I'll just stick by what I said before. We think there are all kinds of opportunities to work together to make it better for our customers, and we're open to talk about all those possibilities.

是的，湯姆，我不會對任何與合併或橫貫大陸鐵路有關的事情發表評論。我只會堅持我之前說過的話。我們認為有各種各樣的機會可以共同努力為客戶提供更好的服務，我們願意討論所有這些可能性。

Again, we're focused on creating value for our shareholders and looking for ways to profitably grow, and we think that better customer service helps you do that. There are different, all kinds of ways to deliver that better customer service. So, looking forward to all those conversations and making that stuff happen. Thanks.

再次強調，我們專注於為股東創造價值並尋找獲利成長的方式，我們認為更好的客戶服務可以幫助您做到這一點。有各種各樣的方法來提供更好的客戶服務。因此，期待所有這些對話並讓這些事情發生。謝謝。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great, good afternoon. Certainly, a lot going on, Joe. I appreciate those thoughts and insights. Maybe Kevin, the thought on the state of the consumer, we heard a lot about air pocket of volumes that stalled intermodal, and then it wasn't really as big or quick of a snapback. Looks like your volumes are trending up 2% overall for the quarter to date, sounds like you're targeting a little faster.

嘿，太好了，下午好。當然，有很多事情要做，喬。我很欣賞這些想法和見解。也許凱文，考慮到消費者的狀況，我們聽到了很多關於阻礙聯運的貨物量空洞的說法，而且它的反彈幅度並沒有那麼大或那麼快。看起來你們本季迄今的銷售總體呈上升趨勢，上漲了 2%，聽起來你們的目標有點快。

Maybe just dig into that how's the consumer doing? And then The Howard Street Tunnel, it sounded like 2Q26 is when you expect that to open. Is that a delay from your end? It sounded like the project will be done in 4Q, but you expect volumes in 2Q. Just trying to understand the timing of when we'd see in a modal ramp on that. Thanks.

也許只是深入了解消費者的表現如何？然後是霍華德街隧道，聽起來它預計在 2026 年第二季開放。這是你們那邊的延遲嗎？聽起來該項目將在第四季度完成，但您預計在第二季就會完成。只是想了解我們何時會看到這種模式的轉變。謝謝。

Yeah, that was, that's a good question. Howard Street. We will be able to run trains through the Howard Street tunnel in the fourth quarter. When we will get double stack capability, we have to, there's two bridges that remain that we'll have to have clearance on to introduce the new double stack capability. So we'll basically be able to go back to status quo before, then we'll have the new capability on the intermo side in the next year.

是的，這是個好問題。霍華德街。我們將能夠在第四季讓火車穿過霍華德街隧道。當我們獲得雙層堆疊能力時，我們必須，還有兩座橋樑，我們必須獲得許可才能引入新的雙層堆疊能力。因此，我們基本上可以恢復到以前的狀態，然後我們將在明年獲得 intermo 方面的新功能。

So, and that's what we'll focus on introducing a new service. So, state of the state of the consumer is a real loaded question, and I think we're all trying to figure out where that is. The reality is two very important in markets for us are autos and housing, and I think we all appreciate where those markets are today.

所以，這就是我們推出新服務的重點。因此，消費者的狀況是一個真正有意義的問題，我想我們都在試圖弄清楚這一點。事實上，對我們來說非常重要的兩個市場是汽車和住房，我想我們都了解這兩個市場的現狀。

Our hope is coming into the year that those would be more helpful than they have been to our business trends, and they touch a lot of the markets that we serve, and, despite that, to your point, I think we've held up relatively well.

我們希望，進入新的一年，這些舉措能夠對我們的業務趨勢產生比以往更大的幫助，並且它們將觸及我們所服務的許多市場，儘管如此，正如您所說，我認為我們表現得相對較好。

At some point, we'll have the wind at our back with those markets. A lot of talk on interest rates and those things and obviously lower interest rates are extremely impactful for those two markets. So, the intermodal has been volatile with the tariffs and so we, that's a watch item for us, what does peak season look like and we'll defer to our trucking partners on that side to make that call.

在某些時候，我們將在這些市場上獲得優勢。關於利率等問題的討論很多，顯然較低的利率對這兩個市場的影響極大。因此，聯運的關稅一直不穩定，所以我們需要關注的是旺季的情況，我們會聽從那邊卡車運輸夥伴的意見。

But we're encouraged because we're doing a lot of things to convert business and find new opportunities for us and not waiting around for the markets to turn. We're trying to be proactive. We are being proactive and finding those opportunities and all share opportunities for us.

但我們感到鼓舞，因為我們正在做很多事情來轉變業務並為我們尋找新的機會，而不是等待市場轉變。我們正在努力採取積極主動的行動。我們正在積極主動地尋找這些機會以及所有與我們共享的機會。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Great. Thanks. Just a couple of housekeeping here. Can you just talk about kind of other revenue run rate and kind of what that things like, what that could trend like in the next couple of quarters and also thanks for the 2Q, 3Q walk, but just to wrap that in a bow, was there anything in 2Q that's the price the upside kind of towards the end of the quarter?

偉大的。謝謝。這裡只是一些家事。您能否談談其他營收運行率以及未來幾季的趨勢？也感謝您對第二季和第三季的展望，但總結一下，第二季有沒有什麼因素會影響到季末的價格上漲？

I'm not just talking about service, but kind of based on some of your inter-quarter commentary, it looks like the OR performance was much better than expected. So kind of any kind of lumpy items that we need to keep in mind kind of going from that 2Q to 3Q. Thank you.

我不僅談論服務，而且根據您對一些季度間的評論，OR 的表現似乎比預期的要好得多。因此，我們需要記住從第二季到第三季的任何大宗商品。謝謝。

Yeah, Ravi. So let me take the other revenue first, which benefited in the second quarter from the improvement in operations. What that did for us is it decreased the reserve for freight and transit. As cycle times improved. So there was a there was a bit of a benefit within that line that wouldn't necessarily continue unless we saw further improvement in our cycle times from where we are today.

是的，拉維。因此，讓我先談談其他收入，這些收入在第二季受益於營運的改善。這對我們來說意味著減少了貨運和運輸的儲備。隨著週期時間的改善。因此，這條生產線上存在一些好處，但除非我們的週期時間從現在開始進一步改善，否則這種好處不一定會持續下去。

So, I would project somewhere between $115 million to $120 million a quarter. On the other revenue line is probably our best guess outside of any unique items that pop up there. And then in terms of other items in the quarter that were unexpected and unique, I did mention within purchase services and other. We did have a number of different moving parts which were net favorable to us in the quarter, things like some favorable casualty results, real estate sales that were relatively minor but positive on a net basis.

因此，我預計每季的營收將在 1.15 億美元到 1.2 億美元之間。另一條收入線可能是我們除了出現的任何獨特項目之外最好的猜測。然後就本季其他出乎意料且獨特的項目而言，我確實提到了購買服務和其他方面。本季度，我們確實有一些不同的活動因素對我們有利，例如一些有利的傷亡結果，以及相對較小但淨值為正的房地產銷售。

Add that together, that's probably about a $20 million dollar headwind going into Q3. So, those are the two things I point to, but broadly speaking, I think what you're seeing is a team that's really energized around the progress that we've made in operations and how that's translating to service to the customer, how we're being able to sell that, and then, focused on costs up and down the business from operations all the way into G&A and technology and other areas.

將這些加在一起，這可能意味著進入第三季將面臨約 2000 萬美元的逆風。所以，這就是我指出的兩件事，但從廣義上講，我認為你看到的是一個真正充滿活力的團隊，他們在運營方面取得的進展以及如何將這些進展轉化為客戶服務，我們如何能夠銷售這些產品，然後專注於從運營到一般及行政費用、技術和其他領域的整個業務成本。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thank you, operator. Afternoon, everyone. Mike, I want to stay on the service a little bit. So congrats on the turnaround for sure. How should we think about sort of trip plan compliance for 3Q given that you had a rough start to 2Q, but you put in some sequential gains on the car load side.

謝謝您，接線生。大家下午好。麥克，我想繼續服務一段時間。所以，我當然要祝賀你實現了轉變。鑑於你們在第二季開局不利，但在汽車負載方面取得了一些連續的成長，我們應該如何看待第三季的出行計畫合規性。

Are you guys looking to sort of match the prior year numbers and I guess on an off topic one? Joe, since you have your ear so close to the ground, are you hearing anything and in terms of the potential appointment for fifth board member for the STB?

你們是否希望與前幾年的數字相匹配，我想這是一個題外話？喬，既然你一直密切關注事態發展，那麼關於 STB 第五位董事會成員的潛在任命，你聽到什麼消息了嗎？

Thanks, Jason. I'll take the first one easily. Yeah, to answer your question, yeah, we expect to get our trip plan compliance in both the merchandise and the intermodal back to where they were even better. It's certainly going to help once we get our two, once we get our two projects done.

謝謝，傑森。我會輕鬆拿下第一個。是的，回答你的問題，是的，我們希望我們的貨物和聯運行程計劃合規性能夠恢復到更好的狀態。一旦我們完成了兩個項目，這肯定會有所幫助。

And we're tracking well, but it's never good enough because this is the commitment to the customer. So big focus for us, but as we get the railroad, continue to improve, continue to get capacity and fluidity, we expect those numbers to be better than they were.

我們追蹤得很好，但這還不夠好，因為這是對客戶的承諾。因此，這是我們關注的重點，但隨著鐵路的不斷改善，容量和流動性的不斷提高，我們預計這些數字會比以前更好。

Yeah, thanks, Jason. I'm really encouraged by the trip plan compliance results so far in July. Heavy vacation period, so it's been encouraging to see the continued progress there and as Mike said, we expect even more progress once we get the projects done in Q4.

是的，謝謝，傑森。七月份迄今為止的旅行計劃合規結果確實令我感到鼓舞。假期很忙，所以看到那裡繼續取得進展令人鼓舞，正如麥克所說，我們預計一旦我們在第四季度完成項目，我們將取得更大的進展。

Regarding the STB, yes, we have a great relationship with the STB board. In fact, One of the things that that was really exciting to hear from STB was that during the first quarter when we had some of our challenges, they did not hear from one customer about CSX.

關於 STB，是的，我們與 STB 董事會關係很好。事實上，從 STB 聽到的真正令人興奮的事情之一是，在第一季我們遇到一些挑戰時，他們沒有收到任何客戶關於 CSX 的消息。

In fact, they heard they had customers call them and complimenting CSX on how we were handling. They had no complaints, which the testament to how the team worked together to take care of our customers even though we weren't performing the levels we expect.

事實上，他們聽說有客戶打電話給他們並稱讚 CSX 的處理方式。他們沒有任何抱怨，這證明了儘管我們的表現沒有達到預期水平，但團隊仍然齊心協力照顧我們的客戶。

We're not going to comment and speculate on the fifth board member, that's for someone else to talk about, but we're looking forward to continuing to work forward to create value for our shareholders. Thanks.

我們不會對第五位董事會成員發表評論和猜測，那是其他人該談論的事情，但我們期待繼續努力為股東創造價值。謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey Kevin, I think you talked a little bit about this before. But maybe you could dig a bit into the sort of outlook on the volume side. What you think in the second half is sort of where the opportunities for growth for you to get to that full year back to positive? It sounds like there's a couple of moving parts there. Obviously, the consumer is tough to call, but what's your take as you think about peak season?

嘿，凱文，我想你之前談過這個。但也許你可以深入了解一下數量方面的前景。您認為下半年有哪些成長機會，能讓全年業績恢復正成長？聽起來那裡有幾個活動部件。顯然，消費者很難預測，但是當您想到旺季時，您有什麼看法？

Yeah, I kind of touched on it. Before, we did see some of these markets start to take a down downtick in the third and fourth quarters of last year. So there is an element of a bit of easier comps in some of these markets. And I did, I touched on some of the outages.

是的，我有點觸及了這一點。此前，我們確實看到一些市場在去年第三季和第四季開始下滑。因此，在某些市場中，比較起來會比較容易。我確實談到了一些停電問題。

We had a, unusual second quarter and the activity levels that we saw, focused in forest products and focused in chemicals, but we do see opportunities in the markets like the fertilizer with good demand fundamentals for production to pick up, which would be a very good thing for our business and volumes and for our customers.

我們經歷了一個不尋常的第二季度，我們看到的活動水平主要集中在林業產品和化學品領域，但我們確實看到了肥料等市場的機會，其需求基本面良好，產量將回升，這對我們的業務、銷量和客戶來說都是一件非常好的事情。

So, those are the markets I look to, I highlighted that a chemical customer in particular that, we expect better volumes out of in the second half of the year. I do think fundamentally having clarity around the tariffs, we got the announcement on Japan. Obviously, Europe is the next important one, that impacts our export plastics.

所以，這些就是我關注的市場，我特別強調了化學客戶，我們預期下半年的銷售會更好。我確實認為，從根本上來說，關稅問題已經明確，我們也收到了有關日本的公告。顯然，歐洲是下一個影響我們塑膠出口的重要國家。

I think certainty around that, I think will be helpful as we look to those markets in the back half of the year. So it's really, it's not concentrated in one area. On the domestic side, certainly, we talked about the strong demand, we see that continuing into the second half of the year and then.

我認為，當我們展望下半年的市場時，這種確定性將會很有幫助。所以它實際上並不集中在一個區域。在國內方面，我們當然談到了強勁的需求，我們認為這種需求將持續到今年下半年。

On the export side, we highlighted it, but we do expect a couple of mines to come back online, and have that additional volume that will be helpful as we move into the fourth quarter. So all those are factors. The good news is it's pretty diversified across a number of markets for us.

在出口方面，我們強調了這一點，但我們確實預計有幾個礦山將恢復生產，並且額外的產量將有助於我們進入第四季度。所以所有這些都是因素。好消息是，我們的業務在多個市場都呈現多元化。

Jeffrey Kauffman, Vertical Research.

傑弗裡·考夫曼，垂直研究。

Thank you very much. I just want to go back to the detail on the cost of inconvenience here. You've mentioned $10 million a quarter, but does that capture everything, the reroute miles, the lost revenue, the extra crews, the extra time, etc. I'm just trying to get a profile of what costs will melt away in 4Q, what costs will melt away next year, what cost if any, may melt away in 3Q?

非常感謝。我只是想在這裡重新討論不便的成本細節。您提到每季 1000 萬美元，但這是否涵蓋了所有成本，包括改道里程、收入損失、額外的工作人員、額外的時間等。我只是想了解哪些成本會在第四季消失，哪些成本會在明年消失，如果有的話，哪些成本可能會在第三季消失？

Hey Jeff, yeah, just to clarify, it's $10 million a month, and so that that's been going on pretty much all year long. Well, that'll continue until these projects get completed. I think that's, yes, and it's all in, it includes all the cost of the reroutes. There really isn't much lost revenue. We've done a really good job of finding solutions for our customers to minimize the lost revenue impact.

嘿，傑夫，是的，需要澄清的是，這是每月 1000 萬美元，所以這種情況幾乎全年都在持續。嗯，這種情況會持續下去，直到這些項目完成為止。我認為是的，它包括了所有改道費用。確實沒有太多的收入損失。我們非常出色地為客戶找到了解決方案，以最大限度地減少收入損失的影響。

Earlier in the year in the first quarter, in addition to those reroute costs, we had weather and congestion costs that were probably $20 million to $25 million on top of that. So when you think all in, $120 million to $125 million of impacts that go away as we turn the page to 2026.

今年第一季早些時候，除了這些改道成本之外，我們還面臨天氣和交通擁堵成本，大概是 2,000 萬至 2,500 萬美元。所以，當你把所有因素都考慮進去時，1.2 億到 1.25 億美元的影響將在 2026 年消失。

Not to mention the fact that, we should see a benefit to the network and overall fluidity as we open those projects up and as Kevin talked about, The Howard Street's got benefits that come along with it. We will get operational benefits from day one when we start double stacking next year, and then we'll be able to sell into that capacity that we've created as well. So a lot to be excited about in 2026 and beyond.

更不用說，隨著我們開放這些項目，我們應該看到網路和整體流動性的好處，正如凱文所說的，霍華德街也隨之帶來好處。當我們明年開始雙層堆疊時，我們將從第一天起獲得營運效益，然後我們也將能夠銷售我們所創造的產能。因此，2026 年及以後有很多值得興奮的事情。

Walter Spracklin, RBC Capital.

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

Yeah, thanks very much, and that actually dovetails into my very nice into my question. When I go back to your investor day targets of say roughly 10%, looking at how you're trending this year, perhaps down in the negative 5% to 10% range, can we use your, can we go back to your investor date guidance and use that as a guide posts now for how we look at 2026 as we sharpen our pencil on your earnings growth for next year, taking it into perhaps from a two year perspective, iron out some of the one time or discrete items you had this year.

是的，非常感謝，這實際上與我的問題相吻合。當我回到您的投資者日目標，即大約 10% 時，看看您今年的趨勢，可能下降了 5% 到 10% 的範圍，我們可以使用您的，我們可以回到您的投資者日期指導並將其用作我們現在如何看待 2026 年的指導，因為我們將在明年的盈利增長上進行改進，也許從您今年的角度來看一次性，也許從今年的一些問題中解決您。

Would it be out of the realm of possibility to say, next year should be up mid teen, when we look at your earnings growth for next year?

當我們展望明年的獲利成長時，說明年的獲利應該會成長 15% 左右，這是否是不可能的？

Hey Walter, I appreciate the question. I assume when you say 10%, you're talking about EPS and our guidance there is high single digits to low double digits. So that that's certainly within the range and we would need strong growth in '26 and a good year in '27 to get there with some of the challenges that we faced this year.

嘿，沃爾特，我很感謝你的提問。我認為當您說 10% 時，您指的是每股收益，而我們的預期是從高個位數到低兩位數。所以這肯定在範圍內，我們需要在 26 年實現強勁成長，在 27 年取得好成績，才能實現這一目標，克服今年面臨的一些挑戰。

So we recognize that. It's probably too early to project exactly where we're going to come out next year, but I just walked through it with Jeff's question, kind of going through some of the things that go away, the opportunities that we have kind of right off the bat, which is going to get us to load them into digit, operating income growth and EPS growth without doing anything, without lifting a finger.

所以我們認識到了這一點。現在預測我們明年的具體業績可能還為時過早，但我只是就傑夫的問題進行了概述，大致回顧了一些即將消失的事物，我們馬上就擁有的機會，這將使我們將它們加載到數字、營業收入增長和每股收益增長中，而無需做任何事情，無需付出任何努力。

We've got the industrial development pipeline that Kevin talked about, 50-ish projects in place already, another 30 coming on in the second half, hundreds of projects that are out there over the next couple of years that'll come to fruition.

我們已經有了凱文談到的工業發展管道，已經有 50 多個項目到位，下半年還將有 30 個項目啟動，未來幾年將有數百個項目取得成果。

So, when you think about some relatively easy comps from earlier in this year, some of those headwinds that go away, I think it sets up for, a year that's in 2026 that should be double digits. I'm not going to go further than that yet until we get a better view on the economy and how things are shaping up there, but we'll certainly update you as we get a little bit closer.

因此，當您想到今年早些時候的一些相對容易的比較時，一些不利因素已經消失，我認為這為 2026 年的兩位數增長奠定了基礎。在我們對經濟和事態發展有更深入的了解之前，我暫時不會進一步透露，但我們一定會在情況更接近真相時向大家通報最新情況。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Yeah, thanks, everyone. So, Just on the prospects for better pricing. I know a lot of the pricing got eaten up by mix and fuel this past quarter, but as we think about the service improvement that you've garnered some momentum around into the back half of the year, could we expect some positive results on like net pricing? Thanks.

是的，謝謝大家。因此，僅關注更好的定價前景。我知道上個季度很多定價都被混合燃料吞噬了，但是當我們考慮到你們在下半年積累的一些動力的服務改進時，我們是否可以期待淨定價方面取得一些積極成果？謝謝。

I can assure you it's something we're highly focused on when you have a great service product and you're adding value to the customer, something I think it's an easier conversation to have. it's something that's important obviously for us to cover our costs.

我可以向你保證，當你擁有優質的服務產品並為客戶增加價值時，我們會高度關注這一點，我認為這是一個更容易進行的對話。這顯然對我們覆蓋成本很重要。

And but we got to continue to deliver value to the customer, and can we turn their assets, can we save them costs in other areas that really pay for that and they see value in that. So, I'm hopeful that we, this truck market is bottomed. That's certainly a factor I think that'll play into this and, certainly accelerate some of those conversations.

但我們必須繼續提供客戶價值，我們能否轉化他們的資產，我們能否在其他領域為他們節省成本，讓他們真正感受到其中的價值。因此，我希望我們的卡車市場已經觸底。我認為這肯定會起到一定作用，並且肯定會加速一些對話。

There are opportunities, quite frankly, right now where the truck is hyper competitive. We were just with a customer last week that, they know that they've seen three straight years of trucking, their trucking rates going down. They realized that's not sustainable. So, that will be a factor, I think, as we get into the back half of this year. Hopefully, we'll see a little bit of momentum there and then we'll carry that in the next year.

坦白說，現在卡車市場的競爭非常激烈，機會也隨之而來。上週我們剛與一位客戶會面，他們知道他們已經連續三年看到卡車運輸，其卡車運輸費率下降。他們意識到這是不可持續的。所以，我認為，當我們進入今年下半年時，這將是一個因素。希望我們能在那裡看到一點勢頭，然後我們將在明年繼續保持這種勢頭。

David Vernon, Sanford Bernstein.

大衛佛農、桑福德伯恩斯坦。

Hey, good afternoon, guys. Thanks for taking the question. So, if you can imagine, we're getting a lot of questions on sort of freight flow information. I just wanted to see if I could get your help Kevin, understanding kind of what percentage of your revenue today originates west of the Mississippi or west of Saint Louis? Thanks.

嘿，大家下午好。感謝您回答這個問題。所以，如果你可以想像，我們收到了很多有關貨運流資訊的問題。我只是想看看我是否可以得到你的幫助，凱文，了解你今天收入的百分之多少來自密西西比河以西或聖路易斯以西？謝謝。

I think what we said is over half of our business touches another railroad. I don't think we'll go in more detail than that currently. We can certainly follow up, but I think we'll leave it at that.

我想我們所說的是，我們的一半以上的業務都涉及其他鐵路。我認為我們目前不會討論得更詳細。我們當然可以跟進，但我想我們就到此為止。

Oliver Holmes, Redburn Atlantic

奧利佛‧霍姆斯，雷德伯恩大西洋公司

Hi. Thanks for having me on. You've spoken about CSX specific projects supporting volume growth. I was just wondering, have conversations with customers increased, paused, or decreased as a result of the current tariff structure and perhaps within that, could you seize the opportunity you have with the CPKC partnership and over what time frame it should ramp up and immaturity? Thanks.

你好。謝謝你邀請我。您曾談到支援交易量成長的 CSX 特定項目。我只是想知道，由於目前的關稅結構，與客戶的對話是否增加、暫停或減少，也許在此範圍內，您能否抓住與 CPKC 合作的機會，以及在什麼時間範圍內應該增加和成熟？謝謝。

Yeah, I think the tax, taxes policy is pretty new off the press. It's certainly not unhelpful. I think, yeah, and I noted this before, clearing the tariff uncertainty is. I think, going to hopefully unleash a lot of this investment, that I think we have some existing pin up demand and more importantly, confidence in completing some of these projects that we already have in our pipeline. I think that's a big, big opportunity for us.

是的，我認為稅收政策是相當新穎的。這當然不是無益的。是的，我想，我之前就提到過，消除關稅不確定性是關鍵。我認為，我們希望釋放大量的投資，我認為我們有一些現有的海報需求，更重要的是，我們有信心完成我們已經在籌備的一些項目。我認為這對我們來說是一個巨大的機會。

On the CPKC Myrtlewood connection, we just had another cross functional, team meeting the other day, and there's a number of truck conversions and opportunities that don't move over rail today, that we're really going after and targeting. So we're excited about that. We're excited about the progress that we've made so far.

在 CPKC Myrtlewood 連接上，我們前幾天才舉行了另一場跨職能團隊會議，並且有很多卡車改裝和目前無法通過鐵路運輸的機會，是我們真正追求和瞄準的。所以我們對此感到很興奮。我們對迄今為止的進展感到非常興奮。

So we are seeing those conversions occur and it's a long, it's a long sale cycle. So, we're encouraged that in the near term that we've really capitalized on some things that we can continue to see it accelerate as we get in the back half of this year.

因此，我們看到這些轉換的發生，這是一個漫長的銷售週期。因此，我們很高興看到，短期內我們確實利用了一些因素，隨著今年下半年的到來，我們可以繼續看到它的加速發展。

There are no further questions. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。