CSX Corporation (CSX) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the CSX Corporation's third-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。我是 Abby，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 CSX Corporation 2026 年第三季財報電話會議。（接線員指示）

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

謝謝。接下來我想把電話會議交給投資人關係與企業傳播主管 Matthew Korn。Korn 先生，您可以開始了。

Thank you, [Abby]. Good afternoon, everyone. We are very pleased to have you join our third quarter of 2026 earnings call Joining me from the CSX leadership team are Steve Angel, President and Chief Executive Officer; Kevin Boone, EVP and Chief Financial Officer; and Maryclare Kenney, Senior Vice President and Chief Commercial Officer.

謝謝你，[Abby]。各位下午好。我們非常高興各位參加我們 2026 年第三季財報電話會議。與我一同出席的 CSX 管理團隊成員包括：總裁兼執行長 Steve Angel；執行副總裁兼財務長 Kevin Boone；以及資深副總裁兼首席商務長 Maryclare Kenney。

In the presentation that accompanies this call, which is available on our website, you will find slides with our forward-looking and our non-GAAP disclosures. We encourage you to review them. With that, I'm very happy to turn the call over to Mr. Steve Angel.

在本次電話會議所搭配的簡報（可於我們網站取得）中，您會看到包含前瞻性陳述與非 GAAP 揭露的投影片。我們鼓勵您加以閱讀。接下來，我很高興把電話交給 Steve Angel 先生。

Thank you, Matthew. Good afternoon. I'm pleased to report that CSX has delivered another quarter of strong financial performance: earnings of $0.57 per share increased 30% compared to last year's adjusted results; our volume grew 5% as more customers turn to our railroad to safely and reliably move their goods; and our operating margin improved to 39.1%, which was 420 basis points higher than last year's adjusted results. The progress we continue to make on productivity has helped drive substantial growth in profitability, earnings, and free cash flow.

謝謝你，Matthew。各位下午好。我很高興報告，CSX 再次交出一季強勁的財務表現：每股盈餘 0.57 美元，較去年調整後結果成長 30%；隨著更多客戶轉向我們的鐵路以安全且可靠地運輸貨物，我們的運量成長 5%；營業利益率提升至 39.1%，較去年調整後結果高出 420 個基點。我們在生產力方面持續取得的進展，推動了獲利能力、盈餘與自由現金流的顯著成長。

Our goal is to be the best-performing railroad in North America, and the entire CSX team is responding to that challenge. We are proud of how far we've come this year and excited about our position as we look ahead to 2027.

我們的目標是成為北美表現最佳的鐵路公司，而整個 CSX 團隊正積極回應這項挑戰。我們為今年迄今的成果感到自豪，並對展望 2027 年時我們所處的位置感到振奮。

Before we turn to the details, I want to recognize Mike Cory, who recently announced his retirement after a 45-year career. Mike is a true railroader, who has made significant contributions to CSX, our customers, and our employees.

在進入細節之前，我想特別表揚 Mike Cory；他最近宣布在 45 年職涯後退休。Mike 是一位真正的鐵路人，對 CSX、我們的客戶以及員工都做出了重大貢獻。

He also developed a deep bench of operations leaders, and I am confident in Doug Ryhorchuk, Casey Albright, and the entire operations team as we continue executing on our priorities of safety, reliable service, and long-term value. We thank Mike for his leadership and wish him all the best.

他也培養了深厚的營運領導梯隊；在我們持續執行安全、可靠服務與長期價值等優先事項之際，我對 Doug Ryhorchuk、Casey Albright 以及整個營運團隊充滿信心。我們感謝 Mike 的領導，並祝福他一切順利。

Turning to slide 4, the work underway to strengthen our safety culture contributed to another quarter of year-over-year improvement. Our FRA injury rate decreased by 17%, and our accident rate fell by 4%. While we are encouraged by that progress, our work is never finished. We will continue our efforts to reduce risk, increase awareness, and improve communication to support our employees as they do their jobs. We do not and will not compromise on safety.

請看第 4 張投影片，強化安全文化的相關工作帶動了本季再度出現年對年改善。我們的 FRA 傷害率下降 17%，事故率下降 4%。雖然我們對這些進展感到鼓舞，但我們的工作永遠不會結束。我們將持續努力降低風險、提升警覺並改善溝通，以支持員工完成工作。我們不會、也絕不會在安全上妥協。

We also continued improving productivity. Third-quarter fuel efficiency was not only the best ever achieved by CSX, but also the best ever reported by any US railroad. And workforce efficiency as measured by gross ton miles per employee improved substantially year over year.

我們也持續提升生產力。第三季燃油效率不僅是 CSX 歷來最佳，也是任何美國鐵路公司所報告過的最佳表現。此外，以每位員工的總噸英里衡量的勞動效率，年對年也大幅改善。

This next slide shows our key service metrics. We're encouraged by the sequential improvement in velocity, dwell, and customer switch data, which measure first-mile and last-mile performance. Trip plan compliance for our carload business also improved modestly quarter over quarter, though intermodal trip plan compliance declined. We are handling more volume safely and efficiently, but we know our network can perform better.

下一張投影片顯示我們的關鍵服務指標。我們對速度、停留時間（dwell）以及客戶調車（switch）數據的連續改善感到鼓舞；這些指標衡量第一哩與最後一哩的表現。我們的整車（carload）業務行程計畫達成率（trip plan compliance）亦較上季小幅改善，但聯運（intermodal）的行程計畫達成率則下滑。我們正以安全且高效率的方式處理更多運量，但我們也知道網路表現仍可更好。

Operations is connecting more closely with our commercial team, giving us better visibility into demand and helping us get the right number of crews and locomotives to the right locations. Active crew management is improving engineering and conductor availability. Better planning and coordination between engineering and transportation is leading to less network disruption as we execute our capital projects. And technologies such as autonomous track inspection cars is helping us plan better and respond effectively to day-to-day events on the railroad, supporting faster trains and fewer delays.

營運部門正與商務團隊更緊密連結，使我們能更清楚掌握需求，並協助我們把適當數量的乘務組與機車配置到正確地點。主動式乘務管理正在提升工程與列車長的人力可用性。工程與運輸之間更好的規劃與協調，使我們在執行資本專案時對網路造成的干擾更少。此外，自主式軌道檢測車等技術正協助我們更好地規劃，並有效回應鐵路日常事件，支持列車更快、延誤更少。

Services started strong in October, with velocity averaging more than 19 miles per hour this month and dwell approaching 10 hours. Our team also did an excellent job preparing for Hurricane Isaias which we managed through with minimal impact. We intend to build on this momentum ensure that our service supports our growing business.

10 月的服務表現開局強勁，本月速度平均超過每小時 19 英里，停留時間接近 10 小時。我們的團隊也在颶風 Isaias 來襲前做了出色的準備，並將其影響降到最低。我們打算在此動能上持續精進，確保我們的服務能支撐不斷成長的業務。

Kevin, please review our financial performance for the quarter.

Kevin，請回顧我們本季的財務表現。

All right. Thank you, Steve, and good afternoon, everyone. In the third quarter, the CSX team improved safety, but increased demand for our customers delivered substantial cost efficiency and made sequential progress in our service metrics.

好的。謝謝你，Steve，各位下午好。第三季，CSX 團隊改善了安全表現；同時，客戶需求增加帶來顯著的成本效率提升，並使我們的服務指標較上季持續進步。

Revenue increased 12%, driven by higher fuel surcharge, 5% volume growth, and pricing gains across the merchandise, intermodal, and coal markets. As a reminder, our prior year results included $164 million goodwill impairment. Adjusting for that charge, higher revenue and lower nonfuel costs drove a 25% increase in operating income and 420 basis points of margin expansion despite 70 basis points of fuel price headwinds. This translates to a 30% increase in earnings per share.

營收成長 12%，主要受更高的燃油附加費、5% 的運量成長，以及商品貨運、聯運與煤炭市場的全面提價所帶動。提醒各位，我們去年同期的結果包含 1.64 億美元的商譽減損。若調整該項費用，較高的營收與較低的非燃油成本推動營業利益成長 25%，營業利益率擴張 420 個基點，儘管燃油價格帶來 70 個基點的不利影響。這使得每股盈餘成長 30%。

Let's now turn to the next slide for a closer look at expenses. The team handled 5% more volume in the third quarter while reducing nonfuel costs by 3%. Labor expense increased by $19 million as improved workforce productivity and lapping of severance costs mostly offset over $90 million of higher costs from incentive compensation and inflation.

接下來請看下一張投影片，更深入檢視費用。團隊在第三季處理了多 5% 的運量，同時將非燃油成本降低 3%。人事費用增加 1,900 萬美元；人力生產力提升以及遣散費用的基期因素，大致抵銷了超過 9,000 萬美元來自獎酬激勵與通膨的成本上升。

Labor expense will have a typical sequential increase in the fourth quarter, but reported headcount will be lower due to temporary seasonal reductions. First quarter 2027 head count will be similar to current levels as these employees return to work and we build our conductor training pipeline to start the year.

第四季人事費用通常會較上季增加，但由於季節性臨時減員，帳面人數將會較低。2027 年第一季的人數將與目前水準相近，因為這些員工將回到工作崗位，同時我們也會建立列車長培訓的人才管道，以便在年初啟動。

PS&O expenses were 10% lower, reflecting our continued focus to drive efficiencies across this diverse pool of the costs. Savings were driven by improved utilization of both locomotives and vehicles, reduced reliance on external labor and multiple G&A functions, absorption of intermodal volume growth and maintenance efficiencies across rolling stock and fixed assets. Steve highlighted our record fuel efficiency this quarter. I will reiterate the team's great work to reduce engine idling and utilize fuel savings technology, both of which deliver greater value and the higher current price environment.

PS&O 費用下降 10%，反映我們持續聚焦於在這個多元成本組合中推動效率。節省主要來自機車與車輛使用率提升、降低對外部勞務的依賴及多項一般與行政（G&A）職能的精簡、吸收聯運運量成長，以及在車輛（rolling stock）與固定資產上的維修效率提升。Steve 已提到本季創紀錄的燃油效率。我也要再次強調團隊在降低引擎怠速與運用節油技術方面的出色成果；在目前較高的價格環境下，這兩者都能帶來更大的價值。

Looking to the fourth quarter, on a sequential basis, we expect the normal seasonal increase in PS&O combined with typical weather-related reduction in fuel efficiency. Overall, a consistent and consistent with past years, we would expect some step-up sequentially in the fourth quarter expense line as we enter the winter months. And while fuel volatility can create some near-term noise, we expect to deliver year-over-year margin improvement above 350 basis points in the fourth quarter.

展望第四季，按季比較，我們預期 PS&O 會出現正常的季節性增加，同時燃油效率也會因典型的天候因素而下降。整體而言，與過往年度一致，我們預期進入冬季月份後，第四季費用項目將較上季有所上升。此外，雖然燃油價格波動可能在短期內造成一些雜訊，我們仍預期第四季可實現年對年超過 350 個基點的利益率改善。

We are building a culture of continuous improvement that positions us to deliver further safety, service and efficiency gains in 2027 and beyond. This includes a robust pipeline of sustainable efficiency initiatives that we are now incorporating into our 2027 budgets with clear accountability for results.

我們正在建立持續改善的文化，使我們在 2027 年及更長遠的未來能進一步提升安全、服務與效率。這包括一套強健且可持續的效率提升計畫管道；我們目前正將其納入 2027 年預算，並對成果設定明確的責任歸屬。

With that, let me turn it over to Maryclare to review our revenue performance.

接下來，讓我把電話交給 Maryclare，請她回顧我們的營收表現。

Thank you, Kevin, and good afternoon, everyone. Our commercial group continues to deliver in a favorable environment of solid customer demand and tight trucking capacity. The consistent network performance delivered by our operations team, together with the new services, added capacity, and growth initiatives we've brought online have positioned us well to take advantage of the opportunities in this market. Our performance this quarter was strong, and I want to thank everyone at CSX for helping us maintain the momentum.

謝謝你，Kevin，各位下午好。在客戶需求穩健且卡車運能吃緊的有利環境下，我們的商業團隊持續交出成果。營運團隊所提供的一貫網路表現，加上我們已上線的新服務、增加的運能與成長計畫，使我們具備良好條件把握此市場的機會。本季表現強勁，我要感謝 CSX 的每一位同仁協助我們維持這股動能。

Turning to slide 10, let's go through the highlights of our third quarter volume and revenue results. Total CSX volume was up 5% in the third quarter, total revenue was up 12%, and our revenue per unit was up 7%. Fuel contributed about half of our revenue growth as average diesel prices increased nearly 50% year over year.

接著看第 10 頁投影片，我們來回顧第三季運量與營收結果的重點。CSX 第三季總運量年增 5%，總營收年增 12%，每單位營收（RPU）年增 7%。由於平均柴油價格年增近 50%，燃油因素約貢獻了我們營收成長的一半。

Our Intermodal business continues to contribute the largest share of our volume growth. So mix remains a headwind to overall RPU. Even with that mix impact, revenue per unit, excluding fuel, increased 1% this quarter.

我們的聯運（Intermodal）業務仍是運量成長貢獻最大的來源。因此，組合（mix）仍對整體每單位營收（RPU）形成逆風。

We remain encouraged by the results of contract renewals as we progress throughout the year. In merchandise, revenue increased by 11% with a 3% increase in volume. Merchandise RPU, excluding fuel, was up over 2% despite unfavorable mix in markets with the largest impacts within chemicals and fertilizers. Including fuel, RPU was up 8% year over year.

隨著我們在今年持續推進，我們對合約續約的成果仍感到鼓舞。在一般貨運（merchandise）方面，運量成長 3%，帶動營收成長 11%。儘管在影響最大的市場中（主要是化學品與肥料）出現不利組合，一般貨運扣除燃油後的每單位營收仍上升超過 2%。若包含燃油，每單位營收年增 8%。

Volume performance was more varied across our merchandise markets compared to the second quarter. Metals was the top performer, gaining 12% as fuel demand, particularly plate, has been very good across infrastructure and energy markets. We're also benefiting from increasing output from the new steel mills located on our network that are ramping up at a favorable time.

相較第二季，我們一般貨運各市場的運量表現更為分歧。金屬是表現最佳的品類，成長 12%；燃料需求，特別是厚板（plate），在基礎建設與能源市場都非常強勁。我們也受惠於位於我們路網上的新鋼廠產量提升，且其擴產時點相當有利。

Chemicals was also a highlight, with volume up 7%, driven by conversion and good opportunities in waste and petroleum products. In contrast, fertilizers has been the softest merchandise area for us, with volume down 13% for the quarter. The headwinds in this market have persisted for some time with supply issues, limiting phosphate shipments and low crop prices weighing on fertilizer affordability and demand.

化學品同樣是亮點，運量成長 7%，主要受惠於貨源轉換（conversion）以及在廢棄物與石油產品方面的良好機會。相較之下，肥料是我們一般貨運中最疲弱的領域，本季運量下滑 13%。該市場的逆風已持續一段時間，供應問題限制了磷酸鹽出貨，而偏低的作物價格也壓抑肥料的可負擔性與需求。

Reduced trucking availability, high truck rates, and elevated diesel costs continue to benefit our Intermodal segment. Conversions from the highway remains strong, and the new service offering through Birmingham, Myrtle Wood, Baltimore, and other areas are performing well and attracting new business.

卡車可用性下降、卡車運價高企以及柴油成本上升，持續有利於我們的聯運部門。由公路轉運（conversion from the highway）仍然強勁，而透過伯明罕（Birmingham）、Myrtle Wood、巴爾的摩（Baltimore）及其他地區的新服務方案表現良好，並吸引新業務。

In areas such as Atlanta were substantial profitable volume growth has led to temporary service tightness, we're working closely with our operations team as CSX invests in additional capacity. Total Intermodal volume was up 7% year over year and reached a new all-time record with revenue up 20% and RPU up 13%. Essentially, all of the RPU increase was driven by fuel surcharge.

在亞特蘭大等地區，顯著且具獲利性的運量成長導致服務一度吃緊；隨著 CSX 投資增加運能，我們正與營運團隊密切合作。聯運總運量年增 7%，並創下歷史新高；營收年增 20%，每單位營收（RPU）年增 13%。基本上，RPU 的增幅幾乎全部來自燃油附加費。

As we've seen through '26, the domestic business drove this quarter while international remained roughly stable year over year. I'm encouraged by the outlook into the fourth quarter, although please keep in mind that we have now lapped the gains from the service agreement with BN that added new business last fall.

如同我們在 '26 年所見，本季主要由國內業務帶動，而國際業務年比大致持平。我對第四季展望感到鼓舞，但也請記得，我們現在已經度過（lapped）去年秋天與 BN 的服務協議所帶來、增加新業務的成長基期。

Lastly, coal revenue increased by 10%, driven by a 2% increase in volume and a 7% increase in RPU. Export tons grew by a solid 7% as mine output increased, while domestic tons declined modestly during a relatively mild summer where natural gas prices remained around $3.

最後，煤炭營收成長 10%，主要由運量成長 2%與每單位營收（RPU）成長 7%所帶動。

On price, global coal benchmarks have moved higher this quarter as supply constraints in China lifted pricing for Australian exports. This has gradually flowed to US export prices, which provided a moderate benefit to our yields in the third quarter. We expect another small sequential RPU increase in the fourth quarter from the lagged effects of these higher benchmarks.

在價格方面，本季全球煤炭基準價格走高，原因是中國供應受限推升澳洲出口價格。這也逐步反映到美國出口價格，對我們第三季的單位收益帶來中度助益。我們預期第四季在這些較高基準價格的遞延效應下，RPU 將再出現小幅的季比提升。

As we move into the fourth quarter, we're pleased with what we've accomplished while working hard to finish the year strong. We expect normal seasonality in our merchandise markets with some support in ag and food from a good Midwestern harvest. We also have several capacity expansions scheduled to ramp up into year-end, particularly in chemicals and minerals. Demand indicators remain good for domestic intermodal, and we're pleased to enter the bid season with the benefit of full double-stack operations on our I-95 corridor through Baltimore.

進入第四季之際，我們對已完成的成果感到滿意，同時也會努力以強勁表現收官。我們預期一般貨運市場將呈現正常季節性，其中農業與食品可能受惠於美國中西部良好收成而獲得一些支撐。我們也有數項運能擴增計畫預計在年底前逐步放量，特別是在化學品與礦物領域。國內聯運的需求指標仍然良好；我們也很高興在競標季（bid season）來臨之際，能受惠於 I-95 走廊經巴爾的摩的全程雙層堆疊（double-stack）營運。

Finally, coal demand appears fairly stable in the near term. Utility burn will be driven by weather conditions. While on the export side, we've been successful in maintaining volume even as a customer mine works through a temporary closure following a fire in late summer.

最後，煤炭需求在短期內看起來相當穩定。公用事業燃煤量將取決於天氣狀況。至於出口方面，即使某客戶礦場在夏末因火災而暫時停產，我們仍成功維持運量。

To sum up, as we move into year-end and anticipate the start of 2027, our focus will remain on consistent execution, winning business from the highway, and ensuring that our pricing reflects the quality of the service we provide.

總結來說，隨著我們邁向年底並展望 2027 年初，我們的重點仍將放在穩定執行、從公路端爭取業務，以及確保我們的定價能反映所提供服務的品質。

Thank you, and I'll now turn it back to Steve to close.

謝謝各位，接下來我把時間交回 Steve 作結。

Thank you, Maryclare. Now we'll review our updated guidance for 2026 on slide 12. We now expect revenue growth in the high single digits compared to the mid- to high-single-digit range we provided previously. The rest of our guidance is unchanged. I'm confident that we will achieve full-year operating margin expansion of more than 350 basis points.

謝謝你，Maryclare。現在我們在第 12 頁投影片回顧 2026 年更新後的財測指引。相較於先前提供的中到高個位數區間，我們目前預期營收成長將落在高個位數。其餘指引維持不變。我有信心我們將達成全年營業利益率擴張超過 350 個基點。

Our outlook for capital expenditures remains below $2.4 billion, and we expect free cash flow growth of more than 80%. This outlook reflects our strong performance through the first nine months of the year as well as our expectations for the fourth quarter.

我們對資本支出（capital expenditures）的展望仍低於 24 億美元，並預期自由現金流成長超過 80%。此展望反映我們今年前九個月的強勁表現，以及我們對第四季的預期。

As we move into 2027, we will be focused on ensuring we have sufficient resources across the network to support a growing business, which will include adding to our train and engine employee pipeline. We remain committed to sizing our workforce to the needs of a safe, reliable, and efficient railroad.

邁入 2027 年，我們將專注於確保整個路網具備足夠資源以支援成長中的業務，其中包括擴充我們列車與機車員工的人才管道（pipeline）。我們仍致力於依據安全、可靠且高效率鐵路營運的需求來配置人力規模。

In summary, we feel very good about our railroads position as we approach year-end and are encouraged by the opportunities ahead. I came to CSX just over a year ago, and I continue to be impressed by the dedication our employees bring to this company and the pride they take in being part of CSX.

總結而言，隨著接近年底，我們對公司鐵路業務的定位感到非常良好，並對未來的機會感到鼓舞。我加入 CSX 剛滿一年多，我持續對員工對公司的投入，以及他們以身為 CSX 一員為榮的態度印象深刻。

Together, we have made great progress towards our goal of being best-in-class as we build a high-performance culture that embraces continuous improvement. As we carry this momentum into 2027, we'll also mark CSX's 200th anniversary, tracing back to the founding of the B&O railroad. It is a significant milestone and an opportunity to recognize our history while showing how CSX continues moving the economy forward.

我們攜手在朝向成為同業最佳（best-in-class）的目標上取得重大進展，同時打造擁抱持續改善的高績效文化。當我們把這股動能帶入 2027 年時，也將迎來 CSX 的 200 週年，追溯至 B&O 鐵路的創立。這是一個重要里程碑，也是回顧歷史並展現 CSX 如何持續推動經濟向前的機會。

So Matthew, with that, I'll now open it up to questions.

那麼 Matthew，接下來我開放提問。

(Operator Instructions) Chris Wetherbee, Wells Fargo.

（接線員指示）Chris Wetherbee，富國銀行（Wells Fargo）。

Steve and team, obviously, the productivity that you've been able to drive so far in '26 has been very solid. We've seen meaningful margin expansion. You noted, Steve, as we're starting to think about '27, I know the productivity and the planning is going on for that year. Can you give us a sense of sort of where you think you are in the process? I think the OR improvement has been better than we expected this year. But as you look at the opportunity ahead of you, volume is growing. You noted maybe rebuilding the pipeline of employees. Can you give us a sense of what the potential productivity opportunity is from here?

Steve 以及團隊，顯然你們在 '26 年迄今所推動的生產力相當扎實。我們也看到顯著的利潤率擴張。Steve，你提到當我們開始思考 '27 年時，我知道相關的生產力提升與規劃正在進行。你能否讓我們了解一下你們目前在整個流程中的進度大概到哪裡？我認為今年營運比率（OR）的改善幅度比我們預期更好。但當你展望前方的機會、運量正在成長時，你也提到可能要重建員工的人才管道。你能否談談從現在開始，生產力提升的潛在空間大概有多大？

Well, we're still working on it as you mentioned, but we already have a little over 100 initiatives that are contributing to our productivity target next year. Obviously, this year was a big year for productivity. I don't think '27 will be as big, but it will certainly be a significant number next year. But it's something we continue to work on. Team's very excited about Kevin's playing a heavy role in that, and we feel very encouraged about productivity going into '27.

嗯，正如你提到的，我們仍在持續推進，但我們已經有略多於100項計畫正在為我們明年的生產力目標做出貢獻。很明顯，今年是生產力表現非常突出的年度。我不認為到'27會像今年這麼大，但明年肯定仍會是一個相當可觀的數字。不過這是我們會持續努力的事情。團隊對Kevin在其中扮演重要角色感到非常振奮，而我們也對邁向'27的生產力表現感到相當受鼓舞。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Maybe, Steve, we can just get your thoughts on the operating department and the structure going forward. Obviously, Mike's a big part of building out the bench there. Do you think this is like a dual COO type of role? Are you going to take on some additional operating responsibilities? Are you doing an external or any type of search? Maybe just give us some context in terms of how you got to this decision and how you're going to evaluate this going forward. Thanks.

Steve，也許我們想請你談談未來營運部門以及組織架構的看法。顯然，Mike在那邊建立人才梯隊方面扮演了很重要的角色。你認為這會像是一種雙COO的角色嗎？你會承擔一些額外的營運職責嗎？你們是否在做外部或任何形式的尋才？也請你提供一些背景，說明你們如何做出這個決定，以及未來將如何評估這個安排。謝謝。

[This is the call we were going to run]. Both Casey and Doug will continue doing what they've been doing. And Casey has been in charge of network ops and service design, and Doug has been in charge of engineering and mechanical and transportation. So they'll continue doing what they have been doing, they're just going to report directly into me. I look forward to that.

[這就是我們原本要進行的電話會議]。Casey和Doug都會繼續做他們一直在做的工作。Casey一直負責網路營運與服務設計，而Doug一直負責工程、機械以及運輸。所以他們會繼續做原本的工作，只是改為直接向我匯報。我很期待這樣的安排。

I don't know how much most of you know about my background, but most people think of me as an operating CEO and that's what I'd like to do. If you go back into my early days, I actually ran manufacturing operations for GE and I installed one of the first lean production systems in the United States back in the '90s.

我不確定各位對我的背景了解多少，但多數人把我視為一位偏營運導向的CEO，而這也是我想做的事。如果回顧我早期的職涯，我其實曾在GE負責製造營運，並在90年代於美國導入了最早期的精實生產系統之一。

So operations always have been in my blood. And I look -- I'm not a lifelong railroader like a lot of people, but operations is in my blood, and I look forward to getting more involved with Doug and Casey. Casey, again, a 30-year veteran of CSX, started off in dispatch. Doug had four decades at CN doing just about every job inside of operations and he's been with us the last couple of years and that they both do a great job. So I look forward to working very closely with them.

所以營運一直是我骨子裡的事。我想說——我不是像很多人那樣一輩子都在鐵路業，但營運確實在我血液裡，我也期待能更深入地與Doug和Casey合作。Casey同樣是CSX的30年資深員工，從調度工作起步。Doug在CN服務了四十年，幾乎做過營運體系內的每一種工作，過去幾年也加入我們，他們兩位都做得非常出色。所以我很期待能與他們非常緊密地合作。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Thanks for the question. Really appreciate it. I would say I wanted to take a step back. I think there's a lot of really strong top line momentum that we're seeing here. Clearly, we can all see this on the volume front.

謝謝你的提問。非常感謝。我想先退一步看。我認為我們在營收端（top line）看到非常強勁的動能。很明顯，大家都能從運量面看得出來。

I think we can all see the fuel contribution. But as you think about just the pricing opportunity, even ex fuel, maybe help us understand how we're thinking about that opportunity in 2027. Clearly, inflationary pressure even beyond just the transportation environment or more top in center of these at this point in time. So I'd love to get your thoughts on just pricing as we look into 2027. Thanks.

我想大家也都看得到燃油帶來的貢獻。但當你思考定價機會時，即便扣除燃油因素，也許可以幫我們理解一下你們如何看待2027年的這個機會。顯然，通膨壓力甚至不僅限於運輸環境，在目前這個時間點更是大家關注的核心。所以我很希望聽聽你們對定價、以及展望2027年的看法。謝謝。

Yeah. Thanks for the question. I'd tell you, pricing really remains a key focus area for the team. We've talked about that a lot this year. As Steve mentioned on previous calls, we're really taking a surgical approach to pricing. You mentioned inflationary pressures. We recognize those. We're having conversations around that with customers as we go through the renewal process.

好的，謝謝你的提問。我會告訴你，定價仍然是團隊的關鍵聚焦領域。我們今年談了很多次。如Steve在先前的電話會議中提到的，我們在定價上採取非常精準、外科手術式的做法。你提到通膨壓力。我們認知到這些壓力。在續約流程中，我們也正與客戶就此進行對話。

I would say, as a reminder, we can't touch every contract every year, but we are focused across markets. We still expect for this year, our same-store sales pricing to be stronger than it was last year. And I would tell you, we have seen discretionary pricing on the merchandise accelerate as we move throughout the course of this year.

我想提醒一下，我們不可能每年都能觸及每一份合約，但我們確實在各個市場面向都保持聚焦。我們仍預期今年同店銷售（same-store sales）的定價表現會比去年更強。我也想告訴你，隨著今年進程推進，我們看到商品（merchandise）業務的自主性定價（discretionary pricing）正在加速。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Thanks. So Steve, I think in the past, you said that you don't like plan for growth. But we're -- this is going to be our third year in a row volume growth, which I actually don't think has ever happened at CSX before, at least back to like the '90s. So I guess what's the sustainability of this in your mind? And what does this mean for the network?

謝謝。Steve，我記得你過去說過你不喜歡為成長做規劃。但我們——這將是連續第三年運量成長，而我其實不認為CSX以前曾發生過，至少回溯到90年代都沒有。所以我想問，你認為這樣的趨勢可持續性如何？這對網路意味著什麼？

Are we handling this well? Do we need more people? Do we need more locomotives? And is this -- as you continue to get volume growth, is this just a sort of a further opportunity for productivity if we get to continued growth?

我們目前承接得好嗎？我們需要更多人力嗎？我們需要更多機車嗎？而且當你持續獲得運量成長時，這是否也代表若能延續成長，就會帶來進一步提升生產力的機會？

Well, I'm encouraged by all of our growth initiatives that Maryclare and the team are driving. And it looks to me like we have some momentum on the growth side. I think you're correct. What I've said before is when I look at the types of earnings per share growth I want to drive, I generally assume modest volume growth. And that generally is the case. But again, as I look at what's going on here with all the initiatives, it looks pretty positive going into next year.

我對Maryclare和團隊所推動的各項成長計畫感到很受鼓舞。在我看來，我們在成長面確實有一些動能。我認為你說得沒錯。我之前說過，當我看我想推動的每股盈餘（EPS）成長類型時，我通常會假設運量是溫和成長。一般而言確實如此。但同樣地，從目前這裡各項計畫的進展來看，展望明年看起來相當正面。

With respect to our ability to handle the volume, we feel very confident we can handle the volume. We are adding some headcount. I think Kevin said that in his remarks on the T&D side to make sure that we were properly manned to -- from an operating standpoint, a transportation standpoint -- to serve the business that we have and the business -- and the additional volumes we expect to come.

至於我們承接運量的能力，我們非常有信心可以處理這些運量。我們正在增加一些人力編制。我想Kevin在他關於T&D端的發言中也提到，為了確保從營運面、運輸面——能以適當的人力配置來服務我們現有的業務，以及我們預期將到來的額外運量。

So again, encouraged by the initiatives that are underway, and I think we're going into the year from a pretty good position on the top line, and we'll be ready to serve that business.

所以，再次強調，我對正在進行中的各項計畫感到鼓舞；我認為我們在營收端是以相當不錯的態勢進入新的一年，而我們也會準備好服務這些業務。

Tom Wadewitz, UBS.

Tom Wadewitz，瑞銀（UBS）。

Wanted to get a sense if you could provide some help on the key pieces of intermodal volume growth. And then give us a sense -- domestic, to be clear, domestic intermodal volume growth and then just how we think about how much runway is left, whether it's available boxes in UMAX or whether it's just kind of how far the service has progressed on, let's say, Southeast Express with CP. But I just -- I guess I think of the UMAX kind of new services related to Howard Street and things you could do as that was debottlenecks, and then maybe CP Interline is potentially specific drivers. But if you could run through what are kind of the biggest drivers on domestic intermodal. And is there still a lot more to go in '27? Thank you.

我想了解你是否能協助說明聯運（intermodal）運量成長的關鍵構成要素。然後也請你談談——為了講清楚，是國內聯運（domestic intermodal）運量成長——以及我們該如何思考還剩多少成長跑道：不論是UMAX可用箱量，或是像與CP合作的Southeast Express服務推進到什麼程度。我只是——我會把UMAX視為與Howard Street等相關的新服務、以及在那裡完成去瓶頸後能做的事情；另外CP的聯線（Interline）可能是特定的驅動因素。但如果你能梳理一下，國內聯運最大的驅動因素大概是哪些。而在'27年是否還有很多可以繼續推進的空間？謝謝。

Yes, sure. Thanks. So domestic has really driven our growth this year. International has been kind of relatively flat in particular in the recent quarter. What I'd say on the domestic side is we've got a number of initiatives out there.

好的，當然。謝謝。國內業務確實是我們今年成長的主要驅動力。國際業務相對而言較為持平，特別是在最近一季。就國內面來說，我們有多項計畫正在推進。

The team we've talked about on previous calls, the work the team has done in relation to SMX and Howard Street Tunnel. And so in both places, we continue to see volume growth, and we've been very pleased with that over the course of this year.

我們在先前的電話會議中談過的團隊工作，包括與SMX以及Howard Street隧道相關的工作。因此在這兩個方面，我們都持續看到運量成長，而且今年以來我們對此非常滿意。

SMX has been in play longer than Howard Street. We finished the work around the tunnel in the full double-stack clearances after we were through the majority of bid season this past year. So we have seen momentum build on Howard Street, but we're excited about getting into next year's bid season, which is really starting right now and having that solution and kind of more of the RFPs and the routing guides as we go forward.

SMX 的推進時間比 Howard Street 更久。在去年大部分投標季結束後，我們完成了隧道周邊、符合全雙層堆疊淨空的相關工程。因此我們看到 Howard Street 的動能正在累積，但我們也很期待進入明年的投標季——其實現在就已經開始了——並且在我們往前推進時，能有那套解決方案，以及更多的 RFP 與路由指南納入其中。

Beyond the new solutions, we're working closely hand-in-hand with our channel partners and then to our national accounts team directly with shippers to look at opportunities for truck conversion. Truck capacity has obviously tightened pretty significantly over the course of the last couple of quarters. And we have customers that are existing customers today; they're continuing to look to rail to move more of their business to an intermodal solution because of what they're seeing in the truck market.

除了新的解決方案之外，我們也與通路夥伴密切合作，並透過我們的全國客戶團隊直接與貨主攜手，尋找卡車轉換的機會。過去幾個季度卡車運能顯然收緊得相當明顯。而我們也有一些既有客戶；由於他們在卡車市場看到的情況，他們持續希望透過鐵路把更多業務轉移到聯運解決方案上。

So we're very optimistic about the opportunities that are -- that continue to be in front of us as we close out this year and go into next year on the domestic intermodal side.

因此，隨著我們結束今年並邁入明年，在國內聯運業務方面，我們對持續擺在眼前的機會感到非常樂觀。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Hey, good afternoon, and thanks for letting me ask a question here. Kevin, I know you spoke to guidance for, I guess, greater than 350 basis points improvement in the margin on the fourth quarter. But how do we think about that sequentially? I think you did give some detail on headcount PS&O.

嗨，午安，謝謝讓我在這裡提問。Kevin，我知道你談到指引時提到第四季利潤率改善，我想是超過 350 個基點。但我們該如何按季來看待這件事？我想你確實有提供一些關於人力編制與 PS&O 的細節。

Yeah. Thanks, Brandon. When you think about third quarter to fourth quarter, there's typical seasonality in that. We're hitting the winter month. So you'll see PS&O typically move up a little bit. On the labor side, as you move into vacations, heavier vacations around holidays, other things, capital programs move off, you'll see a little bit of labor costs come in. But that's typically normal seasonality.

是的。謝謝，Brandon。當你從第三季看到第四季時，通常會有典型的季節性因素。我們會進入冬季月份。因此你會看到 PS&O 通常會略微上升。在人力方面，進入休假期——假期期間休假較多——以及其他因素，資本計畫也會告一段落，你會看到部分勞動成本回落。但那通常是正常的季節性。

So if you look back after the last three to five years, 200 to 300 basis points of margin degradation from third quarter to fourth quarter. Obviously, all the initiatives we're doing, we're looking to offset as much of that as we can. But there is normal seasonality that we will see and we anticipate on both of those cost line items.

所以如果你回頭看過去三到五年，第三季到第四季的利潤率通常會惡化 200 到 300 個基點。當然，基於我們正在推動的所有措施，我們希望盡可能抵消其中的影響。但確實存在我們將會看到、也預期會出現在這兩個成本項目上的正常季節性。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. I don't know if Mike is on the call. And if not, I guess, someone else can answer it. But Maryclare mentioned some temporary issues in Atlanta. We watched the weekly data. It looks like there were some ebbs and flows as the volume remained strong through the third quarter.

謝謝。我不確定 Mike 是否在線上。如果沒有的話，我想也可以由其他人回答。但 Maryclare 提到亞特蘭大有一些暫時性的問題。我們有觀察每週數據。看起來在第三季量能維持強勁的同時，確實出現了一些起伏波動。

How do you feel, as you're stepping away about the resourcing, not just of labor, we've talked about headcount, but all the different things that go into, if we do have a peak season and a cyclical recovery for the next couple of quarters, do you feel that you're operating efficiently enough and can add resources on a less than one-for-one basis to keep those service metrics or you'd like to keep them throughout the year?

當你準備交棒之際，你對資源配置的感受如何——不只是勞動力，我們談過人力編制——而是所有會影響的不同要素：如果接下來幾個季度真的出現旺季以及景氣循環復甦，你是否覺得目前運作已足夠有效率，並且能以低於一比一的方式增加資源，同時維持那些服務指標（或你希望全年都能維持的水準）？

Yes. So what we're doing -- and again, we mentioned -- this is Steve. What we mentioned was coming out of the third quarter. Third quarter was improvement over the second quarter. October is an improvement over the numbers you're seeing in the third quarter.

是的。所以我們正在做的——再一次，我們也提到——我是 Steve。我們提到的是第三季結束後的情況。第三季相較第二季有所改善。10 月又比你在第三季看到的數字更好。

But the focus is this on the service side. We continue to refine our capacity plan, including positioning of resources based on the expected demand, and we do that working very closely with Maryclare's organization. Better planning and coordination between engineering and transportation is creating less disruption on our network, which gives our ops team more freedom to operate.

但重點在服務面。我們持續精進我們的產能規劃，包括依據預期需求來配置資源位置；而這些工作我們是與 Maryclare 的團隊非常緊密地合作完成的。工程與運輸之間更好的規劃與協調，正在降低我們網路上的干擾，讓營運團隊有更大的操作空間。

We've been investing in capacity where needed. And Atlanta is a good example of that, where we've seen a 50% increase in volume over the last three years. And we're investing in track infrastructure to increase our switching and processing capacity by 50%. And of course, good crew management as part of the equation to improve T&E availability in addition to adding a modest number of T&E headcount. So that's what we're doing.

我們也在需要的地方投資產能。亞特蘭大就是一個很好的例子，過去三年我們看到運量增加了 50%。我們正在投資軌道基礎設施，將我們的調車與處理產能提升 50%。當然，良好的乘務管理也是方程式的一部分，用以提升 T&E 可用性，同時也會適度增加一些 T&E 人力編制。所以這就是我們正在做的事。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Kevin or Steve, PSN dipped 400 basis points year over year, maybe even more than you thought. Maybe talk about some of the specific programs or just such a great achievement. How structural is this, what goes on? Because, I mean, we've seen waves at CSX of market improvement, then there was slippage before you got there, Steve. So just wondering how you do that.

Kevin 或 Steve，PSN 年對年下滑了 400 個基點，甚至可能比你們原先預期的還多。能否談談一些具體的方案，或這真的是很大的成果。這有多結構性？背後是怎麼做到的？因為我的意思是，我們在 CSX 看到過市場改善的一波波循環，然後在你到任之前也曾出現過滑落，Steve。所以只是想了解你們是怎麼做到的。

And then in that 350-basis-point target, if you're continuing to do this improvement, you did a 400-basis-point improvement 3Q to 4Q, I guess, Kevin, is there any reason you could or could not do the same level of improvement in the fourth quarter year over year?

另外，在那個 350 個基點的目標裡，如果你們持續推動這種改善，你們從第三季到第四季做到了 400 個基點的改善；我想問 Kevin，第四季年對年是否有任何原因讓你們可以或不可以做到同等幅度的改善？

Ken, yeah, look, part of the guidance for the fourth quarter is we've seen some extreme volatility on the fuel side, right? So when you think about the third quarter, we had peak diesel prices and coming into the quarter, that accounted for probably a little over 100 basis points of margin pressure versus what we had expected coming in just from the fuel price increase. So we're looking to eye on that. We'll have better clarity as we move through the quarter on there.

Ken，是的，你看，第四季指引的一部分在於我們在燃油端看到了相當劇烈的波動，對吧？所以當你回想第三季，我們遇到柴油價格高峰；而在進入該季度時，僅就燃油價格上漲而言，這大概就帶來了比我們原先預期多出約 100 個基點以上的利潤率壓力。所以我們會密切關注這一點。隨著季度推進，我們在這方面會有更清楚的能見度。

But in terms of PS&O, specifically, I would say the first area is we always look at are the costs that we're paying others outside of CSX. And I have to give a lot of credit to the team, the procurement team, the operations team, to really take a closer look at those costs that we're paying and really, some of those that we've in-sourced, other terms, we're challenging those costs and getting better rates through our suppliers, but it's across the board.

但就 PS&O 來說，具體而言，我會說第一個面向是：我們總是先看我們付給 CSX 以外第三方的成本。我必須給團隊很大的肯定——採購團隊、營運團隊——他們確實更仔細地檢視我們支付的那些成本；而且其中一些我們已經內製化。換句話說，我們在挑戰那些成本，並透過供應商取得更好的費率，而且這是全面性的。

And whether it's vehicles, whether it's equipment, asset utilization, a big, big focus on the asset utilization side, just rates in general. As I said, external labor rates, we really look closely at and making sure there's a level of accountability when we're paying others on the outside.

不論是車輛、不論是設備、資產使用效率——在資產使用效率方面是非常、非常大的重點——以及整體費率。如我所說，外部勞務費率我們也會非常仔細地檢視，並確保當我們付費給外部單位時，有相應的問責機制。

And in terms of the pipeline, as Steve talked about it, over 100 initiatives already. We started in the second quarter. I think it's the earliest we've ever started in my nine years here at CSX in terms of thinking about the next year. We're really building that muscle and building a continuous improvement kind of mindset around here. In fact, we're already thinking about '28 as well as we think about '27. So we're a deep bench.

至於專案管線，如 Steve 所提到的，已經有超過 100 項措施。我們在第二季就開始了。就我在 CSX 的九年經驗而言，我想這是我們在思考下一年度時開始得最早的一次。我們正在真正建立這種能力，並在這裡培養一種持續改善的思維模式。事實上，當我們思考 2027 年時，我們也已經在思考 2028 年。所以我們的人才與資源儲備很深。

I would also say on the technology side, that's another area where I just see a lot of opportunity to provide greater resources, greater clarity in terms of where the spend is. And we're seeing some early signs of that. I would say some more to be done in the next year and in 2028. But those visibility tools allow the leaders out there to really identify costs and go after them. But it's across the board, great job by the team, and there's a lot of ownership across the organization for it.

我也會說在科技端，這是另一個我看到有很多機會的領域，可以提供更多資源、並在支出流向上提供更高的透明度。我們已經看到一些早期跡象。我會說明年以及 2028 年還有更多工作要做。但這些可視化工具能讓第一線領導者真正辨識成本並加以改善。總之這是全面性的；團隊做得非常好，而且整個組織對此都有很強的主人翁意識。

Dan Moore, Baird.

Dan Moore，Baird。

I can't remember if it was Tom or Chris that asked a question on Intermodal earlier in the call. But maybe as a follow-on to that, pretty rare environment that we find ourselves in right now, specifically as it relates to domestic intermodal. And the spread between highway to rail costs is probably as great as I've ever seen it in the last 30 years.

我不記得在稍早的電話會議中，關於聯運（Intermodal）的問題是 Tom 還是 Chris 問的。不過也許作為延伸追問，我們目前所處的環境相當罕見，特別是就國內聯運而言。而公路運輸相對於鐵路運輸的成本差距，可能是我過去 30 年來見過最大的。

With that in mind, recognizing that domestic intermodal tends to be a higher touch in terms of renewals and that it could be a fairly meaningful driver of yield moving forward, could you maybe just spend a minute refreshing our memories on how you approach a market like this and the potential impact it might have going forward? Thanks.

基於這點，並考量到國內聯運在續約方面通常需要更高的接觸度，而且未來可能會成為推動收益率（yield）的相當重要動能，能否請您花一點時間幫我們回顧一下，您如何在這樣的市場環境下制定策略，以及它未來可能帶來的影響？謝謝。

Sure. Happy to. So on intermodal, just as a starting point, we got to remember that the business is split between domestic and international. And so maybe just starting on the questions around domestic. But on the international side, that is an important part of our overall Intermodal portfolio.

當然，很樂意。談到聯運，先從基本面說起，我們要記得這項業務分為國內與國際兩部分。所以也許先從您關於國內的問題開始。但在國際方面，它也是我們整體聯運組合中很重要的一部分。

I think I've mentioned it before, a lot of that business is contracted under multiyear deals that have fixed adjustments. And I would say it is not highly correlated to the trucking market, like you see on the domestic side.

我想我之前提過，其中很大一部分業務是以多年期合約簽訂，並帶有固定調整機制。而且我會說，它與卡車運輸市場的相關性不高，不像國內業務那樣。

On the domestic business, it's a mixture of how our contracts are structured. I would say we think about domestic bid season. It's kind of starting right now for 2027, I think you've heard from us, you've heard from others over the course of this year that the truck market inflection that occur, the tightness in capacity really started after we were good ways into the 2026 bid season. And so there is a lag effect to that.

至於國內業務，我們的合約結構是混合型的。我會說，我們會以國內招標季（bid season）的角度來思考。目前大概正要開始 2027 年的招標季；我想你們也聽我們以及其他公司在今年多次提到，卡車市場的轉折點、運能緊縮其實是在我們已經進入 2026 年招標季一段時間之後才開始出現的。因此會有一個滯後效應。

Certainly, as we're looking at new renewals on annual contracts, which we see a lot in our rail asset product, we're going to price to the market. We're taking into account what's going out there going on out there. We're looking at capacity. We're looking at the value of the service that we provide.

當然，對於年度合約的新一輪續約——我們在鐵路資產型產品中看到很多這類合約——我們會依市場定價。我們會把外部正在發生的情況納入考量。我們會看運能狀況。我們也會看我們所提供服務的價值。

We have other business, though, that isn't necessarily on an annual application. And so we will manage that and make sure we're continuing to price to the value of the service as those come up for renewal.

不過我們也有其他業務，不一定是按年度週期運作。因此我們會加以管理，並確保在這些合約到期續約時，我們仍然能依服務價值持續定價。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團（Citigroup）。

Congrats on some strong results here. And also congrats to Mike on his retirement. I was hoping you guys could speak quickly about just the rail partnerships -- the progress there, the level of volumes that you're seeing across some of the partnerships with BN and CN and CP. And how you're thinking about that particularly in the context of the opposition that you've announced to what UPS is proposing and how you see the partnerships reflect as kind of a downward weight to some of the issues that they've raised. Thanks.

恭喜你們交出一些強勁的成果。也恭喜 Mike 退休。我想請你們簡要談一下鐵路合作夥伴關係——目前的進展、你們在與 BN、CN、CP 等合作夥伴的合作中看到的運量水準。以及你們如何看待這件事，特別是在你們已宣布反對 UPS 所提出方案的背景下，你們認為這些合作夥伴關係如何在某種程度上對他們提出的一些疑慮形成下行權重（downward weight）或抵銷作用。謝謝。

Yes. Good afternoon. So I've talked about it before. I spent a lot of time in my career here on the intermodal side of the business. And I would tell you, it's been common practice for CSX to work closely with our interline partners, to try to find new and, in some cases, better solutions for our customers. So that's nothing new for us. We've done this kind of year in and year out.

是的，下午好。我之前談過。我在這裡的職涯中，有很長一段時間是在聯運業務端。我可以告訴你，CSX 與我們的聯運轉運（interline）合作夥伴密切合作，嘗試為客戶找到新的、在某些情況下更好的解決方案，這一直是常態做法。所以這對我們來說並不新鮮。我們年復一年都在做這類事情。

We're always looking for ways across our lines of business, but I would say, in particular, when you think about intermodal, trying to find solutions that improve transit and improve reliability for our customers. And so we're committed to continuing to do that. We've been happy with the results we've seen with the partnerships we formed over the last several years, and we'll continue to work on this going forward.

我們一直在各條業務線上尋找方法，但我會說，特別是談到聯運時，我們會努力找出能改善運輸時間（transit）並提升可靠性的解決方案，讓客戶受益。因此我們承諾會持續這麼做。我們對過去幾年所建立的合作夥伴關係所帶來的成果感到滿意，未來也會繼續推進。

Walter Spracklin, RBC Capital Markets.

Walter Spracklin，RBC 資本市場（RBC Capital Markets）。

I've got a question here for Kevin. And this is really on the cost side. And I know if we look back at second quarter, both truck and rail had pretty good quarters there. But here in the third quarter, we've seen some warnings in the truck segment, mainly on the back of higher costs. And I guess, truck is going to be more exposed to fuel costs and labor costs, and that might explain the difference in the relative cost experience that you're seeing relative to truck.

我這裡有個問題要問 Kevin。主要是成本面。我知道如果回頭看第二季，卡車與鐵路的表現都相當不錯。但在第三季，我們在卡車領域看到一些警訊，主要是因為成本上升。我想卡車對燃料成本與勞動成本的曝險更高，這或許能解釋你們相較於卡車所看到的相對成本表現差異。

But Kevin, outside of fuel, is there anything you're seeing in terms of cost pressure that worries you going into 2027? Anything that's popping up on the labor side with any of the -- obviously, we're seeing driver shortages, but are you seeing any shortages on your end in terms of your attempts to hire? Anything on the cost side that's keeping you awake at night as we look into 2027?

但 Kevin，除了燃料之外，你在 2027 年前瞻上還看到任何會讓你擔心的成本壓力嗎？在勞動面有沒有任何狀況浮現——顯然我們看到駕駛短缺，但你們在招募方面是否也遇到任何短缺、影響你們的聘用嘗試？當我們展望 2027 年時，有沒有任何成本面的事情讓你夜不能寐？

Yeah. Thanks for the question. I spent a lot of time with the quality team here recently. And look, the same driver shortages across the market, they're experiencing that. That should be obviously a good demand environment, and that's something that we've talked at length about.

是的，謝謝你的問題。我最近花了很多時間和這裡的品質（quality）團隊在一起。你看，市場上同樣的駕駛短缺，他們也正在經歷。這顯然應該是一個不錯的需求環境，而這也是我們已經深入討論過的。

To put it bluntly, quality has a lot of opportunity, right? And there's a lot of opportunity on the cost side, and there's a lot of opportunity to price to the market. And so we're looking at all of those opportunities. We'll be meeting here next month to put together the 2027 plan. But I expect some improvement as we move into next year in that business.

坦白說，品質業務有很大的機會，對吧？成本面有很多改善空間，定價方面也有很多依市場調整的機會。所以我們正在檢視所有這些機會。我們下個月會開會制定 2027 年計畫。但我預期隨著進入明年，這項業務會有一些改善。

Driver recruitment is going to be a big focus of that team, but also driving costs out of the business. And then the pricing side as the market turns and there's limited capacity, quality, in particular, should be benefiting from that.

駕駛招募會是該團隊的一大重點，同時也會推動把成本從業務中移除。另外，隨著市場轉向且運能有限，特別是品質業務應該會從中受益。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

Can you talk about the tests you guys are doing on the zero to zero fuel savings technology? What are you getting in the field? What's your sense of the path to FRA approval there? And is any of that productivity factored into some of the comments you made about opportunities in 2027?

你能談談你們正在進行的「zero to zero」節油技術測試嗎？你們在現場看到的效果如何？你對取得 FRA 核准的路徑有何看法？而你先前提到 2027 年機會的評論中，是否已把這些生產力提升納入考量？

Yes, I mean, we've been using Trip Optimizer for some period of time, and we've seen benefits in terms of fuel efficiency from that. What you're mentioning is the zero to zero, which is start to stop. And that is partially implemented. We continue to work through the test process with FRA, and I would expect eventually that will be approved, and we'll be able to take that capability across the entire fleet.

是的，我是說，我們使用 Trip Optimizer 已經有一段時間了，也看到它在燃油效率方面帶來的效益。你提到的是「zero to zero」，也就是從啟動到停車（start to stop）。這項功能已部分導入。我們仍在與 FRA 一起推進測試流程，我預期最終會獲得核准，並能把這項能力擴展到整個車隊。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Thank you, operator, and thanks for taking the question here. First of all, definitely shout out to the operations team there. Impressive quarter and congrats on the retirement there to Mike. Maryclare, questions to you. I know a lot has been said about intermodal and the opportunity there. But obviously, a tighter truck market and higher fuel cost out east also presents an opportunity for your carload business. Maybe you could talk to a little bit about that and what your team is doing to sort of go after that freight.

謝謝接線員，也謝謝讓我提問。首先，必須向營運團隊致意。這一季表現令人印象深刻，也恭喜 Mike 退休。Maryclare，我有問題想問你。關於聯運及其機會，大家已經談了很多。但顯然，更緊的卡車市場以及東部較高的燃料成本，也為你們的整車（carload）業務帶來機會。也許你可以稍微談談這點，以及你們團隊正在如何爭取這些貨源。

Yeah, absolutely. I would tell you, we're working on opportunities across our markets, and we've certainly seen that truck capacity has tightened additional opportunities over the course of the last quarter. I think a great example in the impact in terms of business trends is in our Forest Products segment. So we came into this year, that was one of the areas we were most concerned about, quite frankly, because we saw quite a few closures on the paper and pulp side last year. And then obviously, the segment is very tied to housing, which we all know has been lackluster for an extended period of time.

是的，完全同意。我會說，我們正在各個市場尋找機會，而且我們確實看到在過去一季的過程中，卡車運能收緊帶來了更多額外機會。我認為在業務趨勢影響方面，一個很好的例子是在我們的林產品事業部。所以我們今年一開始，坦白說那是我們最擔心的領域之一，因為我們看到去年在紙張與紙漿端有相當多的關閉。而且很明顯地，該事業部與房市高度連動，而我們都知道房市在相當長一段時間內一直表現平淡。

While we really have not seen any improvement in the demand side of the equation in that market, the team has done a really nice job as we've seen truck capacity tighten. This market is -- does have a lot of truck utilization. And so with both our building products, shippers as well as our paper shippers working with them to identify new solutions that we can deliver and increase capacity that we can provide to help support their needs. But we're really doing this across markets as there's -- as opportunities present themselves and feel optimistic about that as we close out this year and go into next year.

雖然在那個市場的需求端，我們確實還沒有看到任何改善，但隨著卡車運能收緊，團隊做得非常出色。這個市場——確實有很高的卡車使用率。因此，無論是我們的建材產品託運人，或是我們的紙品託運人，我們都與他們合作，找出我們可以提供的新解決方案，並提升我們能提供的運能來支援他們的需求。不過我們其實是在各個市場都這麼做——只要機會出現。我們對今年收尾以及進入明年都感到樂觀。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Just a housekeeping here. The other revenue line was pretty strong this quarter. I just wanted to see if there were any unusual items there? And kind of what do you think of the run rate of that line going forward? Thank you.

我這邊只是例行性問題。本季「其他營收」那一行表現相當強勁。我想確認一下那裡是否有任何不尋常的項目？以及你們對未來該項目的常態化水準（run rate）有何看法？謝謝。

Yeah. The biggest drivers of that upside that we saw in the third quarter really related around the in-transit reserve and then a little bit higher in intermodal storage costs as you've seen that market tighten. As you look at the fourth quarter, when you look at the average for the year, we've been averaging in the mid-130s per quarter when you average it. We'll probably do a little bit better than that in the fourth quarter, depending on intermodal continuing its tightness in some other areas, but around that level.

是的。第三季我們看到的那個上行，最大的驅動因素主要與在途準備金（in-transit reserve）有關，另外也有一點是因為你看到市場收緊，聯運倉儲成本略高。看第四季的話，若以全年平均來看，我們平均每季大約在1.3億美元中段（mid-130s）。第四季我們可能會比那個水準稍微好一些，取決於聯運在其他一些領域是否持續緊俏，但大致會在那個區間。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Maryclare, within the carload business, back in June, you guys have turned on fuel surcharges for the carload business, I think. Can you share how much incremental fuel revenue that tariff traffic sort of generated with the introduction of those surcharges for the third quarter?

Maryclare，關於整車（carload）業務，回到6月，你們似乎已經對整車業務啟用燃油附加費了。你能否分享一下，在第三季引入這些附加費之後，該關稅（tariff）運量大概帶來了多少增量燃油收入？

Yeah. I don't think we're going to put a precise number out there. I would say just across the board, we're making sure as fuel costs have gone up that we're being thoughtful about that and have that conversation with the customers, and they understand they're seeing similar impacts on the trucking side.

是的。我想我們不會在這裡提供一個精確數字。我會說，整體而言，隨著燃油成本上升，我們確保在這方面審慎處理，並與客戶進行溝通；他們也理解，因為他們在卡車運輸端也看到類似的影響。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So another one for Maryclare. Sorry, you're getting so much airtime this call, Maryclare. So I just wanted to ask, you mentioned customers looking to push more growth to intermodal. I think we all see that and you're finding more conversion opportunities.

再問Maryclare一題。抱歉，這通電話你發言很多，Maryclare。我想問的是，你提到客戶希望把更多成長推向聯運。我想我們都看得到，而且你們也找到更多轉換機會。

I guess, what are the biggest issues or bottlenecks to picking up this growth from customers that maybe are not so eager? What is left to solve to make this more seamless? And I guess, what more do customers want? And how are you ensuring that the growth is sticky and if TL rates begin to fall, that won't lead to an unwind of some of this tailwind?

我想問，從那些可能沒那麼積極的客戶那裡承接這些成長，最大的問題或瓶頸是什麼？要讓整個流程更順暢，還有哪些問題需要解決？以及我想，客戶還想要什麼？另外，你們如何確保這些成長具有黏著度；如果整車（TL）運價開始下滑，不會導致這些順風因素被回吐？

Yeah. Absolutely. So I'll maybe start with the tail end of the question. I think customers see the value of rail in all environments, but it's accelerated, certainly, as you think about where fuel prices are today and where capacity is.

是的，當然。我可能先從問題的最後一段開始。我認為客戶在各種環境下都看得到鐵路的價值，但當你想到目前的燃油價格以及運能狀況時，這種趨勢確實加速了。

I think what's important and what I've seen since the 15 years that I've been here is the most important thing to customers is consistent and reliable service. And so that's why there's so much effort and work between my team and operating team to ensure that as we're converting business, we're making sure we're delivering a good service product to our customers so that it's long term and it's sustainable.

我認為重要的是——也是我在這裡15年來看到的——對客戶而言最重要的是一致且可靠的服務。因此，我的團隊與營運團隊之間投入了大量努力與工作，確保當我們在轉換業務時，我們能為客戶提供良好的服務產品，讓它是長期且可持續的。

When I think about what -- as I think about the conversion opportunity, there's certainly a lot of interest right now with what's going on in the broader market. Sometimes, it's education with the customers, making sure they understand where there's opportunity to convert.

當我思考——當我思考轉換機會時，鑑於大盤市場正在發生的事情，現在確實有很多興趣。有時候，關鍵在於對客戶的教育，確保他們理解哪些地方有轉換的機會。

We do have a national accounts program from an intermodal perspective where we engage directly with the shipper. We'll look at their truckload file confidentially for them. We'll evaluate the truckload load file and show them where there's lanes that are opportunities for intermodal conversion and then give them visibility to what service looks like in those lanes. So they have more comfort in terms of transitioning that from truck to rail.

從聯運角度來看，我們有一個全國性大客戶（national accounts）計畫，會直接與託運人接洽。我們會為他們保密地檢視其整車（truckload）資料檔。我們會評估整車貨載資料檔，並向他們展示哪些路線（lanes）有機會轉為聯運，然後讓他們清楚看到在那些路線上的服務會是什麼樣子。因此，他們在把運輸從卡車轉到鐵路時會更有信心。

As I think about the cycle that we're in right now, I know questions have been asked about box capacity chassis, all of those things, I think the area that we're keeping the most focused on right now is the drayage driver. And so you've heard from some of our channel partners, there's a lot of focus there. There's been an effort in terms of recruiting additional drivers. I would say, as you think about the broader market, obviously, driver capacity is challenging over the road.

就我對目前所處週期的看法，我知道大家問過箱體（box）運能、底盤（chassis）等各種問題；我認為我們現在最聚焦的領域是短駁（drayage）司機。因此你也聽到一些通路合作夥伴提到，大家在那裡投入很多關注。在招募更多司機方面也做了不少努力。我會說，放眼整體市場，長途公路運輸的司機運能顯然仍具挑戰。

The benefit on the drayage side is it's a more efficient move. You can make more terms in a given day. And so I think there's more opportunity there as we go forward.

短駁端的好處是它是一種更有效率的移動方式。你在一天之內可以完成更多趟次。因此我認為，隨著我們往前走，這方面會有更多機會。

Jeff Kaufman, Citizens Bank.

Jeff Kaufman，Citizens Bank。

Thank you very much. Thank you for squeezing me in, and congratulations on a very solid quarter. Kind of a follow-up, actually. I'll give Maryclare a break and then go back to the operations team. A lot of productivity improvement and safety improvement this quarter. Can you give us an idea of where you'd like these metrics to be within, say, 12 months, 24 months, and what that could mean in terms of driving incremental operating ratio if you're able to hit those targets?

非常感謝。謝謝你們把我安排進來，也恭喜本季表現非常穩健。我其實是個追問。我先讓Maryclare休息一下，然後回到營運團隊。本季生產力改善與安全改善都很明顯。你們能否談談在例如12個月、24個月的時間尺度下，希望這些指標達到什麼水準？如果能達成這些目標，對推動額外的營運比率（operating ratio）改善可能意味著什麼？

Well, I think in terms of continuous improvement, as I look at the safety metrics, as I look at our operating ratios, operating margins, everything, I think in terms of what can we do to improve. And we have a whole company that's dedicated to that. Kevin alluded to the fact or I did earlier, that we have a little over 100 initiatives that we're working on '27 productivity now. We're starting to work on '28, too.

嗯，我認為就持續改善而言，當我看安全指標、看我們的營運比率、營運利潤率等所有指標時，我都在思考我們還能做什麼來改善。而我們有整個公司都致力於此。Kevin提到——或者我先前也提到——我們目前正在推動「27項生產力」的100多個專案。我們也開始著手「28」了。

So to me, it's all about driving productivity. It's all about continuous improvement. It's all about improving our safety metrics, our service metrics, our financial metrics so that we can be best -- deliver best-in-class performance and best-in-class performance for our employees, for our customers, and for our shareholders.

所以對我來說，重點就是提升生產力。重點就是持續改善。重點就是改善我們的安全指標、服務指標與財務指標，讓我們能成為最佳——為員工、客戶以及股東交付同級最佳（best-in-class）的表現。

And ladies and gentlemen, this concludes our question-and-answer session and today's conference call. We thank you for your participation, and you may now disconnect.

各位女士、先生，問答環節以及今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。