Norfolk Southern Corp (NSC) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Norfolk Southern Corporation first-quarter 2025 earnings conference call.(Operator instructions). Also note that this call is being recorded on Wednesday, April 23, 2025.

女士們、先生們，早安，歡迎參加諾福克南方公司 2025 年第一季財報電話會議。 （操作員指示）。另請注意，本次通話是在 2025 年 4 月 23 日星期三錄製的。

At this time, I would like to turn the conference over to Luke Nichols. Please go ahead, sir.

現在，我想將會議交給盧克·尼科爾斯。先生，請繼續。

Good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results.

大家早安。請注意，在今天的電話會議中，我們將根據 1995 年私人證券訴訟改革法案的安全港條款做出某些前瞻性聲明。這些聲明涉及諾福克南方公司的未來事件或未來業績，受風險和不確定性的影響，可能與實際結果有重大差異。

Please refer to our annual and quarterly reports filed with the SEC for a full disclosure of those risks and uncertainties we view as the most important. Our presentation slides are available at norfolksouthern.com in the Investors section, along with our reconciliation of any non-GAAP measures used today to the comparable GAAP measures, including adjusted or non-GAAP operating ratio. Please note that all references to our prospective operating ratio during today's call are being provided on an adjusted basis.

請參閱我們向美國證券交易委員會提交的年度和季度報告，以全面了解我們認為最重要的風險和不確定性。我們的簡報投影片可在 norfolksouthern.com 的「投資者」部分找到，同時也提供我們目前使用的任何非 GAAP 指標與可比較 GAAP 指標的對賬，包括調整後或非 GAAP 營業比率。請注意，今天電話會議中提到的所有預期營運比率都是經過調整的。

Now turning to slide 3. It's my pleasure to introduce Norfolk Southern's President and Chief Executive Officer, Mark George.

現在翻到幻燈片 3。我很高興介紹諾福克南方鐵路公司的總裁兼執行長馬克喬治。

Good morning, and thank you, everyone, for joining. Representing Norfolk Southern with me today are John Orr, our Chief Operating Officer; Ed Elkins, our Chief Commercial Officer; and Jason Zampi, our Chief Financial Officer. We're looking forward to updating you on our Q1 2025 results.

早安，感謝大家的參與。今天與我一起代表諾福克南方公司的是我們的營運長約翰·奧爾 (John Orr)、我們的首席商務官 Ed Elkins 和我們的財務長傑森·贊皮 (Jason Zampi)。我們期待向您報告 2025 年第一季的業績。

There's a lot to be pleased with this quarter as we delivered results in line with what we signaled to you, while dealing with a vicious winter, including 18 storms that were far more consequential to our network than Helene was last fall. John will share details on that impact and how we quickly restore fluidity to our network in order to serve our customers with minimal disruption.

本季有很多值得高興的事情，因為我們取得了與我們向您發出的信號一致的業績，同時應對了一個嚴酷的冬天，其中包括 18 場風暴，這些風暴對我們的網絡的影響遠比去年秋天的海倫颶風嚴重得多。約翰將分享有關該影響的詳細資訊以及我們如何快速恢復網路流動性以便以最小的干擾為客戶提供服務。

Our network resiliency was evident again, thanks to great planning and execution by our team. And we did it safely, with lower injury and accident rates, as our team continues to embrace safety as a core value. Despite all this disruption and absorbing $35 million of storm restoration costs that Jason will detail, we delivered 8% EPS growth on an adjusted basis, driven in part by $55 million of labor productivity savings. I'd like to thank every member of the thoroughbred team for their hard work and dedication during quarter.

由於我們團隊的出色規劃和執行，我們的網路彈性再次明顯體現。而且我們安全地完成了任務，降低了受傷和事故發生率，因為我們的團隊繼續將安全作為核心價值。儘管遭受了所有這些幹擾，並承擔了 3500 萬美元的風暴恢復成本（傑森將詳細說明），但我們在調整後的基礎上實現了 8% 的每股收益增長，部分原因是 5500 萬美元的勞動生產率節省。我要感謝純種馬團隊的每一位成員在本季度的辛勤工作和奉獻精神。

Teamwork and a focus on safety and service excellence are what's propelling our progress. We're also proud of our commercial agility staying close to our customers as we, and they, dealt with weather-related impacts to operations, East Coast port rebalancing and volume fluctuations in anticipation of tariffs. Our behaviors and performance are increasing our customers' confidence in our service product, and that's driving meaningful share gains.

團隊合作以及對安全和卓越服務的關注是推動我們進步的動力。我們也為我們的商業敏捷性感到自豪，因為我們和客戶都應對了天氣對營運的影響、東海岸港口的重新平衡以及預期關稅帶來的運量波動。我們的行為和表現正在增強客戶對我們服務產品的信心，從而推動有意義的市場份額成長。

We're doing a better job anticipating market and customer needs, taking on the right long-term growth opportunities in the most strategic lanes. We are dressed and ready to handle volume growth. Overall, Norfolk Southern is doing what we set out to do. We remain focused on what we can control, that safety, network performance, customer service and costs.

我們正在更好地預測市場和客戶需求，在最具戰略意義的領域中抓住正確的長期成長機會。我們已經做好準備，應對銷量成長。總體而言，諾福克南方鐵路公司正在實現我們的既定目標。我們仍然專注於我們能夠控制的事情，即安全、網路效能、客戶服務和成本。

I'll hand it off to the team now to provide more color on the results, starting with John.

我現在將把它交給團隊，以提供更多關於結果的詳細信息，首先是約翰。

Thanks, Mark, and good morning. Starting on slide 5. As you said, the weather tested the resolve of the operating team in what was both a challenging and rewarding quarter. We faced significant weather across most of our network. Mark mentioned 18 storms.

謝謝，馬克，早安。從投影片 5 開始。正如您所說，這是一個充滿挑戰但又充滿回報的季度，天氣考驗了營運團隊的決心。我們的網路大部分都遭遇了惡劣天氣。馬克提到了 18 場風暴。

Let me tell you about one of them. Depicted in slide 5 is our Heartland Corridor. A flash flood caused the Tug River to rise almost instantaneously to its highest flood levels since 1977. This impacted a 100-mile stretch of our mainline that moves over 50 trains a day.

讓我告訴你其中的一個。幻燈片 5 描繪的是我們的心臟地帶走廊。一場山洪導致塔格河水位幾乎瞬間上漲至 1977 年以來的最高水準。這影響了我們主幹線的 100 英里路段，每天有超過 50 列火車通行。

Depicted on the top left is a fill failure. The restoration of this one location required 8,700 tons of rock, the equivalent of about 700 truckloads of material. The repair to this remote yet critical location was accomplished in just 52 hours.

左上角描述的是填充失敗。修復這一地點需要 8,700 噸岩石，相當於約 700 卡車的材料。這個偏遠但關鍵地點的修復僅花了 52 小時就完成了。

Meanwhile, 87 miles down the same river system, the floodwaters and debris surged against this overpass. That's the image you see depicted in the lower left. Debris and high water jeopardize the bridge's structural integrity. We fought for two days against the surging water before being able to remove the debris and restore the bridge deck. There were 35 additional outages caused by the Tug River flood that were simultaneously repaired over a four-day period.

同時，在同一河流下游 87 英里處，洪水和碎石衝擊著這座立體交叉。這就是您在左下角看到的圖像。碎片和洪水威脅橋樑的結構完整性。我們與洶湧的洪水搏鬥了兩天，才清除了瓦礫，修復了橋面。塔格河洪水還造成了 35 處停電，這些停電事故在四天內同時修復。

During the quarter, we incurred $35 million in extraordinary expense to respond to storms, which adversely affected our operating ratio. While we can't control the weather, we can control our preparation and our response, and I am extremely proud of the entire team.

本季度，我們為應對風暴支出了 3500 萬美元的額外費用，這對我們的營業比率產生了不利影響。雖然我們無法控制天氣，但我們可以控制我們的準備和反應，我為整個團隊感到無比自豪。

Turning to slide 6. Our FRA injury ratio was down 13% year-over-year and 15% sequentially. This is the lowest quarterly ratio in over a decade. Train accident frequency reduced by 43% year-over-year. Our pursuit of safety excellence and speak of culture is showing tangible results.

翻到幻燈片 6。我們的 FRA 受傷率年減 13%，較上季下降 15%。這是十多年來最低的季度比率。火車事故發生頻率較去年同期下降43%。我們對安全卓越的追求和文化的倡導正在取得切實的成果。

Turning to slide 7. We delivered year-over-year network and productivity improvements across the board. Terminal Dwell, AAR Train Speed, Car Velocity and Locomotive Productivity improved meaningfully year-over-year.

翻到幻燈片 7。我們全面實現了網絡和生產力的逐年提升。終點站停留時間、AAR 列車速度、車廂速度和機車生產率較去年同期均有顯著提高。

Turning to our Service metrics. While we improved merchandise trip plan compliance, our time-sensitive intermodal composite was the most impacted by the storms. Exiting February, intermodal service stabilized and in recent weeks, we are at target.

轉向我們的服務指標。雖然我們改善了貨物運輸計劃的合規性，但我們對時間敏感的多式聯運複合材料受到風暴的影響最大。二月結束後，多式聯運服務趨於穩定，最近幾週，我們已達到目標。

These numbers alone don't tell the whole story of our performance. The first half of the quarter was the story of the operations center and the engineering department planning and executing responses to the many disruptions. The second half was the story of commercial, mechanical and transportation teamwork.

這些數字本身並不能反映我們的全部表現。本季度的前半部是營運中心和工程部門規劃和執行應對眾多中斷事件的故事。下半部是商業、機械和運輸團隊合作的故事。

For example, commercial and operations created an inspirational March Madness initiative to catch up Lamberts Point's quarterly export coal volume. They collaborated with our supply chain and terminal partners to optimize coal sequencing and dumping at the peer. Together, we've delivered both our forecasted and backlog volume efficiently. Safety and service excellence are evident in these results.

例如，商業和營運部門創建了一項鼓舞人心的瘋狂三月計劃，以趕上蘭伯茨角的季度煤炭出口量。他們與我們的供應鏈和終端合作夥伴合作，優化煤炭排序和終端傾倒。我們共同有效率地完成了預測訂單量和積壓訂單量。這些結果明顯體現了安全性和卓越的服務。

Turning to slide 8. The team is proving the art of the possible. Our PSR 2.0 transformation is unlocking network value and delivering on our financial commitments. Our Zero-Based operating plan rolled out in the quarter. Phase 1 simplified train plans, tightened connection standards and strengthened our competitive resource and cost structures.

翻到幻燈片 8。該團隊正在證明一切皆有可能。我們的 PSR 2.0 轉型正在釋放網路價值並兌現我們的財務承諾。我們的零基營運計劃於本季推出。第一階段簡化了列車計劃，加強了連接標準，並加強了我們的競爭資源和成本結構。

For example, we netted a reduction of over 100 weekly crew starts. This generated yields in Train and T&E productivity, reduced final mile dwell for over 600 customers and reduced overall transit. Meanwhile, Enterprise Resources streamlined our materials management and distribution network.

例如，我們每週減少了 100 多名船員的開工數量。這提高了火車和 T&E 生產力，減少了 600 多名客戶的最後一英里停留時間，並減少了整體運輸時間。同時，企業資源簡化了我們的材料管理和分銷網絡。

They are reducing material handlings, controlling expenses and all the while increasing productivity. They are relentlessly pursuing every opportunity to eliminate waste and drive efficiencies across all spend categories. This includes further improving energy management solutions and implementing advanced fuel initiatives.

他們正在減少材料處理、控制費用並同時提高生產力。他們堅持不懈地尋求每一個機會來消除浪費並提高所有支出類別的效率。這包括進一步改進能源管理解決方案和實施先進的燃料計劃。

For example, our HPT improved by 13% year-over-year. This resulted in a fuel efficiency record for the fourth consecutive quarter. We are aligning more closely to our suppliers while optimizing internal and transactional processes, positioning NS to fully leverage our scale and drive greater value for the long term. Our PSR 2.0 transformation simultaneously delivered safety, service and resilience. We powered through the adversity in the quarter, and we are carrying that great momentum into Q2.

例如，我們的HPT年增了13％。這導致燃油效率連續第四個季度創下紀錄。我們正在與供應商更加緊密地合作，同時優化內部和交易流程，使 NS 充分利用我們的規模並實現長期更大的價值。我們的 PSR 2.0 轉型同時提供了安全性、服務和彈性。我們克服了本季的逆境，並將這種強勁勢頭帶入第二季。

Over to you, Ed.

交給你了，艾德。

Well, thanks, John, and good morning, everyone. Now let's move to slide 10, and you'll see that the overall volume for the first quarter rose 1% year-over-year despite the winter weather conditions that we and our customers experienced during that period.

好吧，謝謝你，約翰，大家早安。現在讓我們翻到第 10 張投影片，您會看到，儘管我們和我們的客戶在那段時期經歷了冬季天氣條件，但第一季度的總體銷量同比增長了 1%。

And while total revenue was flat, continued fuel surcharge headwinds masked an otherwise solid revenue performance as total revenue, less fuel was up 2%, RPU less fuel was up 1% year-over-year despite sharply lower export coal pricing.

儘管總收入持平，但持續的燃油附加費逆風掩蓋了原本穩健的收入表現，儘管出口煤炭價格大幅下降，但總收入減去燃料仍同比增長 2%，RPU 減去燃料仍同比增長 1%。

Specifically, within merchandise, volume fell from a year ago as gains in our Chemicals and Ag businesses were offset by weakness in our Metals and our Construction segment. The period saw a 4% increase in Merchandise RPU less fuel, delivering another consecutive quarterly record in that metric. In Intermodal, we achieved a 3% year-over-year volume increase with gains in both domestic and international, while premium continues to face market pressure. Overall, Intermodal RPU less fuel was up slightly for the second consecutive quarter due to stabilization in truck pricing.

具體而言，在商品方面，由於化學品和農業業務的成長被金屬和建築部門的疲軟所抵消，銷售量較上年同期下降。本期間商品 RPU（扣除燃料）成長了 4%，連續創下該指標的季度新高。在多式聯運方面，我們的貨運量年增 3%，國內和國際貨運量均有所成長，但優質貨運量持續面臨市場壓力。整體而言，由於卡車價格穩定，多式聯運 RPU（扣除燃料）連續第二季小漲。

Now let's turn to coal, where lower export coal prices drove RPU less fuel lower by 3%. Partially offsetting these shortfalls were volume gains in our utility business, thanks to strong electricity demand and support from higher natural gas prices.

現在讓我們來看看煤炭，較低的出口煤炭價格導致 RPU 燃料價格下降了 3%。由於電力需求強勁以及天然氣價格上漲的支持，我們公用事業業務的銷售成長部分抵消了這些缺口。

Okay. Let's move to slide 11 for our market outlook. It's clear that we're in a dynamic economic environment. For our merchandise markets, we expect strength in autos to continue in the near term, although announced tariffs could be a headwind to volumes for the remainder of the year. Manufacturing activity has been building in many markets, and we will stay close to our customers as trade policies unfold.

好的。讓我們轉到第 11 張幻燈片來了解我們的市場展望。顯然，我們正處於一個充滿活力的經濟環境。對於我們的商品市場，我們預計汽車市場的強勁勢頭將在短期內持續下去，儘管宣布的關稅可能會對今年剩餘時間內的銷售造成不利影響。許多市場的製造業活動都在蓬勃發展，隨著貿易政策的出台，我們將與客戶保持密切聯繫。

Strength in our chemicals markets such as waste and plastics along with our intense focus on recapturing market share, give us confidence that we are well positioned to mitigate some of the uncertain market conditions that we see. Staying very close to our customers is the key here. When we look at our intermodal markets, we expect continued normalization of our East Coast share and are watching shipping patterns very carefully as trade policy evolves.

我們在廢棄物和塑膠等化學品市場的實力以及我們對重新奪回市場份額的高度關注，使我們相信，我們有能力緩解我們所看到的一些不確定的市場狀況。與客戶保持密切聯繫是關鍵。當我們審視我們的多式聯運市場時，我們預計東海岸的份額將繼續正常化，隨著貿易政策的發展，我們正在密切關注航運模式。

If tariffs drive prices for international goods higher, import demand may soften and we're staying close to that. Truck capacity remained steady throughout the quarter, which maintained a flat trend for our price outlook. Coal prices continue to be pressured as the industry is expected to see tempered production amid significant uncertainty around export trade. In the near term, we expect the current trends in the utility markets to continue.

如果關稅導致國際商品價格上漲，進口需求可能會減弱，我們正密切關注這種情況。整個季度卡車運力保持穩定，這使我們的價格前景保持平穩趨勢。由於出口貿易存在很大不確定性，預計煤炭產業產量將下降，煤炭價格將持續承壓。短期內，我們預期公用事業市場的當前趨勢將會持續下去。

On slide 12. Industrial development activity continues to increase with strong interest from firms seeking to expand domestic production as well as international companies seeking to locate new manufacturing facilities in the United States. Sectors such as steel manufacturing, metals fabrication, food production, and construction materials saw an increase in project activity through the latter half of the first quarter with momentum continuing to build through April.

在第 12 張投影片上。工業發展活動持續增加，尋求擴大國內生產的公司以及尋求在美國建立新製造工廠的國際公司表現出濃厚興趣。鋼鐵製造、金屬製造、食品生產和建築材料等行業的項目活動在第一季後半段有所增加，而這一勢頭在 4 月持續增強。

However, we're also noting cases where decision time lines appear to be extending as customers evaluate the macroeconomic environment. Considering all the uncertainty, I'm encouraged by our ability to maintain our quality service as volumes increased as we closed out the quarter, and I'm encouraged by our trajectory moving forward. As our customers navigate this uncertainty, we are by their side offering a service product that can help reduce their costs in their supply chains.

然而，我們也注意到，隨著客戶評估宏觀經濟環境，決策時間線似乎正在延長。考慮到所有的不確定性，我對我們在本季度末隨著業務量增加而保持優質服務的能力感到鼓舞，並且我對我們未來的發展軌跡感到鼓舞。當我們的客戶應對這種不確定性時，我們會在他們身邊提供可以幫助他們降低供應鏈成本的服務產品。

We sincerely appreciate the partnership that we've built with our customers and are striving to grow trust and to earn more of their business every single day.

我們真誠地感謝與客戶建立的合作關係，並致力於每天增進信任並贏得更多業務。

And with that, I'm going to turn it over to Jason to review our financial results.

接下來，我將把任務交給傑森來審查我們的財務結果。

Thanks, Ed. Slide 14 reconciles our GAAP results to the adjusted numbers that I will speak to you today. Insurance recoveries continued to exceed the incremental cost of the Eastern Ohio incident which resulted in a net benefit of $185 million in the quarter.

謝謝，埃德。第 14 張投影片將我們的 GAAP 業績與我今天要講的調整後數字進行了比較。保險賠償金額持續超過俄亥俄州東部事故的增量成本，導致本季淨收益為 1.85 億美元。

Total insurance recoveries to date are nearing $1 billion with less than $100 million of coverage remaining. Adjusting for the net recovery related to the incident, operating ratio for the quarter was 67.9%, which includes 120 basis points from storm restoration costs. From a bottom line perspective, EPS was $2.69.

迄今為止，保險賠償總額已接近 10 億美元，剩餘的保額不足 1 億美元。經調整與該事件相關的淨恢復後，本季的營運率為 67.9%，其中包括來自風暴恢復成本的 120 個基點。從底線角度來看，每股收益為 2.69 美元。

Moving to slide 15, you'll find the comparison of our adjusted results versus last year and last quarter. As we previewed during the quarter, the impacts of typical seasonality, coupled with the higher than expected winter storm restoration costs drove a sequential increase in the operating ratio of 300 basis points.

翻到第 15 張投影片，您會看到我們調整後的結果與去年和上個季度的比較。正如我們在本季度預測的那樣，典型的季節性影響，加上高於預期的冬季風暴恢復成本，導致營業比率連續增加 300 個基點。

From a year-over-year perspective, despite the elevated storm costs and flat revenues, our productivity initiatives have continued to take hold, and we generated 200 basis points of operating ratio improvement, with operating expenses down 3% on higher volumes.

從同比角度來看，儘管風暴成本上升且收入持平，但我們的生產力計劃繼續發揮作用，並且我們的營運比率提高了 200 個基點，而營運費用由於銷量增加而下降了 3%。

Let's take a closer look at the $68 million year-over-year expense decline on slide 16. The $35 million of incremental storm restoration costs are embedded in multiple line items, including [comp and bend], purchased services and materials. We are focused on what we can control, and our operational momentum and execution on productivity initiatives delivered cost savings across the board.

讓我們仔細看看第 16 張投影片上 6,800 萬美元的年比支出下降。3500 萬美元的增量風暴恢復成本包含在多個項目中，包括 [補償和彎曲]、購買的服務和材料。我們專注於我們能夠控制的事情，我們的營運動能和生產力計劃的執行全面節省了成本。

Labor productivity was strong in the quarter. That, coupled with timing of land sales helped offset an incentive comp adjustment related to 2024, increased pay rates and higher claims costs. We continue to gain traction on our fuel efficiency, and importantly, our purchase services and rents were down $30 million in the face of 3% higher intermodal volumes. All of these actions support our cost takeout goals.

本季勞動生產力強勁。這一點，加上土地出售的時間，有助於抵消與 2024 年相關的激勵補償調整、工資率提高和索賠成本上升。我們的燃油效率不斷提高，重要的是，在聯運量增加 3% 的情況下，我們的採購服務和租金下降了 3,000 萬美元。所有這些行動都支持我們的成本削減目標。

Summarizing our adjusted financial results on slide 17. The strong operational momentum that has been the foundation for continued productivity savings led to 8% improvements in both net income and EPS over last year. These results, together with ongoing balance sheet repair, led to the resumption of share repurchases, and we bought back nearly $250 million of shares in the quarter. The 200 basis point improvement in the operating ratio and this team's ability to deliver productivity savings in any environment gives us a lot of confidence as we move through these uncertain times.

第 17 頁總結了我們調整後的財務結果。強勁的營運動能為持續的生產力節約奠定了基礎，使淨收入和每股盈餘比去年同期提高了 8%。這些業績，加上正在進行的資產負債表修復，導致股票回購的恢復，我們在本季回購了近 2.5 億美元的股票。營運比率提高了 200 個基點，而團隊在任何環境下都能實現生產力節約，這讓我們在度過這些不確定的時期時充滿信心。

I'll turn it over to Mark to wrap up.

我將把這個任務交給馬克來完成。

All right. As you have heard, we successfully navigated the first quarter to recover from the significant weather impacts to our network. At the same time, we delivered better service on higher volume all while continuing to drive greater productivity.

好的。正如您所聽到的，我們在第一季成功從嚴重天氣對我們網路的影響中恢復過來。同時，我們在更大產量上提供更優質的服務，同時持續提高生產力。

Now as it relates to our guidance on slide 19, one thing that we can control is our costs and we remain highly confident in our ability to extract at least $150 million, as evidenced by our strong momentum that continued in Q1. At this time, there's no clear information on how tariffs may impact our end markets and revenues. So we are reiterating our full year 3% revenue growth guide and 150 basis points of OR improvement, while acknowledging that there is uncertainty on the horizon.

現在，就第 19 張投影片上的指引而言，我們可以控制的一件事就是我們的成本，我們仍然對我們提取至少 1.5 億美元的能力充滿信心，正如我們在第一季持續的強勁勢頭所證明的那樣。目前，尚無明確資訊顯示關稅將如何影響我們的終端市場和收入。因此，我們重申全年 3% 的營收成長指南和 150 個基點的 OR 改進，同時承認未來存在不確定性。

So to drill a little deeper on that point, we will be keeping a close eye on the end markets, staying in close communication with our customers. There may be cases where we see changes in freight, origin and destination as well as changes between customers, some who may be on our network or on others.

因此，為了更深入地探討這一點，我們將密切關注終端市場，並與客戶保持密切溝通。在某些情況下，我們可能會看到貨運、出發地和目的地發生變化，以及客戶之間發生變化，有些客戶可能在我們的網路上，有些客戶可能在其他網路上。

We may benefit in some instances or suffer in other cases, but our growing track record of service excellence and agility positions us to continue to capitalize on all opportunities. So as the effects become clearer in the months and quarters ahead, we will calibrate and communicate with you accordingly. But right now, our guidance remains intact.

我們可能在某些情況下受益，或在其他情況下受損，但我們不斷增長的卓越服務和敏捷性記錄使我們能夠繼續利用所有機會。因此，隨著未來幾個月和幾季的影響變得更加清晰，我們將進行相應的調整並與您溝通。但目前，我們的指導保持不變。

So with that, let's open the call for questions. Operator?

那麼，就讓我們開始提問吧。操作員？

(Operator instructions)

（操作員指示）

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, great, good afternoon, or good morning, sorry. I guess let's just start up with the operating ratio, just given the strong performance on the cost savings. And I guess I'd like to hear your thought on upside or speed of targets.

嘿，太好了，下午好，或早上好，抱歉。我想讓我們先從營運比率開始，看看成本節約的強勁表現。我想聽聽您對目標的優勢或速度的看法。

But my question would be if you -- if 120 basis points of cost, that would have gotten you to a 66.7% without that normally -- seasonally. I guess if you or Jason could talk about that 250 basis points, it looks like is your long-term trend. So is that a good benchmark to think you started 66.7% and so the second quarter should be in the 64s. Is that a good way to at least think about your potential here?

但我的問題是，如果成本為 120 個基點，那麼通常情況下，如果沒有這個成本，您的收益率將達到 66.7%——季節性的。我想如果您或傑森可以談論這 250 個基點，它看起來就像是您們的長期趨勢。那麼，這是一個很好的基準，認為你開始的是 66.7%，所以第二季應該在 64% 左右。這是否至少是思考你在這裡的潛力的好方法？

Jason, why don't you talk a little bit about the cadence?

傑森，你為什麼不談節奏呢？

Yes. Thanks, Ken. So we're very focused on our full year guidance. As Mark laid out here, delivering that $150 million of productivity and cost reduction savings as well as the 150 basis points of margin improvement on that 3% revenue growth. So as you pointed out, we had some headwinds from the abnormally harsh winter weather as well as 50 basis points of headwind from fuel price.

是的。謝謝，肯。因此，我們非常關注全年指導。正如馬克在這裡所闡述的，在 3% 的收入成長基礎上，實現了 1.5 億美元的生產力和成本削減節約，以及 150 個基點的利潤率提高。正如您所指出的，我們面臨著異常嚴酷的冬季天氣所帶來的阻力，以及燃料價格上漲 50 個基點所帶來的阻力。

So while there's obviously some uncertainty on the macro side, we've got a lot of good momentum from our strong service product. And as you saw this quarter, we've made really good progress towards those productivity targets.

因此，儘管宏觀方面顯然存在一些不確定性，但我們強大的服務產品為我們帶來了巨大的發展動力。正如您在本季度所看到的，我們在實現這些生產力目標方面取得了非常好的進展。

So I think about it, Ken from this perspective -- I think the math would tell you the remainder of the year needs to be like under a 64% operating ratio to hit our targets. I would just say that it wouldn't -- it's not going to be evenly spread over each quarter. I'd expect the second quarter to be better than normal seasonality off of the 67.9% million here that we just posted in the first quarter. But beyond that, I really don't want to get into too much more specificity on a quarterly basis given this environment of uncertainty we're in. Thanks.

所以，肯，從這個角度來看，我認為數學會告訴你，今年剩餘時間的運作率需要低於 64% 才能實現我們的目標。我只想說，它不會——它不會均勻地分佈在每個季度。我預計第二季的表現將好於正常季節性，因為我們在第一季剛剛公佈了 67.9% 的銷售量。但除此之外，考慮到我們所處的不確定環境，我真的不想在季度基礎上進行過多的具體說明。謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good morning. Maybe I wanted to ask about yields. So merchandise stepped up. I know we have a record there. Intermodal was up year-over-year for the second quarter in a row. Can you talk a little bit about what you're seeing in the pricing environment?

嘿，謝謝。早安.也許我想問一下收益。因此商品價格上漲。我知道我們在那裡有記錄。多式聯運連續第二季年增。能否稍微談談您所看到的定價環境？

Obviously, service has improved quite a bit. I'm just kind of curious how much you think this is sort of a Norfolk-specific dynamic where you're seeing some opportunity to play some catch-up on price and what the market has kind of given you?

顯然，服務已經有了很大的改善。我只是有點好奇，您認為這在多大程度上是諾福克特有的動態，您是否看到了一些在價格上追趕的機會，以及市場給了您什麼？

Hey, thanks for the question. This is Ed. We've been successful taking price in the merchandise side of the business, really on the back of improving service. And for us, that's been the headline for the last three quarters. Our customers are trusting us more and more and really offering us more opportunity, both on the price side as well as on the volume side to expand our portfolio with them.

嘿，謝謝你的提問。我是艾德。我們成功地降低了商品價格，這主要歸功於我們不斷改進服務。對我們來說，這是過去三個季度的頭條新聞。我們的客戶越來越信任我們，並且確實為我們提供了更多機會，無論是在價格方面還是在數量方面，以擴大我們的產品組合。

On the intermodal side, we're taking what the market will give us basically, and that's really a sideways price right now that it's very flattish, and we'll see where it goes with all the uncertainty going forward here. But we're still taking price predicated off the value of the service that we're providing, and we feel good about our trajectory there.

在多式聯運方面，我們基本上接受市場給予我們的一切，目前的價格確實處於橫向波動狀態，非常平穩，我們將拭​​目以待，看看未來所有的不確定性會帶來什麼結果。但我們仍然根據所提供的服務的價值來定價，並且我們對我們的發展軌跡感到滿意。

Obviously, the seaborne met coal pricing is the biggest challenge that eats away at a lot of that other good core pricing performance.

顯然，海運冶金煤定價是最大的挑戰，它蠶食了許多其他良好的核心定價表現。

Clearly, in the coal side, seaborne prices have been a drag and looks like they're going to be a drag for a few more quarters.

顯然，在煤炭方面，海運價格一直是個拖累因素，而且看起來在未來幾季內仍將是拖累因素。

Thanks Chris.

謝謝克里斯。

Thank you.

謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks. Good morning. Just to follow up there. The merchandise yields up 4% ex-fuel is that more about mix? Or is that sort of core price accelerating? And then I understand the point about just all the uncertainty. So I guess I just want to get your perspective in an environment where volumes start declining, if that's what happens, what's your ability and willingness to start to further reduce costs? Like if volume -- if we wake up and volumes are down 5% or something like do you think you can reduce head count and costs in line with that?

嘿，謝謝。早安.只是為了跟進。該商品不含燃料的收益高達 4%，這是否與混合有關？還是這種核心價格正在加速上漲？然後我明白了所有不確定性的意義。所以我想我只是想了解一下在產量開始下降的環境下您的觀點，如果發生這種情況，您有什麼能力和意願開始進一步降低成本？例如，如果我們醒來發現銷售量下降了 5% 左右，您認為您可以相應減少員工人數和成本嗎？

Why don't you answer the yield question?

為什麼不回答收益問題？

Sure. It's hard to remember it now. It's been a long. (Laughter) On the merchandise side, it's a function of both. We've been successful in taking share in a couple of key markets. Notably in chemicals, and that's coming from a variety of sources.

當然。現在很難記起這件事。已經很久了。（笑聲）從商品方面來說，這是兩者兼具的功能。我們已成功佔領幾個關鍵市場的份額。尤其是化學品，其來源多元。

That's good for the portfolio. At the same time, we're beating our plan for same-store price right now. I feel good about that. And all the indications that we see from our customer base are that, number one, they're seeing increasing value from the product that we're delivering. And number two, they're looking for ways to save money, and we're clearly in a great place to do that.

這對於投資組合來說是件好事。同時，我們目前的同店價格已經超出了我們的計劃。我對此感覺很好。我們從客戶群中看到的所有跡像都表明，首先，他們看到了我們所提供產品的價值不斷增加。第二，他們正在尋找省錢的方法，而我們顯然處於一個很好的位置來做到這一點。

To your second question, I'll start and then I'm going to -- well I'll hand it off to Mark here. Go ahead.

對於您的第二個問題，我先開始，然後我將把它交給馬克。前進。

Yes. No, that's a hypothetical, if you get a 5%, that's a 5% decline. It's pretty cataclysmic scenario. We are not fully volume variable as an enterprise, as you know, you'd have to go and do some draconian things if you wanted to be volume variable, I think we learned a harsh lesson when we tried doing that in 2020 with the onset of COVID and then was unable to respond quickly. So the reality is we're going to keep our eye on the external outlook.

是的。不，這只是假設，如果得到 5%，那就是下降了 5%。這是一個相當災難性的場景。正如你所知，作為一家企業，我們並不是完全的產量變量，如果你想要實現產量變量，你就必須去做一些嚴厲的事情，我認為，當我們在 2020 年 COVID 爆發時嘗試這樣做，然後無法迅速做出反應時，我們得到了慘痛的教訓。因此，事實上，我們將密切關注外部前景。

Meanwhile, we're doing really great stuff looking at being more productive and efficient. And you see the way we've been handling the volume last year while actually dealing and absorbing nutrition in our direct headcount. We're continuing to do that. That's part of the math this year as well.

同時，我們正在做一些非常棒的事情，以提高生產力和效率。您可以看到，去年我們處理數量的方式實際上是透過直接員工來處理和吸收營養。我們將繼續這樣做。這也是今年計算的一部分。

I'm not going to respond to a 5% scenario, 5% decline scenario, but just know that we've got a lot of productivity runway left. John and the team are doing some great stuff and others are doing great stuff inside the organization, including in IT and technology where we're trying to drive and find productivity savings. So we're keeping our eye on the volume trends right now. We hear a lot of the same stuff in the marketplace about potential for recession. We felt really bad last -- sorry, we felt really good last week. We felt pretty bad yesterday. Today, we feel a little more encouraged.

我不會對 5% 的情境或 5% 的下降情境做出回應，但要知道我們還有很大的生產力提升空間。約翰和他的團隊正在做一些很棒的事情，其他人也在組織內部做一些很棒的事情，包括我們正在努力推動和尋找生產力節約的 IT 和技術領域。因此我們現在密切關注銷量趨勢。我們在市場上聽到了很多關於經濟衰退可能性的相同言論。我們上週感覺很糟糕——抱歉，我們上週感覺很好。我們昨天感覺很糟。今天，我們感到稍微鼓舞了一些。

That just shows there's no way to predict where we go right now. We're in a really uncertain spot, but we haven't seen negative trend yet that really alarm us or cause us to do anything. That said, we're scenario planning and stay tuned.

這表明我們無法預測現在會去哪裡。我們處在一個非常不確定的境地，但我們還沒有看到真正令我們擔憂或促使我們採取任何行動的負面趨勢。話雖如此，我們正在進行情景規劃並敬請關注。

Thank you.

謝謝。

Brian Ossenbeck, J.P. Morgan.

摩根大通的 Brian Ossenbeck。

Hey, good morning, thanks for taking the question. First, to quickly follow up on the land sale. It sounds like maybe there's some timing. So I just wanted to see if that was going forward or it was still on the full year expectation, just came a little bit earlier?

嘿，早上好，感謝您回答這個問題。一是迅速跟進土地出讓狀況。聽起來好像有某種時機。所以我只是想看看這是否會繼續下去，或者是否仍然符合全年預期，只是稍微早一點？

And then maybe, John, you can just talk about the network performance looks like it's bouncing back pretty well in terms of resiliency. So I wanted to see how you're getting about that, if you think that's sort of the new normal under the 2.0 program. And what sort of market opportunities that brings you because clearly, your peer is having some different issues that they're not able to recover from as fast as what it seems like you are. Thank you.

然後也許，約翰，你可以談談網路效能看起來在彈性方面恢復得相當好。所以我想看看你對此有何看法，你是否認為這是 2.0 計劃下的新常態。這會為您帶來什麼樣的市場機會？因為很明顯，您的同行遇到了一些不同的問題，他們無法像您一樣快速恢復。謝謝。

Hey, this is Jason. I'll start off on the land sale question. We continue to think about land sales in that $30 million to $40 million range for the year. But as you've seen last couple of quarters, those can be lumpy, and that's kind of what you saw here. But it's -- we still think we're going to be in that range for the full year.

嘿，我是傑森。我先談談土地出售問題。我們繼續考慮今年的土地銷售額在 3,000 萬至 4,000 萬美元之間。但正如您在過去幾個季度所看到的，這些可能會不穩定，這就是您在這裡看到的情況。但我們仍然認為全年的獲利水準將處於這一範圍內。

Yes. And I would say I'm never satisfied with how the operating environment is at any given time. So that's a curse my team has to endure. But I can tell you, I'm very, very pleased that the strength and resilience that we demonstrated coming out of the storms. We recovered quickly between the storms and prepared ourselves for the next round.

是的。我想說的是，我永遠不會對任何特定時間的營運環境感到滿意。所以這是我的團隊必須忍受的詛咒。但我可以告訴你們，我非常非常高興我們在走出風暴時展現出的力量和韌性。我們在暴風雨之間迅速恢復，並為下一輪做好了準備。

And I think the efficiencies in the network were really driven by the investments we've made in our capital over the years are pulling back and managing our resources so that we had the resilience where we can inject locomotives and cars where the market responded faster than other places so that we could serve our customers and be there for them.

我認為，網路效率的提高實際上是由我們多年來在資本方面的投資推動的，這些投資正在撤回並管理我們的資源，以便我們具有彈性，可以在市場反應比其他地方更快的地方注入機車和車輛，以便我們能夠為客戶提供服務並隨時為他們服務。

And then as we're doing today, pulling them back out. So we deploy locomotives. Now we've got 40 back in storage service dwell ready for the next round of surge either in a challenge or in an opportunity. So I think the creating efficient transportation networks and really driving volume and resources to meet our GTMs is what we're all about.

然後就像我們今天所做的那樣，將它們拉出來。因此我們部署了機車。現在，我們已準備好 40 次恢復儲存服務，以應對下一輪的挑戰或機會。因此，我認為，創建高效的交通網絡並真正推動交通量和資源以滿足我們的 GTM 是我們所做的一切。

One of the things that I think is really important is that we're in the midst of all of this. We're still in the midst of transformation, and we're introducing rigorous standards across the organization relative to our new Zero-Based plan. We're structurally engineering out cost and improving our customer service offerings, as I said earlier, we've accelerated over 600 customer last-mile capabilities, and we're putting in our yard operating plans and our mechanisms to really create more visibility for our customer and more visibility for our service offerings at the last-mile or first-mile. And I think that helps Ed because that visibility is in collaboration with the commercial team.

我認為真正重要的一件事是我們正處於這一切之中。我們仍處於轉型之中，我們正在整個組織內引入與新的零基計畫相關的嚴格標準。我們正在結構性地降低成本並改善我們的客戶服務產品，正如我之前所說，我們已經加速了超過 600 個客戶的最後一英里能力，並且我們正在製定我們的堆場運營計劃和機制，以真正為我們的客戶創造更多的可見性，為我們在最後一英里或第一英里提供的服務創造更多的可見性。我認為這對 Ed 有幫助，因為這種可見性是與商業團隊合作的成果。

Yes. Look, over the past four, five years, we've lost share to a lot of different competitors, and our teams are working every single day to unwind those alternatives as quickly as possible and bring that freight back to NS, and that's really, like I said earlier on the back of good service that our customers can count on. And it's working.

是的。你看，在過去的四五年裡，我們的市場份額被許多不同的競爭對手奪走，我們的團隊每天都在努力盡快擺脫這些競爭對手，並將貨物運回新斯科舍省，就像我之前說的，這得益於我們的客戶可以信賴的優質服務。並且它正在發揮作用。

Yeah, consistent service, you get share gains, and it's playing out right now in real time. So we're happy about that. Thanks for the question.

是的，一致的服務，您可以獲得份額增長，而且它現在正在實時發揮作用。所以我們對此感到高興。謝謝你的提問。

Jonathan Chappell, Evercore ISI.

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

Thank you. Good morning. Ed, you pointed out the 50 -- sorry, John, you pointed out the $55 million of productivity improvements. And if we look at Jason's slides, it's all under the comp and benefit line item. As we think about getting to the $150 million and more importantly, the plus component of that $150 million. Does that all still fall in comp and ben as we go through this year? Or are there other opportunities in purchased services, rent, materials, et cetera, where you think it's more of a second half opportunity to reap the productivity benefits?

謝謝。早安.艾德，你指出了 50 —— 抱歉，約翰，你指出了 5500 萬美元的生產力改進。如果我們看一下傑森的幻燈片，就會發現這些都在薪資和福利項目下。當我們考慮獲得 1.5 億美元，更重要的是，獲得這 1.5 億美元的附加部分。當我們度過今年時，這一切是否仍然符合公司和本的規定？或者，在購買服務、租金、材料等方面是否有其他機會，您認為這更像是下半年獲得生產力效益的機會？

Yes. So this is Jason. I'll start off here. We've committed to that $550 million of productivity and cost reductions over this three-year time horizon. And last year, we got more than we had promised that right around $290 million.

是的。這就是傑森。我將從這裡開始。我們承諾在三年內提高生產力並降低成本 5.5 億美元。去年，我們獲得的資金超過了承諾的金額，約 2.9 億美元。

When you look this quarter, and we've highlighted the two most significant areas. So one is labor productivity that you just called out, the other is fuel efficiency. So those are the big pieces this quarter. So a couple of different pieces there.

當您回顧本季時，我們強調了兩個最重要的領域。一個是你剛才提到的勞動生產力，另一個是燃油效率。這些就是本季的重點。那裡有幾件不同的作品。

On the labor productivity side, I think last year, we were probably more harvesting that from a T&E perspective. Now it's really more broad-based across all of our different crafts. You'll also see productivity really throughout the income statement here. As you mentioned, purchase services, that's a great example, equipment rents. You see the improvements we have there just due to a more fluid network. So it's really across the board here. We just called out kind of two of the bigger ones here on the slide for you.

在勞動生產力方面，我認為去年我們可能從差旅費用的角度收穫更多。現在它確實更加廣泛地覆蓋了我們所有的不同工藝。您還將在整個損益表中看到生產力。正如您所提到的，購買服務就是一個很好的例子，設備租賃。您可以看到，由於網路更加流暢，我們取得了進步。所以這確實是全面的。我們剛剛在投影片上為您指出了其中兩個較大的問題。

Yes. And you're right, Jason. And I'll tell you, we can talk about high numbers, and we can talk about what's next strategies, where we continue to develop the skills and capabilities of people where we're really harvesting ROIC on our capital investments and focusing on the diversity of our vendor relationships and really strengthening and narrowing down our purchasing capabilities.

是的。你說得對，傑森。我會告訴你，我們可以談論高數字，我們可以談論下一步的策略，我們將繼續發展人員的技能和能力，我們真正收穫資本投資的投資回報率，關注我們供應商關係的多樣性，真正加強和縮小我們的採購能力。

A lot of those things are building momentum. And then we layer on top of our Zero-Based plan in Phase 1, Phase 2, Phase 3. That's a continued elevation of our service offering, our commitment to rigorous standards across the organization and really pushing the boundaries of a transportation ecosystem.

其中很多事情正在累積勢頭。然後，我們在第一階段、第二階段、第三階段中對零基計畫進行分層。這是我們服務品質的持續提升，也是我們對整個組織嚴格標準的承諾，並真正突破了交通生態系統的界限。

But then you go down a little deeper and you think about what are we controlling? From our disciplined approach on service and looking at things that impede that service, we get into war rooms. And our war room, the very first war room that we started was on reliability of our over the road trains.

但如果你再深入思考一下，你會想我們控制的是什麼？從我們對服務的嚴謹態度以及對阻礙服務的因素的觀察，我們進入了作戰室。我們的作戰室，我們啟動的第一個作戰室是關於公路列車的可靠性。

From there, our fleet management, our freight car costs, all of those things are coming down and flowing out. Kudos to Brian Barr and Ryan Clark, who are leading our mechanical department, our freight car maintenance in the quarter was down significantly.

從那時起，我們的車隊管理、我們的貨車成本，所有這些都在下降和流出。感謝領導我們機械部門的 Brian Barr 和 Ryan Clark，本季我們的貨車維護量大幅下降。

And you have to go back to Q1 '23 to find anything close to that. And when you do that and you think about all of the investments that we've made in field operations technology and more sampling we're doing to really be driving down that cost means we're getting to the issues before they come across the road.

你必須回到 23 年第一季才能找到接近這樣的結果。當你這樣做時，你會想到我們在現場操作技術方面所做的所有投資以及我們正在進行的更多採樣，以真正降低成本，這意味著我們在問題出現之前就解決了它們。

Same with loss and damage, our safety camp investments. 43% down in our FRA accident ratios and 60% down in non-FRA accident. So really below-the-line activities where customer goods and shipments are less disrupted. The goods that they're trusting with are leaving and departing and arriving in the same state we get them. That's reducing our overtime or purchase and services, our resources there, all of the things that cost when you disrupt the natural flow of transit.

與損失和損壞一樣，我們的安全營投資。我們的 FRA 事故率下降了 43%，非 FRA 事故率下降了 60%。因此，實際上，這些線下活動對客戶貨物和運輸的干擾較小。他們所信任的貨物在出發和到達時都與我們收到時的狀態相同。這會減少我們的加班時間或購買和服務，減少我們在那裡的資源，以及當你擾亂自然交通流量時所產生的所有成本。

And even as we get into how we have more reliability and availability of people, our taxi usage is down $15 million in the quarter. You have to go back over three years to find that. That means we're -- our speed is translating into more direct and indirect value. So all of these value streams give us a lot of confidence. And Jason and his insights into the finance and the linkages to our activities.

即使我們開始提高人員的可靠性和可用性，本季我們的計程車使用量仍然下降了 1500 萬美元。你必須回顧三年前才能發現這一點。這意味著我們的速度正在轉化為更直接和間接的價值。因此，所有這些價值流都給了我們很大的信心。還有 Jason 和他對財務以及與我們活動的連結的見解。

Between the two of us are really driving attention and attentiveness to that $150 million commitment. And I would say it's natural. We get a little bit more in the first quarter, but we're going to keep these initiatives driving value all through the year.

我們兩人確實在關注並重視那筆 1.5 億美元的承諾。我想說這是自然的。我們在第一季獲得了一些收益，但我們將繼續透過這些舉措來推動全年的價值成長。

Super helpful. Thanks John and Jason.

超有幫助。感謝約翰和傑森。

Jason Seidel, TD Cowen.

傑森·塞德爾（Jason Seidel），TD Cowen。

Thanks, operator. Mark and team, good morning and congrats on the good earnings in a challenging environment. I wanted to focus a little bit sort of on your agility going forward to manage costs because Mark, I think you did a great job of of pointing out the uncertainty in the marketplaces and sort of what you might be faced with challenging going forward. I was hoping maybe you could talk to us a little bit about some of the levers you guys could pull and how nimble you think you can be to sort of manage those markets?

謝謝，接線生。馬克和團隊，早安，祝賀你們在充滿挑戰的環境中取得了良好的收益。我想稍微關註一下您未來在管理成本方面的靈活性，因為馬克，我認為您很好地指出了市場中的不確定性以及您未來可能面臨的挑戰。我希望你們能跟我們簡單談談你們可以採取的一些措施，以及你們認為你們可以靈活地管理這些市場嗎？

Thanks, Jason. Appreciate the question. We're doing really great stuff. John, just really listed a handful of things that we're focused on. We're getting down into details now when he's talking about taxis and meals and overtime and re-crews, in the meantime, on the other side of the ledger, we've got IT that's doing tremendous work trying to find cost reduction and efficiency opportunities.

謝謝，傑森。感謝你的提問。我們正在做非常偉大的事情。約翰，剛才確實列出了我們關注的幾件事。當他談論計程車、餐飲、加班和重新安排人員時，我們正在深入討論細節，同時，在帳簿的另一端，我們的 IT 部門正在做大量工作，試圖尋找降低成本和提高效率的機會。

And then on the other administrative functions, you recall we did a RIF, reduction in force, last year that took out 10% of our administrative really, it's about 9% of our administrative staff at the headquarters. So we've been looking at everything and we continue to look, we're not done.

關於其他行政職能，您記得我們去年進行了裁員，裁掉了 10% 的行政人員，大約佔總部行政人員的 9%。所以我們一直在關註一切，我們會繼續關注，但我們還沒有完成。

We all are contributing to trying to find opportunities to streamline the company and be more nimble, more efficient. We know we're in uncertain times right now. We don't really know how it's going to manifest yet on the top line, as I've mentioned before. We haven't seen the evidence yet, but we are scenario planning, and we're getting into details, as you heard John give you some of those examples.

我們都在努力尋找機會精簡公司，讓公司變得更有彈性、更有效率。我們知道我們現在正處於不確定的時期。正如我之前提到的，我們確實還不知道它將如何在營收中體現出來。我們還沒有看到證據，但我們正在進行情境規劃，並且正在深入細節，正如你所聽到的約翰給你舉的一些例子。

Thank you, john, do you want to add to that?

謝謝你，約翰，你想補充嗎？

Yes. I would say we talk in terms of the kind of the big five or six initiatives that are big rocks, T&E mechanical and equipment, purchased services and others fuel and as Mark said, even in the G&A. So there are core cost takeouts that we're looking at. We're keeping our resources active and in reserve to be able to respond to any kind of market that's changing, whether it's a spot market or whether it's some emerging condition that gives us more volume.

是的。我想說的是，我們談論的是五到六項重大舉措，即大石頭、T&E 機械和設備、購買的服務和其他燃料，正如馬克所說，甚至在 G&A 中。因此，我們正在考慮核心成本支出。我們保持資源的活躍和儲備，以便能夠應對任何變化的市場，無論是現貨市場或一些能為我們帶來更多交易量的新興市場。

And we've also accelerated our on-boarding capability for new hires. So we've compressed the time it takes to bring on a new conductor for example, bring -- take them through the technical training, get them ready for a productive life with NS.

我們也加快了新進員工的入職培訓能力。因此，我們縮短了引進新列車員所需的時間，例如，讓他們接受技術培訓，為他們在國民服役期間的富有成效的生活做好準備。

And so even our responsiveness on that front is -- has been streamlined and optimized. So we're a much different railway than we may have been a few years ago and the agility that we've created and across all these streams is really giving us pretty good strong confidence that we're ready to take on the world as it evolves.

因此，我們在這方面的響應能力已經被簡化和優化。因此，與幾年前相比，我們的鐵路已經有很大不同，我們在所有這些流程中創造的敏捷性確實給了我們相當強大的信心，我們已經準備好迎接不斷發展的世界。

Yes. Those are great examples. And even last week, you're right, we tightened controls around the use of consultants. So again, we're getting into every detail here, where I want to see everything that our team is doing with regard to engaging new consultants. So we're getting into some details here, and we're getting ready to hunker down.

是的。這些都是很好的例子。甚至上週，您說得對，我們也加強了對顧問使用的控制。因此，我們再次深入討論這裡的每一個細節，我希望看到我們的團隊在聘請新顧問方面所做的一切。因此，我們在這裡討論一些細節，並準備好深入研究。

That sounds good. How should we think about head count overall as we sort of head into these uncertain times? I mean are you guys sort of keeping it flat and maybe thinking about furloughs after you see any impact?

聽起來很好。當我們進入這些不確定的時期時，我們應該如何考慮整體員工人數？我的意思是，你們是否會保持現狀不變，並在看到影響後考慮休假？

Look, I think what we've done, and I mentioned this before, is we've been managing really well our 83 hiring locations and crew locations with attrition and very controlled hiring practices because we do have a window into attrition in the future just based on the age of our crews that are out there. We know we're going to have some attrition.

聽著，我認為我們所做的，我之前提到過，就是我們很好地管理了我們的 83 個招聘地點和工作人員地點，並採取了非常可控的招聘做法，因為根據我們工作人員的年齡，我們確實可以預測未來的人員流失。我們知道我們將遭遇一些人員流失。

So we're backfilling with hires in the training pool, but we're being very controlled, very measured for the 83 specific locations, keeping an eye on volume and where that volume is going to show up on the network. So it's a very delicate balance that we've got to do.

因此，我們正在透過培訓池中的招募來補充人員，但我們對 83 個特定地點的控制非常嚴格，非常謹慎，密切注意數量以及數量在網路上的顯示位置。所以我們必須做到非常微妙的平衡。

So we're -- what you've seen is that we've actually attrited down while we've taken on more volume last year. That was very strategic, and that's another form of productivity, volume absorption is another angle of productivity, and we don't give the same credit to, but it's a very important part of the recipe here.

所以，您所看到的是，我們實際上已經減少了員工數量，而去年我們的業務量卻增加了。這是非常具有戰略意義的，這是生產力的另一種形式，體積吸收是生產力的另一個角度，我們不會給予同樣的重視，但它是這裡的配方中非常重要的一部分。

I think in terms of this year, I'd be surprised if you see much growth in head count, if any, at all. And certainly, if top line pressures manifest in the back half, I would imagine we had tripped down quicker. Jason?

我認為就今年而言，如果員工人數大幅成長，甚至有所成長，我會感到驚訝。當然，如果營收壓力在下半場顯現，我想我們會更快陷入困境。傑森？

Just like Mark said, we're really matching all of our resources to the volume trends, and obviously, head count is a part of that. And you saw the great productivity that we generating here. And I think just to Mark's final point there, at this time, we still expect head count flat with kind of where we exited the fourth quarter, but we're keeping an eye on it and we'll adjust accordingly.

正如馬克所說，我們確實將所有資源與數量趨勢相匹配，顯然，員工數量是其中的一部分。你們也看到了我們在這裡創造的巨大生產力。我認為正如馬克最後提到的，目前，我們仍然預計員工人數將與第四季末持平，但我們會密切關注並進行相應調整。

Makes sense guys. Appreciate the color. Appreciate the time.

很有道理，夥計們。欣賞色彩。珍惜時間。

Thanks Jason.

謝謝傑森。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey, thanks for taking the question. So John, I was wondering if you could talk about like the intermodal service composite scores that you give and merchandise plan compliance. I know that you definitely had weather impacts in the quarter, but where do you want to see those long term?

嘿，謝謝你回答這個問題。所以約翰，我想知道您是否可以談談您給予的多式聯運服務綜合評分和商品計劃合規性。我知道本季肯定受到了天氣的影響，但從長遠來看，您希望看到這些影響如何？

And maybe if you can just follow up too like what are you seeing domestic intermodal? Are you seeing highway conversions because I think we're hearing that from some of the IMCs, especially in the East.

或許您也可以跟進一下，您對國內聯運有何看法？您是否看到了高速公路的改建，因為我認為我們從一些 IMC 那裡聽說了這一點，特別是在東部。

Yes. From the merchandise and intermodal or trip lane compliance and composites. Those are really internal measures that demonstrate our commitment to our customer plan. And as we evolve the plan, we're tightening down our standards even more.

是的。從商品和多式聯運或行程車道合規性和複合材料。這些都是真正的內部措施，顯示了我們對客戶計畫的承諾。隨著計劃的不斷完善，我們的標準也將進一步嚴格。

So I want to see, obviously, the trip-line compliance at a high level. So in the 80s and 90s, respectively. But also bear in mind that as we tighten down our standards, we're pushing the boundaries within our terminals and forcing waste out of the -- even the clock that measures trip-lane compliance. So I expect some variability in there as we learn and develop the skills and create the environment for better on-time delivery, better standards across the entirety of the over-the-road experience of a customer.

因此，我顯然希望看到高水準的絆線合規性。分別是在 80 年代和 90 年代。但也請記住，隨著我們收緊標準，我們正在突破航站樓內的界限，並強制消除浪費——甚至是測量車道合規性的時鐘。因此，隨著我們學習和發展技能，並為客戶的整個道路體驗創造更好的準時交付、更好的標準環境，我預計其中會出現一些變化。

But ultimately, what matters to me is that our customer is getting their goods on us and we've got the resources to supply them cars and locomotives and people in full to move it when they expect it that we do it safely and effectively, and we deliver it to the final terminal so that they can get to their marketplaces and win. And that's how Ed and I measure ourselves, and we have to put a pin somewhere, and that's what we put on our merchandise triplane compliance measure.

但最終，對我來說重要的是，我們的客戶將他們的貨物交給我們，我們有足夠的資源為他們提供車輛、機車和人員，以便在他們期望的時候安全有效地運送貨物，並將其運送到最終終點站，以便他們能夠進入他們的市場並獲勝。這就是 Ed 和我衡量自己的方式，我們必須在某個地方找到一個標準，這就是我們對商品三翼飛機合規性衡量標準的要求。

And it's a perfect segue to we're getting some highway conversions, right?

這和我們對高速公路的改造是一個完美的過渡，對吧？

Yes. We're a fair part of the way through the spring bid season, and we've had very encouraging results so far. What we're seeing is customers clearly want to save money. And if they have a service product that they can trust from us, then we are a great resource for them to de-risk their supply chains from a cost perspective. We see that happening, and I fully expect it to continue.

是的。我們已經度過了春季招標季的大部分時間，到目前為止，我們已經取得了非常令人鼓舞的結果。我們看到的是顧客顯然想要省錢。如果他們擁有值得信賴的服務產品，那麼從成本角度來看，我們就是他們降低供應鏈風險的寶貴資源。我們看到了這種情況的發生，我完全希望這種情況能夠持續下去。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, good morning. Thank you. Maybe a question for you, Ed here. Based on the conversations you're having with customers, how is your pipeline of opportunities changed at all as of late, just given kind of the uncertainty in the market, particularly the industrial economy. Have you seen maybe any project pauses or delays? And then maybe in the same vein, any indication of a pull forward of shipments in 1Q due to tariffs?

嗨，早安。謝謝。這可能是我想問你的一個問題，我是 Ed。根據您與客戶的對話，考慮到市場（尤其是工業經濟）的不確定性，您的機會管道最近發生了哪些變化？您是否看過任何項目暫停或延遲的情況？那麼，也許出於同樣的原因，是否有跡象表明由於關稅導致第一季的出貨量提前？

Thank you.

謝謝。

Sure. I think I referenced it when I was talking about industrial development there. We've seen the top of the pipeline expand pretty substantially with a lot of companies, both domestic and international. Evaluating where they could expand or create new manufacturing nodes, and we're really focused on that.

當然。我想我在那裡談論工業發展時提到過它。我們已經看到許多國內外公司的管道頂端都在大幅擴張。評估他們可以在哪裡擴展或創建新的製造節點，我們真正關注的是這一點。

Broadly, our teams are very, very focused on how we can solve problems for our customers, whether it's from the current uncertainty or whether it's just ongoing business opportunities. We have a great team out there. We're enhancing our capability when it comes to how we address our customers commercially. And I think that's paying dividends.

總的來說，我們的團隊非常非常專注於如何為客戶解決問題，無論是當前的不確定性還是正在進行的商業機會。我們擁有一支出色的團隊。我們正在增強我們在商業上服務客戶的能力。我認為這會帶來回報。

When I think about Q1, there's a lot of put and takes out there. Number one, we had a lot of auto holds and some disruption in the first part of the quarter. We had all that terrible weather that John referenced, which really impacted our customers as well as us. Miners couldn't get to the mine and shipments couldn't get to the rail head, et cetera. Do we see some pull forward?

當我想到第一季時，就會發現有很多投入和產出。首先，在本季的第一部分，我們遇到了許多自動暫停和一些中斷的情況。我們遭遇了約翰提到的惡劣天氣，這對我們和我們的客戶都產生了很大影響。礦工無法到達礦井，貨物無法到達鐵路終點站等等。我們是否看到了一些進步？

There might have been some in there, or was it makeup from the early part of the quarter. A lot of things going on there, but we're encouraged by the trends right now. But we're keeping a real weather eye on what's happening.

其中可能有一些，或者是本季初的化妝品。那裡發生了很多事情，但我們對目前的趨勢感到鼓舞。但我們一直在密切關注事態的發展。

And I know I've said it over and over again, but I want to reinforce it. Staying very close to our customers is the most important thing that we can do commercially right now. It helps us and helps our customers both of us figure out how to solve these problems.

我知道我已經說過很多次了，但我想再次強調這一點。與客戶保持密切聯繫是我們目前在商業上能夠做的最重要的事情。它幫助我們和我們的客戶找到解決這些問題的方法。

I think another point on the whole pull-forward question. You talked to the customers, we're not necessarily hearing that's what was going on. The data doesn't scream out at you, like Ed is saying. So there probably is some in there, but it's not meaningful to call out.

我認為整個前拉問題還有另一點。您與客戶交談過，我們不一定了解到底發生了什麼事。正如 Ed 所說的那樣，數據不會對你發出警報。所以其中可能有一些，但說出來是沒有意義的。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah, good morning, Ed, I have, I guess, a couple of kind of just feed into puts and takes on the outlook. You have talked about share gain as you -- the railroad runs better despite some of the weather impact in 1Q, and I think you focused on truck. I'm wondering, have you seen any new contracts kind of recovery in chemicals or other areas that you might be more likely to have share in versus the other railroad. Is that something you've seen? Or do you think there's potential there?

是的，早安，艾德，我想，我有一些關於看跌期權和展望的意見。您談到了市場份額的成長——儘管第一季受到一些天氣影響，但鐵路運營情況仍然更好，我認為您關注的是卡車。我想知道，您是否看到過化工行業或其他領域的新合約復甦，與其他鐵路行業相比，您可能更有可能在這些領域佔有份額。你看過這樣的事嗎？或者您認為那裡有潛力？

And then I guess another markets related would just be, I understand the tariff outlook is really hard to factor in. But are there particular segments that you're most focused on is auto, if you think the 25% tariffs persist. Is that what would be autos and metal? So just any thoughts on kind of what's most in focus on tariffs and whether it's kind of good or bad because it's tougher to tell for the Eastern Railroad, right? So there could be both good and bad from tariffs, right? Thank you.

然後我想另一個相關的市場就是，我知道關稅前景真的很難考慮。但是，如果您認為 25% 的關稅將持續存在，那麼您最關注的特定領域是汽車嗎？那就是汽車和金屬嗎？因此，對於最受關注的關稅問題，您有什麼看法，以及它是好是壞，因為對於東部鐵路來說，這更難說，對嗎？那麼關稅既有好處也有壞處，對嗎？謝謝。

No problem. Thank you, Tom, for the question. On the topic of share gain, I'm encouraged by our progress. And I'm encouraged specifically by our progress in our merchandise markets where we've been able to take some share back. And that's coming from a whole variety of sources, including alternative sourcing of the product as well as other modes, other competitors.

沒問題。謝謝湯姆提出的問題。關於份額成長，我對我們的進步感到鼓舞。令我感到鼓舞的是，我們在商品市場上取得了進步，重新奪回了部分市場份額。這些來自各種各樣的來源，包括產品的替代來源以及其他模式、其他競爭對手。

The thing that we're really focused on when I talk about share gain is making sure that customers who want to use Norfolk Southern, but in the past haven't been able to because of our service. I can bring them back confidently because I know that the service John is providing is one that they can trust every single day. And that's really the most important lever that I have when it comes to gaining share wherever it's coming from.

當我談到份額成長時，我們真正關注的是確保那些想要使用諾福克南方鐵路但過去由於我們的服務而無法使用的客戶。我可以滿懷信心地讓他們回來，因為我知道約翰提供的服務是他們每天都可以信賴的。無論市場佔有率來自哪裡，這都是我獲取市場佔有率的最重要的手段。

On tariffs, there's -- you're right. As an Eastern railroad remember, there's a whole bunch of put and takes out there. I think it's certainly plausible that we could see both tailwinds and headwinds in a variety of markets, maybe auto is one of those going forward where perhaps there'll be more domestic production. But at the same time, you can't predict. And so we're just keeping a really, really close eye on it.

關於關稅，你是對的。正如東部鐵路所記得的，那裡有大量的貨物存放和運輸。我認為，我們完全有可能在各種市場中看到順風和逆風，也許汽車市場是未來可能增加國內產量的市場之一。但同時，你無法預測。因此我們對此保持密切關注。

And it's probably not going to be short term. It will probably take a while to play out some of those market shifts. But look, I think the challenge to us, I'll just put a finer point on the whole -- what is the tariff impact to us on the top line?

而且這可能不會是短期的。部分市場轉變可能需要一段時間才能顯現出來。但是，我認為我們面臨的挑戰是，我只想從整體上提出一個更具體的觀點——關稅對我們的收入有何影響？

Really hard to put a point on it. I think the bigger risk for us is a broader economic slowdown, a recessionary type of scenario where you lose the few points of top line because there's a general GDP slowdown. Tariffs, it's harder to say, certainly in short term. And bear in mind, we're largely a domestic business. We said last quarter, 75% of our business is the US-domestic business. And when you look at the other 25% Europe is about high single digits. Right Ed?

確實很難指出這一點。我認為，對我們來說更大的風險是更大範圍的經濟放緩，這是一種衰退類型的情景，由於 GDP 普遍放緩，你的營業額會損失幾個點。關稅，這很難說，當然在短期內。請記住，我們主要是一家國內企業。我們上個季度說過，我們 75% 的業務是美國國內業務。而當你看其他 25% 時，歐洲的比例大約是高個位數。對吧，艾德？

That's right.

這是正確的。

About high single digits. And then when you look at Mexico, Canada and China, each, those are about low single digits of our revenue each, okay. And then the rest of the world is kind of the balance, mid-single digits. So whether -- how tariffs play out is going to be hard to say, but I don't think it's going to be as meaningful as the risk we have on the broader economy.

大約高個位數。然後，當你看看墨西哥、加拿大和中國時，你會發現它們各自只占我們收入的個位數左右，好吧。而世界其他地區則處於平衡狀態，成長率在個位數左右。因此，關稅將如何發揮作用很難說，但我認為它不會像我們對整體經濟造成的風險那麼重要。

Thank you.

謝謝。

Thanks a lot, Tom.

非常感謝，湯姆。

Walter Spracklin, RBC Capital Markets.

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

Yes, thanks very much good morning everyone. Yes. So John, this question is for you. I know you've been working very hard on the resiliency and recoverability of the railroad when you have some of the winter effects like this and you articulated those very well this quarter.

是的，非常感謝大家早安。是的。約翰，這個問題是問你的。我知道，當你們受到冬季影響時，你們一直在努力提高鐵路的彈性和可恢復性，並且在本季度你們很好地表達了這些影響。

My question is really on a kind of run rate basis and we get the weekly data, and we're always focused on with Norfolk Southern is on those productivity gains. So is there a metric you can kind of indicate where you're happy of those that come out weekly, and I'm kind of leaning toward velocity, but is there a certain car miles per day or something that we get weekly that says, okay, things are running pretty well right now.

我的問題實際上是基於某種運行率，我們獲得每週數據，並且我們始終關注諾福克南方鐵路的生產力提高。那麼，有沒有一個指標可以表明您對每週發布的數據感到滿意，我有點傾向於速度，但是是否有一個特定的每天行駛里程數或我們每週獲得的數據來表明，好的，現在一切都運行得很好。

This is the level we're pretty happy with, so that when we monitor that and we see it at that level, and this could differ by quarter, but to the extent that you can give that seasonality. When we see that level, we know, okay, things are running according to John's plan here, and we can feel comfortable by that. Any indication there would be helpful.

這是我們非常滿意的水平，因此，當我們監控它並看到它處於該水平時，它可能因季度而異，但在一定程度上你可以給出季節性。當我們看到這個層次時，我們就知道，好的，事情正在按照約翰的計劃進行，我們可以對此感到放心。任何跡像都會有幫助。

Yes. Walter, first, congrats on the overtime win last night. Maybe there is hope that the leafs can get out of the first ground.

是的。沃爾特，首先，恭喜你昨晚在加時賽中獲勝。也許葉子還有希望從第一層地面長出來。

This is the year.

今年就是這樣。

Well, let's hope. There's a lot of people in Canada that are looking for that silver lining. Listen, I think, as I've always said, and as you know well, being an experienced railroad analysts, that there's no one measure that's going to drive a good indication of what's going on in the business. And that's why we really focus on network asset and customer health indices.

好吧，讓我們希望如此。加拿大有很多人正在尋找那一線希望。聽著，我認為，正如我一直說的，而且正如你所知，作為一名經驗豐富的鐵路分析師，沒有任何一項指標能夠很好地表明鐵路行業的現狀。這就是我們真正關注網路資產和客戶健康指數的原因。

And as I once described, it's an eight-burner stove and we're always balancing out what we're doing on that stove to make sure that the products we're putting in drive safety and service excellence and does it at the best cost structure. And that's what we'll continue to do.

正如我曾經描述的那樣，這是一個八眼爐灶，我們始終在平衡該爐灶的運行，以確保我們投入的產品能夠保證安全性和卓越的服務，並以最佳的成本結構實現這一目標。我們將繼續這樣做。

But what I think as we watch those six numbers, Walter, has been the balance of what we're doing about it. Were we sitting on those numbers and just letting them be the status quo are we challenging ourselves to do something more constructive. And that's why it's important, the Zero-Based plan.

但是，沃爾特，當我們觀察這六個數字時，我認為我們正在採取的措施是平衡的。如果我們只是停留在這些數字上並讓它們成為現狀，我們是否在挑戰自己去做一些更有建設性的事情。這就是為什麼零基計畫如此重要的原因。

It's taking our current customer service indices and challenging us to do better. It's challenging us to cut whatever fat is left in the service schedules, the terminal performance, the over-the-road, the crew change off locations, the meat pass planning and really balance that out.

它採用我們目前的客戶服務指數並挑戰我們做得更好。我們面臨的挑戰是，削減服務計劃、終端性能、公路運輸、機組人員換班地點、肉類通行計劃中剩餘的冗餘部分，並真正實現平衡。

One of the things I thought was very constructive in the fourth quarter, and we're continuing this quarter is the compression of our fastest lines like our intermodal offerings and our -- what has historically been our slowest trains in the unit trains and compressing the gap. So the speed differential was closed.

我認為第四季度非常有建設性的事情之一，並且我們本季度將繼續這樣做，那就是壓縮我們最快的線路，例如我們的多式聯運產品和我們的——歷史上最慢的列車，並壓縮差距。因此速度差異被消除了。

So that means we're moving the entire capacity at a faster rate and a more productive rate. And that's manifesting into cost takeout, less overheads, less crews required and all of those things. So we're doing that.

這意味著我們正在以更快的速度和更高的效率調動整個產能。這體現為成本的降低、管理費用的減少、所需人員的減少等等。所以我們這麼做了。

At the same time, we're not standing still on the performances that support those things, like our resource management and the work that Mina is doing to draw down our -- the complexity, simplify our distribution of materials, simplify our consumption knowledge and give us better visibility.

同時，我們並沒有停留在支持這些事情的表現上，例如我們的資源管理和 Mina 正在做的工作，以降低我們的複雜性，簡化我們的材料分配，簡化我們的消費知識，並讓我們有更好的可見性。

The work that we're doing on our yard operating plan and daily operating plan, to give our customers more visibility through our Heartbeat initiative, so that -- or Home Stretch initiatives so that they can see what our local yard is planning and they can bank on that and save money.

我們正在進行的堆場營運計劃和日常營運計劃的工作，是為了透過我們的 Heartbeat 計劃或 Home Stretch 計劃為我們的客戶提供更多的可見性，以便他們能夠了解我們當地堆場的計劃，並可以依靠這些計劃來節省資金。

Those are the things that we're doing that will help enhance what the -- those big six numbers are driving. So I think there's going to be variability within that fuel, loss and damage, crew starts, over time, all are in those big six numbers. And that's really what's going to drive the performance.

我們正在做的事情將有助於增強這六大數字所推動的作用。所以我認為燃料、損失和損壞、機組人員啟動等都會隨著時間的推移而發生變化，所有這些都在這六個數字中。這才是真正推動業績成長的因素。

Awesome. Appreciate the color, John.

驚人的。欣賞這顏色，約翰。

Thanks, Walter.

謝謝，沃爾特。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Hey everyone. Nice to meet you on this call. So I wanted to hone in, Mark, on your point around seeing meaningful share gains. I know a theme from your prepared remarks was that this came from being very close your current customers? And in response to your prior question, you suggested you are winning new business as well.

嘿，大家好。很高興在這次通話中見到您。因此，馬克，我想深入探討你關於看到有意義的份額成長的觀點。我知道您準備好的發言中的一個主題是，這是因為與您現有的客戶非常密切？在回答您先前的問題時，您表示您也正在贏得新業務。

I'm just curious how sticky that is? And I ask in the context of one of your closest peers recently reporting and lamenting leaving business on the table given their network issues, but showing confidence that, that should turn around in some time. So that's the first one.

我只是好奇它有多黏？我問這個問題的背景是，您最親密的同事最近報告說，由於網路問題，他不得不放棄一些業務，但他有信心，這種情況很快就會好轉。這是第一個。

And just a quick clarification around the full year guidance. Mark, again, I appreciated the point around scenario planning around a very uncertain backdrop. But in the event we do have flat revenue or down revenue. Can you still grow operating profit with all of these cost takeout initiatives you have, you've done better for the past two consecutive quarters with down revenue and up operating profit. But just wanted to hear more on this from you. Thank you.

並簡單澄清一下全年指導。馬克，我再次讚賞在非常不確定的背景下進行情境規劃的觀點。但事實上我們的收入確實持平或下降。透過所有這些成本削減舉措，您還能實現營業利潤的成長嗎？過去連續兩個季度，在收入下降、營業利潤上升的情況下，您的業績表現更好。但只是想聽聽您對此的更多看法。謝謝。

I'm going to have Ed talk a little bit about the share gain dynamic and the stickiness, which we think is there. And with regard to growing operating profit, absolutely. That's our goal. We're going to be trimming where we can to try to help neutralize and offset some of the challenges that might present in the back half for these last nine months, if they materialize.

我將讓 Ed 稍微談談我們認為存在的份額成長動態和黏性。至於營業利潤的成長，絕對是這樣的。這就是我們的目標。我們將盡可能地削減開支，以試圖幫助消除和抵消過去九個月下半年可能出現的一些挑戰（如果它們真的出現的話）。

But again, we're scenario planning, we're trying to remain nimble because we have to respond to the growth that we do anticipate happening. So we can't get too far ahead of the curve here. So it's really a question of agility and being able to pivot quickly. But Ed, why don't you talk a little bit about the share gain.

但同樣，我們正在進行情境規劃，我們試圖保持靈活，因為我們必須應對我們預期會發生的成長。因此我們不能走得太遠。所以這其實是一個敏捷性和快速轉變能力的問題。但是艾德，你為什麼不談談股票收益呢？

Sure. And many of the people in this room and on this call, have heard me talk about this before, but over the past few years because of the service challenges that we had, some of our customers had to make alternative arrangements and go to other modes or other competitors, to satisfy their needs.

當然。這個房間和電話會議上的許多人都聽過我談論這個問題，但在過去幾年中，由於我們面臨的服務挑戰，我們的一些客戶不得不做出其他安排，選擇其他交通方式或其他競爭對手的航班來滿足他們的需求。

And frankly, in most cases, we believe those alternatives were more expensive and probably less efficient overall. And so as I said earlier, we're working on a highway -- especially from the highway and maybe from other places as well. But we're working really hard with our customers to unwind those alternatives and to help them save more money and be more efficient.

坦白說，在大多數情況下，我們認為這些替代方案成本更高，而且整體效率更低。正如我之前所說，我們正在建造一條高速公路——特別是從高速公路，也可能從其他地方。但我們正與客戶一起努力，推出這些替代方案，幫助他們節省更多資金，並提高效率。

And when we do that and deliver the kind of service that John has been talking about, we will be sticky, and we are sticky with our customers because they can trust us. And the fact is we are a highly efficient mode for them to both deliver demand for their customers and satisfy their customers' needs, but also save money, and we're confident in that.

當我們做到這一點並提供約翰一直在談論的那種服務時，我們就會變得粘稠，並且我們會粘稠於我們的客戶，因為他們可以信任我們。事實上，我們為他們提供了一個高效的模式，既能滿足客戶的需求，又能節省資金，我們對此充滿信心。

Yes. I want to just get back and talk again about the guidance that we gave and the scenarios that we have. First, we remain fully committed to the $150 million of cost takeout. We've got really good momentum here. You saw the first quarter results.

是的。我只是想回過頭來再次談論我們給予的指導和我們所擁有的情景。首先，我們仍然全力致力於 1.5 億美元的成本削減。我們在這裡擁有非常好的發展動能。您看到了第一季的業績。

We are going to hit that number or beat it. Now when you look at the revenue outlook on the positive side, right, our volume trends have been consistent with the way we planned them to be in the first quarter, especially since the recovery from the winter storms, right?

我們會達到或超過這個數字。現在，當您從積極的方面看待收入前景時，我們的銷售趨勢與我們計劃的第一季一致，特別是自從冬季風暴恢復以來，對嗎？

We were running at, call it, 142,000, 144,000 some weeks, 146,000 carloads per week. We're feeling pretty good about that. John has done a great job on service, and Ed has been opportunistically leveraging that to bring volume onto the railroad.

我們的貨運量大約是每週 142,000 到 144,000 車，甚至每週 146,000 車。我們對此感覺很好。約翰在服務方面做得非常出色，而艾德則抓住機會利用這一點來增加鐵路的運量。

Remember, we've got a very diversified portfolio of business. So should there be challenges. We've got a pretty good hedge in our diversification, and pricing has been pretty steady and pretty good as you heard Ed lay out.

請記住，我們的業務組合非常多樣化。所以應該有挑戰。我們在多元化經營中擁有相當不錯的對沖，而且定價也相當穩定，正如 Ed 所說的那樣。

That said, export coal pricing has been a challenge, and we have to keep our eye on, hopefully, that can recover somewhat in the back half and provide some relief. But we're keeping our eye on that as well as fuel prices, which have been under pressure as well, that can cause a headwind to us on fuel surcharge revenue.

話雖如此，出口煤炭定價一直是一個挑戰，我們必須密切關注，希望它能在下半年有所恢復，並帶來一些緩解。但我們正在密切關注這一點以及燃料價格，燃料價格也承受著壓力，這可能會對我們的燃油附加費收入造成阻力。

Now on the negative side, we see the same macro headlines you all see, the risk of lower GDP, heightened recession concerns. We are not immune to those same pressures, but we are staying in contact with our customers. There's just been no clear sign from our customers that they're concerned. And we're not seeing it in the numbers yet. So we'll see how things play out.

現在從消極方面來看，我們看到了大家所看到的相同的宏觀新聞，即 GDP 下降的風險、經濟衰退擔憂加劇。我們也無法免受相同的壓力，但我們仍與客戶保持聯繫。我們的客戶並沒有明確表示他們擔心。但我們還沒有從數字上看到這一點。因此我們將拭目以待事情將如何發展。

But we've got to be realistic. There's two tangible pressures I talked about, and then there's this risk. So when we're reiterating our guidance here, we don't have our heads in the sand. We understand that the situation is fluid. That's why we're in a scenario in case things do turn South on us, and we'll see what we can do to offset and mitigate some of those pressures.

但我們必須現實一點。我談到了兩種切實的壓力，還有這種風險。因此，當我們在此重申我們的指導意見時，我們並沒有將頭埋在沙子裡。我們理解局勢瞬息萬變。這就是為什麼我們要採取這樣的措施，以防萬一事情真的變得不利於我們，我們將看看我們能做些什麼來抵消和減輕其中的一些壓力。

Meanwhile, the things we can control. We've taken out the cost, John is running an outstanding network right now. That resiliency in the first quarter following the resiliency we had in the fourth quarter after Helene, it's showing that something is different here, and that's great. Our network is responding.

同時，我們可以控制這些事情。我們已經扣除了成本，約翰現在正在運作一個出色的網路。海倫颶風過後，我們在第四季度也表現出了韌性，而第一季的這種韌性表明情況有所不同，這很好。我們的網路正在響應。

And Ed and the commercial agility has been fantastic. We're seeing it manifest. So we still think even in a down market, we should be able to get some volume from share gains. So that's the overall kind of look at the way we're managing the year as we go. Control the controlables and try to help mitigate some of the things we can't control. Thanks, Richa.

艾德 (Ed) 的商業敏捷性非常出色。我們看到它正在顯現。因此，我們仍然認為，即使在市場低迷的情況下，我們也應該能夠從股價上漲中獲得一定的銷售量。這就是我們管理這一年整體狀況的概覽。控制可控因素，並嘗試減輕一些我們無法控制的因素。謝謝，Richa。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you. That is all the time we have for questions today. I will turn the call back over to Mr. George.

謝謝。今天我們回答問題的時間就到這裡。我會把電話轉回給喬治先生。

Okay. Thank you, everyone. We appreciate your participation and for those of you who are just listening in, and we look forward to touching base throughout the quarter. Take care and be safe.

好的。謝謝大家。我們感謝您的參與以及那些只是在聽的人，我們期待在整個季度內與您保持聯繫。小心並注意安全。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們確實請求您斷開線路。