Norfolk Southern Corp (NSC) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Norfolk Southern's third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加諾福克南方鐵路公司 2025 年第三季財報電話會議。（操作說明）

And I would like to turn the conference over to Luke Nichols, Senior Director, Investor Relations. Please go ahead.

接下來，我將把會議交給投資者關係高級總監盧克·尼科爾斯。請繼續。

Good afternoon, 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. Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important.

大家下午好。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，存在風險和不確定性，可能與實際結果有重大差異。有關我們認為最重要的風險和不確定性的全面討論，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。

Our presentation slides are available at norfolksouthern.com in the Investors section, along with a 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.

我們的簡報可在 norfolksouthern.com 的「投資者」部分找到，其中還包含今天使用的任何非 GAAP 指標與可比較 GAAP 指標的調整表，包括調整後的或非 GAAP 營業比率。請注意，今天電話會議中所有提及的預期營運比率均已進行調整。

Turning to slide 3, I'll now turn the call over to Norfolk Southern's President and Chief Executive Officer, Mark George.

接下來請看第 3 張投影片，現在我將把電話交給諾福克南方鐵路公司總裁兼執行長馬克喬治。

Good afternoon, and thank you for joining us. With me today are John Orr, our Chief Operating Officer; Ed Elkins, our Chief Commercial Officer; and Jason Zampi, our Chief Financial Officer. We delivered another quarter that demonstrates the team's ability to deliver a quality railroad. Throughout the year, we have highlighted our continued commitment to focus on what we can control, running a safe, efficient network, improving processes, delivering solutions for our customers' most pressing needs and supporting our people. That remains the approach today of our 20,000 thoroughbreds who deserve thanks and credit for our performance.

下午好，感謝各位的參與。今天陪同我的有：營運長約翰·奧爾；首席商務官艾德·艾爾金斯；以及財務長傑森·贊皮。我們又完成了一個季度的業績，證明了團隊有能力打造高品質的鐵路。在過去的一年中，我們始終強調我們致力於專注於我們能夠控制的事情，運營安全高效的網絡，改進流程，為客戶最迫切的需求提供解決方案，並支持我們的員工。時至今日，我們依然秉持著這樣的理念對待我們的2萬匹純種馬，它們為我們的出色表現贏得了感謝和讚譽。

On safety, our train accident and employee injury rates continue to improve. That's the result of disciplined execution and continued emphasis on training. Safety is a core value, and we will never compromise on it. On service, our network is running well. Terminal dwell and car velocity remains stable, and we once again saw fuel efficiency gains, attaining a new quarterly record. These improvements are integral to delivering reliable, high-quality service for our customers and they position us to sustain performance over the long term.

在安全性方面，我們的列車事故率和員工受傷率持續改善。這是嚴格執行和持續重視訓練的結果。安全是我們的核心價值觀，我們絕對不會在這方面妥協。服務方面，我們的網路運作良好。終端停留時間和車輛速度保持穩定，我們再次看到燃油效率提高，創下新的季度紀錄。這些改進對於為客戶提供可靠、高品質的服務至關重要，並使我們能夠長期保持良好的績效。

Safety and service together form the foundation of our ability to serve customers at the highest level. And what truly powers this progress is our people. Across the railroad, the thoroughbred team shows up every day with focus and determination. We are committed to building the next generation of railroaders because careers in rail continue to be among the best in the country.

安全和服務是我們為客戶提供最高水準服務的基礎。而真正推動這進步的，是我們的人民。鐵路對面，這支純種馬每天都帶著專注和決心出現。我們致力於培養下一代鐵路人才，因為鐵路行業的職業發展仍然是全國最好的職業之一。

As we noted at recent conferences, the third-quarter volume surges forecasted by partners didn't materialize as expected and the truck market remains oversupplied. Ed will detail this. So while revenues were short of where we expected, the continued success on productivity was evident in the quarter.

正如我們在最近的會議上指出的那樣，合作夥伴預測的第三季銷售激增並未如預期般實現，卡車市場仍然供過於求。艾德會詳細說明這一點。雖然營收未達預期，但本季生產力的持續成功顯而易見。

We also had a large land sale at the end of the quarter that helped neutralize other adverse impacts that Jason will cover. While not big in Q3, we started to see some of the revenue erosion from competitor reactions to the merger announcement. We expect the impact to grow in the fourth quarter and continue to be a challenge over the near and medium term.

我們在季度末也進行了一筆大額土地出售，這有助於抵消其他不利影響，Jason 將會詳細介紹。雖然第三季影響不大，但我們開始看到競爭對手對合併公告的反應導致收入下降。我們預計第四季度影響將加劇，並在中短期內持續構成挑戰。

As we make progress toward getting approval for the proposed merger with Union Pacific, our focus remains squarely on ensuring momentum on safety and service. while executing on our strategy and delivering for our customers. We've got a lot to be optimistic about. We're on a good path, and we're doing what we can on the controllable side to prepare for growth. I'm proud of the progress we've made, and I'm even more excited about what's ahead.

在我們推進與聯合太平洋鐵路公司擬議合併的審批進程的同時，我們的重點仍然是確保安全和服務方面的持續發展，同時執行我們的策略並為我們的客戶提供優質服務。我們有很多值得樂觀的理由。我們正走在正確的道路上，並且正在盡我們所能，在可控的範圍內為成長做好準備。我為我們所取得的進展感到自豪，也對未來充滿期待。

With that, I'll turn it over to John and the rest of our leadership team to walk through the quarter in more detail. John?

接下來，我將把發言權交給約翰和我們領導團隊的其他成員，讓他們更詳細地介紹本季的情況。約翰？

Thanks, Mark, and good afternoon, everyone. Turning to slide 5. I want to recognize the deliberate transformation Norfolk Southern has delivered in safety, service, and cost structure from 2024 and throughout 2025. This progress reflects a culture of accountability and disciplined execution, powered by generational leadership investments that position us for long-term success. We're creating a network that is safer, more reliable and more efficient, shaping the future of rail and setting the standard for what rail service can and should be.

謝謝馬克，大家下午好。翻到第5張投影片。我想表揚諾福克南方鐵路公司從 2024 年到 2025 年在安全、服務和成本結構方面所做出的深思熟慮的改變。這項進展體現了一種問責制和嚴謹執行的文化，這種文化得益於幾代領導人的投資，使我們為長期成功奠定了基礎。我們正在打造一個更安全、更可靠、更有效率的鐵路網絡，塑造鐵路的未來，並為鐵路服務能夠且應該達到的標準樹立標竿。

Our PSR 2.0 transformation is delivering measurable outcomes that matter to every customer and stakeholder. For example, Amtrack host delays across Norfolk Southern improved 26% year over year, underscoring our progress and unwavering commitment to precision, reliability, and the standards that define Notebook Southern.

我們的 PSR 2.0 轉型正在帶來對每位客戶和利害關係人至關重要的可衡量成果。例如，Amtrack 在諾福克南方鐵路的延誤情況同比改善了 26%，這凸顯了我們在精準性、可靠性和定義 Notebook Southern 的標準方面取得的進步和堅定不移的承諾。

In Q4, we're going live with Clarity camps, the next cornerstone of the Thoroughbred Academy. The curriculum elevates PSR 2.0 business excellence. And importantly, as we transform safety and service standards were simultaneously delivering productivity gains, creating a clear and steady direction across the organization. All these efforts are aligned to our broader commitment to deliver meaningful expense controls while operating a reliable and more resilient railroad.

第四季度，我們將推出 Clarity 訓練營，這是純種馬學院的下一個基石。該課程提升了PSR 2.0的商業卓越水準。更重要的是，在我們轉變安全和服務標準的同時，生產力也提高了，這為整個組織指明了清晰穩定的方向。所有這些努力都與我們更廣泛的承諾相一致，即在有效控製成本的同時，運營一條可靠且更具韌性的鐵路。

Relative to 2024's full-year results, our year-to-date safety figures demonstrate FRA personal injury ratio has improved 7.8% and our train accident ratio has improved 27.7%. Our team will never be satisfied with our safety results. We always strive to improve on our best performance. That's why my team and I are spending more time in the field this quarter, staying close to the work, staying close to our people, and staying focused on what drives results.

與 2024 年全年業績相比，我們今年迄今的安全數據顯示，FRA 人身傷害率提高了 7.8%，列車事故率提高了 27.7%。我們的團隊永遠不會對我們的安全結果感到滿意。我們始終力求超越自我，做到最好。這就是為什麼本季度我和我的團隊會花更多時間在實地，深入了解工作，與員工保持密切聯繫，並專注於推動業績的因素。

Turning to slide 6. We achieved stronger service and volume growth this quarter while operating with fewer assets and resources. That discipline is clearly reflected in our financial outcomes. GTMs increased 4% year over year, which were accurately delivered with 6% fewer qualified T&E. Our revolving zero-based train service plan continues to drive cost control, precision, and productivity. Key highlights include a 19% reduction in [recruits], a 12% decrease in intermodal trend starts since the beginning of the year, alongside of sequential improvement in intermodal service composite and a 5.5% merchandise carload growth.

翻到第6張投影片。本季度，我們在資產和資源減少的情況下，實現了更強勁的服務和業務量成長。這種自律精神在我們的財務表現中得到了充分體現。GTM 年比成長 4%，但合格的差旅費用減少了 6%，交付更加準確。我們不斷調整的零基列車服務計畫持續推動成本控制、精準化和生產力提升。主要亮點包括招募人數減少 19%，自年初以來多式聯運趨勢開工量下降 12%，同時多式聯運服務綜合指標環比改善，貨物車皮運輸量增長 5.5%。

Turning to slide 7. These results reflect decisive actions to balance quality service and efficiency. We're on track to exceed our expense reduction and broader financial commitments, and we're not stopping there. The team is stretching for more, raising our efficiency targets to a 2026 cumulative goal in the range of $600 million.

翻到第7張投影片。這些結果反映了為平衡服務品質和效率而採取的果斷措施。我們預計將超額完成削減開支和更廣泛的財務承諾，而且我們不會止步於此。團隊正在努力爭取更多，將效率目標提高到 2026 年累積目標達到 6 億美元左右。

Operational metrics confirm the effectiveness of our field management strategy which delivered an all-time quarterly record of $1.01, a 5% year-over-year gain. This reflects both immediate savings and a durable path to greater efficiencies. Sequentially, train speed rose 3%, allowing us to store more locomotives while running a leaner, more reliable fleet.

營運指標證實了我們現場管理策略的有效性，該策略實現了季度歷史最高紀錄 1.01 美元，年增 5%。這不僅體現了立竿見影的節省，也體現了實現更高效率的持久途徑。列車速度依序提高了 3%，這使我們能夠存放更多的機車，同時運行一支更精簡、更可靠的車隊。

Turning to slide 8. Rapid deployment of next-level field technology is part of a broader strategy to transform inspection, reliability, and overall performance. In the photos, you can see a new state-of-the-art wheel integrity system being installed near Burns Harbor, one of our busiest quarters. We're advancing machine vision at speed across our network. In the quarter, we deployed a new inspection portal in Virginia, bringing the total now to eight.

翻到第8張幻燈片。快速部署下一代現場技術是轉變檢測、可靠性和整體性能的更廣泛策略的一部分。從照片中可以看到，在伯恩斯港附近（我們最繁忙的港口之一）正在安裝一套全新的最先進的車輪完整性系統。我們正在全網快速推進機器視覺技術的發展。本季度，我們在維吉尼亞州部署了一個新的檢查入口網站，使總數達到八個。

We positively identified over 40 wheel integrity defects. And we've launched six new algorithms with nine more already in development. The data from these field technologies feed our war room that are staffed with craft employees, managers and senior executives facilitating real-time problem-solving and cross-functional collaboration. We're leveraging digital tools, operational analytics, and ecosystem level coordination to elevate our capabilities and operation and safety excellence.

我們確認了超過 40 處車輪完整性缺陷。我們已經推出了六款新演算法，另有九款正在開發中。這些現場技術產生的數據會傳輸到我們的作戰室，作戰室配備了技術人員、經理和高階管理人員，以促進即時問題解決和跨職能協作。我們正在利用數位化工具、營運分析和生態系統層面的協調來提升我們的能力、營運水準和安全水準。

Wayside stops are down 6.7% year over year and 36% year to date, even as we expect 5% more axles daily. This quarter reflects that our operational fundamentals are sound and are supporting a strong service offering. This is made possible by the commitment and resilience of our railroaders across the entire enterprise. At Norfolk Southern, results matter, and our people continue to deliver with confidence and momentum.

儘管我們預計每天的軸數將增加 5%，但路邊停車次數比去年同期下降了 6.7%，比去年同期下降了 36%。本季業績反映出我們的營運基本面良好，並為我們提供強大的服務提供了支撐。這得歸功於我們整個鐵路企業全體員工的奉獻精神和韌性。在諾福克南方鐵路公司，結果至關重要，我們的員工將繼續充滿信心和動力地交付成果。

With that, I'll turn it to you, Ed.

那麼，接下來就交給你了，艾德。

Thanks much, John. Now let's go to slide 10, where you'll see that we achieved 2% year-over-year growth in both revenue and RPU in the quarter. We see several dynamics at play in the business portfolio. We have strength within our merchandise markets, partially offset by meaningful declines in export coal markets. We see reduced fuel surcharge revenue and softer-than-expected intermodal volumes. Overall, our volume for the third quarter finished flat despite gross ton mile growth of 4%.

非常感謝，約翰。現在我們來看第 10 張投影片，您會看到，本季我們的營收和每位使用者收入 (RPU) 都實現了 2% 的年成長。我們看到業務組合中存在幾種動態因素。我們的商品市場表現強勁，但出口煤炭市場的大幅下滑部分抵銷了這一優勢。我們看到燃油附加費收入減少，多式聯運量低於預期。總體而言，儘管毛噸英里數增長了 4%，但我們第三季的銷量仍與上季持平。

Let's look inside of merchandise. Volume grew 6% from a year ago, driven by our auto, chemical, and metals and construction markets. Revenue less fuel grew 7%, which underscores our pricing discipline and our volume performance. However, we had mixed headwinds from growth in commodities such as natural gas liquids, sand, and scrap metal, which diluted our overall RPU performance.

我們來看看商品內部。受汽車、化工、金屬和建築市場的成長推動，銷量較上年同期成長 6%。扣除燃油成本後，營收成長了 7%，凸顯了我們的定價策略和銷售表現。然而，天然氣液、沙子和廢金屬等大宗商品的成長為我們帶來了喜憂參半的不利因素，這削弱了我們整體的 RPU 表現。

In Intermodal, we're navigating the complexity of ongoing trade and tariff uncertainty persistently abundant highway truck capacity and outside factors, including competitor responses to our merger announcement, which caused volumes to decrease 2%. Intermodal revenue less fuel and RPU less fuel both grew, reflecting the overall stable pricing environment right now. Now here, I have to note that year-over-year RPU comparisons benefited from an abnormally high volume of empty shipments ahead of the East Coast port disruptions last year.

在多式聯運方面，我們正在應對持續的貿易和關稅不確定性、持續充裕的公路卡車運力以及外部因素帶來的複雜性，包括競爭對手對我們合併公告的反應，這導致貨運量下降了 2%。多式聯運收入（扣除燃料）和 RPU（扣除燃料）均有成長，反映出目前整體價格環境穩定。現在，我必須指出，由於去年東海岸港口中斷之前空船運輸量異常高，同比 RPU 數據有所增長。

Let's turn to coal, where weakening seaborne coal prices drove RPU less fuel lower by 7% and this was the most significant revenue headwind for the quarter. We enjoyed stronger demand in our Utility segment, but it didn't offset the sustained weakness in export. This interaction has been playing out throughout the year, and we expect it to persist.

讓我們來看看煤炭，海運煤炭價格走弱導致每單位可回收燃料成本下降了 7%，這是本季最大的收入不利因素。我們在公用事業領域的需求有所增強，但這並未抵消出口持續疲軟的影響。這種互動已經持續了一整年，我們預計它還會繼續下去。

Let's go to slide 11 and talk about the market outlook. Like the third quarter, we continue to navigate a dynamic economic environment, along with competitive cross currents. For our merchandise markets, we forecast vehicle production will be challenged in part due to recent disruptions at a key material supplier to our customers. We expect this will have a meaningful impact to production at several NS-served automotive plants in the fourth quarter.

我們來看第 11 張投影片，談談市場前景。與第三季一樣，我們繼續在瞬息萬變的經濟環境中應對各種競爭局面。對於我們的商品市場，我們預測汽車生產將面臨挑戰，部分原因是由於我們客戶的關鍵材料供應商最近中斷。我們預計這將對第四季度幾家受 NS 服務影響的汽車工廠的生產產生重大影響。

At the same time, overall manufacturing activity remains mixed with output expected to grow despite the backdrop of trade and tariff uncertainty. Strong fracking activity in the Marcellus Utica Basin is supporting demand and NGLs and sand in our merchandise markets.

同時，儘管貿易和關稅存在不確定性，但整體製造業活動仍喜憂參半，預計產出將會成長。馬塞勒斯-尤蒂卡盆地強勁的水力壓裂活動支撐了我們商品市場對天然氣凝液和砂的需求。

Looking into our Intermodal markets, we expect softer import demand in the near term. This reflects the impact of tariff volatility and growing trade pressures. Warehousing capacity remains tight as inventory levels expanded at the beginning of the year ahead of tariffs and truck capacity remains oversupplied. Coal prices have remained pressured with significant uncertainty surrounding export trade. And at the same time, we're expecting utility demand to see continued support from growing electricity demand and lower existing coal stockpiles.

從多式聯運市場來看，我們預期短期內進口需求將會疲軟。這反映了關稅波動和日益增長的貿易壓力所帶來的影響。由於年初關稅實施前庫存水準擴張，倉儲能力依然緊張，卡車運力仍過剩。由於出口貿易存在很大的不確定性，煤炭價格持續承壓。同時，我們預計公用事業需求將繼續受到電力需求成長和現有煤炭庫存下降的支撐。

Now these dynamics should be considered against the backdrop of our recently announced merger, which has intensified competitor activity across the industry. And as a result, we anticipate volume pressure, particularly in our Intermodal segment. and so we're maintaining a cautious outlook for the remainder of 2025.

現在，應該結合我們最近宣布的合併來考慮這些動態，合併加劇了整個產業的競爭活動。因此，我們預期貨運量將面臨壓力，尤其是在多式聯運領域。所以我們對2025年剩餘時間的前景持謹慎態度。

Lastly, as always, we want to thank our customers for their continued partnership and business the entire NS team is aligned around delivering the service that our customers need every day, building trust as a vital partner in their supply chains.

最後，我們一如既往地感謝客戶的持續合作與支持。整個 NS 團隊齊心協力，致力於為客戶提供他們每天所需的服務，並努力成為他們供應鏈中至關重要的合作夥伴，以此贏得客戶的信任。

Now with that, I'll hand it over to Jason to review our financial results.

現在，我將把工作交給傑森，讓他來審核我們的財務表現。

Thanks, Ed. I'll start with the reconciliation of our GAAP results to the adjusted numbers that I will speak to today on slide 13.

謝謝，埃德。我先從我們按照公認會計準則 (GAAP) 計算的結果與我今天將在第 13 張投影片中講解的調整後資料的核對開始。

Total costs attributable to the Eastern Ohio incident were $13 million, which included $16 million of recoveries under our property insurance policies. In addition, we recognized the $12 million restructuring charge in the quarter as we continue to rationalize our technology projects. Finally, we also recorded $15 million in merger-related costs, consisting primarily of legal and professional services as well as employee retention accruals. Adjusting for these items, the operating ratio for the quarter was $63.3. From a bottom line perspective, we earned $3.30 per share.

俄亥俄州東部事件造成的總成本為 1,300 萬美元，其中包括根據我們的財產保險單獲得的 1,600 萬美元賠償。此外，由於我們繼續對技術項目進行合理化調整，本季我們確認了 1,200 萬美元的重組費用。最後，我們也記錄了 1500 萬美元的合併相關成本，主要包括法律和專業服務以及員工留任準備金。剔除這些項目後，本季營業比率為 63.3%。從淨利來看，我們每股收益為 3.30 美元。

Moving to slide 14, you'll find the comparison of our adjusted results versus last year and last quarter both comparisons reflecting a 10 basis point improvement in the operating ratio and the sequential comparison basically even with the current quarter. On a year-over-year basis, revenue was up, as I just discussed, but we were expecting approximately $75 million more revenue as we had guided to within the second-quarter.

翻到第 14 張投影片，您會發現我們調整後的業績與去年同期和上一季的比較，這兩項比較均反映出營運比率提高了 10 個基點，而環比比較與本季度基本持平。正如我剛才所說，與去年同期相比，收入有所增長，但我們預計第二季度營收將比去年同期增長約 7,500 萬美元，正如我們之前預測的那樣。

Materials continued macro headwinds, a surge that never materialized and competitor responses from the merger announcement that started to really ramp up at the end of the quarter, all were barriers to the attainment of that expectation. Expenses were up 2% on a 4% increase in GTMs, but there are a lot of puts and takes within OpEx, and those year-over-year expense drivers are laid out on slide 15. You'll note that the quarter benefited from higher land sales, which were $65 million more than last year. In fact, the entire variance was driven by one large sale that closed at the very end of the quarter.

材料產業持續面臨宏觀經濟逆風，預期中的成長並未出現，而且合併公告引發的競爭對手的反應在季度末開始真正加劇，所有這些都阻礙了預期的實現。支出成長了 2%，而市場推廣活動成長了 4%，但營運支出中有很多利弊權衡，這些同比支出驅動因素在第 15 頁中列出。你會注意到，本季受益於土地銷售額的成長，比去年同期增加了 6,500 萬美元。事實上，所有差異都是由季度末完成的一筆大額交易造成的。

Another quarter of strong productivity gains also helped to mitigate both inflationary and volumetric pressures in addition to the absence of benefits recorded last year in the form of cancellation of stock awards and fuel recoveries. I'd also point out that claims expense was elevated in the quarter despite the outstanding progress we're delivering on our safety initiatives as we react to unfavorable developments on claims from several years ago, in addition to claims inflation on a few incidents that we have experienced this year. So as I think about our 63.3 operating ratio for the quarter, Clearly, that was aided by outsized land sales.

另一個季度強勁的生產力成長也有助於緩解通膨和銷售壓力，此外，去年因取消股票獎勵和燃料回收而產生的收益也沒有出現。我還想指出，儘管我們在安全措施方面取得了顯著進展，但由於幾年前的索賠情況出現不利變化，加上今年發生的幾起事故導致索賠金額上漲，本季度的索賠支出仍然偏高。所以，當我思考我們本季 63.3% 的營運比率時，很明顯，這得益於大規模的土地銷售。

However, we were short on revenue from our latest guidance, and we dealt with higher claims expense than what we had been experiencing. And as we move into the fourth quarter, Revenue will continue to be challenged, but we are focused on what we can control, and we expect to maintain our cost structure in the $2 billion to $2.1 billion range.

然而，我們最新的業績預期未能帶來預期的收入，而且我們的理賠支出也比以往更高。隨著我們進入第四季度，收入將繼續面臨挑戰，但我們將專注於我們能夠控制的事情，並預計成本結構將保持在 20 億至 21 億美元之間。

I'll hand it back to Mark to wrap it up.

我把它交還給馬克，讓他收尾。

Thanks, Jason. As you can see, there were a lot of moving parts in the quarter, but as a thoroughbred team, we are successfully controlling the controllables. Looking ahead, macro environment remains uncertain and we acknowledge that over the next several quarters, unpredictable demand and unique competitive dynamics will create some abnormal fluctuations in our top line.

謝謝你，傑森。正如你所看到的，本季有很多變數，但作為一個精銳團隊，我們成功地控制了可控因素。展望未來，宏觀環境仍然不明朗，我們承認，在接下來的幾個季度裡，不可預測的需求和獨特的競爭動態將導致我們的營收出現一些異常波動。

We are not standing still. Our recent Louisville announcement will create attractive volume growth as it builds out. Additionally, once the merger closes, we can provide attractive solutions for our customers unlocking faster, more reliable service, streamlined shipping experiences, and expanded access across a unified coast-to-coast rail network. These improvements will strengthen our value proposition and help drive long-term growth in our combined railroad through highway conversion.

我們並未停滯不前。我們最近宣布的路易斯維爾項目將在建設過程中帶來可觀的銷售成長。此外，合併完成後，我們可以為客戶提供有吸引力的解決方案，從而實現更快、更可靠的服務、更簡化的運輸體驗，以及透過統一的橫貫東西海岸鐵路網絡擴大服務範圍。這些改進將增強我們的價值主張，並有助於推動我們鐵路與公路改造業務的長期成長。

While the regulatory review process is ongoing, we remain laser-focused on maintaining strong safety performance, while running a fast and resilient network. That is delivering great service that our customers have now come to expect from us. Meanwhile, we will continue to maintain a sharp focus on optimizing our cost structure. As you saw in John's section, we are making excellent progress on the productivity front and are raising our 2025 efficiency target to roughly $200 million, and this follows the nearly $300 million we achieved in 2024.

在監管審查程序進行期間，我們將繼續全力以赴，保持良好的安全效能，同時運作快速且具彈性的網路。這就是我們提供優質服務的方式，而這正是我們的客戶現在所期望的。同時，我們將繼續高度重視優化成本結構。正如你在約翰的部分中看到的那樣，我們在生產力方面取得了巨大的進步，並將 2025 年的效率目標提高到大約 2 億美元，而我們在 2024 年實現了近 3 億美元的目標。

I am really proud of our team for the work they've done on this. And while revenue in this environment is proving difficult to guide, you can expect that our fourth-quarter costs in absolute dollars will be in the $2.0 billion to $2.1 billion range.

我為我們團隊在這項工作中所做的貢獻感到非常自豪。儘管在這種環境下收入難以預測，但您可以預期，我們第四季的成本（以美元計）將在 20 億美元至 21 億美元之間。

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

那麼，接下來我們將開始提問環節。操作員？

(Operator Instructions)

（操作說明）

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So Ed, if I heard right, I think you said a 2-point drag in Q3 from some business losses related to the merger. And it sounds like it gets worse going forward? Is this just Intermodal? Are you seeing in any other places? And ultimately, how much business do you think is at risk until we see merger closing?

所以 Ed，如果我沒聽錯的話，你說過第三季會因為與合併相關的一些業務損失而拖累 2 個百分點。聽起來情況還會繼續惡化？這只是多式聯運嗎？你還在其他地方看過嗎？最後，您認為在併購完成之前，有多少業務會面臨風險？

We saw that start to really manifest itself toward the tail end of the quarter, call it, September-ish. And so it's going to manifest itself to wrap around it year over year. It's a minority of -- certainly a minority of the business, and it's really focused geographically to this point. in the Southeast.

我們看到這種情況在季度末，也就是九月左右開始真正顯現出來。因此，它會逐年呈現出環繞它的狀態。它只佔少數——當然只佔業務的一小部分，而且到目前為止，它的地理分佈也主要集中在東南部。

We're working really hard to do two things: Number one, to make sure that we're providing a fantastic service for everybody that wants to use us. And number two, we're really leveraging the network that we have, the route structure and the terminal structure to bring freight back to Norfolk Southern that may have left for whatever reason. And so I'm pretty confident that, yes, while this is going to be a headwind for a while going forward, over the next couple of bid cycles, you'll see it start to iterate itself back toward what I would call the high-value, low-cost solution, which is Norfolk Southern for the beneficial cargo owners.

我們正在努力做好兩件事：第一，確保我們為所有想使用我們服務的人提供優質的服務。第二，我們正在充分利用我們現有的網絡、路線結構和碼頭結構，將因各種原因離開的貨物運回諾福克南方鐵路公司。因此，我很有信心，雖然這在未來一段時間內會是一個不利因素，但在接下來的幾個競標週期中，你會看到它開始迭代，最終回歸到我所說的高價值、低成本的解決方案，也就是諾福克南方鐵路公司為貨主提供的服務。

And that's independent of a merger, Scott.

斯科特，這與合併無關。

Yes.

是的。

And then maybe just, Jason, I think that the $2 billion to $2.1 billion of cost, it's a relatively wide range on a quarterly basis. Any sort of more help in terms of where you think we could be in that range in Q4. I don't know, is maybe the right way to think about it, excluding the gains was a 65.5% OR in Q3. Do you think that gets worse in Q4? Just any thoughts there?

然後，傑森，我認為 20 億美元到 21 億美元的成本，按季度來看，是一個相對較大的範圍。您能否提供更多關於我們第四季可能達到的價位範圍的資訊？我不知道，也許這樣想比較合適，如果不計入收益，第三季的收益率是 65.5%。你認為第四季情況會更糟嗎？大家有什麼想法嗎？

So when I think about the expense profile going from third quarter to fourth quarter, as you mentioned, you've got to kind of normalize for those outsized land sales that we had in the third quarter. And then historically, as we move from third to fourth quarter, if you look at the five-year average, expenses are up about 1.5%. And that's kind of really what brings us into that $2 billion to $2.1 billion range. So kind of moving with that seasonality.

所以，當我考慮從第三季到第四季的支出情況時，正如你所提到的，你必須對第三季那些超額的土地銷售進行某種程度的調整。從歷史數據來看，從第三季到第四季度，五年平均支出約為 1.5%。而這正是將我們拉入20億至21億美元區間的原因。所以，某種程度上是順應季節性變化而來的。

A couple of drivers that I'd point you to. We've talked about headcount in the past, guided you to the fourth quarter 2024 exit rate, which is about $19,500. We're a little bit below that in third quarter. So that should step up a little bit as we move into the fourth. Depreciation expense always steps up as we move into the fourth quarter just as we get more capital work done and get those projects in service.

我推薦以下幾位司機。我們之前討論過員工人數，並引導大家了解了 2024 年第四季的離職率，約 19,500 美元。第三季我們比這個數字略低。所以到了第四年，情況應該會有所改善。隨著我們進入第四季度，完成更多資本工作並投入使用，折舊費用總是會增加。

And then finally, we've talked a bit before about what we've done on the technology front, and we've really gone to that managed services model. So you'll see some higher purchase services expense in the fourth quarter that are being driven by that. eventually, you should see that come out of comp and ben, but it will definitely be a driver in the fourth quarter.

最後，我們之前也稍微談到了我們在技術方面所做的工作，我們確實已經轉向了託管服務模式。因此，第四季度採購服務費用將增加，這主要是受此影響。最終，這部分費用應該會從薪資福利中扣除，但它無疑將是第四季度支出成長的主要驅動因素。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Maybe this is for Mark or John, but when you guys think about managing the cost structure in this environment where maybe there's some share loss and obviously, some headwinds just given the trade environment especially as you look out further, if the deal gets approved, then maybe you want to maintain some excess capacity as well. So how do you balance these differing needs as you look out over the near term and medium term?

也許這是給馬克或約翰的，但當你們考慮在當前環境下管理成本結構時，考慮到可能會出現一些市場份額的損失，而且顯然會面臨一些不利因素，尤其是在展望未來，如果交易獲得批准，那麼你們可能也希望保持一些過剩產能。那麼，在著眼於近期和中期發展時，如何平衡這些不同的需求呢？

Yeah. Great question, Brandon. I think you're right. We've got to be really careful how we address this. I mean as you see, we have been trading down a bit and driving some productivity with regard to moving 4% more GTMs this quarter, while we saw headcount kind of drift down 3%. So that's a 7% spread.

是的。問得好，布蘭登。我覺得你說得對。我們必須非常謹慎地處理這個問題。我的意思是，正如你所看到的，我們一直在進行一些降級交易，並在本季度推動了 4% 的 GTM 成長，從而提高了生產力，同時我們看到員工人數下降了 3%。所以價差是7%。

We're really, really happy with that outcome, and we're seeing actually better service and better safety performance while we do it. So we're going to be really careful here. And I think, John, maybe you can talk a little bit about the next step of cost reduction. But the other element I'd point you to, Brandon, we continue to focus on fuel efficiency, where we had a 5% gain year over year in fuel efficiency from all the initiatives that John has put in place.

我們對這個結果非常非常滿意，而且在過程中，我們也看到了更好的服務和安全表現。所以我們要格外小心。約翰，我想，或許你可以談談下一步降低成本的措施。但我想指出的另一點是，布蘭登，我們繼續專注於燃油效率，在約翰實施的所有舉措下，我們的燃油效率比前一年提高了 5%。

So we continue to get these mid-single-digit improvements in fuel efficiency. So labor productivity, fuel efficiency. We've been attacking purchase services, although we are making a deliberate shift to outsource some stuff in IT that will yield benefits in comp and ben. So that's why it's a little bit of an odd a little bit of an odd quarter because you do see zero volume growth on the carload side, but there is actually GTM growth so that does require resources.

因此，我們在燃油效率方面持續獲得個位數的提升。所以，勞動生產力、燃油效率。我們一直在削減採購服務，儘管我們正在有意識地將一些 IT 工作外包，這將在薪資和福利方面帶來好處。所以，這個季度有點奇怪，因為貨運量方面沒有成長，但行銷方面卻有成長，這確實需要資源。

And also remember, 18% growth in autos, 18% growth in auto this quarter year over year, huge growth. And that, of course, has some incremental volumetric costs that come with it that you'd see manifest in equipment rents. So those are the kind of things where it's a complex P&L. We're going to be really mindful of really trying to drive those areas for productivity and efficiency while not undermining our ability to move volume.

另外，別忘了汽車業本季同比增長了 18%，這是巨大的增長。當然，這也會帶來一些額外的體積成本，這些成本會反映在設備租賃費用上。所以，這類事情的損益表會很複雜。我們將非常注重在這些領域努力提高生產力和效率，同時又不削弱我們的銷售能力。

John, chime in, please.

約翰，請插句話。

Yeah. Mark, you're speaking like an operating -- Chief Operating Officer with all the detail gives me the chance to talk a little high level. So I appreciate that.

是的。馬克，你說話就像一位營運總監——營運長一樣細緻入微，這讓我有機會從更高的層面談談我的看法。我很感激。

Let's just start with the fundamentals. We're moving more volume with more yield on our trains -- slightly heavier trains with less crews and more overall fluidity. So using that train speed that we're generating to reduce our locomotive fleet increase our car miles per day, decrease the number of cars it takes to create a load and doing all those fundamental things that show through to the customer and give the chance to sell aggressively in whatever market he's in at the time. So those fundamentals are very sound.

讓我們先從基礎知識講起。我們的列車運力更大，效率更高——列車略重一些，乘務員更少，整體運行更加順暢。因此，利用我們提高的列車速度，減少我們的機車車隊，增加我們每天的汽車行駛里程，減少製造貨物所需的汽車數量，做所有這些基本的事情，這些事情都會體現在客戶身上，並讓他有機會在當時的任何市場中積極銷售。所以這些基本面非常穩固。

We are -- we have restructured a number of things, including how we manage fuel, which is showing through in sequential fuel improvement and flowing through to the bottom line. But it doesn't stop there. We've restructured how we hire people speed and the quality to which they enter the workforce. So that gives us the opportunity to be more responsive, even longer lead resources and assets. So we're ready for those things.

我們已經對許多方面進行了調整，包括燃料管理方式，這體現在燃料消耗的持續改善上，並最終轉化為利潤成長。但這還沒完。我們調整了招募方式，提升了員工進入職場的速度和品質。這樣一來，我們就有機會做出更迅速的反應，甚至可以提前更長時間地儲備資源和資產。所以我們已經做好了應對這些事情的準備。

And we'll continue to improve locomotive fluidity by revamping our train service plan I'll just say that our zero-based plan version 3 has just come out. And year to date, we've reduced our interval crew starts by 14%. Our shipments per crew start have improved by 11% and we've simplified our lean offerings and are blocking complexity. And as a result, we're really energizing how we service that product. and delivering it with more resilience and capability.

我們將繼續透過改進列車服務計劃來提高機車運行效率。我只想說，我們的零基計畫第三版剛剛發布。今年迄今為止，我們的輪班人員出勤率已降低了 14%。我們每位船員的出貨量提高了 11%，我們簡化了精益產品，並消除了複雜性。因此，我們正在大力提升該產品的服務水平，並以更強的韌性和能力交付產品。

So that's what gives me confidence that we're going to not only stretch ourselves this year and the remainder of the year in that overall cost takeout in that financial improvement from an operating perspective and an overall enterprise perspective, but even continuing that momentum into 2026 and stretching ourselves in the range of $600 million cumulative takeout. So it's going to be hard work, which is in our DNA, and we're ready for it.

所以，這讓我有信心，我們不僅會在今年以及今年剩餘的時間裡，從營運角度和企業整體角度，在整體成本削減和財務改善方面取得突破，而且還會將這種勢頭延續到 2026 年，並力爭實現累計削減 6 億美元的目標。所以這將是一項艱苦的工作，而艱苦的工作已經融入了我們的基因，我們已經準備好了。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Ed, you mentioned in your prepared remarks that the coal RPU was one of the single biggest impacts on revenue. And you also said you expect the headwinds to persist. If we look at export benchmarks and even your Eastern [pier] last week, made it seem like the coal RPU pressure would stop at least sequentially, maybe you're referring to year over year.

艾德，你在事先準備好的演講稿中提到，煤炭 RPU 是影響收入的最大單一因素之一。你也說過，你預期這些不利因素還會持續下去。如果我們看一下出口基準，甚至是你上週的東部[碼頭]數據，就會發現煤炭RPU壓力至少會按順序停止，也許你指的是同比數據。

Can you give us any sense to how much that may continue to step down from the third quarter level? And when do you think that, that headwind may begin to stabilize?

您能否大致預測一下，與第三季的水平相比，這一數字可能會下降多少？你認為這種逆風何時才能開始趨於穩定？

I think you got that right. And thanks for the question, so I can clarify. I think the export benchmark is something like 175 right now. And I don't necessarily anticipate any material degradation from that. So on a sequential basis, maybe go sideways, which on a year-over-year basis, is still double-digit down.

我覺得你說得對。感謝你的提問，我來解釋。我認為目前的出口基準值大約是 175。我並不認為這會造成任何材料劣化。因此，從環比來看，可能會持平，而從同比來看，仍然下降兩位數。

Same is true on the utility side for export. Probably going sideways, but still on a year-over-year basis, double-digit down. And I think that's going to persist certainly through the quarter and maybe into early next year before it hopefully starts to climb out. There's a lot of uncertainty around export coal when it comes to both the met and utility side. who's going to get it or who's going to take it and where it will come from. So we're keeping a really close eye on that.

出口方面的公用事業也是如此。可能維持現狀，但同比仍將出現兩位數下降。我認為這種情況肯定會持續到本季末，甚至可能延續到明年年初，之後才有望開始好轉。就煤炭出口而言，無論是在冶金或公用事業方面，都存在著許多不確定因素。誰會獲得煤炭，誰會接收煤炭，以及煤炭的來源是什麼，這些都還是未知數。所以我們正在密切關注此事。

Great. So that revenue headwind than mostly volume, we should stop looking for RPU deterioration overall?

偉大的。所以，如果主要受收入不利因素而非銷售不利因素的影響，我們應該停止關注整體RPU（每用戶收入）的下降嗎？

Yes. Year-over-year ARPU deterioration will continue. Sequentially, it should be pretty stable. And this quarter, we did start to see volume degradation as a result of the poor pricing environment.

是的。ARPU（每位用戶平均收入）較去年同期下降的趨勢將持續。從順序上看，它應該相當穩定。本季度，由於價格環境不佳，我們確實開始看到銷量下滑。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Wanted to ask a little more on the topic of the competitive responses. I guess the kind of name that comes out and seems the most prominent in Intermodal would be JB Hunt. And I just want to get a sense if you could help us think about to the extent that BN is going to exert some control here and push more business over to CSX. How much of the business do you think should be sticky to Norfolk?

想再問一下關於競爭性回應的問題。我想，在多式聯運領域，最引人注目、最突出的名字應該是 JB Hunt。我只是想了解一下，您能否幫我們思考一下，BN 將在多大程度上施加一些控制，並將更多業務轉移到 CSX。你認為應該有多少業務留在諾福克？

I recall back quite a long time ago, you had some corridor initiatives that I think are differentiated like the Crescent Corridor, just lines that maybe CSX isn't going to serve markets as well. So I just want to see if you have some high-level thoughts on what can make business with JB or Intermodal, in general, sticky in terms of network differences? And how much kind of risk is there of kind of BN forcing some business over to CSX?

我記得很久以前，你們有一些走廊計劃，我認為這些計劃與眾不同，例如新月走廊，只是CSX可能無法很好地服務某些市場。所以我想看看您對於如何才能在網絡差異方面，使與 JB 或 Intermodal 的業務往來更具粘性，有一些高層次的看法嗎？BN強迫部分業務轉移到CSX的風險有多大？

So I think we talked about it before that more than half of our business with JB Hunt originates and terminates here in the East. And we continue to provide a really excellent service product to them, and we feel comfortable and confident with that -- retaining that business. I think for the balance and particularly in certain geographies, perhaps in the Southeast, that's really what's at risk right now that they can go in and talk about.

所以我想我們之前討論過，我們與 JB Hunt 超過一半的業務都是在東部地區發起和終止的。我們繼續為他們提供非常優質的服務產品，對此我們感到很滿意和有信心——能夠留住這份業務。我認為，就平衡而言，尤其是在某些地區，例如東南部，這就是他們現在真正面臨風險並可以深入討論的問題。

But I just want to reemphasize that one thing. About two decades ago, we started investing hundreds of millions of dollars to build out our Intermodal franchise. We built out that premier corridor in the Crescent Corridor, we built terminals, and we have an unrivaled Intermodal franchise in the East. And it's a franchise that people want to be on because it provides the fastest route for the major markets. And with a terminal footprint where customers want it to be.

但我只想再次強調這一點。大約二十年前，我們開始投資數億美元來發展我們的多式聯運業務。我們在新月走廊打造了這條一流的走廊，我們建造了貨運站，我們在東部擁有無可匹敵的多式聯運特許經營權。人們都想加入這個特許經營項目，因為它提供了進入主要市場的最快途徑。而且終端的擺放位置也完全符合顧客的需求。

So with time, cargo owners are going to want that business back on the NS and we are going to work aggressively to help them get that cargo back on the.

因此，隨著時間的推移，貨主們會希望重新在NS鐵路上開展業務，我們將積極努力幫助他們重新獲得這些貨物的運輸權。

So Ed, please chime in.

所以，艾德，請你發表一下意見。

Well, gosh, I think you pre summarized it, but let me say this. There are a number of key lanes where Norfolk Southern offers exceptional value for customers that really can't be replicated anywhere. There's -- I would say this from experience, there's a reason why we have the second largest Intermodal franchise in North America is because of the superior route structure that we've built out that Mark just referenced. And also a terminal network that gets you with your freight, landed closer to the consumer than any other network out there.

哎呀，我覺得你已經總結過了，不過我還是要補充一點。諾福克南方鐵路公司在一些關鍵線路上為客戶提供了其他任何地方都無法複製的超值服務。以我的經驗來看，我們之所以擁有北美第二大聯運特許經營權，是因為我們建立了馬克剛才提到的那種卓越的路線結構。此外，我們還擁有一個終端網絡，讓您的貨物比其他網路更靠近消費者。

So there's lots of things that can happen in terms of pushing freight around that, what I would call, be unnatural. But over time, we're very confident. John and I are that we put our heads together, make sure our service is exceptional the way it is now. We continue to partner with the riots we're going to be in good shape.

所以在貨物運輸過程中可能會發生很多事情，我稱之為不自然的事情。但隨著時間的推移，我們非常有信心。約翰和我會集思廣益，確保我們的服務像現在一樣出色。我們繼續與騷亂者合作，我們將處於有利地位。

But I guess one component of that as well is just that CSX has had this major construction project and debottlenecking with their Howard Street Tunnel. And so that makes them a lot more efficient north, south along the east. Is that like is that a significant competitive impact? Or do you think that's not -- that's kind of a impact on a modest portion of your domestic?

但我認為其中一個原因也是因為 CSX 公司正在進行一項大型建設項目，並對其霍華德街隧道進行疏導。因此，這使得它們在北部、南部和東部地區的效率大大提高。這是否會對競爭格局產生重大影響？或者你認為這不算什麼——這只是對你家庭生活一小部分的影響？

I can't really comment on that project for them. I hope it makes them a lot more competitive with truck.

我無法對他們的那個項目發表評論。我希望這能讓他們在卡車領域更具競爭力。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

First, just a quick follow-up maybe for Ed. I think you mentioned that business and we're talking about here, it would come back to the network even without mergers. Maybe you can just elaborate exactly what would have to change if it's better service or competing more on price?

首先，我想快速跟進一下，Ed。我想你提到過我們正在討論的那項業務，即使沒有合併，它最終也會回到這個網路。您能否詳細說明一下，如果目標是提供更好的服務或在價格上更具競爭力，具體需要做出哪些改變？

And then just maybe for -- on the upside for John, when you think about fuel efficiency, I mean we've always heard it was going to be a challenge at Norfolk because of length of haul and mix and a bunch of other things, wait but it looks like you've clearly broken through. Is that something you feel like you can get to sort of best-in-class levels with your peers?

然後，對約翰來說，也許也有好處——考慮到燃油效率，我的意思是，我們一直聽說諾福克港的燃油效率會是一個挑戰，因為運輸距離長、貨物種類繁多以及其他一些因素，等等，但看起來你們顯然已經取得了突破。你覺得自己能在這方面達到同儕中的佼佼者嗎？

All right. I'll go first before I forget the question. When I think about the service from the West Coast into the Southeast, I think about UP and NS utilizing the Meridian Speedway as the fastest shortest route between those two regions, period. There's not a better ride out there when it comes to that kind of freight for Intermodal. So that's one thing.

好的。我先來，免得忘了問題。當我想到從西海岸到東南部的鐵路服務時，我就會想到聯合太平洋鐵路公司 (UP) 和諾福克南方鐵路公司 (NS) 利用子午線高速公路作為這兩個地區之間最快、最短的路線，沒有之一。對於多式聯運而言，沒有比這更好的運輸方式了。這是其中一件事。

The second thing is the exceptional amount of terminal capacity that we have and expertise to back it up, both in the Carolinas, Florida as well as in Georgia. That's just going to be a force multiplier and has been. So we're confident that over time, cargo owners are going to make the right decision about where their freight routed.

第二點是我們在卡羅萊納州、佛羅裡達州和喬治亞州都擁有大量的碼頭吞吐能力和相應的專業技術。那隻會起到倍增作用，而且已經起到了作用。因此我們相信，隨著時間的推移，貨主們會就貨物運輸路線做出正確的決定。

I'll hand it off to you, John.

約翰，我把它交給你了。

Well, I'm glad you're noting the hard work the team has done on fuel. And I won't comment on what the order the possible may have been thought through back then, but I'll tell you right now, and as we go forward, it's a big part of a strategy that includes all of our strategic sourcing and logistics approach, including the assessment of distribution, the use and consumption of the product like fuel. And the current efficiency represents a significant dollar value.

很高興你注意到團隊在燃料方面所做的努力。我不會評論當時可能考慮過的順序，但我現在可以告訴你，隨著我們不斷前進，這是我們策略的重要組成部分，其中包括我們所有的策略採購和物流方法，包括對分銷、產品（如燃料）的使用和消耗的評估。而目前的效率代表著巨大的經濟價值。

And if you look at the Mosaic of measures that we present to you all, we're balancing speed, locomotive productivity, the fuel burn. And we're looking at it, not how fast can we go just to get faster and to get to point A to point B quicker, we will, if that means we can use a crew at the end of that trip to use them within the yard and save money somewhere else.

如果您看一下我們向大家展示的各項措施，您會發現我們正在平衡速度、機車生產力和燃料消耗。我們正在考慮的不是如何更快到達目的地，而是為了更快地從 A 點到達 B 點。如果這意味著我們可以在行程結束時利用船員在院內工作，從而在其他地方節省資金，我們就會這樣做。

But as we work through fuel consumption, we want to make sure that how we manage our fuel resources is aligned to what our train service plan is. And we're always looking at that service plan. We're taking more detailed approach on each element of it. What resources we need, how much fuel we need to move the tonnage, how soon we need to get to a customer. So on a product level view, we're satisfying the contractual obligations and elevating our service metrics and how they face the customer.

但是，在研究燃料消耗問題時，我們希望確保我們對燃料資源的管理方式與我們的列車服務計劃保持一致。我們一直在關注這項服務計劃。我們正在對其中的每個要素採取更細緻的方法。我們需要哪些資源？我們需要多少燃料才能運送這些噸位的貨物？我們需要多快到達客戶那裡？因此，從產品層面來看，我們正在履行合約義務，提升我們的服務指標以及它們如何服務客戶。

And we're taking that -- the nice thing is we're taking that approach in mechanical, how we service our locomotives, how we maintain our parts inventory, how we're putting stress on our engineering team through Ed Boyle and his great leadership and managing ties, plates, rail, ballast, all of those things. So across all of those things, whether it's fuel and operational resources, we're taking a really hardline approach on it.

我們正在採取這種方法——好處是，我們在機械方面採取了這種方法，包括我們如何保養機車，如何維護零件庫存，如何通過 Ed Boyle 的出色領導來督促我們的工程團隊，以及如何管理枕木、鋼板、鋼軌、道砟等等。因此，在所有這些方面，無論是燃料還是營運資源，我們都採取了非常強硬的態度。

So I think we've got room to grow on fuel. I don't have any end in sight to the value we can create managing all of those components. But I can tell you, it's the tip of the iceberg as we move forward against all our enterprise resources.

所以我認為我們在燃料方面還有成長空間。我看不到管理所有這些組件所能創造的價值的盡頭。但我可以告訴你，這只是冰山一角，我們將動用所有企業資源繼續前進。

And I would just add one other thing, Brian, is when I look back six years ago when I came in, we had roughly high-teens percent of our locomotive fleet that was AC. And through those investments that we've been making every year systematically to upgrade our locomotive fleet from DC to AC, we're now approaching 80% AC. So that is definitely helping provide more runway for the future that John is extracting using the methods that he's talking about. So that definitely is a driver as well, right?

布萊恩，我還要補充一點，回想六年前我剛來的時候，我們機車車隊中大約有百分之十幾是空調機車。透過我們每年有條不紊地進行投資，將我們的機車車隊從直流電升級為交流電，我們現在已經接近 80% 的機車是交流電的。所以，這無疑有助於為約翰用他所說的方法所取得的未來成就提供更多發展空間。所以這肯定也是一個驅動因素，對吧？

Yes. And that gives us the just run just look at 2019, which was one of the bellwether years from a financial and service perspective. And right now, we're running year to date 23% less horsepower per ton. When you have that discipline in managing locomotives, the utilization of your power, your crews, you're reducing your stops, you're creating more fluidity. It shows up in fuel and shows up in so many other P&L items. So you're right, Mark, those investments -- those wise investments are paying dividends.

是的。這就讓我們回顧 2019 年，從金融和服務業的角度來看，2019 年是具有風向標意義的一年。而目前，我們今年的每噸馬力輸出量比去年同期減少了 23%。當你對機車管理、動力利用和乘務人員配備有這種紀律性時，你就能減少停靠次數，創造更流暢的運行。它出現在燃料成本中，也出現在損益表中的許多其他項目中。所以你說得對，馬克，那些投資──那些明智的投資正在帶來回報。

But the discipline you're bringing now for the things you're just talking about is really what's accelerating benefits and providing more runway into the future. So congratulations on that.

但你現在對你剛才談到的事情所展現出的自律精神，才是真正加速帶來益處並為未來提供更多發展空間的原因。所以，恭喜你。

(Operator Instructions)

（操作說明）

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I guess I wanted to sort of ask about what you think is possible from an OR-improvement perspective, particularly as we're thinking about 2026. So you came into this year, I think there was a revenue target around 3% with 150 basis points of productivity. And then 50 basis points of OR. Obviously, the revenue side has been more challenging because of volume. We'll see how much OR you get this year.

我想問的是，從手術室改進的角度來看，您認為有哪些可能性，尤其是在我們展望 2026 年的時候。所以，今年年初的時候，我記得你們設定的收入目標大約是 3%，生產力提高 150 個基點。然後是 50 個基點的 OR。顯然，由於銷售量下降，營收方面面臨更大的挑戰。讓我們來看看你今年能拿到多少 OR 積分。

But I guess maybe the question as we go into next year, how much sort of OR opportunity do you think there is that you can control and maybe how much is more revenue dependent? So obviously, it's an uncertain environment out there. I want to get a sense of out of the $600 million of productivity, how much do you think can be translated from an operating ratio perspective as we think about next year?

但我想，展望明年，問題或許在於，你認為有多少運籌學的機會是你能掌控的，又有多少機會更取決於收入？很顯然，現在的環境充滿不確定性。我想了解一下，在6億美元的生產力提升中，您認為從營運比率的角度來看，明年能有多少可以轉化為實際效益？

Chris, thanks for the question. Look, I think what we're going to do, which is very similar to what we're doing this year, is we're going to focus really hard on the controllables, in particular, those elements on the cost side. So we're going to maintain a lot of discipline on our employment levels and try to drive labor productivity for sure. We're going to focus on the fuel efficiency and every single line item in the P&L that we can control.

克里斯，謝謝你的提問。我認為我們接下來要做的事情，和今年正在做的事情非常相似，就是要集中精力控制可控因素，特別是成本方面的那些因素。因此，我們將嚴格控制就業水平，並努力提高勞動生產力。我們將重點放在燃油效率以及損益表中我們能夠控制的每一個項目。

Obviously, we get things like claims that surprise us -- and Jason has talked a little bit about that and can talk to you some more about that, some of the social inflation we're seeing. But there's a lot we can control, and that's where we're going to put our focus.

顯然，我們會遇到一些讓我們感到驚訝的說法——傑森已經稍微談到了這一點，他可以和你再多談談我們正在看到的一些社會通貨膨脹。但有很多事情我們可以控制，這也是我們將要專注在的領域。

On the revenue, obviously, we've got some headwinds. And mathematically, that's going to probably put some short-term pressure on the OR that we're going to have to deal with. But Ed and his team are doing a great job fighting every way they can to preserve every single unit that's out there and try to grow every single unit with the value offering that we have, thanks to the great service John is providing. So we're going to do that. But I think at the end of the day, the OR is going to be an output of the those two elements.

顯然，在營收方面，我們遇到了一些不利因素。從數學角度來看，這可能會給手術室帶來一些短期壓力，我們將不得不應對這種情況。但是，艾德和他的團隊正在竭盡全力地保住現有的每一台設備，並努力透過我們提供的價值產品來發展每一台設備，這都要感謝約翰提供的優質服務。所以我們要這麼做。但我認為歸根結底，OR 將是這兩個因素共同作用的結果。

Jason, do you want to add anything?

傑森，你還有什麼要補充的嗎？

Yes. I would just say it's really -- if you look at our kind of our cost profile over the last couple of years and think about the inflation that we've taken on and the volumetric expenses, really, and thanks to what John and the team have done from a productivity standpoint, harvesting almost $500 million of productivity. That's what's enabled us to kind of keep that cost profile flat over these last couple of years. So I think you hit it right on, Mark, as we move into next year.

是的。我只想說，如果你看看我們過去幾年的成本結構，想想我們面臨的通貨膨脹和銷售成本，你會發現，多虧了約翰和他的團隊在生產力方面所做的工作，我們獲得了近 5 億美元的生產力提升。正是這一點使我們能夠在過去幾年裡基本上保持成本水平不變。所以我覺得你說的很對，馬克，展望明年。

I did just want to for a second talk about claims because you had mentioned it, Mark. But John, you can maybe jump in and talk a little bit more about what you guys are accomplishing from a safety perspective, which I think is really remarkable progress.

馬克，因為你提到了索賠問題，所以我想再跟你簡單談談這個問題。但是約翰，或許你可以插話多談談你們在安全方面所取得的成就，我認為這確實是一項了不起的進步。

But on the cost side, claims is always very volatile, and we see that quarter to quarter. But what we're seeing right now is the resolution of some older claims. And while the frequency is going down, we're experiencing higher cost per incident to close out those claims. So over recent years and quarters, we've seen pressure on that claims line as both the insurance rates increase, but also we're facing the same type of social inflation that you're seeing across the transportation sector.

但就成本而言，理賠金額總是波動很大，而且我們每季都會看到這種情況。但我們現在看到的是一些較早提出的索賠問題的解決。雖然事故發生的頻率正在下降，但處理這些索賠的單一事故成本卻在上升。因此，近年來，隨著保險費率上漲，以及我們面臨與交通運輸業類似的社會通膨，我們看到索賠額面臨壓力。

But John, maybe a little color on what you guys are doing to mitigate the number of incidents.

約翰，你能不能詳細說說你​​們為了減少事故數量都做了些什麼？

Yes. And we've said it. Our safety from an injury and accident perspective are taking on a really strong momentum, and we're continuing to invest in our safety camps. I've mentioned it before on these calls, our thoroughbred academy has got a component of safety and safety leadership. We've processed over 2,500 leaders through that program who have now had a more capable way of approaching our workforce, building the environment and skills that are necessary.

是的。我們已經說過了。從預防傷害和事故的角度來看，我們的安全工作正在取得顯著進展，我們也將繼續增加對安全訓練營的投資。我之前在這些電話會議中提到過，我們的純種馬學院包含安全和安全領導力的訓練。我們已經透過該計劃培訓了 2500 多名領導者，他們現在能夠更有效地管理我們的員工，並建立必要的環境和技能。

And you couple that with the investments we've made in technology and a great story. We had a broken wheel derail with a train that had come on us for 1 mile. And we -- as a leadership team said, there's got to be a better way. And very rapidly through the work we do with Georgia Tech and our portal systems, we created a wheel detection device that gives us -- identifies wheel integrity on all of our trains that pass through those portals.

再加上我們在科技方面的投資和一個精彩的故事。我們遇到了一起車輪斷裂導致的脫軌事故，一列火車向我們駛來，行駛了1英里。我們領導團隊表示，一定有更好的方法。透過我們與喬治亞理工學院和我們的門戶系統合作，我們很快就創建了一種車輪檢測裝置，該裝置可以識別所有通過這些門戶的列車的車輪完整性。

It was so effective that we made a suitcase version, a mobile version, and we're putting it into the ingress and egress of our hump yards and other high-density corridors to give us a good view to insulate ourselves from something that is not ours. Most of it is on foreign cars. And it's been really effective so far, we've -- I would say using my own language, that we prevented over 40 games by the detection that we've had with these wheel inspection devices that didn't exist a year ago.

它非常有效，所以我們製作了手提箱版本、移動版本，並將它們放置在駝峰場和其他高密度通道的入口和出口處，以便我們能夠很好地保護自己免受不屬於我們的東西的干擾。大部分都發生在進口車上。到目前為止，它的效果非常好，用我自己的話來說，我們已經通過這些一年前還不存在的車輪檢測設備，阻止了 40 多場比賽。

That ability to take ideas understand the business, convert them into actionable items and then put them into field use at scale is a testament to the commitment we've got on safety and how we can really influence line items that you're talking about and solve them at the root cause.

這種將想法理解為業務，將其轉化為可執行的行動方案，然後大規模地投入實際應用的能力，證明了我們對安全的承諾，以及我們如何真正影響您所說的具體事項並從根本上解決問題。

And Chris, I just want to come back to one other thing as we look to '26. So obviously, we're going to work on controlling the controllables on the cost side. But paramount importance in 2026 is for us as an enterprise to continue this quest toward improving and preserving a very safe railroad. We cannot have a mismatch.

克里斯，在展望 2026 年之際，我只想再談一件事。很顯然，我們將著手控製成本方面的可控因素。但對我們企業而言，2026 年最重要的任務是繼續努力改進和維護一條非常安全的鐵路。我們不能出現不匹配的情況。

Similar to that, we have to maintain outstanding service for our customers. We cannot step back from that. Those are the two most important things. We're going to control costs. But those two things are paramount importance. And I would say the other thing is really the preservation of employment and retention because we have to go into this merger with talent to ensure that it succeeds.

同樣，我們也必須為客戶提供卓越的服務。我們不能退縮。這是最重要的兩件事。我們將控製成本。但這兩件事至關重要。另外，我認為真正重要的是保住就業機會和留住人才，因為我們必須依靠人才來確保合併成功。

So that's where our focus is. And like I said, we're going to fight like hell for every unit and every dollar that's out there. But let's not lose focus on the safety and service elements, which are high, high priorities for us.

所以這就是我們關注的重點。正如我所說，我們將盡全力爭取每一台設備、每一分錢。但是，我們不能忽視安全和服務這兩個方面，它們是我們高度重視的優先事項。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So sorry to beat a dead horse, but I also wanted to talk about the revenue erosion you expect from competitor reaction. First, I wanted to confirm that this was ring-fenced to Intermodal. And then I guess what is really hindering your ability to compete?

很抱歉老生常談，但我還想談談競爭對手的反應可能導致的收入損失。首先，我想確認這筆款項是否專款專用於聯運業務。那麼，究竟是什麼阻礙了你的競爭力呢？

I know you enhanced your partnership with UNP in the interim, for example, Mark, you just reminded us today about the hundreds of millions of dollars invested in intermodal over the past two decades to make for a very strong product. So I guess I'm just confused on why you would be challenged just because you're pursuing a merger?

我知道在此期間，你們加強了與 UNP 的合作，例如，馬克，你今天提醒我們，過去二十年來，為了打造一個非常強大的產品，我們在多式聯運方面投入了數億美元。所以，我不太明白為什麼僅僅因為你在尋求合併，就會受到質疑？

And then is your competitor winning on price? Or is it something else? I mean that it's not Howard Street. So maybe just elaborate a little bit more there.

那麼，你的競爭對手是否在價格上佔優呢？還是另有隱情？我的意思是，這裡不是霍華德街。所以或許可以再詳細解釋一下。

That's a great question. Ed?

這是一個很好的問題。艾德？

Sure. Well, let me start with your first question, which is, yes, it is confined to Intermodal and specifically to domestic nonpremium Intermodal. And I can't talk about or address why other entities contracts may or may not allow for certain things to occur. But I can tell you that we're competing vigorously both from a price perspective in a market that's been down for 40 months, but also from a service perspective.

當然。好的，讓我先回答你的第一個問題，是的，它僅限於多式聯運，而且具體來說，僅限於國內非加急多式聯運。我無法談論或解釋為什麼其他實體的合約可能允許或不允許某些事情發生。但我可以告訴你，無論從價格角度（市場已經低迷了 40 個月），還是從服務角度，我們都在積極競爭。

And John and I are laser-focused on the route coming out of LA across Freeport, Meridian Speedway and into the Southeast. And we have a great team operating our two terminals in Atlanta, our one terminal in Charlotte, our other terminal in Greensboro and the one in Jacksonville that are not only poised to handle the freight we're getting today, but can accept more, frankly.

約翰和我全神貫注於從洛杉磯出發，途經弗里波特、梅里迪安高速公路，進入東南部的路線。我們擁有一支優秀的團隊，負責營運我們在亞特蘭大的兩個貨運站、夏洛特的一個貨運站、格林斯伯勒的另一個貨運站以及傑克遜維爾的一個貨運站。坦白說，他們不僅能夠處理我們目前收到的貨物，而且還可以接收更多貨物。

So that's the landscape. And again, like I said, I think over the next couple of bid cycles as those beneficial cargo owners look at the value that they're receiving from the service that they are getting from whoever they're getting from, we're going to offer a very compelling case for them to come back to a network that makes the most sense for them.

這就是這裡的景象。再說一遍，就像我剛才說的，我認為在接下來的幾個競標週期中，當這些貨主審視他們從現有服務商那裡獲得的價值時，我們將為他們提供一個非常有說服力的理由，讓他們重新回到一個對他們來說最有意義的網絡。

John, do you have anything to add there?

約翰，你還有什麼要補充的嗎？

I would just emphasize that our customer-facing composite standards are extremely high. We're committed to delivering them. And we've got resources, we've got assets, and we've got a corridor that's poised and ready for growth. And we're going to deliver regardless.

我只想強調一點，我們面對客戶的複合材料標準非常高。我們致力於實現這些目標。我們擁有資源，我們擁有資產，我們擁有一條蓄勢待發、準備就緒的成長走廊。無論如何，我們都會準時交貨。

Yeah. For every customer that is able to use Norfolk Southern. We're open for business.

是的。對於每一位能夠使用諾福克南方鐵路服務的客戶而言。我們正常營業。

And look, again, I'll get back to the fact that when we control the relationship entirely with our customer base in our region, we're doing great. But when it's an interline arrangement and the contract may not be specifically through us, that's where we're seeing some of these challenges. So this is really kind of interline only. That's where it's -- that's where we're seeing it.

而且，我再說一遍，當我們完全掌控與我們地區客戶群的關係時，我們就做得很好。但是，當涉及聯運安排，且合約並非專門透過我們簽訂時，我們就會遇到一些挑戰。所以這其實只是一種行間插字。就在那裡——我們就是在那裡看到的。

Appreciate the question and our -- and allowing us to elaborate.

感謝您的提問，也感謝您讓我們詳細闡述。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

I guess, Ed, sticking on this topic, can you put a finer number on kind of what the quarterly run rate should be down, assuming nothing else changed in the business from where we're exiting kind of 3Q, just to help us kind of better understand what's in that model. And it sounds like you're saying you guys can go market that against that service and maybe get some of traffic over time.

我想，Ed，既然說到這個主題，你能否更精確地估算一下季度運行率應該會下降多少？假設業務方面沒有發生任何其他變化，從我們結束第三季開始，這可以幫助我們更好地理解模型的內容。聽起來你的意思是，你們可以把這個服務拿來和那個服務競爭，也許過段時間就能獲得一些流量。

What's the risk that this gets worse, right? I mean it sounds like you're saying you're going to go back and try to go directly to BCOs presumably with another IMC to pull back some of that volume. Is there -- do you get worried at all that maybe there's another shoe to drop as far as kind of the volume that's been lost?

情況惡化的風險有多大？我的意思是，聽起來你的意思是你要回去，然後直接去找 BCO，大概會和另一個 IMC 合作，以挽回一部分業務量。你是否擔心，在損失的銷售方面，可能還會有其他不利因素出現？

Well, that's a lot like my golf game. It could always be worse. But I would say this, we're working really close with all of our partners, including ones that may be affected with this to make sure that we're offering exceptional value for them in places where we can do that. And there are places across our network that I would argue we offer services that really no other railroad can replicate.

嗯，這跟我打高爾夫球很像。情況總有可能更糟。但我想說的是，我們正在與所有合作夥伴緊密合作，包括那些可能受到影響的合作夥伴，以確保在力所能及的範圍內為他們提供卓越的價值。而且，我認為我們鐵路網絡的一些地方提供的服務是其他任何鐵路公司都無法複製的。

Quantifying it's probably a little bit difficult. You saw what the effect kind of was really on a portion of order. So we'll see from here. And again, it's not like we're in a super healthy truck freight environment where there's a lot of lift right now. So the whole world is struggling when it comes to freight, this is one other -- one more headwind applied to the portfolio, but we're very confident in the service.

量化起來可能有點困難。你已經看到了這種影響對部分訂單的實際影響。接下來就看情況了。而且，我們現在所處的卡車貨運環境也並非十分健康，貨運量也不大。所以全世界在貨運方面都面臨困境，這又為我們的業務組合增加了一個不利因素，但我們對這項服務非常有信心。

We should reiterate, in the third quarter, it wasn't the majority of the challenge in Intermodal. It was on the margins. This will build in the fourth quarter and into the first quarter. And that's where it will take us, like you said, a couple of good cycles, we should end up getting it back. But we're going to feel the pain here in the next handful of quarters.

我們應該重申，在第三季度，這並不是多式聯運面臨的主要挑戰。它處於邊緣地位。這種情況將在第四季持續到第一季。正如你所說，經過幾個好的周期，我們最終應該能把它奪回來。但在接下來的幾個季度裡，我們將感受到這種痛苦。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Maybe talking a bit about your plans currently or your strategy to mitigate potentially any integration risk that we should see with the integration of the two networks. Clearly, you've made tremendous efforts from a service standpoint over the last several years and UNP as we all saw earlier today, also at a really strong point. So wanted to just talk again hear your view how to early on mitigate any of that integration risk or network disruption that could come as a result of the merger.

或許可以談談您目前的計劃，或者您為減輕兩個網路整合過程中可能出現的任何整合風險而採取的策略。顯然，過去幾年裡，你們在服務方面做出了巨大的努力，而且正如我們今天早些時候所看到的，UNP 也處於非常強勁的時期。所以我想再次和您談談，聽聽您對如何儘早減輕合併可能帶來的任何整合風險或網路中斷的看法。

Yeah. I think that's one thing, Jim and I are very, very aligned and clear on is that we cannot afford to have any integration pickup or challenge. So we're going to take our time and do this the right way. We're going to learn from the lessons of the past, and we're going to study that carefully. And we're going to kind of do a lot of benchmarking and leverage the talent we have on both teams to start planning when that's appropriate and observing what it is we can do from a systems perspective.

是的。我認為有一點，我和吉姆非常非常一致，而且非常清楚，那就是我們不能承受任何整合方面的阻礙或挑戰。所以我們會慢慢來，把這件事做好。我們將吸取過去的經驗教訓，並認真研究這些經驗教訓。我們將進行大量的基準測試，並利用我們兩個團隊的人才，在適當的時候開始製定計劃，並觀察我們可以從系統角度做些什麼。

And then even from a technical perspective, we're going to do this very, very deliberately. It's an ultra-high priority for us when we do bring these companies together to ensure that the integration is done right.

即使從技術角度來看，我們也會非常、非常謹慎地對待這件事。我們把這些公司整合在一起時，確保整合順利進行是我們的首要任務。

John?

約翰？

Yeah. Mark, I've been through these potential mergers before, and I'll let those results speak for themselves, but merger or new merger leadership matters. And since early 2004 and throughout 2025, this team has successfully delivered our PSR 2.0 transformation, which has been building the momentum and producing irrefutable value. And we've had to navigate complexity, ambiguity, and even adversity. It works in all business environments, and we're going to continue to invest in our generational leaders, elevate our service.

是的。馬克，我以前經歷過這些潛在的合併，結果會說明一切，但合併或新的合併領導層至關重要。從 2004 年初到 2025 年，團隊已成功完成了我們的 PSR 2.0 轉型，這為轉型積累了勢頭並創造了無可辯駁的價值。我們必須應付複雜性、模糊性，甚至是逆境。它適用於所有商業環境，我們將繼續投資於我們的下一代領導者，以提升我們的服務水準。

We're going to continue to stress the plan. remove waste and deliver more volume with fewer people, fewer locomotives, fewer cars and less fuel. So really, it comes down to the fundamentals. As I said in my prepared remarks, the fundamentals are sound. And from that stability lends the opportunity for the development of an integration [plan].

我們將繼續強調該計劃：減少浪費，用更少的人員、更少的機車、更少的車輛和更少的燃料運送更多的貨物。所以說，歸根究底還是基本問題。正如我在準備好的演講稿中所說，基本面是穩固的。而這種穩定性為一體化的發展提供了機會。[計劃]。

Yeah. I think, again, it gets back to my response to Chris. We've got to go into this merger, both of us really operating well. And that will certainly ensure a good foundation for integration. And right now, we're both in strong positions and the way our safety and our service metrics are yielding and that is important to maintain because once we come together, we're coming together from a foundation of strength, we can integrate a lot easier.

是的。我覺得，這又回到了我對克里斯的回應。我們雙方都必須在營運狀況良好的情況下才能進行這次合併。這無疑將為融合奠定良好的基礎。目前，我們雙方都處於有利地位，我們的安全和服務指標都在穩步提升，保持這一點非常重要，因為一旦我們走到一起，我們就能在強大的基礎上更好地融合，整合起來也會容易得多。

Bascome Majors, Susquehanna.

巴斯科姆少校，薩斯奎哈納。

As you think about the competitive response what conviction do you have that some of what's happening in Intermodal doesn't bleed into the carload side of the business? And maybe aligned with that three months in post announcement, like what conversations are you having with your large industrial carload customers? And do those skew optimistic or cautious?

在考慮競爭應對措施時，您有多大把握認為多式聯運領域發生的一些事情不會波及到整車運輸業務？或許可以結合公告發布後的三個月時間，談談您正在與大型工業貨車客戶進行的哪些對話？這些觀點是偏樂觀還是偏謹慎？

Appreciate the question, Bascome. I would categorize it in a couple of different ways. Number one, we have built a firm runway of success there when it comes to our carload service. And of course, that's the number one thing that our customers are looking for on that side. They want that conveyor belt that moves at the same speed all the time with little variation. And John and his team have done a really good job of building that resiliency back into it.

感謝你的提問，Bascome。我可以從幾個不同的角度進行分類。第一，就我們的整車運輸服務而言，我們已經在那裡建立了穩固的成功基礎。當然，這正是我們的客戶最重視的一點。他們想要的是那種總是以恆定速度運行，變化很小的傳送帶。約翰和他的團隊在重建這種韌性方面做得非常出色。

Number two, and I think this is kind of turn horn, but I can't help it, we're known for being a relationship business. We are a relationship company, and we've built strong partnerships across the board with our big industrial customers. They know us. We know them. And I can say hi to them on this call.

第二點，我覺得這有點自相矛盾，但我沒辦法，我們以注重人際關係而聞名。我們是一家注重人際關係的公司，我們與各大工業客戶建立了強大的合作關係。他們認識我們。我們認識他們。我可以在這次通話中跟他們打個招呼。

We -- they know us and they know the way that we do business, and I will tell you that they are curious, of course, to learn more about what's going to happen in the future, but they're confident that with us being a part of the equation that they're in good hands, so to speak.

他們了解我們，也了解我們的經營方式。當然，他們很想了解未來會發生什麼，但他們相信，有了我們的參與，他們就萬事大吉了。

Now in terms of any other erosion, it's a competitive landscape. We'll see what happens. We're competing every day to try to get more so as everyone else. We'll see where that part goes. But I think that combination of relationships and good service is a very good defense for us.

至於其他方面的侵蝕，這是一個競爭激烈的局面。我們拭目以待。我們每天都在和其他人競爭，努力爭取更多。我們看看那部分會如何發展。但我認為，良好的人際關係和優質的服務相結合，對我們來說是非常有效的防禦手段。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

You gave some good color around the coal yields Intermodal. But maybe thinking through sort of like total yields or revenue per carload as we look out to the fourth quarter, maybe talk about some of the puts and takes overall, whether it be core price, mix, et cetera?

你對煤炭產量多式聯運做了很好的描述。但展望第四季度，或許我們可以思考一下總收益或每車收入之類的問題，討論一下整體上的利弊，例如核心價格、組合等等？

I appreciate it. I'm very pleased with where we've landed with our price plan this year so far, and I fully expect that to continue for the rest of the year. So our pricing plan is intact. And I would say that we're in good shape there, particularly versus inflation.

謝謝。我對我們今年的價格方案目前為止的成果非常滿意，我完全相信這種情況會在今年餘下的時間裡繼續下去。所以我們的定價方案維持不變。我認為我們在這方面情況良好，尤其是在抵禦通貨膨脹方面。

When I look at the mix piece, we're going to see more utility. We'll probably see a little bit less on the export side. And you got erosion in the RPU for the coal piece because of that seaborne price. That's going to be a little bit of a mixed headwind. On the merchandise side, we've already highlighted that natural gas liquids and even some metals markets in terms of scrap, that's diluted the RPU sum.

當我查看混音部分時，我們會看到更多實用性。出口方面可能會略有減少。由於海運價格上漲，煤炭部分的 RPU 出現了侵蝕。那將會是一些不利因素。在商品方面，我們已經強調，天然氣液體甚至一些金屬市場（就廢料而言）都稀釋了 RPU 總額。

But I will tell you that probably the biggest challenge we're going to have from where we've come from might be on the automotive side where we've seen that one big supplier to one of our big customers have an issue. And so we expect that there'll be a little bit of wind taken out of the automotive side, so to speak, when it comes to the volume piece, and that's to go along with everything else. Hope that helps.

但我可以告訴你，我們目前面臨的最大挑戰可能來自汽車產業，因為我們發現我們的一個大客戶的大型供應商出現了問題。因此，我們預計汽車業的銷量會受到一定程度的影響，這與其他所有行業的情況類似。希望對您有幫助。

And at this time, ladies and gentlemen, I'd like to turn the call back over to Mark George.

女士們、先生們，現在我想把電話交還給馬克喬治。

Okay, everyone, really appreciate you dialing in this evening. Just to summarize, we're running a really good railroad right now despite the uncertain macro environment that's ahead and obviously the increasing competitive pressures. So our top line may be volatile going forward, but we are absolutely committed to safety, to service, and maintaining our cost structure, and we are going to fight like hell over every available unit and dollar rest assured.

好的，各位，非常感謝大家今晚撥入電話。總而言之，儘管未來宏觀環境不明朗，競爭壓力日益增大，但我們目前的鐵路營運狀況非常好。因此，我們未來的營收可能會波動，但我們絕對致力於安全、服務和維持成本結構，請放心，我們將盡全力爭取每一分錢和每一分錢。

There's a lot of opportunity on the horizon with our proposed merger with UP, and that's going to yield huge benefits to our customers as well as our country. So we thank you for your time this evening, and take care.

我們與 UP 的擬議合併帶來了很多機遇，這將為我們的客戶和國家帶來巨大的好處。感謝您今晚抽出時間，請多保重。

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。再次感謝各位的出席。此時，請您斷開線路。