Norfolk Southern Corp (NSC) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation third-quarter 2026 earnings conference call. (Operator Instructions) Also note that this call is being recorded on Thursday, October 22, 2026. And I would like to turn the conference over to Luke Nichols. Please go ahead.

各位女士、先生，早安，歡迎參加諾福克南方公司（Norfolk Southern Corporation）2026 年第三季財報電話會議。（接線員指示）另外提醒，本次電話會議於 2026 年 10 月 22 日（星期四）進行錄音。現在我想把會議交給 Luke Nichols。請開始。

Thank you, and 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.

謝謝，各位早安。請注意，在今天的電話會議中，我們將在 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之「安全港」條款所界定的範圍內，作出若干前瞻性陳述。這些陳述涉及諾福克南方公司未來事件或未來績效，存在風險與不確定性，實際結果可能與之有重大差異。

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. 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.

關於我們認為最重要之風險與不確定性的完整討論，請參閱我們向美國證券交易委員會（SEC）提交的年度與季度報告。我們的簡報投影片可於 norfolksouthern.com 的投資人專區取得，並附有今日所使用之任何非 GAAP 指標與可比 GAAP 指標之調節表，包括調整後或非 GAAP 的營運比率。

Please note that all references to our prospective operating ratio during today's call are being provided on an adjusted basis. Turning to slide 3. I'll now turn the call over to Norfolk Southern's President and Chief Executive Officer, Mark George.

請注意，今日電話會議中所有對於我們未來營運比率的提及，均以調整後基礎提供。請看第 3 張投影片。接下來我把電話交給諾福克南方總裁兼執行長 Mark George。

Well, good morning, everyone, and thank you for joining us. We are here in Atlanta, and I'm joined by Brian Barr, our Chief Operating Officer; Ed Elkins, our Chief Commercial Officer; and Jason Zampi, our Chief Financial Officer. Our third quarter was strong with steady execution, making notable improvements to our network while delivering solid results. We have an outstanding team of Thoroughbreds, who remained focused on the fundamentals, operating a safe, reliable railroad, serving our customers, growing the business and improving productivity across the network. So a big thanks to all our team.

各位早安，感謝各位參與。我們今天在亞特蘭大，我與營運長 Brian Barr、商務長 Ed Elkins，以及財務長 Jason Zampi 一同出席。我們第三季表現強勁，執行穩健，在交出扎實成果的同時，也對我們的路網做出顯著改善。我們擁有一支傑出的 Thoroughbreds 團隊，持續專注於基本功：安全、可靠地營運鐵路，服務客戶，拓展業務，並提升全網生產力。在此衷心感謝我們所有團隊成員。

Collectively, we delivered very strong revenue and operating income growth, while we continued to advance productivity. While we absorbed higher fuel costs this quarter, our team executed well on the controllables maintaining cost discipline while improving the efficiency of the operations.

整體而言，我們實現了非常強勁的營收與營業利益成長，同時持續推進生產力提升。儘管本季承受較高燃料成本，我們團隊仍在可控項目上執行到位，在提升營運效率的同時維持成本紀律。

Overall, we're pleased to have our business performed in a dynamic operating environment and believe that the underlying fundamentals of the franchise remains strong. Demand for rail service is growing with encouraging trends in areas such as domestic intermodal and chemicals, which Ed will discuss in more detail. The current macro environment is tightening the truck market, and that helps rail be more competitive.

總體來看，我們對公司在多變的營運環境下所展現的表現感到滿意，並相信本業的基本面依然強健。鐵路服務需求正在成長，國內聯運與化學品等領域出現令人鼓舞的趨勢，Ed 稍後會更詳細說明。目前的總體環境使卡車運輸市場趨於緊俏，這有助於提升鐵路的競爭力。

And what you saw in the quarter is us capturing the increased customer demand. Operationally, we continue to make progress. Under Brian's leadership, we've made targeted adjustments across the network and key service metrics are improving even as we handle higher volumes. Brian will detail some of the changes that helped us achieve record productivity performance in the quarter, and we are making other operational improvements while adding resources that will improve network performance going forward. And you should expect to see these efforts show up more clearly as we close out 2026 and continue into next year.

而各位在本季看到的，就是我們正在掌握客戶需求增加所帶來的機會。在營運方面，我們持續取得進展。在 Brian 的領導下，我們在全網進行了有針對性的調整，即使處理更高運量，關鍵服務指標仍在改善。Brian 將說明一些變革，這些變革協助我們在本季達成創紀錄的生產力表現；同時，我們也在增加資源並推動其他營運改善，以提升未來的路網表現。隨著我們完成 2026 年並延續到明年，各位應可更清楚看到這些努力的成果。

Bottom line, we're handling the volume today and we expect stronger results as the resources come online and our demand pipeline continues to fill out. While we are encouraged by the meaningful progress we're making, we know there's more work to do. And we've consistently said that we hold ourselves to a higher standard. We're accelerating some targeted capital investments into this year to accommodate continued volume growth so that we can deliver the level of service our customers expect. Meantime, we've identified opportunities to build more sustainable processes across our network so we can create a more resilient railroad for the long term.

歸根結底，我們目前已能承接今日的運量，並預期隨著資源到位以及需求管線持續充實，成果將更為強勁。雖然我們對所取得的實質進展感到振奮，但我們也知道仍有更多工作要做。我們一向強調，我們對自己有更高的標準。我們正把部分有針對性的資本投資加速提前至今年，以因應持續的運量成長，從而提供客戶所期待的服務水準。同時，我們也已找出在全網建立更可持續流程的機會，以打造更具韌性的長期鐵路營運體系。

And with that, let me hand it off to Brian.

接下來我把時間交給 Brian。

Appreciate it, Mark, and good morning, everyone. I want to begin by thanking the men and women of Norfolk Southern. As I spend time in the field, it is clear our team is putting in the work. Our railroaders managed another demanding quarter overcoming significant weather and operating disruptions while remaining focused on serving our customers and operating safely.

謝謝你，Mark，各位早安。我想先感謝諾福克南方的每一位同仁。當我到現場走訪時，很明顯我們的團隊正在全力以赴。我們的鐵路同仁在又一個充滿挑戰的季度中，克服了顯著的天候與營運中斷，同時仍專注於服務客戶並確保安全營運。

As I said on this call last quarter and say it to our teams frequently, successful railroading comes down to doing the fundamentals exceptionally well, originate trains on time, reduce terminal dwell, run the plan and align resources with demand.

正如我在上季電話會議中所說、也經常對團隊強調的，成功的鐵路營運歸結於把基本功做到極致：準時發車、降低場站滯留時間（dwell）、按計畫運行，並使資源與需求相匹配。

During the third quarter, our focus on those fundamentals drove clear sequential improvements across the network. Turning to slide 5. The most important part of railroading is ensuring our employees and the communities we serve remain safe. Our preliminary year-to-date FRA personal injury index is 1.08. Our train accident rate is at 1.74, a historical best for Norfolk Southern.

第三季期間，我們對這些基本功的專注，帶動了全網明顯的連續性改善。請看第 5 張投影片。鐵路營運最重要的一點，是確保我們的員工以及我們服務的社區都能維持安全。我們初步的年初至今（YTD）FRA 人身傷害指數為 1.08；列車事故率為 1.74，創下諾福克南方歷史最佳。

Our accident performance continues to show step function improvement, and it's a clear sign of our railroaders' commitment to safety. We recognize the progress, but we are not satisfied. We will never stop pushing ourselves to be the safest in the industry.

我們的事故表現持續呈現階躍式改善，清楚展現鐵路同仁對安全的承諾。我們肯定這些進展，但我們並不滿足。我們將永不停歇地推動自己，成為業界最安全的公司。

Turning to slide 6. We ended the quarter with a clear plan to recover network fluidity by improving originations, reducing dwell, increasing velocity, and getting the railroad back on schedule. We delivered sequential improvement across those foundational measures. These are results our customers can see and feel. This quarter-over-quarter improvement demonstrates that our operating actions are producing results.

請看第 6 張投影片。我們在季末制定了明確計畫，透過改善始發（originations）、降低滯留時間、提升速度，並讓鐵路營運回到時刻表，以恢復路網流動性。我們在這些基礎衡量指標上實現了連續性改善。這些成果是客戶看得到、也感受得到的。這種季對季的改善，證明我們的營運行動正在產生成效。

Moving to slide 7. Our progress came despite significant August weather across the north. On our network's high-speed corridor, the team quickly restored infrastructure, removing hundreds of downed trees, repairing multiple washouts, and handling widespread power outages by activating strategic reroutes and repositioning resources. While the historic wind and rain interrupted some of our July momentum, it did not derail our progress. We made meaningful improvements versus the prior quarter as you can see by the metrics on the slide. We also drove substantial year-over-year progress, operating 5% more gross ton miles than in quarter 3, 2025.

請看第 7 張投影片。即便 8 月北部地區出現顯著天候影響，我們仍取得進展。在我們路網的高速走廊上，團隊迅速修復基礎設施，清除數百棵倒樹、修復多處沖毀路段，並透過啟動策略性改道與重新配置資源來應對大範圍停電。雖然歷史性的強風與豪雨中斷了我們 7 月的一些動能，但並未使我們的進展脫軌。如投影片上的指標所示，相較前一季我們有顯著改善。我們也推動了可觀的年對年進步，營運的總噸英里（gross ton miles）較 2025 年第三季增加 5%。

The network was able to absorb this growth almost entirely through our existing infrastructure, driving a 4% increase in both train length and weight compared to the same period last year. Turning to slide 8. We generated strong productivity in a higher volume environment. Our on-time origin performance increased by 12 percentage points, and we continue to see progress here daily. Running an on-time network is essential to driving cost out.

路網幾乎完全透過既有基礎設施就吸收了這些成長，使列車長度與重量相較去年同期皆提升 4%。請看第 8 張投影片。在更高運量的環境下，我們創造了強勁的生產力表現。我們的準時始發表現提升了 12 個百分點，而且我們每天都持續看到這方面的進展。維持準時運行的路網，是推動成本下降的關鍵。

Workforce productivity was a quarter 3 record. We have begun localized hiring to support growth and targeted train-plan consolidations will reduce labor intensity where demand is strongest, allowing us to continue capturing truck-to-rail conversions.

勞動生產力創下第三季紀錄。我們已開始在地化招募以支援成長，並將透過具針對性的列車計畫整併，在需求最強的區域降低勞動強度，使我們得以持續掌握由卡車轉向鐵路的運量轉換。

In the third quarter, the team made improvements by redesigning car connections at terminals and removing costly handlings to reduce dwell. In the quarter, we eliminated 95 crew starts per week and took 200 cars offline per day. These adjustments allowed the network to accommodate 3% carload growth in the quarter.

在第三季，團隊透過重新設計終端的車輛銜接並移除高成本的搬運作業來降低停留時間（dwell），從而帶來改善。本季我們每週減少95次乘務啟動（crew starts），並每日讓200輛車退出運用。這些調整使網路在本季得以容納3%的車載量（carload）成長。

Let me give you a couple of examples of our recent plan improvements. First, we consolidated smaller trains between Birmingham and Macon. This saves 14 crew starts per week, reduces the number of locomotives needed, and delivers cars faster to the customer. And another example, we shifted 50 daily switch cars from Enola Terminal to Allentown Yard. That change freed up manpower for road service at Enola and moves the switching work to a lower cost per car location.

我舉幾個我們近期列車計畫改善的例子。首先，我們整併了伯明罕（Birmingham）與梅肯（Macon）之間較小的列車。此舉每週可節省14次乘務啟動，降低所需機車數量，並更快將車輛交付給客戶。另一個例子是，我們將每日50輛調車（switch）車輛從伊諾拉終端（Enola Terminal）移至阿倫敦編組場（Allentown Yard）。此變更釋放了伊諾拉的路線服務人力，並將調車作業移至每車成本較低的地點。

It also removed six blocks at Enola, creating additional yard capacity. Adjustments like these are keeping our network fluid and agile. When trains originate on time and move faster, re-crews decline, locomotives turned more efficiently, cars spend less time in terminals, and crews spend more time moving freight. That is how service and productivity reinforce one another. I'm proud of the way our operating team continues to improve the railroad. That work has us on track to deliver at least $650 million in cumulative cost savings.

同時也在伊諾拉移除了六個分塊（blocks），創造額外的編組場容量。像這樣的調整正讓我們的網路保持順暢與敏捷。當列車能準時始發並更快運行時，重派乘務（re-crews）會下降、機車周轉更有效率、車輛在終端停留時間更短，而乘務能把更多時間用於運送貨物。這就是服務與生產力如何相互強化。我為我們營運團隊持續改善鐵路營運的方式感到自豪。這些工作使我們有望實現至少6.5億美元的累計成本節省。

We made meaningful progress during the quarter, but there is more work ahead. Our standard is a railroad that operates safely, executes consistently, and delivers service our customers can plan around every day. We will keep leading from the front, running the plan, and delivering results.

我們在本季取得了實質進展，但前方仍有更多工作要做。我們的標準是一條能安全運行、穩定執行，並每天提供客戶可據以規劃之服務的鐵路。我們將持續身先士卒、按計畫運行並交付成果。

I will now turn the call over to Ed.

接下來我把電話會議交給Ed。

Thanks a lot, Brian, and good morning, everyone. Our commercial results this quarter reflect a strong macro backdrop and a tightening truck market, which has allowed NS to drive growth across our network. Volume grew in every one of our business groups, and we set an all-time record for revenue less fuel.

非常感謝你，Brian，各位早安。本季我們的商務成果反映出強勁的總體環境以及趨緊的卡車市場，這使NS得以推動整體網路成長。我們各業務群的運量皆成長，且不含燃油的營收創下歷史新高。

Let's move to slide 10. We achieved 14% overall revenue growth for the third quarter, which is inclusive of fuel surcharge. And when we look at revenue on a less fuel basis, we delivered a 6% increase to set an all-time record. We finished the quarter with broad-based strength, achieving 3% volume growth in each of our business verticals. These gains were supported by elevated global energy prices, a robust industrial backdrop and favorable truck market dynamics.

我們看第10頁投影片。第三季我們達成整體營收成長14%，其中包含燃油附加費。若以不含燃油的口徑來看，我們交出6%的成長並創下歷史新高。本季以全面性的強勢作結，我們各業務垂直領域的運量皆成長3%。這些成長受惠於偏高的全球能源價格、強勁的工業環境以及有利的卡車市場動態。

RPU, less fuel increased by 3% as our teams focused on pricing to the market. Looking within merchandise, volumes increased 3% and revenue less fuel achieved another record, increasing 5% from a year ago, driven by strength in our metals and construction franchise and by strong energy demand in our chemicals markets.

不含燃油的每單位收入（RPU）成長3%，因我們的團隊專注於依市場進行定價。在一般貨運（merchandise）方面，運量成長3%，不含燃油的營收再度創下紀錄，較去年同期增加5%，主要由我們的金屬與建材業務的強勁表現，以及化學品市場中強勁的能源需求所帶動。

Our RPU less fuel grew 2% year over year as strong core pricing was partially offset by some mix. Let's shift our focus to our intermodal business. Volumes there increased 3% reflecting strong freight demand and tighter truck-market conditions that favorably positioned our intermodal partners to succeed with particular strength in our domestic and premium segments, which was partially offset by International.

我們不含燃油的RPU年增2%，強勁的核心定價部分被產品組合（mix）因素所抵銷。接著把焦點轉向我們的聯運（intermodal）業務。該業務運量成長3%，反映出強勁的貨運需求與更趨緊的卡車市場狀況，這使我們的聯運合作夥伴處於有利位置並取得成功，國內與高端（premium）區隔表現尤為突出，但部分被國際業務所抵銷。

Overall, intermodal revenue less fuel increased by 7% and positive mix and a positive price environment pushed RPU less fuel up by 4%. Looking at our coal franchise, volumes grew 3%, largely due to increased export volumes, which include the new customer that we announced earlier this year.

整體而言，聯運不含燃油的營收成長7%，而正向的產品組合與有利的定價環境推動不含燃油的RPU上升4%。再看我們的煤炭業務，運量成長3%，主要來自出口運量增加，其中包含我們今年稍早宣布的新客戶。

And despite strong demand, utility volumes were relatively flat versus '25 due to plant outages, along with some localized service challenges that limited our ability to capture upside. RPU less fuel increased by 2%, lifted primarily by tailwinds from favorable seaborne pricing.

儘管需求強勁，公用事業（utility）運量相較於'25仍大致持平，原因包括電廠停機檢修，以及部分在地化的服務挑戰限制了我們掌握上行機會的能力。不含燃油的RPU成長2%，主要受惠於有利的海運（seaborne）定價帶來的順風。

Let's go to slide 11, and here we highlight several dynamic factors that continue to influence our market outlook. The inflection of fuel price has generated opportunities across energy-related commodities, which could carry forward for the duration of the conflict in the Middle East. However, if energy prices remain elevated in the longer term, it could begin to impact overall customer demand. We're keeping a close eye on this interplay.

我們看第11頁投影片，這裡重點說明幾項持續影響我們市場展望的動態因素。燃油價格的轉折為能源相關商品帶來機會，且在中東衝突持續期間可能延續。然而，若能源價格在較長期間維持高檔，可能開始影響整體客戶需求。我們正密切關注這種相互作用。

The tightening truck market bodes well for highway-to-rail conversions across markets such as forest products and consumer products. And lastly, new project activity in industrial development remains ahead of last year. Although the pace has normalized following an exceptionally strong second quarter. And as we look forward, we remain positive on the outlook for new industrial development activity as tariff-related concerns ease.

卡車市場趨緊有利於在林產品、消費品等市場推動由公路轉向鐵路的運量轉換。最後，工業開發的新專案活動仍高於去年。不過在第二季異常強勁之後，增速已趨於正常化。展望未來，隨著關稅相關疑慮緩解，我們對新的工業開發活動前景仍保持正向看法。

Additionally, we have a subdued positive outlook for vehicle production. Industrial activity has maintained its momentum with manufacturing continuing its expansion for the ninth consecutive month. We are maintaining an optimistic outlook for the industrial sector despite ongoing volatility in the broader economic landscape. Global energy prices, while a significant wild card, could continue to support near-term opportunities in markets like natural gas liquids, sand and crude oil.

此外，我們對車輛產量的展望為溫和偏正向。工業活動維持動能，製造業已連續第九個月持續擴張。儘管更廣泛的經濟環境仍有波動，我們仍維持對工業部門的樂觀展望。全球能源價格雖是重要的不確定因素，但仍可能持續支撐天然氣液（NGL）、砂以及原油等市場的短期機會。

Looking specifically at our intermodal markets. Truck market conditions continue to trend positively. Rising rates reflect tighter capacity against a steady demand backdrop. And we expect resilient consumer demand to support our domestic and premium segments in the near term as new orders increase and retail sales have shown modest growth. And on the other hand, more trade uncertainty will continue to weigh negatively on international volumes on our network. And overall, we stand poised to take share from the highway as elevated fuel prices make conversion from truck to intermodal more attractive to our customers.

再具體看我們的聯運市場。卡車市場狀況持續朝正向發展。運價上升反映在需求穩定的背景下，運能更為吃緊。我們預期具韌性的消費需求在短期內將支撐我們的國內與高端區隔，因新訂單增加且零售銷售呈現溫和成長。另一方面，更多的貿易不確定性將持續對我們網路上的國際運量造成負面壓力。整體而言，隨著燃油價格維持高檔，使由卡車轉向聯運對客戶更具吸引力，我們已準備好從公路端取得市占。

As we turn to coal, the outlook is positive for the remainder of 2026, and we expect growth to be led primarily by our export franchise, but will also be supported by favorable market conditions within our utility business.

談到煤炭，2026年剩餘期間的展望為正向，我們預期成長主要由出口業務帶動，同時也將受惠於公用事業業務中有利的市場條件。

Let's go to slide 12. Throughout the third quarter, we continued to build momentum across the business. Stronger service performance is enhancing customer confidence and their confidence in supporting market share growth. And at the same time, new digital and operating capabilities are enabling us to grow more efficiently. Our digital investments are delivering tangible benefits for both customers and our operations through greater automation, visibility, and better ease of doing business.

我們看第12頁投影片。在整個第三季，我們持續在各項業務上累積動能。更強的服務表現正在提升客戶信心，以及他們支持市占成長的信心。同時，新的數位與營運能力正使我們能更有效率地成長。我們的數位投資正透過更高程度的自動化、可視性，以及更佳的交易便利性，為客戶與營運帶來具體效益。

Whether customers are requesting a rate or seeking information on an active shipments, we're delivering tools that help deliver faster and more consistent answers. We are streamlining the end-to-end rate request process through a single, intuitive platform that allows customers to submit, manage, and track their requests in one place. This reduces manual touch points, it increases transparency and accelerates decision making.

無論客戶是在詢價，或是尋求在途貨運的資訊，我們都在提供工具，協助更快速且更一致地回覆。我們正透過單一、直覺式的平台，精簡端到端的報價請求流程，讓客戶可在同一處提交、管理並追蹤其請求。這可減少人工接觸點、提升透明度並加速決策。

We're focused on delivering an increasingly seamless customer experience. At the same time, we're also enhancing shipment visibility by combining real-time network data, historical trends, and machine learning and artificial intelligence to adapt to changing network conditions.

我們專注於提供愈加無縫的客戶體驗。同時，我們也透過結合即時網路數據、歷史趨勢，以及機器學習與人工智慧，以因應不斷變化的網路狀況，來強化貨運可視性。

The result is a more accurate and more actionable shipment information, enabling customers to plan more effectively, operate more efficiently, and ultimately, make decisions with greater confidence. As these capabilities continue to scale, our goal is simple: Make Norfolk Southern the easiest railroad to do business with so that we win more freight in competitive markets. And as always, we want to thank all of 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 for them in their supply chains.

其結果是更準確且更具可操作性的貨運資訊，使客戶能更有效地規劃、更高效率地營運，並最終以更高的信心做出決策。隨著這些能力持續擴大規模，我們的目標很簡單：讓諾福克南方成為最容易合作做生意的鐵路公司，從而在競爭市場中贏得更多貨運量。一如既往，我們要感謝所有客戶持續的夥伴關係與業務支持。整個NS團隊一致致力於每天提供客戶所需的服務，建立信任，成為其供應鏈中不可或缺的合作夥伴。

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

接下來，我把時間交給Jason，請他回顧我們的財務結果。

Thanks, Ed. I'll start on slide 14 with the reconciliation of our GAAP results to the adjusted numbers that I will discuss today. During the quarter, we incurred $42 million in merger-related expenses and $28 million of net costs related to the Eastern Ohio incident. Adjusting for these items, the operating ratio for the quarter was 65.4%, and earnings per share was $3.62. Slide 15 details the comparison of these adjusted results versus last year.

謝謝你，Ed。我將從第14頁開始，說明我們GAAP結果與我今天將討論的調整後數字之間的調節。本季我們發生了4,200萬美元的併購相關費用，以及與東俄亥俄事件相關的2,800萬美元淨成本。剔除這些項目後，本季營業比率為65.4%，每股盈餘為3.62美元。第15頁詳細比較了這些調整後結果與去年同期的差異。

As expected, higher fuel prices were a significant driver of both the revenue and expense increases, accounting for about half of the variance in both line items. Last quarter, we were expecting fuel to be a tailwind to our third-quarter operating ratio. However, as I previewed a couple of weeks ago, fuel prices actually increased as we progressed through the quarter, and that negatively impacted our operating ratio by about 250 basis points from where we thought we would be. That said, higher volumes and RPU in the quarter helped drive a 10% improvement in earnings.

如預期，更高的燃料價格是營收與費用增加的重要驅動因素，約占兩個項目變動的一半。上季我們原本預期燃料將對第三季營業比率形成順風。然而，正如我在幾週前所預告的，燃料價格在本季進行期間實際上上升了，這使我們的營業比率較原先預期惡化約250個基點。即便如此，本季較高的運量與RPU仍有助於推動盈餘提升10%。

Drilling further into the expense line items on slide 16, costs were up 17% for the quarter. As I just discussed, over half of that increase was driven by the rise in fuel expense. I'll also remind you of last year's significant land sale that impacts the comparison to prior year as well.

進一步檢視第16頁的費用各項目，本季成本上升17%。如我剛才所述，其中一半以上的增幅來自燃料費用上升。我也提醒各位，去年有一筆重大土地出售，亦影響與去年同期的比較。

Setting aside those items, continued inflationary pressures and volumetric cost increases are the primary drivers in our other P&L line items, including [comp and ben], purchased services, and materials.

撇除上述因素後，持續的通膨壓力與運量帶動的成本增加，是我們其他損益表項目的主要驅動因素，包括[薪酬與福利]、外購服務與材料。

Summarizing our financial results on slide 17. Despite the inflationary headwinds we faced, we drove an increase of 7% in operating income and delivered a 10% increase in both net income and earnings per share. As we move into the fourth quarter, we continue to manage through the volatility of fuel prices that will influence the trajectory of the operating ratio. That said, we are optimistic about the current demand environment and our ability to grow volumes, revenue, and earnings.

在第17頁彙總我們的財務結果。儘管面臨通膨逆風，我們仍推動營業利益成長7%，並使淨利與每股盈餘皆成長10%。進入第四季，我們將持續因應燃料價格波動，該波動將影響營業比率的走勢。即便如此，我們對目前的需求環境以及我們成長運量、營收與盈餘的能力仍保持樂觀。

Mark, I'll turn it back over to you.

Mark，我把時間交回給你。

Okay. Let's turn to slide 19. Looking ahead, our priorities remain clear. Most importantly, we will continue to operate a safe and reliable railroad. Safety remains the foundation of everything we do, and we remain fixated on that.

好的。讓我們看第19頁。展望未來，我們的優先事項依然明確。最重要的是，我們將持續營運一條安全且可靠的鐵路。安全仍是我們一切工作的基礎，我們也始終專注於此。

Network velocity increased from Q2 despite the higher load on the network and some disruptive events that Brian talked about. Our team is actively recruiting and training new T&E employees to augment our resource base to accommodate growth while we still drive smart productivity and efficiency actions. Accelerating and maintaining a assessed network is essential to provide the consistent, high-quality service that our customers depend on through their businesses.

儘管網路負載更高，且發生了一些Brian提到的干擾事件，網路速度仍較第二季提升。我們的團隊正積極招募並訓練新的T&E員工，以擴充資源基礎來因應成長，同時仍推動明智的生產力與效率措施。加速並維持一個經評估的網路至關重要，才能提供客戶在其業務中所仰賴的一致且高品質的服務。

Now turning to guidance. The fuel environment has remained elevated. As a result, our updated adjusted OpEx guidance for the full year is to be just north of $9 billion, which includes approximately $700 million of incremental fuel expense compared to our view at the beginning of the year. While higher fuel prices continue to pressure our cost structure, our team remains disciplined on managing controllable costs and delivering productivity improvements across the network.

接著談指引。燃料環境仍維持在高檔。因此，我們更新後的全年調整後營業費用（OpEx）指引為略高於90億美元，其中包含相較年初看法約增加的7億美元燃料費用。雖然較高的燃料價格持續對成本結構造成壓力，我們團隊在可控成本管理上仍保持紀律，並在整個網路推動生產力改善。

I'm exceptionally proud of this team as they've managed through the volatile environment this year while managing to keep core operating costs within the original guide we set forth at the beginning of the year despite stronger volumes. The underlying business remains healthy, and we are committed to balancing growth with operational efficiency. Now we are increasing our capital expenditure outlook and expect 2026 CapEx to be roughly $2.1 billion, which is up from $1.9 billion originally.

我對這個團隊感到格外自豪：他們在今年波動的環境中一路應對，同時即使運量更強，仍設法將核心營運成本控制在年初所提出的原始指引範圍內。基本面業務仍然健康，我們致力於在成長與營運效率之間取得平衡。現在我們上調資本支出展望，預期2026年資本支出（CapEx）約為21億美元，高於原先的19億美元。

The incremental reinvestment in the franchise is geared toward positioning us to capture growth opportunities that we see on the horizon as well as to enhance network resilience and efficiencies. We're encouraged by the growth we're seeing across parts of our business, but we also recognize that today's environment won't persist indefinitely. We view most of the macroeconomic factors that are driving the recent truck-to-rail conversions as temporary. But with the freight market today is showing us is that when shippers are given a rail product that offers better value than the highway, they move freight to rail quickly. And the Union Pacific-Norfolk Southern combination is designed to create those conditions permanently.

這筆額外對特許經營的再投資，旨在讓我們能掌握我們所看到的未來成長機會，同時提升網路韌性與效率。我們對業務部分領域所見的成長感到鼓舞，但也認知到今日的環境不會無限期持續。我們認為，近期推動卡車轉鐵路（truck-to-rail）轉換的大多數總體經濟因素屬於暫時性。但目前貨運市場向我們顯示的是：當托運人獲得一個相較公路更具價值的鐵路產品時，他們會很快把貨運轉到鐵路。而聯合太平洋—諾福克南方的合併，正是為了永久創造這些條件。

Okay. With that, we will now open the call to questions. Operator?

好的。接下來我們將開放提問。接線員？

(Operator Instructions) Scott Group, Wolfe Research.

(接線員指示) Wolfe Research的Scott Group。

Just a couple of things, Mark, your comment about the truck-to-rail conversion being temporary. Just add some color there. Is your thought that like when fuel goes down, we lose the share back to truck? Or are you saying that incremental share gains will get tougher whenever fuel goes down, or maybe I don't [need to] have another thought on that. So I'm just curious about that.

有幾點想問，Mark，你提到卡車轉鐵路的轉換是暫時性的。能否再補充一些背景說明？你的意思是例如當燃料價格下降時，我們會把市占又讓回給卡車嗎？還是你是說當燃料價格下降時，新增的市占提升會變得更困難？或者也許我不[需要]再有其他想法。所以我只是好奇你指的是哪一種。

And then, Mark, you've also just -- like in recent quarters, like been talking about the competitive dynamic, and I'm just wondering how that's evolving, and how we should be thinking about pricing going forward in a world of higher truck rates and better rail volumes?

另外，Mark，你在最近幾季也一直在談競爭態勢，我想了解這個態勢如何演變，以及在卡車運價較高、鐵路運量較佳的世界裡，我們未來應如何看待定價？

Scott, thank you very much. Okay. So yeah, look, the competitive environment, it's definitely pretty robust right now. I think you see all the competitors offering new products coming together in the wake of the announcement of the merger, we've definitely seen a more enhanced competitive environment. So for sure, we're seeing more competition.

Scott，非常感謝。好的。是的，你看，競爭環境現在確實相當激烈。我想你可以看到，在併購公告之後，各家競爭對手都在推出新產品並加速整合，我們確實看到競爭環境更為升溫。所以可以肯定的是，我們正面臨更多競爭。

The good news is, and I think that's all good, by the way, for the rail industry as a whole because we are now finally getting some share back from the highway, certainly aided by the rising fuel prices, but still, nevertheless, I think the rails cooperating together is really a good thing even if it creates a tougher situation for us. So definitely, that -- I would confirm that dynamic exists. And look, when I talk about temporary, what I mean here, Scott, is obviously the rail -- sorry, the fuel pricing has pushed freight to the highway. We're seeing a large part of our intermodal growth has been driven exactly by highway-to-rail conversion. No doubt about it.

好消息是，而且順帶一提，我認為這對整個鐵路產業都是好事，因為我們現在終於從公路那邊拿回了一些市占，當然燃油價格上漲也助了一臂之力；但即便如此，我仍然認為各家鐵路彼此合作確實是件好事，即使這會讓我們面臨更艱難的處境。所以我可以明確確認，這種動態確實存在。另外你看，Scott，當我談到「暫時性」時，我的意思是很明顯地，鐵路——抱歉，是燃油定價把貨運推向了公路。我們看到，我們相當大一部分的聯運成長，正是由「公路轉鐵路」的轉換所驅動。毫無疑問。

Now that is having an impact on the trucking market. And certainly, there's some capacity limitations now in trucking. But over time, when fuel goes back to where it was, you can expect that some will revert back to a large portion of what we've gained will eventually, and it might take a year or two. But it will eventually go back to the highway unless this industry does some very structurally different things, which is really what I was alluding to there at the end. So that's why I think the merger is the real difference maker here in trying to make permanent some upward inflection on share recapture. So hopefully, that clarifies it.

而這正在對卡車運輸市場造成影響。而且可以確定的是，卡車運輸目前也出現了一些運能限制。但隨著時間推移，當燃油價格回到原來的水準時，你可以預期其中一部分會回流；我們所獲得的很大一部分最終也會回去，可能需要一到兩年。但除非這個產業做出一些非常結構性的不同作法——這正是我在最後所暗示的——否則最終還是會回到公路。所以這就是為什麼我認為併購才是關鍵差異化因素，能夠讓我們在奪回市占方面的向上拐點更具永久性。希望這樣能釐清。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Ed, every single rail call every single quarter asked about pricing, and we get some broad-based answer. But if we look at your RPU ex fuel across all three segments, they're all really strong. So I understand that intermodal, you have some truck benefits, [coal] kind of the benchmarks, which is out of your control, but merchandise continues to set a record. So can you help us frame out what was controllable versus what wasn't and where you are in recapturing price as the service continues to improve?

Ed，每一場鐵路公司的電話會議、每一季都會被問到定價，而我們得到的通常是一些較為概括的回答。但如果我們看你們三個業務板塊的 RPU（扣除燃油）表現，都非常強勁。所以我理解聯運方面你們有一些卡車端的利多，[煤炭]某種程度上是基準定價、你們也無法控制，但一般貨運（merchandise）仍在創新高。所以你能否幫我們梳理一下：哪些是可控的、哪些不可控？以及隨著服務持續改善，你們在重新奪回定價能力方面進展到哪裡？

Sure. Thanks for the question. I'll try not to be high level and generic even though it might be unavoidable in some cases. But look, we've had a strong history of price over a long period of time. And having a service product that is recovering that allowed us to exhibit additional value for our customers. And that includes our industrial customers.

當然。謝謝你的問題。我會盡量不要講得太高層、太籠統，雖然有些情況可能難以避免。但你看，我們長期以來一直有很強的定價歷史。而服務產品正在復甦，這讓我們能夠向客戶展現更多的附加價值。這也包括我們的工業客戶。

Now it also helps that what we see as a pretty robust industrial backdrop when it comes to the macro. We've got nine months of expansion now in terms of manufacturing and new orders continue to propel what's going on out there. We see a strong industrial development pipeline of our own, which we think is indicative also of a strong macro. So it is a growth environment right now on the industrial side of our business, which is where, of course, our merchandise business mostly lives. And we've been able to take advantage of the service that we've offered with that value to really try to price to the value of that product.

同時也有利的是，從總體面來看，我們看到相當強勁的工業景氣背景。就製造業而言，現在已經連續九個月擴張，新訂單也持續推動外部的動能。我們自身也看到強勁的工業開發案（development）管線，我們認為這同樣反映了強勁的總體環境。因此，就我們業務的工業端而言，目前是一個成長環境，而我們的一般貨運業務主要就集中在這裡。我們也能夠利用所提供的服務與其價值，真正嘗試依照產品價值來定價。

And now other people say that, and we all aspire to it, but it's been a key part for us. And that really, in the Merchandise segment, you think about it, we've had some mixed headwinds in that side of the business as well, which waters down our efforts when it comes to ARPU, which, of course, is not purely price. So we're proud of that.

其他人也會這麼說，我們也都以此為目標，但這一直是我們的關鍵重點。而且你仔細想，在一般貨運（Merchandise）板塊，我們那邊也面臨一些複合性的逆風，這會稀釋我們在 ARPU（每單位平均收入）上的努力；當然，ARPU 並不完全等同於價格。所以我們對此感到自豪。

On the Intermodal side, certainly, mix plays a role there as well. But I will tell you that we've spent -- and I've told you this before, we spent a lot of time renegotiating our contracts and reconfiguring how we adapt to changing market conditions. So I think we're in the really early innings of seeing that happen. And I really expect that we'll continue to see that happen as this environment persists. Thanks again for the question.

在聯運（Intermodal）方面，產品組合（mix）當然也會扮演角色。但我可以告訴你，我們花了——而且我以前也跟你們說過——很多時間重新談判合約，並重新配置我們因應市場變化的方式。所以我認為我們才剛進入看到這些效果發生的非常早期階段。而且我確實預期，只要這樣的環境持續，我們會繼續看到這些效果延續。再次謝謝你的提問。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Mark, you mentioned if the industry doesn't take a few steps that you fear that some of this stuff that you've gained, the traffic that you've gained can be lost over the next two years. I guess when you look at that assumption, are you assuming that capacity comes back to the trucking market as it has historically because it does appear to be some structural changes in and at least some of the regulatory regime here. And also, aside from creating that transcontinental option that you and the UP are proposing, what are other things that you think the industry can do to retain this traffic?

Mark，你提到如果產業不採取一些措施，你擔心你們目前所獲得的一些成果、所增加的運量，可能在未來兩年內流失。我想問的是，當你做這個假設時，你是否假設卡車運輸市場的運能會像過去一樣回來？因為看起來在結構面上、至少在監管制度上，似乎出現了一些變化。另外，除了你們與 UP 所提出的跨大陸（transcontinental）方案之外，你認為產業還能做哪些事來留住這些運量？

Great questions, Jason. Thank you. Look, yes, I think eventually, capacity does come back into trucking when the prices -- the barriers to entry are very low. So capacity will come back when fuel prices go back down. And I think that presents a competitive challenge for rail.

問題很好，Jason。謝謝。你看，是的，我認為最終卡車運輸的運能會回來，因為當價格——進入門檻非常低。所以當燃油價格回落時，運能就會回來。而我認為這會對鐵路形成競爭挑戰。

I think, don't forget the threat of autonomy with trucking and what that also will do to make the product more attractive and appealing, just aside from the cost benefit for the truckers, they're going to also have a lack of rest-hour requirements when trucks are driving.

我認為別忘了卡車自動化（autonomy）的威脅，以及這也會讓產品更具吸引力、更有競爭力；除了對卡車業者的成本效益之外，當卡車在行駛時，他們也將不再受限於休息時數的要求。

they're going to also deliver products faster than they currently do today, which is already faster than the railroads. So those are the things that I'm talking about. We have to structurally change. So -- what we can do aside from the merger is we still have to be consistent and reliable with our delivery.

他們也會比現在更快地交付貨物，而目前卡車本來就已經比鐵路快了。所以這些就是我所說的那些事情。我們必須做出結構性的改變。所以——除了併購之外，我們仍然必須在交付上保持一致性與可靠性。

And the challenges that railroads can't always flex to sharp inflections in volume. We saw that post COVID. And I think you see a little bit of that now, even when you start to see volumes hit beyond a couple few points, it starts to stress your crew capacities. So railroads have to be much more nimble. The challenge we all have as an industry is to bring on T&E resources, it's a grind.

而鐵路公司面臨的挑戰是，無法總是對運量的急劇上升做出彈性調整。我們在 COVID 之後就看到了這點。我想你現在也多少看得到：即使運量只要超出幾個百分點，就開始對乘務（crew）運能造成壓力。所以鐵路必須更靈活、更敏捷。我們整個產業共同的挑戰，是補足運輸與機務（T&E）人力資源，這是一場硬仗。

These are hard jobs to fill. You have considerable attrition through a six-month training process. So you have to basically hire double what you think you need because you're going to end up losing half by the time you get to the end of a six-month training process. And that means you have to predict six months in the future what the volumes are going to be. And if you get that wrong, you might be either short or you could be long on resources.

這些職缺很難補滿。在為期六個月的訓練過程中，流失率相當高。所以你基本上必須招聘你認為所需人數的兩倍，因為到六個月訓練結束時，你可能會流失一半。而這代表你必須預測六個月後的運量會是多少。如果你預測錯了，你可能會出現人力不足，或是資源過剩。

And there's an area called Wall Street that thinks that you can be perfectly volume variable but it's a challenge. So we have to somehow crack that nut and figure out how to ensure that we've got adequate buffer in our resources to be able to accommodate a little bit more volume when we don't expect it.

而有個地方叫華爾街，他們認為你可以做到運量完全可變，但這其實很有挑戰。所以我們必須想辦法破解這個難題，找出如何確保我們的資源有足夠的緩衝，讓我們在未預期到的情況下，仍能承接多一些的運量。

And let's just talk about recent history. In Q4 of last year, we were all feeling really terrible about the volume environment, and we weren't feeling very optimistic looking into 2027 about the volume environment. But it was exactly then you had to have the conviction to go and really augment your T&E resources and significantly increase for what eventually became a volume inflection in the middle part of 2026 or really the second quarter of 2026. If you get that wrong, you saw challenges in your service product. So that's a real-time recent example of the challenge railroads have, and we have to crack that nut. Thank you.

我們就來談談近期的歷史。去年第四季，我們對運量環境都感到非常糟糕，而且展望到2027年，我們對運量環境也不太樂觀。但正是在那個時候，你必須要有信念去真正強化你的T&E（運輸與工程）資源，並大幅增加投入，因為後來在2026年中段、或更精確地說在2026年第二季，運量出現了拐點。如果你判斷錯了，你就會在你的服務產品上看到挑戰。所以這是一個即時、近期的例子，說明鐵路公司面臨的挑戰，而我們必須把這個難題解開。謝謝。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，富國銀行。

And maybe I can pick up on that last answer. So I guess as we think about service and your capacity for growth and maybe take into context with the bump up in the CapEx guide. Can you talk about how much capacity that you have? I mean it seems like service in the last couple of weeks has gotten a little bit slower. Maybe that's from volume growth. Obviously, there's a lot going on out there from a demand perspective. So maybe you can just talk about big picture how much capacity you have to grow and sort of where you're going to be deploying the capital that you're raising.

也許我可以接著你剛才最後的回答問一下。所以我想，當我們思考服務以及你們的成長產能，並把資本支出（CapEx）指引上調這件事納入考量時，你能談談你們有多少產能嗎？我的意思是，過去幾週看起來服務速度有一點變慢。也許那是因為運量成長。顯然，從需求面來看外部有很多事情正在發生。所以也許你可以從大方向談談你們還有多少產能可以成長，以及你們打算把正在籌措的資金投放到哪些地方。

Yeah. I'll start off, and we'll tag team this answer. But look, we have capacity. And I think even in this quarter, you'll see that we've taken on volume. We haven't really added a ton of train starts.

好的。我先開頭，然後我們會一起分工回答。不過你看，我們是有產能的。而且我認為即使在本季，你也會看到我們承接了運量。我們其實沒有新增太多列車開行（train starts）。

A lot of this is through filling out existing trains. So it hasn't really had too big of an impact. That said, there are -- there have been some more asset-intensive volume that's come on the unit train side. So certainly, those are areas where when you have more bulk traffic and more unit traffic that you've got to move, that's where you end up feeling a little bit more of the pinch on the capacity side. But otherwise, in our regularly scheduled merchandise product and our intermodal products, we've got capacity.

很多是透過把既有列車裝滿來達成的。所以影響其實沒有那麼大。話雖如此，在單元列車（unit train）這一側，確實有一些更偏資產密集型的運量進來。所以當你有更多散裝貨運與更多單元列車貨運需要運送時，這些領域確實會讓你在產能端感受到比較多的壓力。但除此之外，在我們固定班表的零擔/一般貨運（merchandise）產品以及我們的聯運（intermodal）產品上，我們是有產能的。

But Brian, why don't you jump in with your views?

不過Brian，你要不要補充一下你的看法？

Yes. I mean we're walking through the service there regularly. And as I mentioned here earlier in the call, with some of the operational changes we make, we're creating capacity with train consolidations with removing touches on existing cars. As we mentioned, we are hiring here at some strategic locations that build resiliency into the plan we're on path with it and in a few strategic locations. And also with the locomotives, we have 420 that are in storage currently that are there for capability as volume increases as we grow.

是的。我們一直在定期檢視那邊的服務狀況。而且如我先前在電話會議中提到的，透過我們做的一些營運調整，我們正在創造產能，例如透過列車整併、減少既有車輛的中間處理（touches）。如同我們提到的，我們正在一些策略性地點招募人員，以提升計畫的韌性；我們正按計畫推進，並在少數策略性地點進行配置。另外在機車方面，我們目前有420台在封存（storage），可在運量增加、我們成長時提供運能。

We've already been able to take on 3% more shipments this quarter and absorbed that into the existing network. Although, we're 4% bigger on length and weight, we still have a lot of capacity there on existing service.

本季我們已經能承接多3%的出貨量，並把它吸收進既有網路中。雖然我們在列車長度與重量上增加了4%，但在既有服務上我們仍然有很大的產能空間。

Brian Ossenbeck, JPMorgan Chase.

Brian Ossenbeck，摩根大通。

Just a quick follow-up for Brian and a broader one about resourcing. Brian, we've been hearing a lot about trade-driver challenges and availability, and that's not necessarily something you guys covered directly or managed directly, but it's clearly part of the whole supply chain on the intermodal side.

我想對Brian做一個簡短追問，並就資源配置做一個更廣泛的問題。Brian，我們聽到很多關於卡車司機（trade-driver）方面的挑戰與可用性問題；這不一定是你們直接涵蓋或直接管理的事情，但它顯然是聯運端整體供應鏈的一部分。

So I wanted to see if there's anything along those lines, if you're feeling any constraints if there's any opportunities to work with your channel partners in there as this volume growth continues to be pretty significant, especially the conversion. And then, Mark, maybe just big picture, anything from a technology perspective or maybe even a work-contract negotiating perspective to get more flexibility to help out with some of that variability of volume with that long lead-time item, which is obviously labor.

所以我想看看在這方面是否有任何情況：你們是否感受到任何限制？在運量成長持續相當顯著、尤其是轉換（conversion）很強的情況下，是否有機會與你們的通路夥伴合作？然後Mark，從大方向來看，是否有任何技術面的作法，或甚至在勞動合約談判面的作法，能帶來更多彈性，以協助應對運量波動；而那個長前置期的項目顯然就是勞動力。

Yeah. Well, I'll start here, and Brian can kick in as well. Look, we're investing at the terminal level to make sure that our drayage community is as fluid and as efficient as they possibly can be. They're a key component to what we do, specifically, not only in markets where they're doing end deliveries, but we also do a lot of cross towns in the current environment, and they're really important there, too. Is there stress? Yes, there is stress across the entire supply chain, particularly for trucks and drivers.

好的。我先回答，Brian也可以補充。你看，我們正在場站（terminal）層級投資，確保我們的短途拖運（drayage）社群能夠盡可能順暢、盡可能有效率。他們是我們業務的關鍵組成，特別是不僅在他們負責末端配送（end deliveries）的市場；在目前環境下我們也做很多跨城（cross towns）運輸，他們在那裡也非常重要。有壓力嗎？是的，整個供應鏈都有壓力，尤其是在卡車與司機方面。

And I think that, that that's really been a part of the story here that people have talked about, but I'm not sure attention that they paid to it, but the supply of drivers and the capability there has been drawn down some. But we're investing to make sure that the drivers that come to our terminals are being efficient with their time, and that we are delivering value for them too. And Brian, I don't know if you want to talk about specific investments or where we're doing that. But I know you're looking at a number of places across the network.

而我認為，這其實一直是大家談論的故事的一部分，但我不確定大家對它投入了多少注意力；司機供給與相關能力確實有所下滑。但我們正在投資，確保來到我們場站的司機能更有效率地利用時間，同時我們也能為他們交付價值。Brian，我不知道你是否想談談具體投資或我們在哪些地方在做這些事。但我知道你正在網路各處看很多地點。

Yeah. So with growth -- I mean, we have locations right now that are hitting lift records here currently. So we have five locations going to hit a quarterly lift record within the intermodal ramps. We have 10 that hit annual. But we've been doing ongoing expansions and improvements in several of the terminals with the growth mindset and with increasing our capability. And we're hitting a few locations there in Chicago, Harrisburg, a few key corridors specifically.

是的。隨著成長——我的意思是，我們現在有一些地點正創下吊裝（lift）紀錄。所以在聯運場站（intermodal ramps）中，有五個地點將在本季創下單季吊裝紀錄。有10個地點創下年度紀錄。但我們一直在多個場站持續擴建與改善，抱持成長思維並提升我們的能力。而我們也在芝加哥、哈里斯堡等幾個地點，以及一些關鍵走廊上，推進這些工作。

Yes. And I think technology, in general, is something we're investing in. I think in the intermodal terminals, we're looking at a fair amount of autonomy opportunities there that will help us with moving boxes and scanning and hustling and things like that. So those will help with our terminal fluidity. But on top of it, Brian, you're doing a lot of investments in some of the yards automating switches and doing some other things that will help alleviate some of the manual work requirements that we have. Correct?

是的。而且我認為整體而言，我們正在投資技術。我想在聯運場站，我們正在評估相當多的自動化/自主化（autonomy）機會，這將幫助我們搬運貨櫃、掃描、加速作業等。所以這些會提升我們的場站流暢度。除此之外，Brian，你也在一些編組場（yards）做很多投資，例如自動化道岔（switches）以及其他事情，這將有助於減輕我們對人工工作的需求。對嗎？

Correct.

對。

So those are -- Jason, do you want to add anything else on some of the -- where the CapEx is the incremental CapEx?

所以這些——Jason，你要不要再補充一下關於——資本支出（CapEx）增量部分會用在哪裡？

Yeah. I mean, our priorities with respect to capital allocation has always been first and foremost, to invest in the business and no change there. I think what you're really seeing here in this increase that we talked about at the end of the year is really preparing for growth. And that's really important. A lot of this takes some time to get in the ground or to purchase these assets.

是的。就資本配置而言，我們的優先順序一直都是第一、也是最重要的：投資於業務本身，這點沒有改變。我認為你們在我們年末所談到的這次上調中真正看到的，是在為成長做準備。而這非常重要。其中很多事情需要一些時間才能落地施工，或是完成這些資產的採購。

So it's important to get in ahead of that. The only other thing I would just add from a technology perspective is really what we've done on the portals and the benefits that we get out of that from efficiency and safety. So I think that's another key thing that's been important for us.

因此，提前佈局很重要。從科技的角度來看，我唯一想補充的是，我們在入口網站（portal）上所做的工作，以及我們從效率與安全面向所獲得的效益。所以我認為，這也是對我們而言很重要的另一個關鍵點。

It sure has been. And I think the key thing here is when you look at our accident rates, they have been consistently declining for three years, and we are really at the envy of the industry levels of accidents, and that just means more fluidity on line of road, which means less resources required when you have breakdowns when you have accidents. If you really congest you, you need a lot more human resources to move things. It creates a lot more re-crews. We are more fluid because we are better on line of road, thanks to the portal investments we've made. So let's move on to next question.

確實如此。我認為這裡的關鍵在於，當你看我們的事故率時，過去三年一直在持續下降，而我們的事故水準確實是業界稱羨的；這代表路網運行更順暢，也意味著當發生故障或事故時，所需投入的資源更少。如果真的造成嚴重壅塞，你就需要更多人力資源來推動事情。也會產生更多重新編組的班組（re-crews）。我們之所以更順暢，是因為我們在路網運行上做得更好，這要歸功於我們對入口網站的投資。那我們進入下一個問題。

Bascome Majors, Stephens.

Bascome Majors，Stephens。

When you originally framed the cost to run the business this time last year, I think that was a helpful framework. And it certainly played out where you've had the capacity to grow and largely maintain service levels in the network. And I appreciate the comments earlier about the buffer and how you're managing through that and capacity.

去年這個時候你們最初提出「經營業務成本」的框架，我覺得很有幫助。而且事後看也確實印證了：你們有能力在擴張產能的同時，大致維持網路的服務水準。我也感謝你們先前對緩衝（buffer）以及如何在此之中管理與產能配置的評論。

As we look to next year, it looks like 4Q, the cost guidance is, call it, $2.4 billion. There's actually a lot of volume variability to serve the business into next year. But can you talk through the inflationary components and sort of the expectations that you're setting so we can get our own expectations for what that number looks like for 2027 versus 2026?

展望明年，看起來第四季的成本指引大概是 24 億美元。而進入明年後，為了服務業務，運量其實有很大的變動性。但你們能否談談通膨的構成要素，以及你們所設定的預期，讓我們能建立自己對 2027 年相較 2026 年該數字會長什麼樣子的預期？

Thanks a lot, Bascome. Yes. So I'll let Jason talk to that. I mean we're not going to give 2027 guidance now, but certainly, inflation has been a challenge for this industry in the past couple few years. Obviously, the labor contracts are at the root of it.

非常感謝你，Bascome。是的，我先請 Jason 來談。我的意思是，我們現在不會提供 2027 年的指引，但可以確定的是，過去這兩三年通膨一直是這個產業的挑戰。很明顯，勞動合約是其中的根源。

But on top of it, all the inflation we've seen elsewhere in materials and vendor costs have really hit us. We offset as much of that as we can with productivity. We've had a couple of great years with productivity, and we'll continue to drive cost out of the business there. But Jason, do you have some first looks at inflation?

除此之外，我們在材料與供應商成本等其他面向看到的通膨，也確實對我們造成衝擊。我們會盡可能用生產力提升來抵銷。我們在生產力方面已經有幾個很好的年度表現，未來也會持續推動降低成本。不過 Jason，你對通膨有沒有一些初步觀察？

Yeah. I think just from a kind of early perspective here, I mean, we signed wage agreements with the unions 1.5 years, 2 years ago now. And so we have a good line of sight to that. So we've got a 3.75% increase that just went into effect in July and another 3.5% next July. So we know what the headwinds are there from a wage-rate perspective.

有的。從目前比較早期的角度來看，我們在 1.5 年到 2 年前就和工會簽了薪資協議。因此我們對這部分有相當清楚的能見度。我們在 7 月剛生效的是 3.75% 的調薪，明年 7 月還會再有 3.5%。所以從薪資率的角度，我們知道逆風在哪裡。

The other two things I'd call out, and I'm putting fuel aside here, obviously, is a bit of a wildcard. But the other thing is health and welfare benefits. Those have been very significant. Double-digit percentage increases in that, and we see that continuing as we move into next year. And then the other thing that I would just call out is insurance.

另外兩點我想特別提出來，先把燃料放一邊，因為那顯然是比較不確定的變數。另一個是健康與福利給付。那部分的增幅非常顯著。我們看到的是兩位數百分比的增加，而且我們預期進入明年仍會持續。再來另一個我想點出的就是保險。

Our cost to receive insurance coverage as continues to go up. And I don't see that abating at all as we move into next year. So I think those are some big drivers that you should expect as we move into 2027.

我們取得保險保障的成本仍在上升。而且我不認為進入明年後會有任何緩解。所以我認為，這些是你們在邁向 2027 年時應該預期的幾個主要驅動因素。

And I'd imagine Bascome will do a similar type of guide next year and give you a cost envelope. Okay, next question?

我想 Bascome 明年也會做類似的指引，給你們一個成本區間。好，下一個問題？

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

So I wanted to ask maybe a more bigger picture one. One of the key strategic attractions of the merger is obviously the opportunity to convert more over the road freight to rail. However, we're seeing more and more evidence that conversion potential in Western and transcontinental corridors may be more limited than in the East, of course, that makes sense. But your largest IMC partner, for instance, reported a stark difference in growth for East versus Transcon. So given your strong Eastern franchise, how are you thinking about that difference?

我想問一個可能更宏觀的問題。這次合併的一個關鍵策略吸引力，顯然是把更多公路貨運轉移到鐵路的機會。不過，我們看到越來越多證據顯示，在西部與跨大陸走廊（transcontinental corridors）的轉換潛力，可能比東部更有限；當然，這也合理。例如，你們最大的 IMC 合作夥伴就回報了東部與跨大陸（Transcon）在成長上的明顯差異。因此，考量你們在東部的強勢版圖，你們如何看待這種差異？

And is it primarily structural given like shorter haul lanes being more truck competitive? Or does it largely just reflect the absence of maybe a sufficiently reliable and competitive rail service offering in transcon, which the proposed merger is trying to fix. I'm just trying to understand like what the structural impediments are and how those get corrected from this merger.

這主要是結構性因素嗎？例如較短的運距路線在卡車競爭力上更強？還是說，這在很大程度上只是反映跨大陸路線缺乏足夠可靠且具競爭力的鐵路服務供給，而這正是這項擬議合併試圖解決的問題？我只是想了解結構性的障礙是什麼，以及這次合併要如何把它們修正。

Okay. Thanks, Rich. Ed, why don't you take a shot at that, please?

好的，謝謝你，Rich。Ed，要不要請你回答一下？

Sure. Look, we think that there are opportunities to convert truckload business to the railroad, no matter what the length of haul, whether it's long or short. Certainly, the transcon lanes have had more attention paid to them over the past 30 years with a variety of services. And so the penetration in those lanes is naturally higher than it is in the, what I would call, the East, which is for us, East of Mississippi. The results that you're seeing from a variety of our partners, I think reflect that reality that there's a tremendous amount of opportunity in the East to convert truckload to the railroad with the right kind of service and value.

當然。你看，我們認為不論運距長短，把整車（truckload）業務轉移到鐵路都有機會。當然，跨大陸路線在過去 30 年裡，透過各式各樣的服務已經受到更多關注。因此，那些路線的滲透率自然會高於我所稱的「東部」——對我們而言就是密西西比河以東。你從我們各種合作夥伴那裡看到的結果，我認為反映了這個現實：只要有合適的服務與價值主張，東部仍有大量把整車轉為鐵路的機會。

And I think we've become pretty good at that over time. We can always get better. What I think the merger is going to help us do is increase our penetration opportunity in those transcon lanes because we will have a better service and it will be a permanent change. It will not be an interline product. It will be a local product that is durable across not only months, but years and decades.

而且我認為，隨著時間推移，我們在這方面已經做得相當不錯。我們當然還能更好。我認為這次合併將幫助我們在跨大陸路線提高滲透機會，因為我們會有更好的服務，而且那將是永久性的改變。它不會是一個聯運（interline）產品。它會是一個本地化（local）的產品，並且能在不只是幾個月，而是數年、數十年都保持韌性與持久性。

And so it is a -- we view that as a perpetual opportunity for share shift in those transcon lanes. And at the same time, the new company will have what I would consider to be and a prime opportunity to convert a lot of the freight that still rides the highway in the East that would much rather save money, pay fuels, and deliver value to their customers using intermodals.

因此，我們把這視為在跨大陸路線上持續性的市占轉移機會。同時，新公司也將擁有我認為非常重要的機會：把東部仍然走公路的許多貨運轉過來；這些貨主其實更願意透過多式聯運（intermodal）來節省成本、降低燃料支出，並為其客戶交付價值。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

This is Eric Morgan on for Brandon. I guess I'll just ask one on the coal outlook. It turned positive. I think you mentioned driven by export but also the favorable conditions in utility business. So can you just help square that with the relatively low natural gas prices and how much line of sight you'd say you have on that business? And just any thoughts on how that shakes out for RPU. I appreciate it.

我是代 Brandon 提問的 Eric Morgan。我想問一個關於煤炭展望的問題。它轉為正向了。我記得你提到主要是出口帶動，同時公用事業（utility）業務的條件也較有利。那你能否協助我們把這點與相對偏低的天然氣價格對照起來？以及你認為對這項業務的能見度有多高？另外也想請教對 RPU 會如何發展的看法。謝謝。

Yes, sure, sure. The -- on the domestic side, we saw our plants burn exceed the amount of tonnes that we delivered to them really for most of the year here. So we think that there's some replenishment that's going to happen. I agree with you that the low natural gas prices are going to be a strong competitor. But we do think that there will be some restocking going on for the remainder of the year. And we know this maybe in the next year, but we'll see about that. On the export side, it's a pretty favorable environment when I think about pricing.

是的，當然，當然。在國內方面，我們看到我們的工廠燃燒量在今年大部分時間都超過了我們實際交付給他們的噸數。所以我們認為接下來會有一些補庫存的動作。我同意你說的，低天然氣價格將會是很強的競爭對手。但我們確實認為今年剩餘時間會有一些回補庫存的情況。我們也知道也許會延續到明年，但還要再觀察。在出口方面，從定價來看，我認為環境相當有利。

You look at the third-quarter US low [vol] ended up somewhere around $200 and API 2 was at [$126] And right now, we're -- recently, I should say, we're at [$210] and [$125] So those are constructive levels, we think went into the fourth quarter.

你看第三季美國低[vol]最後大概落在200美元左右，而API 2在[126美元]。

So yeah, our outlook is, I would call it, level. We're trying to be realistic with what the market can deliver on the utility side, but we think there's still some opportunity, particularly with the good partners that we have in the east here to deliver export tonnes.

所以是的，我們的展望，我會稱之為持平。我們試著對公用事業端市場能提供的量保持務實，但我們認為仍有一些機會，特別是與我們在東部這裡的優質合作夥伴一起，去交付出口噸數。

David Vernon, Bernstein.

David Vernon，Bernstein。

So Ed, I wanted to talk a little bit about intermodal. When you think about the trials and tribulations in the last 12 months, obviously losing some volume on the repositioning of some JB Hunt volume. How should we be thinking about the volume ex that headwind?

所以Ed，我想稍微談一下聯運。回顧過去12個月的各種波折，顯然因為部分JB Hunt運量重新配置而流失了一些量。我們應該如何看待扣除這個逆風因素後的運量表現？

And then as you think about your ability to not only touch on price next year, but also to think about new service introductions, things like that. What are you thinking about on the product side? I know you're in this sort of merger waiting game, but are you guys doing more work to think about where you can expand the network or add some services that could kind of tap into this elevated highway cost market?

另外，當你思考明年不只是觸及價格（調價）的能力，也包括推出新服務之類的事情。在產品面你們在想些什麼？我知道你們正處於某種等待併購結果的狀態，但你們是否也在做更多工作，思考可以在哪裡擴展網路或增加一些服務，以便在目前公路運輸成本偏高的市場中抓住機會？

Well, yeah, we are, of course, and there's old say and my dad use, which is you make hay while the sun shines. And so we're exploring every opportunity to deliver new value to our customers. And we'll see what emerges from that over the next few weeks and months, but I'm very bullish on that. When I think about our capability and what we've done, and think about the third quarter, we had the best domestic non-premium third quarter in history for volume. And that is -- that's saying something, given where we were a year ago, right?

嗯，是的，我們當然有，而且有句老話我父親常說：趁太陽還在就把草曬乾。所以我們正在探索每一個能為客戶帶來新價值的機會。接下來幾週到幾個月會出現什麼結果，我們再看，但我對此非常看多。當我想到我們的能力以及我們所做的事，再看第三季，我們創下史上國內非高端（non-premium）第三季運量最佳表現。而這——考量到一年前我們的狀況——這很能說明問題，對吧？

In the business we had a year ago.

在我們一年前所擁有的那個業務基礎上。

In the business we had a year ago. We had a really good quarter on the truckload side of our business. And I'm very, very encouraged by that in a couple of ways. One, we have great partners that are continuing to drive conversion out there on the street, which is incredibly important. And number two, we have a network that can deliver value very ably for those customers.

在我們一年前所擁有的那個業務基礎上。我們在業務中的整車運輸（truckload）端也有非常好的一季。而這讓我在幾個方面都非常、非常受到鼓舞。第一，我們有很棒的合作夥伴，持續在市場端推動轉換（conversion），這非常重要。第二，我們有一個網路，能夠非常有效地為這些客戶交付價值。

And I'm going to speak past you and talk to our customer base and say, I really want everyone to be confident that we can continue to deliver that value. We've got the capability. We've got capacity, and we're building more capacity. And I think we're in a really good shape there.

我也想借你的問題，直接對我們的客戶群說：我真的希望大家對我們能持續交付這些價值保持信心。我們有這個能力。我們有運能，而且我們正在擴增更多運能。我認為在這方面我們的狀態非常好。

Tom Wadewitz, UBS.

Tom Wadewitz，UBS。

So I wanted to ask a bit. I guess you'll see this, but it's merger-related. I think one of your primary competitor has pointed out that you have a really attractive intermodal network and access in Eastern Pennsylvania. And I think they'd like to get some access to some of it. How do you think about the capacity utilization of Harrisburg-Allentown, some of those key intermodal hubs? And just to operational complexity of potentially having trackage rights or something where another railroad would get access to it, and not obviously that you're going to do that.

所以我想問一下。我想你也看得出來，這跟併購有關。我認為你們的一個主要競爭對手指出，你們在賓夕法尼亞州東部擁有非常有吸引力的聯運網路與進入條件。而我想他們也希望能取得其中一部分的進入權。你如何看待Harrisburg-Allentown等一些關鍵聯運樞紐的產能利用率？以及如果可能出現路權（trackage rights）或類似安排、讓另一家鐵路公司取得進入權時，在營運複雜度上的影響——當然也不是說你們會這麼做。

But just kind of high level, is that something that's operationally doable and where you sit in terms of capacity of Eastern intermodal network that I think fairly presented is a nice advantage for you?

但就高層次來說，這在營運上是否可行？以及你們目前在東部聯運網路的產能狀況如何——我認為公平地說，這對你們是一項不錯的優勢？

Look. I mean, we have a very attractive franchise in Eastern Pennsylvania, no doubt the envy of others. And no surprise people are going to take moonshots to ask for access for it. I'd love to have access to Bone Valley in Florida. And I'd love to have access to South Dakota. There's all these other areas on the network everyone wants access to.

聽著。我的意思是，我們在賓夕法尼亞州東部擁有非常有吸引力的特許經營版圖（franchise），毫無疑問，讓其他人羨慕。所以也不意外有人會抱著不切實際的期待（moonshots）來要求取得進入權。我也很想取得佛羅里達的Bone Valley的進入權。我也很想取得南達科他州的進入權。網路上還有各種其他區域，大家都想要進入。

But guess what, the tracks in the ground. We're going to live with our -- we're going to defend our franchise, and we're going to defend our network. And we're going to trust that the STB will view things like this through sober eyes and pretty firmly rejected, like they rejected a lot of the asks during the CPKC -- every ask during the CPKC merger application. So it's not really worth answering the rest of that question, Tom, because it's not going to happen. We're not giving up that franchise. I can't see a scenario where the STB would even entertain it. That's it. Thank you.

但你猜怎麼著，軌道就鋪在地上。我們會——我們會捍衛我們的特許經營版圖，我們會捍衛我們的網路。我們也相信STB會以冷靜、審慎的眼光看待這類事情，並且會相當堅定地予以否決，就像他們在CPKC——在CPKC併購申請案中否決了許多要求一樣——其實是每一項要求都否決了。所以，Tom，後面那部分問題其實不值得回答，因為不會發生。我們不會放棄那個特許經營版圖。我看不出STB會有任何情境甚至願意受理這件事。就這樣。謝謝。

Ari Rosa, Citigroup.

Ari Rosa，Citigroup。

So it sounds like you've detailed an attractive opportunity set here from a volume standpoint. But I was hoping you could talk about how you see the attractiveness of the business that's available and just how discerning you have to be in terms of freight selectivity and expectations around that business sticking around?

所以聽起來你已經從運量角度詳細說明了這裡一組很有吸引力的機會。但我希望你能談談，你如何看待目前可取得業務的吸引力，以及在貨源選擇性（freight selectivity）與對這些業務能否留存的預期方面，你們需要多麼嚴格地篩選？

I understand there's obviously a service component on your end. But as we think about just kind of apples to apples, is that business that you want? And how do you have to price that appropriately to ensure you get attractive returns?

我理解你們這邊顯然也有服務面的因素。但如果我們用同樣基準來比較（apples to apples），那是你們想要的業務嗎？以及你們要如何適當定價，才能確保取得有吸引力的報酬？

Sure. Thanks to good question. We have a team of folks that are out on the street every day, including right now, looking for new business. And that team is very well trained and really capable smart folks. They're going to bring opportunities back that are attractive and accretive to the business. And that's the first mission they have. And I'm very, very confident that they're doing a great job of that, and they're going to continue to.

當然。謝謝，這是個好問題。我們有一個團隊每天都在外面跑市場——包括現在——尋找新業務。而那個團隊訓練有素，都是非常能幹、聰明的人。他們會把有吸引力、能為業務帶來增益（accretive）的機會帶回來。這是他們的第一項任務。我非常、非常有信心他們做得很好，而且也會持續做下去。

You think about what business sticks around, well, here's the business that will stick around a matter of what happens. And that is if we can deliver value in such a way that our customer can realize that value quickly and demonstrate that value for their customers, then we're going to be in great shape. And that means service, service, service. And that's what we're focused on. It means capacity, capacity, capacity. And that's what we're focused on. And I'm very confident that as we move forward, our portfolio is only going to get more attractive in the current environment.

你想想哪些生意能長久存在，好吧，這裡有一門不管發生什麼事都會長久存在的生意。也就是說，如果我們能以一種方式交付價值，讓客戶能夠快速實現該價值，並且為他們的客戶展現出這個價值，那麼我們就會處於非常有利的位置。而這意味著服務、服務、服務。這就是我們所專注的。這意味著產能、產能、產能。這也是我們所專注的。我非常有信心，隨著我們繼續向前推進，在目前的環境下，我們的投資組合只會變得更具吸引力。

Walter Spracklin, RBC Capital Markets.

Walter Spracklin，RBC Capital Markets。

This is James McGarragle on Walter this morning. I just wanted to ask on the volume outlook. Last quarter, you flagged an update on your industrial customer investment activity. You mentioned it's normalized a bit after a strong H1. So I guess, was that a surprise to you that, that normalize? And any specific numbers you can give us surrounding that opportunity just to help us think about the opportunity in terms of carload growth there into next year?

我是今天早上代表 Walter 的 James McGarragle。我想就運量展望提個問題。上個季度你們提到會更新工業客戶的投資活動情況。你們提到在上半年表現強勁之後，已經稍微回到常態。所以我想問，這樣的常態化對你們來說是意外嗎？另外，能否提供一些與該機會相關的具體數字，幫助我們思考到明年那邊車皮裝載量（carload）成長的機會？

Thanks for the question. We have over 50 industrial products that have moved into that design and construction phase, and that's the demarcation line, we think, between an opportunity that's theoretical versus one that's actually going to be executed. So we're encouraged by that. Yes, the first half of the year, we saw some acceleration and actually outperformance of that pipeline. And it has not decelerated but receded to the what I would call a normalized run rate.

謝謝你的提問。我們有超過 50 個工業產品已進入設計與施工階段，而我們認為這就是分界線：把一個仍屬理論的機會，與一個實際將被執行的機會區分開來。因此我們對此感到鼓舞。是的，在今年上半年，我們看到一些加速，實際上也出現了該管線（pipeline）的超預期表現。而它並沒有減速，只是回落到我所稱的常態化運行速度（normalized run rate）。

And that's okay. Normalized run rate is very sustainable for us over a long period of time. Probably the more surprising thing was the acceleration in the first half. And so I feel like we're on track. We always have a budget every year for what we think is going to happen, and we're back on that run rate now.

而這沒問題。對我們而言，常態化運行速度在很長一段時間內都非常可持續。比較令人意外的，可能是上半年出現的加速。所以我覺得我們仍在正軌上。我們每年都會編列預算，預估會發生什麼，而我們現在又回到那個運行速度了。

And that's a very healthy thing. And frankly, very encouraging. In terms of carloads, we really can't find that here. But we're encouraged.

而這是一件非常健康的事。坦白說，也非常令人鼓舞。至於車皮裝載量（carloads），我們在這裡真的找不到對應的數字。但我們仍然感到鼓舞。

At this time, we have no other questions registered. I would like to turn the conference over to Mark George.

目前沒有其他已登記的提問。我想把會議交回給 Mark George。

Okay. Thank you, operator, and thank you, everybody, for participating in the call. Look, I think I'll just wrap by saying, look, we've put an application forward for a merger. It's been -- it's more thorough than any merger proposal ever presented by an American railroad. And it includes the first ever use of a complete data set as opposed to sample data.

好的。謝謝主持人，也謝謝各位參與這通電話會議。我想我最後做個總結：我們已經提交了一份合併申請。它——比任何一家美國鐵路公司曾提出的合併提案都更為周全。而且其中首次使用了完整資料集，而不是樣本資料。

We now have greater visibility to the Board's time line. And we believe that the case for our merger is going to become clearer as the evidentiary record continues to build. And it is no doubt in my mind that we are very much in the public interest with this merger application. A unified network is going to provide customers with more opportunities to grow and compete placing new markets within reach, as Ed talked about, at a lower cost, and that enhances affordability for the US consumer and the broader economy.

我們現在對董事會的時間表有了更高的能見度。我們相信，隨著證據紀錄持續累積，我們合併案的論證將會變得更加清晰。而且我毫不懷疑，這份合併申請非常符合公共利益。如 Ed 所談到的，一個統一的網路將為客戶提供更多成長與競爭的機會，讓新市場觸手可及，同時降低成本，進而提升美國消費者與更廣泛經濟體的可負擔性。

I think second, reducing handoffs, improving network fluidity, and delivering a more consistent service outcome. That's what's going to matter to the STB when they look at this, that service reliability, resilience, and broader supply chain performance. And a more fluid network also means it's going to help the communities. We'll have fewer interchanges, fewer stoppages, and that's going to translate into fewer block crossings. That's in the public interest, for sure.

我想第二點是，減少交接、改善網路流動性，並提供更一致的服務結果。當 STB 審視此案時，這些才是關鍵：服務的可靠性、韌性，以及更廣泛的供應鏈表現。而更順暢的網路也意味著它將有助於社區。我們會有更少的轉運交接、更少的停滯，這將轉化為更少的平交道口阻塞。這無疑符合公共利益。

The freight conversion from the highway goes without saying we're going to save on overall diesel fuel consumption as a nation because we're up to 5 times more fuel efficient than trucks. On top of that, we're going to make the highways safer by having fewer trucks on it.

把貨運從公路轉換過來不言而喻——就全國而言，我們將節省整體柴油燃料消耗，因為我們的燃油效率最高可達卡車的 5 倍。除此之外，因為路上卡車更少，我們也會讓高速公路更安全。

When you remove 3.6 billion truck miles, that translates to about 1,750 fewer accidents and injuries, which you can do math and estimate that's about 65 fewer fatalities. Not to mention for our employees being part of a larger company. We are going to have more opportunities for employees, and we're actually going to start growing again, well-paid union jobs. So we're excited about the progress we're making on the merger application of the STB has put out this timeline, and we'll move on and continue to focus on running the business in the meantime. So thank you all for participating, and take care.

當你減少 36 億英里的卡車行駛里程，這大約相當於少 1,750 起事故與傷害；你也可以自行估算，約等於少 65 起死亡事故。更不用說，對我們員工而言，成為更大公司的一部分。我們將為員工帶來更多機會，而且我們實際上將再次開始成長——高薪的工會工作。因此，對於我們在合併申請上所取得的進展，我們感到振奮；STB 已公布這個時間表，而我們將繼續推進，同時在此期間也會持續專注於經營業務。所以謝謝各位參與，請多保重。

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

謝謝您，先生。各位女士、先生，今天的電話會議確實到此結束。再次感謝各位出席。此時我們請各位掛斷電話線路。