使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
Unidentified Participant
Unidentified Participant
Greetings and welcome to Union Pacific's third quarter earnings call.
您好，歡迎參加聯合太平洋第三季財報電話會議。
This time, all participants are in listen-only mode.
這次，所有參與者都處於僅監聽模式。
A brief question and answer session will follow the formal presentation.
正式演講後將舉行簡短的問答環節。
If anyone should require operator assistance during the conference, please press star-zero from your telephone keypad
如果有人在會議期間需要接線員協助，請按電話鍵盤上的星號零
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As a reminder, this conference is being recorded in the slides for today's presentation are available on Union Pacific's website is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific.
提醒一下，這次會議的幻燈片記錄在今天的簡報中，可在聯合太平洋公司的網站上找到。
Thank you, Mr. vendor.
謝謝你，供應商先生。
You may now begin.
你現在可以開始了。
Morning, Rob.
早安，羅布。
Beautiful more than an overhaul.
比大修更漂亮。
Nice full day.
美好的一整天。
So good morning and thank you for joining us today to discuss Union Pacific's third quarter results.
早安，感謝您今天加入我們討論聯合太平洋第三季業績。
I'm joined in Oman Bahrain, Chief Financial Officer, Jennifer Hamann, our Executive Vice President of Marketing and Sales, Kenny Rocker gearing.
我在阿曼巴林加入了財務長 Jennifer Hamann，我們的行銷和銷售執行副總裁 Kenny Rocker gearing。
As you'll hear from the team, our third quarter results do at an excellent job of capturing the progress we've made under our strategy to lead the industry in safety service and operate well.
正如您從團隊中聽到的那樣，我們第三季度的業績表現出色，反映了我們在安全服務領域領先產業和良好營運的策略下取得的進展。
Excellent.
出色的。
And you're seeing how that leads to financial success.
你會看到這如何帶來財務上的成功。
I'm very pleased with where we sit today compared to where we started a little over a year ago.
與一年多前開始的情況相比，我對我們今天所處的位置感到非常滿意。
Now let's discuss third quarter results.
現在讓我們討論第三季的業績。
Starting on Slide number three
從第三張投影片開始
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This morning.
今晨。
Union Pacific reported 2020 for third quarter net income of 1.7 billion, a 9% improvement and earnings per share of $2.75, a 10% improvement.
聯合太平洋公佈 2020 年第三季淨利為 17 億美元，成長 9%，每股收益為 2.75 美元，成長 10%。
Third quarter, operating revenue gained 3%.
第三季營業收入成長3%。
A strong volumes in core pricing gains were impacted by our business mix and less fuel surcharge revenue.
核心定價收益的強勁成長受到我們的業務組合和燃油附加費收入減少的影響。
Excluding fuel freight revenue increased 5% for 2023.
不計燃油貨運收入，2023 年將成長 5%。
Reported expenses year over year improved 2%, while fuel prices or a drug were a driver.
報告的費用年增 2%，而燃油價格或藥品是推動因素。
The team did an excellent job generating productivity to control costs as we successfully handle the 6% increase in volume.
團隊在提高生產力和控製成本方面做得非常出色，我們成功應對了 6% 的產量成長。
Our third quarter operating ratio of 60.3 percentage improved 310 basis points versus last year, further demonstrating our ability to be operationally excellent while maintaining their resource base upper to handle unforeseen events.
我們第三季的營運率為 60.3%，比去年提高了 310 個基點，進一步證明了我們在保持資源基礎較高水準的同時保持卓越營運能力以應對不可預見事件的能力。
Look, it was another really good quarter.
看，這又是一個非常好的季度。
I'm pleased with how we flexed handle the 33% increase in international intermodal volume during the quarter, while improving service metrics across our network.
我對我們如何靈活應對本季國際多式聯運量成長 33% 的成長，同時改善整個網路的服務指標感到滿意。
And yes, that mix of business pressured margins a bit.
是的，這種業務組合對利潤率造成了一些壓力。
But at the end of the day, it's about operating as efficiently as possible to drive increases of net income and free cash flow.
但歸根結底，重要的是盡可能高效地運營，以推動淨利潤和自由現金流的增加。
And as Jennifer who will walk you through, we did an excellent job of delivering in those areas.
作為將引導您完成的詹妮弗，我們在這些領域的交付做得非常出色。
It's another proof point that our strategy is working.
這是我們的策略正在發揮作用的另一個證據。
I'll let the team walk you through the quarter in more detail that come back for a wrap up before we go to question and answers.
在我們進行問答之前，我將讓團隊更詳細地向您介紹本季的情況，並進行總結。
So we'll start with the third quarter financials.
我們將從第三季的財務數據開始。
Jennifer, over to you.
詹妮弗，交給你了。
Thank you, Jim, and good morning.
謝謝你，吉姆，早安。
Let's begin on Slide 5 with a walk down of our third quarter income statement or operating revenue of $6.1 billion increased 3% versus 2023 on a 6% volume increase in third quarter.
讓我們從投影片 5 開始，瀏覽我們的第三季損益表或營運收入 61 億美元，與 2023 年相比成長 3%，而第三季的銷量成長 6%。
Freight revenue totaled 5.8 billion, up 4% compared to last year.
貨運收入總計58億元，較去年成長4%。
Breaking down the freight revenue components increased volume in the quarter added 550 basis points.
以貨運收入組成部分計算，本季貨運量增加了 550 個基點。
Strong core pricing gains were more than offset by business mix, reducing freight revenue 75 basis points
強勁的核心定價收益被業務組合所抵消，貨運收入減少了 75 個基點
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As I mentioned at Investor Day, international intermodal average revenue per car is significantly lower than our system average.
正如我在投資者日提到的，國際多式聯運每輛車的平均收入明顯低於我們的系統平均值。
And lastly, fuel surcharge revenue of $635 million was flat versus last year as lower fuel prices impacted freight revenue 75 basis points.
最後，由於燃油價格下降影響貨運收入 75 個基點，燃油附加費收入 6.35 億美元與去年持平。
Wrapping up the top line, other revenue declined $73 million or 18%, driven by several factors lower assets, orals resulting from the second quarter intermodal equipment sale, reduced demand for auto parts shipments at our subsidiary, the ongoing transfer of Metro operations and a one-time contract settlement of $12 million during the quarter all contributed to the decrease.
總而言之，其他收入下降了 7300 萬美元，即 18%，這是由於資產減少、第二季度聯運設備銷售引起的口頭反應、我們子公司對汽車零件運輸的需求減少、地鐵業務的持續轉移以及本季度1200 萬美元的一次性合約結算都是造成這一下降的原因。
As a reminder, there are cost savings across our fence lines associated with the ongoing revenue impact from the equipment sale and Metro transfer.
提醒一下，我們的圍籬線可以節省成本，這與設備銷售和地鐵換乘帶來的持續收入影響有關。
Switching then to expenses.
然後轉向費用。
Third quarter operating expense of $3.7 billion improved 2%, driven by strong productivity and lower fuel prices that more than offset volume related expenses
第三季營運費用為 37 億美元，成長 2%，這得益於強勁的生產力和較低的燃油價格，足以抵消與銷售相關的費用
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There are more details in the appendix, but let me highlight some of the performance drivers.
附錄中有更多詳細信息，但讓我重點介紹一些性能驅動因素。
Compensation and benefits expense increased 2% versus last year as wage inflation, including the July first, 4.5% increase and volume costs were partially offset by 5% lower workforce levels and record workforce productivity.
由於薪資上漲（包括 7 月 1 日），薪資和福利費用比去年增加了 2%，而數量成本則被勞動力水準下降 5% 和創紀錄的勞動力生產力部分抵消。
Train service employees were flat year over year as we used our buffer resources to handle increased quarterly volume.
由於我們利用緩衝資源來處理季度增加的數量，因此火車服務員工人數較去年同期持平。
All other workforce areas decreased 8%, reflecting our continued focus on operational excellence.
所有其他勞動力領域均減少 8%，反映出我們持續專注於卓越營運。
Cost per employee in the third quarter increased 8% as a result of higher incentive compensation as well as additional wage inflation related to the work rest labor agreements
由於激勵性薪酬增加以及與休息勞動協議相關的額外工資上漲，第三季每位員工的成本增加了 8%
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Purchase services and material expense improved 4% as cost to maintain a lower active locomotive fleet and decreased subsidiary.
由於維持較低的活躍機車車隊和減少子公司的成本，採購服務和材料費用減少了 4%。
Drayage expenses were partially offset by inflation and volume related expenses.
短程運輸費用被通貨膨脹和運量相關費用部分抵銷。
Fuel expense in the quarter declined 13% on a 17% decrease in fuel prices from $3.12 to $2.60 per gallon.
由於燃油價格從每加侖 3.12 美元降至 2.60 美元，下降了 17%，該季度的燃油費用下降了 13%。
Our fuel consumption rate increased 1% related to the significant growth and less fuel efficient intermodal traffic, which offset our year over year productivity gain.
由於聯運交通的顯著增長和燃油效率較低，我們的燃油消耗率增加了 1%，這抵消了我們同比生產率的提高。
Finally, other expense was better by 6%, reflecting the impact of write-offs in 2023, the more than offset inflation and volume costs.
最後，其他費用提高了 6%，反映了 2023 年沖銷的影響，足以抵消通貨膨脹和數量成本。
The result of some solid revenue growth and strong cost control was third quarter operating income of 2.4 billion, up 11% versus 2023 below the line.
穩健的收入成長和強有力的成本控制使第三季營業收入達到 24 億美元，比 2023 年線下成長 11%。
Other income decreased 19 million from lower real estate income, while interest expense declined 6% or $20 million on lower average debt levels.
由於房地產收入下降，其他收入減少了 1,900 萬美元，而由於平均債務水準下降，利息支出下降了 6%，即 2,000 萬美元。
Income tax expense increased 23%, driven by higher pretax income and state income tax reductions in 2023.
由於稅前收入增加和 2023 年國家所得稅減少，所得稅費用增加 23%。
Third quarter net income of $1.7 billion increased 9% versus 2023, which when combined with a lower average share count, resulted in double-digit earnings per share growth to $2.75.
第三季淨利為 17 億美元，較 2023 年成長 9%，加上平均股數減少，每股盈餘達到兩位數成長，達到 2.75 美元。
Our quarterly operating ratio of 60.3%, improved 310 basis points year over year here with nearly half of that coming from core operational improvement
我們的季度營運率為 60.3%，年增 310 個基點，其中近一半來自核心營運改善
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As we discussed in Dallas at our Investor Day, operating ratio is an outcome of our strategy and not the goal.
正如我們在達拉斯投資者日討論的那樣，營運比率是我們策略的結果，而不是目標。
Our goal is to grow earnings and generate more cash for our shareholders, which we achieved even as our revenue growth and margins were impacted by mix.
我們的目標是增加收益並為股東創造更多現金，儘管我們的收入成長和利潤率受到混合影響，但我們還是實現了這一目標。
Looking now at cash shareholder returns and the balance sheet on Slide 6.
現在就來看看投影片 6 上的現金股東回報和資產負債表。
Year-to-date cash from operations totaled 6.7 billion, up $700 million versus last year.
年初至今，營運現金總額為 67 億美元，比去年增加 7 億美元。
Our cash flow conversion rate improved to 83% and free cash flow has almost doubled versus 2023, up over $900 million.
我們的現金流轉換率提高至 83%，自由現金流與 2023 年相比幾乎翻了一番，增加了 9 億多美元。
Improvements are driven by 2023 labor agreement payments and growth and operating income, partially offset by higher cash taxes.
2023 年勞工協議付款以及成長和營業收入推動了改善，但部分被較高的現金稅所抵銷。
Year to date, our shareholders have received 3.2 billion through dividends and share repurchases, including third quarter repurchases of $738 million.
今年迄今為止，我們的股東已透過股利和股票回購獲得了 32 億美元，其中第三季回購金額為 7.38 億美元。
Finally, our adjusted debt to EBITDA ratio finished the quarter at 2.7 times as we maintain a strong balance sheet and remain a rated by our three credit rating agencies.
最後，我們的調整後債務與 EBITDA 比率在本季度結束時為 2.7 倍，因為我們保持了強勁的資產負債表，並繼續獲得三個信用評級機構的評級。
So wrapping up on Slide 7, just over two months left in the year, the majority of 2024 story has been written and it's been a good one.
因此，在幻燈片 7 上結束時，距離今年只剩下兩個多月了，2024 年故事的大部分內容已經寫完，而且是一個很好的故事。
We are executing on the fundamentals of railroading, which is critical to achieving the full financial potential of this franchise.
我們正在執行鐵路的基本原則，這對於充分發揮該特許經營權的財務潛力至關重要。
We are reaffirming our prior 2020 for guidance.
我們重申 2020 年之前的指導。
Most importantly, that we will continue to improve profitability through our strategy of safety, service and operational excellence.
最重要的是，我們將透過我們的安全、服務和卓越營運策略持續提高獲利能力。
Pricing will exceed our inflation.
定價將超過我們的通貨膨脹。
We will purchase 1.5 billion of shares and invest roughly 3.4 billion of capital.
我們將購買15億股股票並投資約34億資本。
Our capital allocation strategy is unchanged.
我們的資本配置策略沒有改變。
We also are going to put a slightly finer point on how we expect to close the year.
我們也將進一步闡述我們預計如何結束這一年。
At this time, we'd expect fourth quarter results to closely mirror the third quarter while improving on a year-over-year basis.
目前，我們預計第四季度的業績將與第三季密切相關，同時較去年同期有所改善。
This level of performance Wal-Mart gains, again demonstrating the positive results of our strategy.
沃爾瑪取得這樣的業績水平，再次證明了我們策略的正面成果。
Throughout the year, we've shown our ability to pivot and flex to handle the various challenges of railroading from weather of all types to the significant West Coast traffic spikes, and we navigated them successfully improving service while maintaining cost discipline.
在這一年裡，我們展示了我們靈活應對鐵路運輸各種挑戰的能力，從各種天氣到西海岸的交通高峰，我們成功地改善了服務，同時保持了成本控制。
We continue to generate strong pricing and productivity position us well to finish 2024 with momentum and on a path to achieve the long-term targets we laid out last month.
我們繼續創造強勁的定價和生產力，使我們能夠以強勁的勢頭結束 2024 年，並走上實現我們上個月制定的長期目標的道路。
On that, I'll turn it over to Kenny to provide an update on the business environment.
關於這一點，我將把它轉交給肯尼，以提供有關商業環境的最新資訊。
Any?
任何？
Thank you, Jennifer, and good morning.
謝謝你，詹妮弗，早安。
As Jennifer mentioned, we had a solid third quarter.
正如詹妮弗所提到的，我們的第三季度表現不錯。
Freight revenue totaled 5.8 billion for the quarter, which was up 5% excluding fuel surcharges due to increased volume and strong core pricing gains.
本季貨運收入總計 58 億美元，不包括燃油附加費，由於貨運量增加和核心定價強勁增長，貨運收入增長 5%。
Let's jump right in and talk about the key drivers for each of our business groups.
讓我們直接討論我們每個業務部門的關鍵驅動因素。
Starting with our bulk segment, revenue for the quarter was up 2% compared to last year on a 3% decrease in volume and a 5% increase in average revenue per car.
從我們的散裝業務開始，本季的收入與去年相比增長了 2%，但銷量下降了 3%，每輛車的平均收入增加了 5%。
But based on a positive mix and traffic and solid core pricing gains, co continue to face difficult market conditions in the quarter resulting from reduced coal demand due to higher inventory levels and competition from low natural gas prices.
但基於積極的組合和運輸量以及堅實的核心定價收益，公司本季繼續面臨困難的市場狀況，原因是庫存水平較高和天然氣價格較低的競爭導致煤炭需求減少。
Grain products.
穀物產品。
Volumes increased for the quarter due to business development wins and new facilities supporting renewable diesel and associated byproduct, as we highlighted last month at our Investor Day.
正如我們上個月在投資者日所強調的那樣，由於業務發展的勝利以及支持可再生柴油和相關副產品的新設施，本季度的銷量有所增加。
Lastly, export grain business was up for the quarter, primarily driven from our corn and wheat.
最後，本季出口穀物業務有所成長，主要是由我們的玉米和小麥推動的。
We continue to win business moving to Mexico as their domestic consumption outpaces production.
由於墨西哥的國內消費超過了生產，我們繼續贏得遷往墨西哥的業務。
Moving to Industrial revenue for the quarter was up 3% for the quarter on a 2% decrease in volume.
轉向工業領域，本季營收成長 3%，但銷量下降 2%。
Average revenue per car increased by 5% due to strong core pricing gains and a positive mix and traffic.
由於核心定價的強勁增長以及積極的組合和客流量，每輛車的平均收入增長了 5%。
Petroleum shipments increased for the quarter due to strong business development efforts in various markets like asphalt and lube oil.
由於瀝青和潤滑油等各市場的強勁業務發展努力，本季石油出貨量增加。
Petrochemical volumes continued to grow due to domestic demand in plastics and new business wins in our industrial chemicals markets over those gains were more than offset by the software demand for Rock against last year's record shipments
由於國內塑膠需求和工業化學品市場新業務的成長，石化產品銷售持續成長，而這些收益被 Rock 軟體需求與去年創紀錄的出貨量相比所抵消。
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Premium revenue for the quarter was up 7% on a 14% increase in volume and a 6% decrease in average revenue per car reflect an increase international intermodal shipments, lower fuel surcharges and truck market pressures.
本季保費收入成長 7%，銷量成長 14%，每輛車平均收入下降 6%，反映出國際聯運貨運量增加、燃油附加費降低和卡車市場壓力。
Automotive volumes were down due to unplanned production adjustments, partially offset by business wins with Volkswagen and General Motors.
由於計劃外的生產調整，汽車產量下降，但部分被大眾汽車和通用汽車的業務勝利所抵消。
Intermodal volumes continue to remain strong.
多式聯運量持續保持強勁。
Our international intermodal volume was up 33%, significantly outpacing growth thing and West Coast import.
我們的國際多式聯運量成長了 33%，明顯超過成長速度和西海岸進口量。
Important strength also drove increased domestic volume, which we were able to capitalize on due to our diverse IMC network.
重要的優勢也推動了國內銷量的增加，由於我們多元化的 IMC 網絡，我們能夠利用這一點。
Now turning to Slide 10.
現在轉向投影片 10。
As our outlook for the balance of 2024 for the key markets we serve, starting with bulk coal is expected to remain challenged as inventories remain high, and we see competition from low natural gas prices.
我們對 2024 年所服務的主要市場的展望是，由於庫存居高不下，散裝煤炭預計仍將面臨挑戰，並且我們看到來自天然氣價格低廉的競爭。
Moving the grain, we are optimistic due to a strong supplier and UP's franchise areas, and we have secured additional new facilities that will ensure domestic growth generating long-term ratable grain demand.
在糧食運輸方面，我們對強大的供應商和 UP 的特許經營區域感到樂觀，而且我們已經獲得了額外的新設施，這將確保國內增長產生長期的可估價糧食需求。
We expect ongoing strength in the Mexico export model market as the UP continues to increase this share south of the border.
我們預計，隨著墨西哥聯合酋長國繼續增加邊境以南的份額，墨西哥出口車型市場將持續走強。
Additionally, we expect continued growth in the grain products tied to renewable fuels and their associated feedstocks.
此外，我們預計與再生燃料及其相關原料相關的穀物產品將持續成長。
The team is focused on capturing business as production continues to ramp up at new facilities brought online such as Bartlett crushing facility in Terryville, Kansas
隨著新工廠（例如位於堪薩斯州特里維爾的巴特利特破碎工廠）的產量不斷增加，該團隊專注於抓住業務
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。
Turning to Industrial.
轉向工業。
As we mentioned earlier, we expect the rock market will not match last year's record by for petroleum, we have tougher comps for our building on our success with business development.
正如我們之前提到的，我們預計岩石市場將無法達到去年石油市場的記錄，我們在業務發展成功的基礎上製定了更嚴格的標準。
Petrochemicals is expected to outperform the market based on the strength of our Gulf Coast franchise, and we are excited to see incremental volume from Shintech expansion at Plaquemine, Louisiana and wrapping up with premium on the intermodal side, the surge of West Coast import volume will continue to drive for both our international and domestic markets for the remainder of the year
基於我們墨西哥灣沿岸特許經營權的實力，石化產品預計將跑贏市場，我們很高興看到Shintech 在路易斯安那州Plaquemine 的擴張帶來的增量貨量，以及多式聯運方面的溢價，西海岸進口量的激增將在今年剩餘時間內繼續推動我們的國際和國內市場
.
。
In automotive, we are seeing softness in the market, which will be soft, partially offset by a business development win.
在汽車領域，我們看到市場疲軟，這種疲軟將被業務發展的勝利部分抵消。
In summary, I'm proud of the commercial team.
總而言之，我為商業團隊感到自豪。
We're going to see the strongest volume year since 2029.
我們將迎來自 2029 年以來銷量最強勁的一年。
Our diverse portfolio allows us to see positive momentum, and our resource buffer puts us in a great position to manage increased volumes on the West Cote.
我們多元化的投資組合使我們看到了積極的勢頭，我們的資源緩衝使我們處於有利地位來管理西科特不斷增加的交易量。
The team is focused on our key growth markets, collaborate and what our customers and the operating team to find innovative solutions to grow and win together.
該團隊專注於我們的關鍵成長市場，與我們的客戶和營運團隊合作，尋找創新的解決方案，一起成長並取得勝利。
And with that, I'll turn it over to Eric to review our operational performance.
接下來，我會將其交給 Eric 來審查我們的營運績效。
Thank you, Ken, and good morning.
謝謝你，肯，早安。
Moving to Slide 12.
轉到投影片 12。
As I mentioned at our Investor Day in September, we always believe there's a better way to do things even the things we're doing well today.
正如我在九月的投資者日上提到的，我們始終相信有更好的方法來做事情，即使是我們今天做得很好的事情。
And that culture has manifested itself in our results as we continue to make great progress in our safety, service performance and efficiency metrics.
隨著我們在安全、服務績效和效率指標方面不斷取得巨大進步，這種文化也反映在我們的業績中。
Starting with safety, we remain intensely focused on our four pillar strategy to prevent injuries and drive down derailments.
從安全開始，我們仍然高度關注我們的四大支柱策略，以防止傷害和減少脫軌。
As a result, year to date, both derailment and personal injury rates improved year over year.
因此，今年迄今，出軌率和人身傷害率均逐年下降。
While we are not there yet, we are clearly on the path to become the safest railroad.
雖然我們還沒有實現這一目標，但我們顯然正在成為最安全的鐵路。
Freight car velocity improved 5% to 210 miles per day compared to the third quarter 2023.
與 2023 年第三季相比，貨車速度提高了 5%，達到每天 210 英里。
Additionally, throughout the last several weeks, we have maintained a freight car velocity near 220 miles per day.
此外，在過去幾週內，我們的貨車速度一直保持在每天 220 英里左右。
A favorable business mix, coupled with continued improvements in terminal dwell has driven the performance
有利的業務組合，加上終端停留時間的持續改善，推動了業績
.
。
Notably, we achieved a third quarter record and terminal dwell, a 5% improvement versus last year.
值得注意的是，我們實現了第三季的記錄和終端停留時間，比去年提高了 5%。
Intermodal and manifest service performance index saw a one and five point improvement year over year, respectively.
多式聯運和艙單服務績效指數較去年同期分別提高了 1 個百分點和 5 個百分點。
As demonstrated by our results, the team took quick action throughout the quarter to deploy buffer resources and adjust trip plans, minimizing the impact of a 33% surge in international intermodal shipments.
正如我們的結果所證明的，該團隊在整個季度迅速採取行動，部署緩衝資源並調整行程計劃，最大限度地減少國際聯運貨運量激增 33% 的影響。
The swift actions not only allowed us to effectively absorb the increased volumes, but also mitigated the impact on our broader network.
這些迅速的行動不僅使我們能夠有效地吸收增加的數量，而且還減輕了對我們更廣泛的網路的影響。
Now let's review our key efficiency metrics on Slide 13.
現在讓我們回顧一下投影片 13 上的關鍵效率指標。
In addition to our service product, the team remains hyper focused on driving productivity throughout the network.
除了我們的服務產品之外，團隊仍然高度專注於提高整個網路的生產力。
The more productive we are the better we put ourselves in a position to compete, and you can see we did that in the third quarter.
我們的生產力越高，我們就越有能力競爭，你可以看到我們在第三季做到了這一點。
Locomotive productivity improved 5% compared to third quarter 2023.
與 2023 年第三季相比，機車生產率提高了 5%。
While increased fluidity of the network has enabled our performance.
雖然網路流動性的增加使我們的業績得以實現。
The team also continued its focus on reducing locomotive dwell.
團隊也持續致力於減少機車停留時間。
In fact, this quarter, our locomotive dwell results tied for the better of recruitment workforce productivity, which includes all employees, improved 12% versus 2023, impressively, both the month of September and the third quarter, our all-time records for their respective periods.
事實上，本季度，我們的機車駐留結果與招募勞動力生產力（包括所有員工）的改善掛鉤，與2023 年相比提高了12%，令人印象深刻的是，無論是9 月還是第三季度，我們各自的歷史記錄期間。
Our continued work to leverage technology and automate operations across our transportation, mechanical and engineering team is paying dividends.
我們在運輸、機械和工程團隊中不斷利用技術和自動化營運的努力正在帶來回報。
Not only is it driving efficiencies, but it's also improving the safety of how we work.
它不僅提高了效率，而且還提高了我們工作方式的安全性。
Train length was flat for the third quarter after experiencing the impacts of Hurricane barrel in July, we made steady sequential improvement throughout the quarter and ended September with a monthly record over 9,600 feet.
在經歷 7 月颶風桶的影響後，第三季列車長度持平，我們在整個季度取得了穩定的連續改善，並在 9 月底創下了超過 9,600 英尺的月度記錄。
These improvements are a direct result of targeted transportation plan, changes in capital investments such as siding, extensions and technology.
這些改進是有針對性的交通計劃、側線、擴建和技術等資本投資變化的直接結果。
While we have made great strides this year to improve train length, there are still opportunities to safely improve as we strive to generate mainline capacity for current and future growth to wrap up great work by the team as they efficiently leverage our buffer resources to handle the influx in volumes.
雖然我們今年在提高列車長度方面取得了長足進步，但仍有機會安全地提高，因為我們努力為當前和未來的增長創造幹線運力，以完成團隊的出色工作，因為他們有效地利用我們的緩衝資源來處理大量湧入。
However, as I opened with, there's always opportunity to get better and I'm confident the team will continue pushing in our pursuit of industry-leading safety, service and operational excellence.
然而，正如我開頭所說，總是有機會變得更好，我相信團隊將繼續推動我們追求領先業界的安全、服務和卓越營運。
Jim?
吉姆？
Thank you, Eric
謝謝你，艾瑞克
.
。
Tornadoes 15.
龍捲風 15.
Before we get to your questions, I'd like to quickly summarize what you've heard from our team.
在回答您的問題之前，我想快速總結一下您從我們團隊聽到的情況。
First, as you heard from Jennifer, we did a great job of adding volume to our network in an efficient manner.
首先，正如您從 Jennifer 那裡聽到的那樣，我們在以有效的方式增加網路容量方面做得非常出色。
And given the margin profile of that volume, it was imperative that we did.
考慮到該數量的利潤率，我們必須這樣做。
So we also continue to generate strong pricing that reflects the value we're creating for our customers.
因此，我們也持續制定強而有力的定價，以反映我們為客戶創造的價值。
Again imperative to mitigate the mix dynamic in the quarter, Kenny gave an overview of third quarter volumes laid out thoughts for the remainder of the year.
肯尼再次對緩解本季的混合動態勢在必行，他概述了第三季的銷量，並為今年剩餘時間提出了想法。
The team is making no excuses and going after every available carload.
團隊不找任何藉口，全力追趕每輛可用的車輛。
While international intermodal gets a lot of attention these days, there are plenty of additional markets where the team is winning to bring new customers to the railroad over the short term and long term.
雖然國際多式聯運如今受到廣泛關注，但該團隊正在贏得大量其他市場，在短期和長期內為鐵路帶來新客戶。
Lastly, Eric updated our progress to improve safety service and operational excellence.
最後，埃里克更新了我們在改善安全服務和卓越營運方面的進展。
Year to date, our safety metrics continue to show great improvement, but they're just the initial steps toward been industry leading on the service front, the operating team did a great job of improving service while we handled more business that was possible due to the efficiency of our network and our ability to maximize asset utilization.
今年迄今為止，我們的安全指標繼續顯示出巨大的進步，但這只是在服務方面成為行業領先的第一步，營運團隊在改善服務方面做得很好，同時我們處理了更多可能的業務，因為我們網路的效率以及最大化資產利用率的能力。
While the business a railroad and can be unpredictable.
雖然鐵路業務可能是不可預測的。
It's the fundamentals of how you operate the Company and participating in reacting to change that ultimately matters
最終重要的是您如何經營公司以及參與應對變革的基本原則
.
。
I said it earlier, and I'll say it again, I'm very pleased with where we sit today.
我之前說過，我會再說一遍，我對我們今天的坐姿感到非常滿意。
When I joined the company, I said we had pressures that we're going to take us a couple of years to get by some of the inflationary pressures.
當我加入公司時，我說我們面臨一些壓力，我們需要幾年的時間來克服一些通膨壓力。
But as you heard at our Investor Day last month, we have the right team and the right strategy to make take this Company to new heights just the beginning of the journey.
但正如您在上個月的投資者日上聽到的那樣，我們擁有合適的團隊和正確的策略，可以將公司推向新的高度，而這只是旅程的開始。
So with that, we're excited, we're ready and we're ready to take your questions.
因此，我們很興奮，我們已經準備好並準備好回答您的問題。
Robert.
羅伯特.
Thank you.
謝謝。
We'll now be conducting a question and answer session.
我們現在將進行問答環節。
If you like to ask a question today, please press star one on your telephone keypad and A confirmation tone will indicate your line is the question queue. You may press star two if they To remove your question from the care For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys during the morale is joining us on the call today will be limiting AeroFONE to one question to David as many participants as possible.
如果您今天想提問，請按電話鍵盤上的星號一，確認音將顯示您的線路正在問題佇列中。如果他們將您的問題從護理中刪除，您可以按星號二。將AeroFONE 限制為一向盡可能多的參與者提問 David。
Thank you.
謝謝。
In the first question today will be coming from the line of Ken Hoexter, Bank of America.
今天的第一個問題將來自美國銀行的 Ken Hoexter。
Please proceed with your question.
請繼續你的問題。
Foreign can take.
國外可以帶。
Good morning, Jim and team.
早上好，吉姆和團隊。
Thank you for the question on, I guess two things.
謝謝你的提問，我猜有兩件事。
one, can you just clarify, when you talk consistent with last quarter, are you talking on an operating ratio level?
第一，您能否澄清一下，當您與上季度保持一致時，您是在談論營運比率水平嗎？
Are you talking on a revenue or or up income level?
您談論的是收入還是收入水平？
Sort of clarify that?
澄清一下嗎？
And then I guess, Kenny, it seems coal has taken a big step down lately, continued to talk about what puts and takes that was built into the full year target that you're targeting it.
然後我想，肯尼，煤炭最近似乎已經邁出了一大步，繼續談論您設定的全年目標中包含的投入和支出。
Thanks.
謝謝。
I'll start with that, then, Ken, thanks for the question.
那我就從這個開始吧，肯，謝謝你的提問。
Yes.
是的。
I mean, when we think consistent and we say results, we're being broad there.
我的意思是，當我們思考一致並說結果時，我們就廣泛了。
But the I mean, I think we see this as we look at what's going to happen in the fourth quarter.
但我的意思是，我認為我們在考慮第四季度將發生的情況時就會看到這一點。
We see the outcomes being very similar across all of those categories in terms of our fourth-quarter results.
就我們第四季度的業績而言，我們發現所有這些類別的結果都非常相似。
So consistent is consistent on the coal side.
因此煤炭方面的一致性是一致的。
It no surprises with coal.
對於煤炭來說這並不奇怪。
We'd expect what you're seeing in the public numbers, those volumes to continue through the rest of the year.
我們預計您在公眾號中看到的內容，這些數量將在今年剩餘時間內繼續下去。
That's why I made a point of focus on.
這就是為什麼我提出了一個重點。
If you look at that bulk line on everything we can the counter some of those challenges on the coal side with renewable fuels and with the grain network.
如果你看看散裝生產線的所有方面，我們可以透過再生燃料和糧食網絡來應對煤炭方面的一些挑戰。
Thanks.
謝謝。
Ken access.
肯訪問。
Thank you for the next question is from the line of Chris Wetherbee with Wells Fargo.
感謝您提出下一個問題，該問題來自富國銀行的 Chris Wetherbee。
Please just raise your questions.
請提出您的問題。
Yes, hey, thanks.
是的，嘿，謝謝。
Good morning, guys.
早安，夥計們。
So I guess I just maybe wanted to understand a little bit about how you think about the intermodal outlook and maybe how that influences that comment around the fourth quarter.
所以我想我只是想了解一下您對多式聯運前景的看法，以及這可能如何影響第四季度的評論。
So we came off of what has been a remarkable sort of pre loaded peak season and potentially in the third quarter, particularly international.
因此，我們度過了一個非凡的預載旺季，可能會在第三季度，尤其是國際市場。
Do you see there mixed start to change a little bit, but can you maybe sort of work that into a little bit of the drivers of that consistency in the fourth quarter?
您是否看到混合開始發生了一些變化，但是您是否可以將其轉化為第四季度一致性的一些驅動因素？
It would be helpful.
這會有幫助的。
Yes, I'll start with that, Chris, and then Cannington can weigh in relative to volume.
是的，克里斯，我會從這個開始，然後坎寧頓可以根據數量來權衡。
I mean, we believe the mix pressures are going to continue into into the fourth quarter.
我的意思是，我們相信混合壓力將持續到第四季。
You also see just kind of that normal seasonality, a little bit lower volume.
您還會看到正常的季節性，成交量略有下降。
We've got the holidays tend to have a little bit of weather.
我們的假期往往會有一些天氣。
So there's no those things.
所以沒有那些東西。
The other thing that I think some folks need to pay attention to is fuel on a on a year-over-year basis and even sequentially because you have a much different dynamic from fuel, we think our fuel surcharges probably going to be 200 million or so less in the fourth quarter.
我認為有些人需要注意的另一件事是同比甚至連續的燃油，因為燃油的動態有很大不同，我們認為我們的燃油附加費可能會達到 2 億或所以第四季度會減少。
And when you're looking at how it contributed positively in the third quarter, Peter, and as a drag on Q4, there's a lot of puts and takes there that I think you need to pay attention to that, I think help maybe fill in some of those blanks as well as just the mix impact.
當你看到它在第三季度如何做出積極貢獻時，彼得，以及對第四季度的拖累，有很多看跌和看跌，我認為你需要注意這一點，我認為幫助可能會填補其中一些空白以及混合影響。
Kenny?
肯尼？
Yes, on a on a year-over-year basis, I think we could expect international intermodal to be elevated, although as we go throughout the quarter, you can see that in some of the numbers now you're seeing it start to step down a little bit.
是的，與去年同期相比，我認為我們可以預期國際多式聯運將會有所增加，儘管隨著我們整個季度的發展，您可以看到，在一些數字中，您現在看到它開始進步下降一點點。
one of the things that I just want to highlight again is the preparedness for the team to be able to accept and anticipate that 33% increase.
我想再次強調的一件事是團隊已做好準備，能夠接受並預期 33% 的成長。
And so we're very encouraged by that.
所以我們對此感到非常鼓舞。
Thank you.
謝謝。
Our next question is from the line of Walter Spracklin, RBC Capital Markets.
我們的下一個問題來自加拿大皇家銀行資本市場部門的 Walter Spracklin。
Please take your questions.
請回答您的問題。
Yes, thanks and good morning, everyone.
是的，謝謝大家，早安。
So Jim, in your prepared remarks, you kind of alluded to merge into perhaps weren't what you are hoping.
所以吉姆，在你準備好的發言中，你提到合併可能不是你所希望的。
Is that to say that you kind of the prior margin improvement that you achieved in your first two years ago?
這是否是說您對前兩年前實現的利潤率改善感到滿意？
It is not possible in the current environment or is it just taking longer?
在當前環境下不可能還是只是需要更長的時間？
And I think and I am just curious whether your mention of an industry leading OR. is do you think that that is in effect for next year?
我想，我只是好奇你是否提到了行業領先的 OR。您認為這對明年有效嗎？
In other words, can you can you have an industry leading a large early as next year?
也就是說，明年年初能不能有一個產業領先？
Well, I think we have industry leading to our for the last the number of quarters, including this one, I think were the last ones to report, and I'm pretty safe to say that.
嗯，我認為我們的行業在過去幾個季度中處於領先地位，包括這個季度，我認為我們是最後一個報告的，我可以很肯定地說。
So we'll do let's back up a little bit.
所以我們會做一點備份。
People are in different positions of where that 2019 where I joined.
2019 年我加入時，人們處於不同的位置。
We part of 12,000 plus locomotives closer to 1,500.
我們擁有 12,000 多台機車，其中接近 1,500 台。
We adjusted the number of people that took to operate the railroad and those were big changes.
我們調整了營運鐵路的人數，這是一個很大的變化。
And we did those already.
我們已經做到了。
And I think that I was here and then I went on sabbatical and now on back and am I done?
我想我曾經在這裡，然後我去休假，現在又回來了，我完成了嗎？
Absolutely not.
絕對不是。
But it's a lot different place to start where I came back 13, 14 months ago than it was if I would have come
但我 13、14 個月前回來時的起點與我當初回來時的起點有很大不同
.
。
If we were in the same situation as 2019, we will be the best margin operating ratio company this year.
如果我們的情況與2019年相同，我們將是今年利潤率營運率最好的公司。
And I don't see any reason for us not to continue that.
我認為我們沒有任何理由不繼續這樣做。
And we will look at ways now inflationary pressure.
我們現在將研究應對通膨壓力的方法。
And I said from the very first call I was on, is it it's not going to be an easy one to get over.
從我接到的第一通電話開始，我就說，這不會是個容易克服的問題。
We are pushing price, but also being cognizant that you only get the customers have to see value in that they have to understand that we're giving them a product that allows them to win in the marketplace.
我們正在推動價格，但也認識到，只有讓客戶看到價值，他們必須明白我們為他們提供的產品可以讓他們在市場上獲勝。
And we've done that with pricing higher with the revenue coming in and pricing higher than what inflation is.
我們透過隨著收入的增加而提高定價來做到這一點，並且定價高於通貨膨脹。
So what I see is is exactly what we laid out in our Investor Day.
所以我所看到的正是我們在投資人日所闡述的。
We see of EPS growth.
我們看到每股收益成長。
Hi, single digit to low double digit.
你好，個位數到低兩位數。
We have the opportunity with the cash that we're providing that if we don't come up with another use for that, we can buy back 4 to 5 billion versus versus shares.
我們有機會利用我們提供的現金，如果我們不想出其他用途，我們可以回購 4 到 50 億美元的股票。
And we are absolutely online Sept operating ratio improvement at the Union Pacific.
我們絕對在線聯合太平洋 9 月份的營運率有所改善。
So that's the way I see it.
這就是我的看法。
Well there, hopefully I answered your question.
好了，希望我回答了你的問題。
Absolutely.
絕對地。
Thanks, Jim.
謝謝，吉姆。
You're welcome.
不客氣。
Have a good one.
祝你過得愉快。
Our next question is from the line of Jordan Alliger with Goldman Sachs.
我們的下一個問題來自高盛的喬丹·阿利格 (Jordan Alliger)。
Please just raise your questions.
請提出您的問題。
Good morning.
早安.
This is Andrea on for Jordan.
這是代表喬丹出賽的安德里亞。
Thanks for taking my question.
感謝您提出我的問題。
We had wanted to down 5% year over year and carload growth up nicely at 6%.
我們原本希望年減 5%，而貨運量成長則能達到 6%。
We achieved strong incremental margins in the quarter, both year-over-year and sequentially.
我們在本季度實現了強勁的利潤增量，無論是同比還是環比。
Could you just talk a little bit more about the productivity opportunity set that you guys are taking the actions there and how that sets up for 2025 on incremental net income in industrial production can actually accelerate from here?
您能否多談談您們正在採取的生產力機會集，以及如何為 2025 年工業生產的增量淨收入真正加速？
Absolutely, Andre.
絕對是，安德烈。
Let's start by level setting on what we did.
讓我們從我們所做的事情的層級設定開始。
So you start thinking about locomotive draw in my prepared comments I talked about we've tied the best quarterly results than we've ever had before.
因此，您開始在我準備好的評論中考慮機車抽籤問題，我談到我們已經取得了比以往任何時候都最好的季度業績。
Workforce productivity, 12% monthly and quarterly record train length, September, best month ever in the history of Union Pacific
9 月，聯合太平洋公司歷史上最好的月份，員工生產力，月度和季度列車長度創紀錄的 12%
.
。
And certainly, I see surely record and in 2Q.
當然，我肯定會在第二季看到創紀錄的表現。
But as we look at that productivity is not new for us since 2019, we've driven approximately $1.4 billion in productivity, and you're going to see us continue to find opportunities.
但正如我們所見，自 2019 年以來，生產力對我們來說並不新鮮，我們已經提高了約 14 億美元的生產力，而且您將看到我們繼續尋找機會。
We work on it every single day.
我們每天都在努力。
So let's talk about what some of those are.
那麼讓我們來談談其中的一些內容。
When I start talking about workforce, how we break it down from my team, its fundamentals, it's agreements, its technology on the fundamentals.
當我開始談論勞動力時，我們如何將其從我的團隊中分解出來，它的基礎、它的協議、它的基礎技術。
I still see opportunities for us to be able to improve our recovery rate.
我仍然認為我們有機會提高康復率。
We've done improvement there, still more opportunity there.
我們在那裡做了改進，那裡還有更多機會。
When you look at the number of people that we use in our yard and local, you heard Jim talk about the inflationary pressures, have a 4% wage increase to start the year and a 4.5 percentage July first.
當你看到我們院子和當地的員工人數時，你會聽到吉姆談論通貨膨脹壓力，年初工資將增加 4%，7 月份工資將增加 4.5%。
Yet, if you look at our wages is that we're paying, we've actually been able to offset some of that inflation through productivity.
然而，如果你看看我們支付的工資，我們實際上已經能夠透過生產力抵消部分通貨膨脹。
That's technology.
這就是技術。
That's process.
這就是過程。
You're going to continue to see us do that.
您將繼續看到我們這樣做。
Fuel is going to still be a big opportunity for us, whether you're talking about process or whether you're talking about technology, it's a huge expense for us and that's when we got to continue to work through.
燃料對我們來說仍然是一個巨大的機會，無論你是在談論流程還是技術，這對我們來說都是一筆巨大的開支，而這正是我們必須繼續努力的時候。
So our work with the MS., which does energy management, our work on how we think about filling our locomotives, where do we fill the most locomotives at the lowest cost.
因此，我們與負責能源管理的 MS 合作，研究我們如何考慮為機車加油，我們在哪裡以最低的成本加油最多的機車。
We've driven that compliance now north of 90% where we started the year significantly lower.
目前，我們的合規性已達到 90% 以上，而年初的水準顯著降低。
That's still an opportunity for us.
這對我們來說仍然是一個機會。
And I'll tell you the list goes on and on a non when I say we work on it every day, I really mean that it's safety, service productivity.
我會告訴你，當我說我們每天都在努力時，這個清單還在繼續，我真正的意思是安全、服務生產力。
Thanks, Andrea, and thank you.
謝謝，安德里亞，謝謝你。
Our next question is from the line of David Vernon with Bernstein.
我們的下一個問題來自大衛·弗農和伯恩斯坦。
Please just answer your questions.
請回答您的問題。
Morning, David, that's very impactful line is muted windows.
早安，大衛，那句很有影響力的台詞是靜音窗戶。
Hello?
你好？
Yes, hi.
是的，嗨。
Thanks for the time.
謝謝你的時間。
I'm sorry about that.
對此我很抱歉。
I was just trying to get a hit on.
我只是想引起轟動。
So Eric, I had a question for you on the intermodal train speed seen in the data we're looking at from the outside looking in those numbers are trending kind of as low as they've been.
艾瑞克，我有一個問題要問你，關於我們從外部觀察的數據中看到的聯運列車速度，這些數字趨勢與以往一樣低。
We've seen some and some issues on on on dwell at the West Coast ports as well.
我們也看到西海岸港口存在一些問題。
So you know, how do I reconcile some of those external data points with the performance that you guys are driving in the results today in terms of talking about the best in the train lengths just mentioned and improvements in intermodal customer service.
所以你知道，我如何將一些外部數據點與你們今天在結果中推動的性能相協調，談論剛剛提到的最佳列車長度和聯運客戶服務的改進。
I'm just trying to square that circle dividends come in a couple of client conversations.
我只是想在幾次與客戶的對話中解決這個問題。
Thank you.
謝謝。
Thank you for the question, David.
謝謝你的提問，大衛。
Here's how I reconcile.
以下是我的調和方法。
It tells you that 200 and 20s not as good as we can be because to your point, we've seen dramatic improvements in both the manifest in bulk side and what we've seen improvements on some lanes and intermodal, we've continued to work to be able to improve that.
它告訴您 200 和 20s 不如我們好，因為就您而言，我們已經看到散裝方面的清單以及我們在某些車道和聯運方面看到的改進，我們已經看到了顯著的改進，我們繼續努力改進這一點。
Now let's be really frank, 33% increase in international intermodal without much advance notice of any advance notice.
現在讓我們坦白地說，國際聯運增加了 33%，而沒有任何提前通知。
I'm very proud of what the team has accomplished to be able to handle that.
我對團隊能夠處理這個問題所取得的成就感到非常自豪。
What do we have to continue to do to build back that intermodal speed that you're talking about?
我們必須繼續做什麼才能恢復您所說的聯運速度？
What's the things we're doing right now?
我們現在正在做的事情是什麼？
So when we talk about deploying our buffer resources that's taken the form of locomotives and cars into the LA Basin
因此，當我們談論以機車和汽車的形式將緩衝資源部署到洛杉磯盆地時
.
。
We've staged our trains across the system so that we take every train extreme, every car that we can into the port.
我們在整個系統中安排了列車，以便我們將每趟列車、每輛汽車帶到港口。
And we take every card that they can give us back.
我們拿走他們能還給我們的每張卡片。
We work closely with the CSX and the NS. to ensure that our interchange points remain fluid.
我們與 CSX 和 NS 密切合作。確保我們的轉乘點保持流暢。
These are the things we need to continue to execute as we continue to capture that volume
這些是我們在繼續捕獲該數量時需要繼續執行的事情
.
。
And I expect in short order that intermodal speed will turn the other way, and that will continue to add on top of the excellent performance we have already.
我預計聯運速度將在短期內轉向另一個方向，這將在我們已經擁有的出色表現的基礎上繼續增加。
So David, I need to sort of add on a little bit from what areas you said.
大衛，我需要對你所說的內容做一些補充。
So followed up with both LA and Long Beach board via earlier this week.
因此，本週早些時候通過洛杉磯和長灘登機。
And we both came to the same conclusion,
我們都得出了同樣的結論，
no one, no one told us first or second quarter that we were going to see a 33% increase.
沒有人，沒有人告訴我們第一季或第二季我們會看到 33% 的成長。
And it was an event that happened because of the East Coast ports issues, the Canadian issues.
這是由於東海岸港口問題、加拿大問題而發生的事件。
The big question is how do we handle it?
最大的問題是我們要如何處理它？
And you know that when something happens that is thrown, I knew you start up, you start moving intermodal equipment and you don't get the same speed than you don't get the same velocity.
你知道，當發生一些事情時，我知道你啟動了，你開始移動聯運設備，你沒有得到相同的速度，就像你沒有得到相同的速度一樣。
And we knew we were not going to be able to maintain that.
我們知道我們無法維持這一點。
But let's let's I see where the successes or failures by the supply chain ships are not being held out at LA Long Beach.
但讓我們看看供應鏈船舶的成功或失敗在洛杉磯長灘沒有體現出來。
They are arriving in going on the way they normally do with that kind of increase in business.
他們正按照通常的方式進行業務成長。
As far as the fluidity of our terminals were in great shape, we've been able to turn the containers and the customers have done a fantastic job of pulling those containers off and delivering the only place that the we'd love it.
就我們碼頭的流動性而言，我們已經能夠轉動貨櫃，客戶也做得非常出色，將這些貨櫃拉下來並運送到我們唯一喜歡的地方。
If we have been able to Planet is we'd have faster velocity.
如果我們能夠行星化，我們的速度就會更快。
If we could have been told that it was coming and seen it a little sooner.
如果我們能早一點被告知它即將到來並看到它就好了。
So we could place cars on the right place to work on other terminals.
這樣我們就可以將汽車放置在正確的位置，以便在其他航站樓上工作。
We have at the West Coast a little little differently and be able to speed it up.
我們在西海岸的情況略有不同，並且能夠加快速度。
I'm very proud.
我很自豪。
I think that customers have seen what out of LA Long Beach can do.
我認為客戶已經看到了洛杉磯長灘的功能。
And I think they have it will be part of the their decision making handle an increase in business.
我認為這將成為他們處理業務成長決策的一部分。
And I think it can and we've proven that point.
我認為可以，而且我們已經證明了這一點。
It's a heck of a success story for us, and I love the story.
這對我們來說是一個非常成功的故事，我喜歡這個故事。
I love that.
我喜歡那個。
You look at our metrics real good at, and I'm sure that you've seen that the that will run and over 220 miles per day for our cars.
您仔細查看了我們的指標，我相信您已經看到我們的汽車每天可以行駛 220 英里以上。
And that's what's really important to us as we keep the place fluid.
這對我們來說非常重要，因為我們要保持這個地方的流動性。
So thank you very much.
非常感謝。
Great question, David.
好問題，大衛。
Thank you.
謝謝。
Our next question is from the line of Tom Wadewitz with UBS.
我們的下一個問題來自瑞銀集團 (UBS) 的湯姆·瓦德維茨 (Tom Wadewitz)。
Please state your questions.
請說出您的問題。
Morning, Tom, Adrian business.
早上好，湯姆，阿德里安有事。
This is my final one for Tom.
這是我給湯姆的最後一篇。
Okay.
好的。
So if we look at the workforce productivity and locomotive productivity, they're both up mid-single digits through September, and they've been a driver of OR improvement this year despite the volume and the mix headwinds, if we look out to next year and the volume backdrop is still kind of murky.
因此，如果我們看一下勞動力生產率和機車生產率，到 9 月份，它們都實現了中個位數的增長，並且儘管存在數量和混合阻力，但如果我們展望未來，它們一直是今年 OR 改善的推動力今年的成交量背景仍然比較模糊。
But volumes are kind of flat to up to you think you can get another mid-single digit improvement in those productivity metrics?
但產量有點持平，您認為您可以在這些生產力指標上再獲得中個位數的改善嗎？
Well, we're sticking to our guidance for next year, which I think that's the we set it out.
好吧，我們將堅持明年的指導，我認為這就是我們設定的。
We thought about it a very, very definitive,
我們對此進行了非常非常明確的思考，
but what we want to deliver next year.
但我們明年想要交付什麼。
So unless the economy inflows in the United States, we're very comfortable that that we're going to be able to deliver that.
因此，除非經濟流入美國，否則我們對能夠實現這一目標感到非常滿意。
So I'm very proud of when you get that kind of productivity number.
因此，當您獲得這樣的生產力數字時，我感到非常自豪。
We delivered this last quarter and we don't see any reason for us not to be able to take a look at what we're doing on the railroad to continue to be at the improved productivity
我們在上個季度交付了產品，我們認為沒有任何理由不能看看我們在鐵路上所做的事情，以繼續提高生產力
.
。
We know that we're carrying extra people because of some of the collective agreements that we still have to implement and from the last round.
我們知道，由於我們仍然需要執行上一輪的一些集體協議，我們運載了額外的人員。
So we're being very prudent on that side.
所以我們在這方面非常謹慎。
Would you could see on the non-operating side, what we've been able to do to still operate the railroad in a very efficient manner.
您是否可以看到，在非運營方面，我們已經能夠採取哪些措施來仍然以非常有效的方式運營鐵路。
So we do that every day to take a look at it.
所以我們每天都會這樣做來看看它。
And I'm very comfortable that we're headed the right way, Jennifer, anything bad?
我很高興我們正朝著正確的方向前進，詹妮弗，有什麼不好的嗎？
I just would reiterate, and that's really kind of what Eric talked about to when we look at it all the areas of expense and on the capital side, we have areas to improve our productivity and we have action plans against at for the rest of this year and going into 2025 and beyond.
我只是想重申一下，這確實是埃里克所說的，當我們考慮所有費用領域和資本方面時，我們有提高生產力的領域，並且我們針對其餘方面製定了行動計劃2025 年及以後。
So that's what really gives us confidence to say there's there's certainly great runway ahead of us, and we're very confident in our ability to perform.
因此，這真正讓我們有信心說，我們前面肯定有很棒的跑道，而且我們對自己的表現能力非常有信心。
Yes.
是的。
Thanks for the question and say hi to Tom for me.
謝謝你的提問，請代我向湯姆問好。
Thank you.
謝謝。
Well there.
好吧，就在那裡。
So next question is from the line of Daniel Imbro with Stephens.
下一個問題來自丹尼爾·因布羅（Daniel Imbro）和史蒂芬斯（Stephens）。
Please.
請。
You see a fair question.
你看到了一個公平的問題。
Good morning, everybody.
大家早安。
Thanks for your questions.
感謝您的提問。
Maybe one of our one just from a competitive standpoint, I know it's hard to know, but your Western peers and more vocal about wanting to improve its anymore.
也許我們的一個只是從競爭的角度來看，我知道這很難知道，但你的西方同行更直言不諱地想要改進它。
I'm curious if you're noticing anything different when you're out there bidding on business going head to head with them in the market?
我很好奇，當您在市場上與他們競爭業務時，是否注意到有什麼不同？
And then in your prepared remarks, you mentioned merchandise pricing with positive.
然後在您準備好的發言中，您提到了積極的商品定價。
Just curious how you're seeing core merchandise pricing out there in the market you're going to?
只是好奇您如何看待市場上核心商品的定價？
Thanks.
謝謝。
Yes, no, if you look at the size of the pie, we're really competing against truck.
是的，不，如果你看看蛋糕的大小，我們實際上是在與卡車競爭。
We're putting together a service product to go out there and compete against truck against fourth and to a lesser degree against a barge.
我們正在整合一種服務產品，以便與卡車競爭第四名，並在較小程度上與駁船競爭。
So we're doing what we can do to go out there and grow and win share and focus on Union Pacific and one we can control of asset second part of your question, but I'm proud of the team that be able to go out and only with the capital investments that we put into the network for our customers to lead with the inflationary pressures that we can have, the buffer resource that Jim and Eric talked about it now we talked a little bit about the velocity.
因此，我們正在盡我們所能，走出去，成長，贏得份額，專注於聯合太平洋公司，我們可以控制你問題的第二部分資產，但我為能夠走出去的團隊感到自豪只有通過我們為客戶投入網路的資本投資，我們才能承受我們所能承受的通膨壓力，吉姆和埃里克談到的緩衝資源，現在我們談到了速度。
We tied also the service and we're aligned and those pricing with the service process there.
我們還將服務捆綁在一起，並且我們將這些定價與那裡的服務流程保持一致。
So yes, the team have been able to go out there and secure some strong pricing on that merchandise business of the freight.
所以，是的，該團隊已經能夠走出去，並在貨運商品業務上獲得一些強有力的定價。
So we're going to be the only thing I would add is this and I think it's a valid point to make.
所以我們唯一要補充的是這一點，我認為這是一個有效的觀點。
I want the entire industry to operate very efficiently.
我希望整個產業能夠非常有效率地運作。
I want the entire industry to be able to operate in a manner that allows us all to grow.
我希望整個產業能夠以一種讓我們所有人都能成長的方式運作。
We interchange a lot of traffic, not quite 50%, but around 40% touches a another railroad, whether it's a short line or one of the other railroads in the United States.
我們交換了大量的交通，不到 50%，但大約 40% 涉及另一條鐵路，無論是短線還是美國的其他鐵路。
So the more we can all be efficient when we interchange traffic when we move it across the Mississippi when we move it with our western competitor.
因此，當我們與西方競爭對手交換交通，穿越密西西比河時，我們的效率就越高。
So we'd love to compete.
所以我們很樂意競爭。
But there's a lot of traffic that we're both efficient on.
但我們都可以有效率地處理大量流量。
We get to be able to move that from other modes of transportation.
我們能夠將其從其他交通方式轉移。
I've worked with people with type.
我和有型的人一起工作過。
I was smiling last night when I was thinking about this, how many people that I've worked with that or other railroads, whether it's CPKC., now even the Burlington Northern Santa Fe, whether it's of CSX. or whether it's Norfolk Southern.
昨晚，當我想到這個問題時，我微笑著，我曾與該鐵路公司或其他鐵路公司合作過多少人，無論是 CPKC，現在甚至是伯靈頓北聖達菲，無論是 CSX。或是諾福克南方航空。
So we come from a culture, all of us that have worked together that we operate railroads in an efficient manner, and we move ahead so that we want all of us want growth.
因此，我們來自一種文化，我們所有人共同努力，以有效的方式運營鐵路，我們不斷前進，以便我們希望所有人都能實現成長。
I'm not speaking for the rest of Beaumont speaking for us at Union Pacific, given all that, listen, I can control what we do, not what everybody else does.
我並不是代表博蒙特的其他人代表我們聯合太平洋公司說話，考慮到這一切，聽著，我可以控制我們所做的事情，而不是其他人所做的事情。
And I'm very comfortable with where we are and what we can do in that kind of business mix that we have.
我對我們的現狀以及我們在現有的業務組合中可以做的事情感到非常滿意。
And you can see it this last quarter and what we've been able to deliver and what we see moving forward.
您可以看到上個季度以及我們已經交付的內容以及我們看到的未來發展。
So I'm excited, I think the industry's in a better place now than it was 10 years ago and five years ago, and I'm sure better than we were in 2022.
所以我很興奮，我認為這個行業現在比 10 年前和 5 年前更好，我確信比 2022 年更好。
So it's a wonderful place to be and will even continue to get better than low competition with all the people, you know, is the best thing.
所以這是一個很棒的地方，甚至會繼續變得比與所有人的低競爭更好，你知道，這是最好的事情。
You can have nothing better than beating all the peak.
沒有什麼比擊敗所有巔峰更好的了。
Will that, you know, and that's what we want to do.
你知道嗎，這就是我們想做的事。
Understood.
明白了。
Thanks, and thanks, Kenny.
謝謝，謝謝，肯尼。
Welcome.
歡迎。
Our next question is from the line of Jon Chappell with Evercore ISI.
我們的下一個問題來自 Evercore ISI 的 Jon Chappell。
Your question, John.
你的問題，約翰。
Thank you.
謝謝。
Good morning.
早安.
Morning, Jim.
早安，吉姆。
Kinnear is going to ask this anyway.
無論如何，金尼爾都會問這個。
It may be a pretty well Titan follow-up to the last one.
這可能是上一部的泰坦後續作品。
So the Arca 5% in both bulk and industrial office, it points to your pricing, Jim says that customers have to see value in the service and you're seeing that both inflation conceptually coming down a little bit.
因此，Arca 5% 在散裝和工業辦公室中，它指向你的定價，吉姆說，客戶必須看到服務的價值，你會看到通貨膨脹在概念上有所下降。
The volume headwinds remaining can to keep that type of pricing momentum despite the good service.
儘管服務良好，但剩餘的銷售逆風可能會保持這種定價勢頭。
Do you need a little bit of help from the volume side from macro demand to continue to push price or a certain point?
是否需要宏觀需求在成交量方面的一點幫助來繼續推動價格或某一點？
Is that kind of cap out without getting some volume tailwinds?
這種上限是否會在沒有帶來一些成交量推動的情況下結束？
Yes.
是的。
So in macro, the macro and those are things that are out of our control, John, we focus on network.
因此，在宏觀方面，宏觀和那些是我們無法控制的事情，約翰，我們專注於網路。
We focus on the service that that Eric is providing us the investments we're making, and we like that to the value of the pricing.
我們專注於埃里克為我們所做的投資提供的服務，我們喜歡它的定價價值。
And we're very crystal clear player and how we articulate to our customers.
我們非常清楚我們如何與客戶溝通。
So the way we look at it, we see it as something that will definitely continue to happen.
因此，從我們的角度來看，我們認為它肯定會繼續發生。
Okay, thanks, guys.
好的，謝謝大家。
Thank you very much.
非常感謝。
Our next question's from the line of Brian Tunick with JPMorgan.
我們的下一個問題來自摩根大通的 Brian Tunick。
Please proceed with your question.
請繼續你的問題。
Oren, Bryan.
奧倫、布萊恩.
Hey, good morning.
嘿，早安。
Thanks for taking the question to Jim, maybe just to come back to the initial comments you had just a little while to get over the labor challenges, the sort of inherited on the network.
感謝您向吉姆提出這個問題，也許只是為了回到最初的評論，您只有一點時間來克服勞動力挑戰，這種挑戰是在網路上繼承的。
Obviously, we've seen mixing coal, not help and then just a broader inflationary trends.
顯然，我們看到了混合煤炭，沒有幫助，然後只是更廣泛的通膨趨勢。
So maybe just to help level set things.
所以也許只是為了幫助設定水平。
So I think you said it's going to take a while.
所以我認為你說這需要一段時間。
Can you offer any sort of context in terms of what the timing should be if it's going to be a gradual or if there's some step change that we could be thinking of as we look excuse me, more broadly to getting over some of these hurdles and probably to a better place than what you started off with?
您能否提供一些背景信息，說明時間應該是漸進的，或者我們在考慮時是否可以考慮採取一些步驟性的改變，更廣泛地說，是為了克服其中一些障礙，也許到了一個比你開始的地方更好的地方？
Thanks.
謝謝。
Brian, thanks for the question.
布萊恩，謝謝你的提問。
So if we have, I don't like to look backwards too much, but I think we've done a great job at Union Pacific of all 30,000 of us to be able to deliver where we are comparatively to everybody else.
因此，如果我們有的話，我不喜歡太多地回顧過去，但我認為我們在聯合太平洋公司所有 30,000 名員工中都做得很好，能夠實現與其他人相比我們所處的水平。
Now growth is real important to us, and we've done a great job of providing service at a high level and remember services what we see sold the customer, not other measures that are out there to talk about what service is we measure individually to every one of our customers about what level of service that we sold them.
現在，成長對我們來說非常重要，我們在提供高水準服務方面做得很好，並記住我們看到的向客戶出售的服務，而不是其他衡量我們單獨衡量什麼服務的衡量標準我們的每一位客戶都了解我們提供給他們的服務水準。
So we put that in the mix and we had inflationary pressure.
因此，我們將其納入其中，我們面臨通膨壓力。
That's why we were very clear on what our three year expectation is, Brian, of what our results should be and what we think we can deliver some very comfortable where we are.
這就是為什麼我們非常清楚我們的三年期望是什麼，布萊恩，我們的結果應該是什麼，以及我們認為我們可以在我們所處的位置提供一些非常舒適的東西。
And I think we'll see improve movements in our operating ratio will see improvements over time over our net income and improvements in our EPS that drives a drives value for our shareholders
我認為我們會看到我們的營運比率有所改善，隨著時間的推移，我們的淨利潤會有所改善，每股收益也會有所改善，從而為我們的股東帶來價值
.
。
So very comfortable.
所以非常舒服。
This always at the very start as it was going to be a couple of years.
這總是在一開始的時候，因為這將需要幾年的時間。
It's still a couple of years.
還有幾年的時間。
It was not going to be easy and it's not easy to get the overcome some of the things.
這並不容易，克服一些事情也不容易。
But I think we've done a good job with pricing growth.
但我認為我們在定價成長方面做得很好。
And coal coal is coal by coal was down 20% at the end of the day if it wasn't down 20%.
如果沒有下跌 20%，煤煤到收盤時就下跌了 20%。
But that's not the way I look at the world.
但這不是我看待世界的方式。
There's always challenges if there was no challenges than I would have stayed retired and enjoying myself in Scottsdale, Arizona this morning going for a hike that Camel back I'm here because I think there's something to do very it's Brian.
總是有挑戰，如果沒有挑戰的話，我會保持退休狀態，今天早上在亞利桑那州斯科茨代爾享受自己去徒步旅行，駱駝回來了，我來這裡是因為我認為有事情要做，這是布萊恩。
Thanks for the question
謝謝你的提問
.
。
I appreciate it, Jim.
我很感激，吉姆。
Thank you.
謝謝。
Our next question is from the line of Ben Nolan with Stifel.
我們的下一個問題來自本·諾蘭和施蒂菲爾。
Please just raise your questions.
請提出您的問題。
Thanks a lot on.
非常感謝。
So the the service and performance index for both intermodal and manifest has been churning of higher.
因此，多式聯運和艙單的服務和績效指數一直在上升。
I'm just curious if you think there's a point where if you arrive at a certain level or or if a certain range where you can really do lean more heavily into pricing, maybe you already have or and maybe also just share gains versus competitors or versus versus trucking.
我只是好奇你是否認為有一個點，如果你達到了一定的水平，或者如果你真的可以在一定的範圍內更加依賴定價，也許你已經擁有或者也可能只是分享與競爭對手相比的收益，或與卡車運輸相比。
Is that is there like a magic number or at least a magic range where you feel like and we really don't have a strong first much stronger competitive advantage?
是否有一個神奇的數字，或至少是一個神奇的範圍，你覺得我們真的沒有強大的第一更強大的競爭優勢？
Yes,
是的，
Jim hit it a little bit earlier and you know what the we fail to our customers and how do we translate that into price.
吉姆稍早一點就開始行動，你知道我們對客戶的失敗是什麼，以及我們如何將其轉化為價格。
And those discussions?
那些討論呢？
No, there's not a magical number, but clearly, as a service improve, that gives us a better environment to Tim to maximize price.
不，沒有一個神奇的數字，但顯然，隨著服務的改善，這為我們提供了更好的環境，讓蒂姆最大化價格。
Same is true on growth, more consistent, reliable product and better service product.
成長、更一致、更可靠的產品和更好的服務產品也是如此。
We go in and we asked for more business when we're talking to customers, we are asked to look at their truck files.
我們進去後，在與客戶交談時要求更多業務，並要求我們查看他們的卡車文件。
We asked to look at the and I'll talk to more of their receiver
我們要求查看，我將與他們的接收者進行更多交談
.
。
So clearly, as we improve and we've done a great job here in the third quarter on the service product, it creates our own own capacity.
很明顯，隨著我們的改進，我們在第三季在服務產品方面做得很好，它創造了我們自己的能力。
It creates our own opportunities regardless of what happens in the macro environment.
無論宏觀環境發生什麼，它都會為我們創造機會。
Do you think you're there now?
你認為你現在在那裡嗎？
First of all, I hope not.
首先，我希望不會。
I mean, we always want to improve it as a management team.
我的意思是，作為管理團隊，我們總是希望能改進它。
So no, we're going to always strive to improve with with.
所以不，我們將始終努力改進。
There's no time where we've got to yell out.
我們沒有時間大喊大叫。
We arrived.
我們到了。
All right.
好的。
Appreciate.
欣賞。
Thank you.
謝謝。
Thanks for the question.
謝謝你的提問。
Next question is from the line of Brandon Oglenski with Barclays.
下一個問題來自巴克萊銀行的布蘭登‧奧格倫斯基。
Please use your question.
請使用您的問題。
Good morning.
早安.
This is Eric Morgan on for Brandon.
這是布蘭登的艾瑞克摩根。
Thanks for taking the question
感謝您提出問題
.
。
I just wanted to come back to the mix discussion in the fourth quarter.
我只是想回到第四季的混合討論。
I think you mentioned mix headwinds continuing in the quarter.
我認為您提到了本季持續存在的混合逆風。
Maybe there's some international intermodal volume growth moderating somewhat.
也許國際多式聯運量的成長放緩。
But can you just talk about some of the mix effects from other commodity groups outside of intermodal?
但您能否談談聯運之外其他商品組的一些混合效應？
And in particular, maybe how you viewed in March and contribution from coal would be would be helpful.
特別是，也許您對三月的看法以及煤炭的貢獻會有所幫助。
I think thank you.
我想謝謝你。
I'm going to pass on that last part of your question, but he just look at it.
我將轉達你問題的最後一部分，但他只是看看。
Our business teams, industrial is the group that has our highest average revenue per car has very strong contributions to our bottom line.
我們的業務團隊，工業團隊是我們每輛車平均收入最高的群體，對我們的利潤做出了非常大的貢獻。
And that business has been down only.
而這項業務一直在下降。
And now there's always mix within mix.
現在總是混合中混合。
But with the continued pressures in the industrial economy and the continued outlook that those volumes are down year over year, that's an impact.
但由於工業經濟持續面臨壓力，且銷售量持續逐年下降，這是一個影響。
And that certainly contributes to the mix in addition to obviously seen the growth come in some of the lower average revenue per car kinds of businesses like like the international intermodal on the bulk side, yes, there's call set that aside grain, strong grain into Mexico, which is great for us.
除了明顯看到一些每輛車平均收入較低的業務（例如散裝方面的國際聯運）的增長之外，這肯定有助於混合，是的，有人呼籲將穀物，強健的穀物運往墨西哥，這對我們來說很棒。
We really enjoy that business.
我們真的很喜歡這項業務。
That's a little bit shorter length of haul than if we're taking it to export out through the West Coast.
與我們通過西海岸出口相比，運輸距離要短一些。
So again, you have some of that, what I'll call mix within mix, Kenny, and if you want to add anything else?
再說一次，你有一些這樣的東西，我稱之為混合中的混合，肯尼，如果你想添加任何其他東西？
Yes, I just want to say we're not going to apologize for accepting the increase.
是的，我只是想說，我們不會因為接受漲價而道歉。
Yes, the 33% increase.
是的，成長了 33%。
What I tell you is that the management team here did a good job of preparing for.
我告訴你的是，這裡的管理團隊準備得很好。
That's what we did with Phoenix that take trucks off the road.
這就是我們對 Phoenix 所做的，讓卡車不再上路。
What we did to expand Inland Empire, all these things set up, set us up for six except for this unexpected amount of volume that's come on.
我們為擴張內陸帝國所做的一切，所有這些事情，為我們準備了六個，除了即將到來的意想不到的數量。
And that's really why it's so important goes back to Jim's point on the fundamental.
這就是為什麼它如此重要，這可以追溯到吉姆的基本觀點。
That's why we need to be just diligent about how we're using our resources, our workforce productivity and how we run this railroad so that we can absorb shocks from mix and still produce very good quarterly results.
這就是為什麼我們需要認真考慮如何使用我們的資源、我們的勞動力生產力以及我們如何運營這條鐵路，以便我們能夠吸收混合帶來的衝擊，並且仍然產生非常好的季度業績。
Great.
偉大的。
Thanks.
謝謝。
Thanks for your questions.
感謝您的提問。
Our next question is from the line of Stephanie Moore with Jefferies.
我們的下一個問題來自傑弗里斯的史蒂芬妮摩爾。
Please proceed with your question.
請繼續你的問題。
Good morning.
早安.
Hi, good morning.
嗨，早安。
Thank you.
謝謝。
You talked a lot about the strength and export grains, Mexico, that team will talk a little bit more broadly about your Mexico business, how you see that going forward?
您談論了很多關於墨西哥的實力和出口穀物的問題，該團隊將更廣泛地談論您的墨西哥業務，您對未來有何看法？
And any thoughts on scale, political, administering administration changes as well as the helpful.
任何關於規模、政治、行政管理變革的想法以及有益的。
Thank you.
謝謝。
Yes.
是的。
First of all, I just want to step back as we're talking about our grain business and our grain network and differentiate renewable fuels and the actual facilities that we've landed there that we've discussed.
首先，當我們談論我們的糧食業務和糧食網絡時，我只想退後一步，區分再生燃料和我們已經討論過的實際設施。
The same thing with our grain network, the facilities, meaning 20 plus facilities that have come on and the fact that that share reveal Kansas facility will help supply grain and the Mexico.
我們的糧食網路和設施也是如此，這意味著已經有 20 多個設施投入使用，而且該份額顯示堪薩斯州的設施將有助於供應糧食和墨西哥。
So let me just kind of break that apart to let you know how we look at it.
因此，讓我將其分開，讓您知道我們如何看待它。
But then yes, broadly, as we look at Mexico, clearly, there's a lot of opportunity where over the road trucks, there are some markets like of finished vehicles and also Autopart.
但是，是的，從廣義上講，當我們看看墨西哥時，顯然，公路卡車上有很多機會，還有一些市場，例如成品車和汽車零件市場。
We have a strong service product coming out there.
我們推出了強大的服務產品。
What differentiates us, Stephanie has, again the fact that we have multiple partners that can get in that market.
史蒂芬妮的與眾不同之處在於，我們擁有多個可以進入該市場的合作夥伴。
We have our own rail box that we can get in to that market.
我們有自己的鐵路箱，可以進入該市場。
And we have daily service into and out of Mexico, which we know we're the only one that has that.
我們每天都有進出墨西哥的航班，我們知道我們是唯一一家擁有這種服務的航空公司。
So clearly, again, strong growth area for will laid it out in Investor Day.
很明顯，投資者日將再次展示強勁的成長領域。
And as far as the administration, we've we see that as an environment that they're going to be certainly pro-business and support the freight environment that we're excited about that.
就政府而言，我們認為他們肯定會支持商業並支持我們對此感到興奮的貨運環境。
Thanks for the question
謝謝你的提問
.
。
Our next question's from the line of Scott Group with Wolfe Research.
我們的下一個問題來自 Scott Group 和 Wolfe Research。
Please state your question.
請說出你的問題。
Ford has.
福特有。
Got a hey, thanks.
收到了，嘿嘿，謝謝
Good morning.
早安.
And Jennifer, any color on that comp per employee up 8% and how to think about that going forward?
Jennifer，對於員工人均薪資成長 8% 有什麼看法嗎？
And then I know someone else asked already about like what that sort of flat Q4 commitment.
然後我知道其他人已經問過類似的第四季的固定承諾。
But I just I guess I'm not sure if that was still not sure if that was an earnings and margins and revenue comments.
但我只是我想我不確定這是否仍然不確定這是否是收益、利潤率和收入評論。
So I know any color.
所以我知道任何顏色。
Thank you.
謝謝。
Okay, Scott.
好吧，斯科特。
So we'll start with the comp per employee.
因此，我們將從每位員工的薪酬開始。
So if you look at the 8% increase, call it rough numbers happen and that was from the July first wage increase.
因此，如果你看一下 8% 的增幅，就可以稱之為粗略數字，這是從 7 月第一次工資上漲開始的。
The other half is a combination of higher incentive comp year over year as well as higher guarantee payments.
另一半是同比更高的激勵補償以及更高的擔保金的組合。
And that's really associated with the work rest agreements as we've kind of more hubs through the year and also graduated more TE&Y employees from training.
這確實與工作休息協議有關，因為我們全年開設了更多中心，也培訓了更多 TE&Y 員工。
So those are the drivers that we see in there.
這些就是我們在那裡看到的驅動程式。
And for 4Q, it's probably going to look pretty similar, maybe even up a little bit more as we continue to carry some of that extra resources to support the implementation of the work rest.
對於第四季度來說，它可能看起來非常相似，甚至可能會更高一些，因為我們繼續攜帶一些額外的資源來支持工作休息的實施。
And so that's really why you for distress, the productivity is inflation pressures.
所以這就是你苦惱的真正原因，生產力就是通膨壓力。
And that's why that workforce productivity is just absolutely critical for us as well as how we're approaching labor going forward and making sure that we are getting good agreements in place.
這就是為什麼勞動力生產力對我們以及我們如何處理未來的勞動力並確保我們達成良好的協議絕對至關重要。
As it can help us serve our customers and a very efficient manner while compensating our employees fairly going back to your other question about that consistent, we said results, that's a fairly all encompassing word.
因為它可以幫助我們以非常有效的方式服務我們的客戶，同時公平地補償我們的員工，回到你關於一致的其他問題，我們說的結果，這是一個相當包羅萬象的詞。
So you could call that any any number of measures that you know, what the key ones that you all look at EPS. operating ratio, operating income, we think it's going to look very similar in 4Q versus three.
因此，您可以將其稱為您所知道的任何數量的衡量標準，即大家都專注於每股收益的關鍵衡量標準。營業比率、營業收入，我們認為第四季與第三季看起來非常相似。
Thank you.
謝謝。
Thanks, Scott.
謝謝，斯科特。
Thank you, guys.
謝謝你們，夥計們。
Our next question is from the line of Elliot Alper with TD. Cowen.
我們的下一個問題來自 TD 的 Elliot Alper。考恩.
Please proceed with your question.
請繼續你的問題。
Great.
偉大的。
Thank you.
謝謝。
Versus Elliott on for Jason Seidel.
傑森·塞德爾對上埃利奧特。
I believe it's the first quarter this year, a rare domestic intermodal volume outlook is positive.
相信這是今年第一季罕見的國內多式聯運貨量前景樂觀。
Can you talk about what you're seeing in the domestic intermodal market in Q4?
能談談您對第四季國內多式聯運市場的看法嗎？
And I know you already talked about kind of a mixed headwinds and international growth and fuel, but we see domestic intermodal growing into the quarter cannot be partially offset intermodal revenue per car in Q4 or just trying to gauge the magnitude.
我知道您已經談到了某種複雜的阻力以及國際增長和燃料，但我們認為本季度國內多式聯運的增長不能部分抵消第四季度每輛車多式聯運的收入，或者只是試圖衡量其規模。
Thank you.
謝謝。
So we've been encouraged on the domestic intermodal front, even as late as the second quarter.
因此，即使到了第二季度，我們在國內多式聯運方面也受到了鼓舞。
We saw that at LINE Pay positive.
我們在 LINE Pay 上看到了這一點。
It's been positive in the third quarter.
第三季的情況是正面的。
Now some of that has benefited from the international intermodal side.
現在其中一些已經受益於國際多式聯運方面。
And that's why I keep harping on these products that we have having a product like Inland Empire helps us capture some of that domestic intermodal.
這就是為什麼我一直在談論我們擁有的這些產品，像內陸帝國這樣的產品可以幫助我們抓住一些國內聯運的機會。
And we've seen from strong demand there.
我們已經看到那裡的強勁需求。
I'll tell you as it looked at, we look at it for the fourth quarter.
我會告訴你，我們會關注第四季的情況。
Again, we think we'll see a little bit more of a benefit for what's taken place on the international intermodal side.
同樣，我們認為我們將看到國際多式聯運方面發生的事情帶來更多好處。
And we'll see what happens as we continue throughout the quarter.
我們將在整個季度繼續觀察會發生什麼。
Okay.
好的。
Thank you very much.
非常感謝。
Our final question is from the line of Ari Rosa with Citigroup.
我們的最後一個問題來自花旗集團的 Ari Rosa。
Please proceed with your question.
請繼續你的問題。
Are you.
你是。
Good morning and good morning.
早安，早安。
What's that, Jim, I'm sorry.
那是什麼，吉姆，對不起。
Good morning.
早安.
Then they put you last.
然後他們把你放在最後。
Yes, I know that C&I until it happens, it's okay.
是的，我知道 C&I 直到它發生之前，都沒關係。
Thank you for fitting me in regardless of I just wanted to I know some other people have spoken about this already, but I wanted to ask about this the target to price above rail inflation.
謝謝你讓我融入，不管我只是想知道其他人已經談到過這個問題，但我想問一下這個價格高於鐵路通膨的目標。
Can you give us color just to be clear, that's something that's being achieved currently and that we can expect for 2024?
您能否給我們一些具體訊息，讓我們清楚地了解目前正在實現的目標以及我們預計在 2024 年實現的目標？
And then kind of given the loser class environment, would you say that you've kind of gotten more pushback from customers as you have those pricing discussions?
然後，考慮到失敗者階層的環境，您是否會說，在進行這些定價討論時，您受到了客戶更多的抵制？
Or do you think service is sufficient currently to kind of compensate for for whatever the loose
或者您認為目前的服務足以彌補任何鬆散的情況
truck environment might might be doing the kinds of softer demand environment might be very good question, Kenny.
肯尼，卡車環境可能正在做那種較軟的需求環境可能是一個很好的問題。
Yes.
是的。
So I think you're talking specifically and only about domestic intermodal, you'll have a clear it up, if you can.
所以我認為你只是在具體談論國內聯運，如果可以的話，你會弄清楚的。
We've got we've talked about this
我們已經討論過這個了
.
。
We've got pricing mechanisms for our customers that are in place to keep them competitive.
我們為客戶制定了定價機制，以保持他們的競爭力。
Again, I talk to you about the fact that in our second quarter third quarter, we were up in domestic intermodal.
我再次與您談論這樣一個事實：在第二季度和第三季度，我們的國內多式聯運業務有所增長。
So we look at that as a positive outcome for us.
因此，我們認為這對我們來說是一個積極的結果。
We've gone from a trucking environment, roughly 2022.
大約在 2022 年，我們已經擺脫了卡車運輸環境。
That's really been stagnant downward in this flattish.
在這種平坦的情況下，這確實是停滯不前的。
Now.
現在。
I will see what happens in the next few months, but we feel good about where we're positioned and the ability as capacity tightens,
我將看看未來幾個月會發生什麼，但我們對自己的定位和隨著產能收緊的能力感到滿意，
we're going to see more value on the pricing side.
我們將在定價方面看到更多價值。
Jennifer, you want to talk about the inflation-linked?
Jennifer，你想談談與通膨掛鉤的問題嗎？
Absolutely.
絕對地。
So to that point, in terms of your question, absolutely, our pricing today are exceeding our inflation and they have throughout this inflationary period, whether you're talking about 2024, even going back 2023, 2022, we have been committed to that and we have achieved that.
因此，就您的問題而言，我們今天的定價絕對超過了通貨膨脹，並且在整個通貨膨脹時期，無論您談論的是2024 年，甚至追溯到2023 年、2022 年，我們都一直致力於這一點，我們已經實現了這一點。
I think the important point really is going forward and we talked about this at Investor Day, is it not only will we continue to have our prices exceed our inflation, that it will become accretive to our margins next year.
我認為重要的一點確實是前進，我們在投資者日討論了這一點，我們的價格不僅會繼續超過通貨膨脹，而且明年還會增加我們的利潤。
So feel very bullish on that front.
所以在這方面我感到非常樂觀。
Or are a good question.
或者是一個好問題。
Why don't I I'll just wrap it up real quick and then looking forward to the call in three months and looking forward to finishing off this year, just the way we set it up and also delivering on what we said last year, if we if we look at what we've been able to deliver as a team 10%, the increase in earnings per share 11% and up and operating income 9% up and net income productivity up 12%
我為什麼不快速結束它，然後期待三個月後的電話會議，並期待今年結束，就像我們設置的方式一樣，並兌現我們去年所說的內容，如果我們看看我們作為一個團隊能夠交付的成果10%，每股收益成長11% 以上，營業收入成長9%，淨利潤生產力成長12%
.
。
Those are all numbers that make us very comfortable with how we are up.
這些數字都讓我們對自己的現況感到非常滿意。
But we are operating there railroad and how we're driving business.
但我們在那裡經營鐵路以及我們如何推動業務。
We think that if we get the service level and it's very close where we are right now to the right level than the discussion is how do we work together with our customers, the win in the marketplace and not worried about what the weather the services holding them back from women in the marketplace
我們認為，如果我們達到了服務水平，並且非常接近我們現在的正確水平，那麼討論的就是我們如何與客戶合作，贏得市場，而不是擔心服務的天氣狀況他們從市場上的女人那裡回來
.
。
So with that, let me just close off by thanking everybody for joining us this morning.
最後，讓我感謝大家今天早上加入我們。
I know there was competing calls and nice to have you guys all all with us this morning and then looking forward to more discussions as we move ahead.
我知道有很多相互競爭的電話，很高興今天早上你們都和我們在一起，然後期待在我們前進的過程中進行更多討論。
Thank you very much.
非常感謝。
Ladies and gentlemen, thank you for your participation.
女士們、先生們，感謝您的參與。
This does conclude today's teleconference.
今天的電話會議到此結束。
You may now disconnect your lines at this time and have a wonderful day.
您現在可以斷開線路並度過美好的一天。