聯合太平洋集團 (UNP) 2024 Q3 法說會逐字稿

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。

(Operator Instructions) As a reminder, this conference is being recorded and the slides for today's presentation are available on Union Pacific's website.

（操作員說明）謹此提醒，本次會議正在錄製中，今天演示的幻燈片可在聯合太平洋公司的網站上找到。

It is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific.

現在我很高興向您介紹東道主，聯合太平洋公司首席執行官吉姆·維納先生。

Thank you.

謝謝。

Mr. Vena, you may now begin.

維納先生，您現在可以開始了。

Morning Rob.

早安，羅布。

Beautiful morning in Omaha nice fall day, so good morning and thank you for joining us today to discuss Union Pacific's third-quarter results.

奧馬哈美麗的早晨，美好的秋日，早上好，感謝您今天加入我們討論聯合太平洋公司的第三季業績。

I'm joined in Omaha by our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President of Operations, Eric Gehringer.

我們的財務長 Jennifer Hamann 也來到奧馬哈。我們的行銷和銷售執行副總裁 Kenny Rocker；以及我們的營運執行副總裁 Eric Gehringer。

As you'll hear from the team, our third-quarter results do an excellent job of capturing the progress we've made under our strategy to lead the industry in safety, service and operational excellence.

正如您從團隊中聽到的那樣，我們的第三季度業績出色地體現了我們在安全、服務和卓越營運方面引領行業的策略所取得的進展。

And you've seen how that leads to financial success.

您已經看到了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，我對今天的情況感到非常滿意。

Now, let's discuss third-quarter results starting on slide number 3.

現在，我們從第三張投影片開始討論第三季的業績。

This morning Union Pacific reported 2024 third quarter net income of $1.7 billion and 9% improvement and earnings per share of $2.75, a 10% improvement.

今天上午，聯合太平洋公佈 2024 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% of strong volumes and core pricing gains were impacted by our business mix and less fuel surcharge revenue excluding fuel freight revenue increased 5% versus 2023.

第三季營業收入成長了 3%，銷量強勁，核心定價收益受到我們的業務組合和燃油附加費收入（不包括燃油貨運收入）的影響，較 2023 年增長了 5%。

Reported expenses year-over-year improved 2%, while fuel prices were a driver, the team did an excellent job generating productivity to control costs as we successfully handled a 6% increase in volume.

報告費用比去年同期減少了 2%，雖然燃油價格是推動因素，但團隊在提高生產力以控製成本方面做得非常出色，我們成功處理了 6% 的銷售成長。

Our third quarter operating ratio of 60.3% improved 310 basis points versus last year.

第三季營運率為 60.3%，比去年提高了 310 個基點。

Further demonstrating our ability to be operationally excellent while maintaining a resource buffer to handle unforeseen events.

進一步證明我們在保持資源緩衝區以處理不可預見事件的同時保持卓越營運的能力。

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 flex to handle the 33% increase in international intermodal volume during the quarter, while improving service metrics across our network and yes, that mix of business pressured margins a bit.

我對我們如何靈活處理本季國際聯運量成長 33% 的情況感到滿意，同時改善整個網路的服務指標，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 in 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 will walk you through, we did an excellent job of delivering in those areas.

正如詹妮弗將向您介紹的那樣，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 and come back for a wrap up before we go to question-and-answers.

我將讓團隊更詳細地向您介紹本季度的情況，並在進行問答之前進行總結。

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 where operating revenue of $6.1 billion increased 3% versus 2023 on a 6% volume increase.

讓我們從投影片 5 開始，瀏覽我們的第三季損益表，其中營業收入為 61 億美元，較 2023 年成長 3%，銷量成長 6%。

In third quarter freight revenue totaled $5.8 billion, up 4% compared to last year.

第三季貨運收入總計58億美元，比去年成長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 revenues 75 basis points.

強勁的核心定價收益被貨運收入減少 75 個基點的業務組合所抵銷。

As I mentioned at Investor Day, international intermodals average revenue per car is significantly lower than our system average.

正如我在投資者日提到的，國際聯運每輛車的平均收入明顯低於我們的系統平均收入。

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，燃油附加費收入為 6.35 億美元，與去年持平，因為燃油價格下跌影響了貨運收入 75 個基點。

Wrapping up the top line other revenue declined $73 million or 18% driven by several factors.

由於多種因素的影響，總收入下降了 7,300 萬美元，即 18%。

Lower (inaudible) resulting from the second quarter, intermodal equipment sale reduced demand for auto parts shipments at our subsidiary.

第二季的下降（聽不清楚），聯運設備銷售減少了我們子公司對汽車零件運輸的需求。

The ongoing transfer of metro operations and a onetime contract settlement of $12 million during the quarter all contributed to the decrease.

地鐵運營的持續轉移以及本季 1200 萬美元的一次性合約結算都是導致這一下降的原因。

As a reminder, there are cost savings across our expense lines associated with the ongoing revenue impact from the equipment sale and metro transfer.

提醒一下，我們的各個費用項目都節省了成本，這與設備銷售和地鐵換乘對收入的持續影響有關。

Switching to expenses 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.

轉向支出 第三季營運支出為 37 億美元，成長 2%，原因是生產力強勁和燃料價格下降，足以抵銷與銷售相關的支出。

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和驅動程式。

Compensation and benefits expense increased 2% versus last year as wage inflation including the July 1, 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 日上漲 4.5%）和數量成本被 5% 部分抵消、勞動力水平下降以及創紀錄的勞動力生產力，薪資和福利費用比去年增加了 2%。

Trained service employees were flat year over year, as we used our buffer resources to handle increased quarterly volume.

受過訓練的服務員工與去年同期持平，因為我們使用緩衝資源來處理季度增加的數量。

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 agreement.

由於激勵性薪酬提高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%。

Purchase services and material expense improved 4% as cost to maintain a lower active locomotive fleet and decreased subsidiary [drage] expenses were partially offset by inflation and volume related expenses.

採購服務和材料費用減少了 4%，因為維持較低的活躍機車車隊的成本和減少的附屬[拖運]費用被通貨膨脹和運輸量相關費用部分抵消。

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 gains.

我們的燃油消耗率增加了 1%，這與聯運交通的顯著增長和燃油效率較低有關，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 that 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 solid revenue growth and strong cost control with third quarter operating income of $2.4 billion, up 11% versus 2023.

這是穩健的收入成長和強有力的成本控制的結果，第三季營業收入達到 24 億美元，比 2023 年成長 11%。

Below the line, other income decreased $19 million from lower real estate income while interest expense declined 6% or $20 million on lower average debt levels.

在此線以下，由於房地產收入下降，其他收入減少了 1,900 萬美元，而平均債務水準下降，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，所得稅費用增加了 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，每股盈餘成長兩位數，達到 2.75 美元。

Our quarterly operating ratio of 60.3% improved 310 basis points year over year 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。

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 in the balance sheet on slide 6, year-to-date, cash from operations totaled $6.7 billion, up $700 million versus last year.

現在來看看第 6 張幻燈片中資產負債表中的現金股東回報，今年迄今為止，來自營運的現金總額為 67 億美元，比去年增加了 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。

These improvements are driven by 2023 labor agreement payments and growth in operating income, partially offset by higher cash taxes.

這些改善是由 2023 年勞動協議付款和營業收入成長推動的，但部分被較高的現金稅所抵消。

Year-to-date, Our shareholders have received $3.2 billion through dividends and share repurchases including third quarter repurchases of $738 million.

年初至今，我們的股東已透過股利和股票回購獲得了 32 億美元的收益，其中包括第三季回購的 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，我們調整後的債務與 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，並保持了三個信用評級機構的 A 級評級。

So wrapping up on slide 7, with 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 affirming our prior 2024 guidance.

我們確認先前 2024 年的指導。

Most importantly that we will continue to improve profitability through our strategy of safety service and operational excellence pricing dollars will exceed our inflation dollars.

最重要的是，我們將繼續透過我們的安全服務和卓越營運策略來提高獲利能力，定價金額將超過通貨膨脹金額。

We will purchase $1.5 billion of shares and invest roughly $3.4 billion of capital and our capital allocation strategy is unchanged.

我們將購買15億美元的股票並投資約34億美元的資本，我們的資本配置策略保持不變。

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 will mark our fifth consecutive quarter of year-over-year gains again, demonstrating the positive results of our strategy.

這一業績水平將標誌著我們再次連續第五個季度實現同比增長，並展示了我們策略的積極成果。

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 spike.

在這一年裡，我們展示了靈活應對鐵路運輸各種挑戰的能力，從各種類型的天氣到西海岸的交通高峰。

And we navigated them successfully improving service while maintaining cost discipline.

我們成功引導他們改善服務，同時保持成本控制。

We continue to generate strong pricing and productivity positioning 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，使我們能夠以良好的勢頭完成 2024 年，並走上實現我們上個月制定的長期目標的道路。

I'll now turn it over to Kenny to provide an update on the business environment.

我現在將其轉交給肯尼，以提供有關業務環境的最新資訊。

Kenny?

肯尼？

Thank you Jennifer and good morning.

謝謝詹妮弗，早安。

As Jennifer mentioned we had a solid third quarter freight revenues totaled $5.8 billion for the quarter, which was up 5% excluding fuel surcharges due to increased volume and strong core pricing gains.

正如 Jennifer 所提到的，我們第三季貨運收入穩健，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，該收入增長了 5%。

Let's jump right in and talk about the key drivers for each of our business groups.

讓我們直接討論一下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.

首先，本季我們的大宗業務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長了 5%。

But based on a positive mix in traffic and solid core pricing gains.

但基於流量的積極組合和堅實的核心定價收益。

Coal continued to face difficult market conditions in the quarter resulting from reduced coal demand due to high inventory levels and competition from low natural gas prices.

由於庫存水準高以及天然氣價格低廉的競爭導致煤炭需求減少，本季煤炭市場持續面臨困難。

Grain products volumes increased for the quarter due to business development wins and new facilities supporting renewable diesel and associated byproducts 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再生柴油和相關副產品的新設施，本季度穀物產品產量有所增加。

Lastly, export grain business was up for the quarter, primarily driven by corn and wheat.

最後，本季糧食出口業務有所成長，主要是由玉米和小麥推動的。

We continue to win business.

我們繼續贏得業務。

Moving to Mexico as their domestic consumption outpaces production.

由於國內消費超過生產而遷往墨西哥。

Moving to industrial revenue for the quarter was up 3% for the quarter on a 2% decrease in volume average revenue per car increased by 5% due to strong core pricing gains and a positive mix in traffic.

本季的工業收入成長了 3%，而銷量下降了 2%，每輛車的平均收入成長了 5%，這得益於強勁的核心定價收益和積極的交通組合。

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。

Petrochemicals volumes continue to grow due to domestic dem and plastics and new business wins in our industrial chemicals market.

由於國內需求和塑膠以及工業化學品市場新業務的成長，石化產品銷售持續成長。

However, those gains were more than offset by the softer demand for rock against last year's record shipment.

然而，這些漲幅被去年創紀錄的出貨量的岩石需求疲軟所抵消。

Premium revenue for the quarter was up 7% on a 14% increase in volume and a 6% decrease in average revenue per car reflecting increased international motor 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%，反映出國際汽車出貨量增加、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，汽車銷售下降，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 seen in west coast imports.

我們的國際多式聯運量成長了 33%，明顯超過西海岸進口的成長。

Import strength also drove increased domestic volume, which we were able to capitalize on due to our diverse IMC network.

進口強勁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, here is our outlook for the balance of 2024 for the key markets we serve.

現在轉向幻燈片 10，這是我們對我們服務的主要市場 2024 年剩餘時間的展望。

Starting with bulk coal is expected to remain challenged as inventories remain high and we see competition from low natural gas prices.

由於庫存居高不下，而且我們看到來自天然氣價格低廉的競爭，預計散裝煤炭仍將面臨挑戰。

Moving the grain, we are optimistic due to a strong supply in UP's franchise areas and we have secured additional new facilities that will ensure domestic growth, generating long term ratable grain demand.

對於糧食運輸，我們感到樂觀，因為 UP 特許經營區域的供應強勁，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 market as the UP continues to increase its share south of the border.

我們預計，隨著墨西哥聯合酋長國繼續增加在邊境以南的份額，墨西哥出口市場將持續走強。

Additionally, we expect continued growth in the grain products tied to renewable fuels and their associated feed stocks.

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's Crush facility in Cherryville, Kansas.

隨著新工廠（例如位於堪薩斯州切裡維爾的 Bartlett 的 Crush 工廠）的產量不斷增加，團隊專注於抓住業務。

Turning to industrial, as we mentioned earlier, we expect the rock market will not match last year's record volume.

談到工業，正如我們之前提到的，我們預計岩石市場將無法達到去年創紀錄的交易量。

For petroleum, we have tougher comps but are building on our success with business development.

對於石油，我們有更嚴格的競爭，但正在透過業務發展取得成功。

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's expansion at plaque in Louisiana.

基於我們墨西哥灣沿岸特許經營權的實力，石化業務預計將跑贏大盤，我們很高興看到 Shintech 在路易斯安那州牌匾的擴張帶來的銷售增量。

And wrapping up with premium on the motor 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.

隨著汽車方面的溢價，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 partially offset by business development wins.

在汽車領域，我們看到市場疲軟，這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 coast.

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海岸不斷增加的交易量。

The team is focused on our key growth market, collaborating with our customers and the operating team to find innovative solutions to grow and win together.

該團隊專注於我們的主要成長市場，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, Kenny and good morning.

謝謝你，肯尼，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 though things were doing well today and that culture has manifested itself in our results as we continue to make great progress in our safety, service performance and efficiency metrics.

正如我在9 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，儘管今天一切都做得很好，而且隨著我們在安全、服務績效和服務方面繼續取得巨大進步，這種文化已經在我們的業績中得到了體現。

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，在過去幾周里，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績效的成長。

Notably, we achieved a third quarter record in terminal dwell, a 5% improvement versus last year.

值得注意的是，我們第三季的終端停留時間創下了新紀錄，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.

正如我們的結果所證明的那樣。

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.

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多式聯運貨運量激增 33% 的影響。

These 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流量，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.

我們的生產力越高，我們就越有競爭力。

And you can see we did that in the third quarter.

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, the team also continued its focus on reducing Locomotive dwell.

雖然網路流動性的增加提高了我們的績效，但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 best ever quarterly performance of 5% year-over-year improvement.

事實上，本季度，我們的機車駐留業績與史上最佳季度業績並列，年增 5%。

Workforce productivity, which includes all employees improved 12% versus 2023.

與 2023 年相比，包括所有員工在內的勞動生產力提高了 12%。

Impressively both the month of September and the third quarter marked all time records for their respective periods.

令人印象深刻的是，九月和第三季都創下了各自時期的所有時間記錄。

Our continued work to leverage technology and automate operations across our transportation, mechanical and engineering team is paying dividends, not only is it driving efficiencies, but it's also improving the safety of how we work.

我們在運輸、機械和工程團隊中不斷利用技術和實現自動化營運的努力正在帶來回報，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.

第三季列車長度持平。

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 ft.

在經歷 7 月份颶風「桶」的影響後，我們在整個季度取得了穩步的連續改善，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 and capital investments such as siding extensions and technology.

這些改進是有針對性的交通計劃變更和側線擴展和技術等資本投資的直接結果。

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.

儘管我們今年在提高列車長度方面取得了長足進步，但在我們努力為當前和未來成長創造幹線運力的過程中，仍有安全改進的機會。

To wrap up, great work by the team as they efficiently leverage our buffer resources to handle the influx in volumes.

總而言之，團隊的工作非常出色，他們有效地利用我們的緩衝資源來處理大量湧入的問題。

However, as I opened with, there is 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對產業的追求，領先的安全、服務和卓越營運。

Jim?

吉姆？

Thank you, Eric.

謝謝你，埃里克。

Turning to slide 15.

轉到投影片 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中聽到的內容。

First, as you heard from Jennifer, we did a great job of adding volume to our network in an efficient manner and given the margin profile of that volume, it was imperative that we did so.

首先，正如您從詹妮弗那裡聽到的那樣，我們在以有效的方式增加網絡交易量方面做得很好，並且考慮到該交易量的利潤狀況，我們必須這樣做。

We also continue to generate strong pricing that reflects the value we're creating for our customers, again, imperative to mitigate the mix dynamic in the quarter.

我們也持續制定強勁的定價，以反映我們為客戶創造的價值，這對於緩解本季的混合動態至關重要。

Kenny gave an overview of third quarter volumes and laid out thoughts for the remainder of the year.

肯尼概述了第三季的銷量，並提出了今年剩餘時間的想法。

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.

國際多式聯運備受關注。

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.

如今，該團隊正在贏得許多其他市場，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.

今年迄今為止，我們的安全指標繼續顯示出巨大的進步。

But they're just the initial steps to being industry leading.

但它們只是成為領先業界的第一步。

On the service front, the operating team did a great job of improving service while we handled more business.

在服務方面，營運團隊在業務提升的同時，也做了許多工作。

That was possible due to the efficiency of our network and our ability to maximize asset utilization.

這是可能的，因為我們網路的效率和我們最大化資產利用率的能力。

Well, the business of railroading can be unpredictable.

嗯，鐵路業務可能是不可預測的。

It's the fundamentals of how you operate the company anticipating and reacting to change that ultimately matters.

最終重要的是你如何經營公司、預測和應對變化的基本原則。

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 were 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，需要幾年的時間才能克服一些通膨壓力。

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.

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來製定——將這家公司推向新的高度。

This is just the beginning of the journey.

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。

Rob?

搶？

(Operator Instructions)

（操作員說明）

Ken Hexter, Bank of America.

肯‧赫克斯特，美國銀行。

Morning, Ken.

早安，肯。

Hey, good morning Jim and team.

嘿，早上好，吉姆和他的團隊。

Thank you for the question.

謝謝你的提問。

I guess two things.

我猜有兩件事。

One, can you just clarify when you talk consistent with last quarter?

第一，您能否澄清一下您的言論是否與上季一致？

Are you talking on an operating ratio level?

您是在談論營運比率水準嗎？

Are you talking on a revenue or up income level?

你是在談論收入還是提高收入水平？

Just want to clarify that?

只是想澄清一下嗎？

And then I guess Kenny, it seems (inaudible) taken a big step down lately.

然後我猜肯尼，最近似乎（聽不清楚）邁出了一大步。

Can you talk about what puts and takes about what's built into the full-year target that you're targeting there?

您能否談談您所訂定的全年目標中有哪些內容？

Thanks.

謝謝。

I'll start with that then, Ken.

那我就從這個開始吧，肯。

Thanks for the question.

謝謝你的提問。

Yeah, I mean, when we say consistent, and we say results, we're being pretty broad there.

是的，我的意思是，當我們說一致性和結果時，我們的範圍相當廣泛。

But yeah, I mean, I think we see our, as we look at what's going to happen in the fourth quarter, we see the outcomes being very similar across all of those categories in terms of our fourth-quarter results.

但是，是的，我的意思是，我認為，當我們考慮到第四季度將發生的情況時，我們看到所有這些類別的結果與第四季度的結果非常相似。

So consistent is consistent.

所以一致就是一致。

On the coal side, no surprises with coal.

在煤炭方面，煤炭並不令人意外。

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 to focus on.

這就是為什麼我提出要重點關注的一點。

If you look at that bulk line doing everything we can to counter some of those challenges on the coal side with renewable fuels and with the grain network.

如果你看看那條散裝生產線，我們竭盡全力用再生燃料和糧食網絡來應對煤炭方面的一些挑戰。

Thanks Ken.

謝謝肯。

Thanks Jim.

謝謝吉姆。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thnaks.

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 is a been a remarkable sort of pre loaded peak season potentially in the third quarter, particularly for international.

因此，我們可能會在第三季結束一個非凡的預載旺季，特別是對於國際航班而言。

Do you see the mix start to change a little bit, but maybe sort of work that into a little bit of the drivers of that consistency in the fourth quarter.

你是否看到混合開始發生了一些變化，但也許這在第四季度成為了這種一致性的一些驅動因素。

It would be helpful.

這會有幫助的。

I'll start with that, Chris and then, Kenny can weigh in relative to the volume.

我將從這一點開始，克里斯，然後肯尼可以相對於音量進行權衡。

I mean, we believe the mixed pressures are going to continue 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 season.

你也會看到正常的季節。

You have a little bit lower volume.

你的音量有點低。

You've got the holidays tend to have a little bit of weather.

假期裡往往會有一些天氣。

So there's those things, the other thing that I think folks need to pay attention to is fuel on a year-over-year basis and even sequentially because you have a much different dynamic from fuel.

所以，我認為人們需要注意的另一件事是逐年甚至連續的燃料，因為燃料的動態有很大不同。

We think our fuel surcharge is probably going to be $200 million or so less in the fourth quarter.

我們認為第四季的燃油附加費可能會減少約 2 億美元。

And when you're looking at how it contributed positively in the third quarter and as a drag on fourth quarter, there's a lot of puts and takes there that I think you need to pay attention to that, I think helped maybe fill in some of those blanks as well as just the mix impact.

當你看到它如何在第三季度做出積極貢獻以及對第四季度的拖累時，我認為你需要注意很多看跌期權和看跌期權，我認為這可能有助於填補一些問題這些空白以及混合影響。

Kenny?

肯尼？

On a year-over-year basis, I think we could expect international intermodal to be elevated.

與去年同期相比，我認為我們可以預期國際多式聯運將會增加。

Although as we go throughout the quarter and you can see that in some of the numbers now, you're seeing it start to step down a little bit.

儘管隨著我們整個季度的進展，你可以看到現在的一些數字，你會發現它開始略有下降。

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。

Walter Spracklin, RBC Capital Markets.

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

Yeah, thanks.

是的，謝謝。

Good morning everyone.

大家早安。

So, Jim in your prepared remarks, you kind of alluded to margins of reps weren't what you were hoping is that to say that you kind of the prior margin improvement that you achieved in your first, a few years ago, is not possible in the current environment or is it just taking longer?

所以，吉姆，在你準備好的發言中，你提到了代表的利潤並不是你所希望的，也就是說，你在幾年前第一次實現的利潤改善是不可能的在當前環境下還是只是需要更長的時間？

And I think, and I'm just curious whether your mention of an industry leading or do you think that is in effect for next year?

我想，我只是好奇您是否提到了行業領先，或者您認為這是否會在明年生效？

In other words, can you have an industry leading LR as early as next year?

也就是說，最快明年就能擁有業界領先的LR嗎？

Well, I think we have an industry leading to our, for the last number of quarters, including this one.

嗯，我認為我們有一個行業在過去幾個季度（包括本季）領先我們。

I think we're the last ones to report and I'm pretty safe to say that.

我認為我們是最後報告的，而且我可以很肯定地說。

So Walter, let, let's back up a little bit.

所以沃特，讓我們退一步。

People are in different positions of where and when we started, I remember back in 2019 where I joined, we parked 1,000 plus locomotives closer to 1,500.

人們對於我們開始的地點和時間處於不同的位置，我記得早在 2019 年我加入的時候，我們停放了 1,000 多輛機車，接近 1,500 輛。

We adjusted the number of people that took to operate the railroad and those were big changes and we did those already and I think I was here and then I went on sabbatical and now I'm back and am I done.

我們調整了運營鐵路的人數，這些都是很大的變化，我們已經做了這些，我想我在這裡，然後我去休假，現在我回來了，我完成了。

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本來想來的起點有很大不同。

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 it from the very first call I was on is it -- it's not going to be an easy one to get over.

我在接到第一通電話時就說過──這不會是一件容易克服的事。

We are pushing price but also being cognizant that you only get the customers have to see value in that.

我們正在推高價格，但也意識到只有讓客戶看到其中的價值。

They have to understand that we're giving them a product that allows them to win in the marketplace.

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.

我們透過提高定價來做到這一點，隨著收入的增加，定價也高於通膨水準。

So what I see 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 EPS growth high, single digit to low double digit.

我們預計每股收益將從高個位數成長到低兩位數。

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 billion to $5 billion worth of 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，我們可以回購價值 40 億至 50 億美元的股票。

And we are absolutely online that set operating ratio improvement at the Union Pacific.

我們絕對在線，提高了聯合太平洋公司的營運率。

So that's the way I see it.

這就是我的看法。

Walter.

沃特.

Hopefully I answered your question.

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。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Good morning.

早安.

This is Andre on for Jordan.

這是安德烈替補上場。

Thanks for taking my question.

感謝您提出我的問題。

With head count down 5% year over year and carload grows up nicely at 6%.

載客量年減 5%，而車輛裝載量則大幅增加 6%。

You achieve strong incremental margins in the quarter, both year over year and sequentially.

您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 and the actions there and how that sets up for 2025 incrementals if inc if industrial production can actually accelerate from here.

您能否再多談談你們正在採取的生產力機會集和採取的行動，以及如何為 2025 年的增量做好準備（如果工業生產實際上可以從這裡開始加速的話）。

Absolutely.

絕對地。

Andre, let, start by level set on what we did.

安德烈，讓我們從我們所做的事情開始。

So you start thinking about locomotive dwell in my prepared comments.

所以你開始思考機車停留在我準備好的評論。

I talked about we've tied the best quarterly results that we've ever had before.

我談到我們已經追平了之前最好的季度業績。

Workforce productivity, 12% monthly and quarterly record train link September best month ever in the history of the Union Pacific and certainly a quarterly record in 2Q.

勞動力生產力、月度和季度創紀錄的 12% 將 9 月與聯合太平洋航空​​公司歷史上最好的月份聯繫起來，當然也創下了第二季度的季度記錄。

But as we look at that productivity is not new for us.

但正如我們所見，生產力對我們來說並不新鮮。

Since 2019, we've driven approximately $1.4 billion in productivity and you're going to see us continue to find opportunities.

自 2019 年以來，我們的生產力已提高約 14 億美元，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, I always break it down for my team.

當我開始談論勞動力時，我總是為我的團隊進行分解。

It's fundamentals, it's agreements, it's technology.

這是基礎、是協議、是技術。

On the fundamentals, I still see opportunities for us to be able to improve our recrew rate.

從基本面來看，我仍然認為我們有機會提高重組率。

We've done improvement.

我們已經做了改進。

There's still more opportunity there.

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 of a 4% wage increase to start the year and a 4.5% in July 1.

當你看到我們院子和當地的員工人數時，你會聽到吉姆談論年初工資上漲 4% 和 7 月 1 日工資上漲 4.5% 帶來的通膨壓力。

Yet, if you look at our wages 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, that's process.

這就是技術，這就是流程。

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.

燃料對我們來說仍然是一個巨大的機會。

Whether you're talking about process or whether you're talking about technology, it's a huge expense for us and it's one we got to continue to work through.

無論是談論流程還是技術，這對我們來說都是一筆巨大的開支，也是我們必須繼續努力解決的問題。

So our work with EMS, which is energy management.

所以我們與 EMS 合作，即能源管理。

Our work on how we think about filling our locomotives.

我們致力於研究如何為機車加油。

Where do we fill the most locomotives at the lowest cost?

我們在哪裡以最低的成本填充最多的機車？

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年初的 90% 以上，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 and on when I say we work on it every day.

當我說我們每天都在努力時，我會告訴你這個清單還在增加。

I really mean that it's safety, it's service, it's productivity.

我真正的意思是它是安全、它是服務、它是生產力。

Thanks, Andre.

謝謝，安德烈。

Thank you.

謝謝。

David Vernon with Bernstein.

大衛佛農和伯恩斯坦。

morning, David.

早安，大衛。

Mr Verman.

維爾曼先生。

Perhaps your line is muted but I hear you.

也許你的線路靜音，但我聽到了。

Yeah.

是的。

Hi.

你好。

Hi.

你好。

Thanks for the time.

謝謝你的時間。

Sorry about that.

對此感到抱歉。

I was just trying to get off mute.

我只是想擺脫沉默。

So, Eric, I had a question for you on the intermodal train speeds, the data we're looking at from the outside looking in, those numbers are trending kind of as low as they've been.

所以，艾瑞克，我有一個關於聯運列車速度的問題，我們從外部觀察的數據，這些數字趨勢與以往一樣低。

We've seen some issue on dwell at the west coast ports as well.

我們在西海岸港口的停留中也發現了一些問題。

So 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 ever train links, just best ever improvements in customer service.

那麼，我如何將其中一些外部數據點與你們今天在結果中推動的性能相協調，就談論有史以來最好的火車連接，以及有史以來最好的客戶服務改進而言。

I'm just trying to square that circle because it's come up in a couple of client conversations.

我只是想解決這個問題，因為它在幾次客戶談話中出現過。

Thank you.

謝謝。

Yeah, thank you for the question, David.

是的，謝謝你的提問，大衛。

Here's how I reconcile it.

這是我協調它的方法。

It tells you that [220s] is not as good as we can be.

它告訴你 [220s] 並沒有我們能做到的那麼好。

Because to your point, we've seen dramatic improvements in both the manifest in both sides.

因為就您而言，我們已經看到雙方的清單都取得了顯著的改善。

And while we've seen improvements on some lanes in intermodal, we've continued to work to be able to improve that.

雖然我們已經看到聯運中某些車道的改進，但我們仍在繼續努力改進。

Now, let's be really frank 33% increase in international intermodel without much advanced notice if any advanced notice, I'm very proud of what the team has accomplished to be able to handle that.

現在，坦白說，國際間模型數量增加了 33%，沒有太多提前通知（如果有提前通知的話），我對團隊能夠處理這一問題所取得的成就感到非常自豪。

Now, what do we have to continue to do to build back that intermodal speed that you're talking about with the things we're doing right now.

現在，我們必須繼續做什麼來恢復您正在談論的我們現在正在做的事情的聯運速度。

So when we talk about deploying our buffer resources, that's taken the form of locomotives and cars into the LA basin, we've staged our trains across the system so that we take every train -- excuse me, every car that we can into the ports and we take every card that they can give us back.

因此，當我們談論部署我們的緩衝資源時，我們以機車和汽車的形式進入洛杉磯盆地，我們已經在整個系統中安排了我們的火車，以便我們將每列火車——對不起，我們可以進入的每輛汽車港口，我們拿走他們能還給我們的每一張卡。

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.

我預計在短期內，多式聯運的速度將轉向另一個方向，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 just sort of add on a little bit from what Eric said.

所以，大衛，我需要對艾瑞克所說的做一些補充。

So I followed up with both LA and Long Beach Board here earlier this week and we both came to the same conclusion.

因此，我本週早些時候對洛杉磯和長灘委員會進行了跟進，我們都得出了相同的結論。

No one told us first or second quarter that we were going to see a 33% increase.

沒有人告訴我們第一季或第二季我們將看到 33% 的成長。

And it was an event that happened because of East coast parts issues, the Canadian issues.

這是由於東海岸部分問題、加拿大問題而發生的事件。

The big question is, how did we handle it?

最大的問題是，我們是如何處理的？

And that when something happens that is thrown on you, you start up -- you start moving intermodal equipment and you don't get the same speed and you don't get the same velocity.

當發生一些事情發生在你身上時，你開始移動聯運設備，但你沒有得到相同的速度，也沒有得到相同的速度。

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 see where the success or failure by the supply chain.

但讓我們看看供應鏈的成敗在哪裡。

Ships are not being held out at LA Long Beach.

船隻並未滯留在洛杉磯長灘。

They are arriving and going on the way they normally do with that kind of increase in business.

他們按照通常的方式到達並繼續業務的成長。

As far as, as the fluidity of our terminals, we're in great shape.

就我們終端的流動性而言，我們狀況良好。

We've been able to turn the containers and the customers have done a fantastic job of pulling those containers off and delivering.

我們已經能夠轉動貨櫃，客戶在將這些貨櫃拉下來並交付方面做得非常出色。

The only place that the -- we'd love it if we had been able to plan it is we'd have faster velocity if we could have been told that it was coming and seen it a little sooner so we could place cars in the right place to work on the terminals that we have at the West coast a little differently and be able to speed it up.

唯一的地方 - 如果我們能夠計劃它，我們會喜歡它，如果我們能夠被告知它即將到來並早點看到它，我們就會有更快的速度，這樣我們就可以將汽車放置在正確的工作地點與我們在西海岸的碼頭略有不同，並且能夠加快速度。

I'm very proud, I think the customers have seen what LA long Beach can do and I think that they it'll be part of their decision making as they move ahead to say, can LA Long Beach handle an increase in business?

我非常自豪，我認為客戶已經看到了洛杉磯長灘可以做的事情，我認為他們在前進時會說，洛杉磯長灘可以處理業務增長嗎？

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 you look at our metrics real good and I'm sure that you've seen that we're running over 220 miles per day for our cars and that's what's really important to us is we keep the place fluid.

我喜歡您仔細查看我們的指標，我相信您已經看到我們的汽車每天行駛超過 220 英里，這對我們來說真正重要的是我們保持地方流暢。

So, thank you very much.

所以，非常感謝。

Great question David.

很好的問題大衛。

Thank you.

謝謝。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Good morning, Tom.

早上好，湯姆。

Hey Jim.

嘿吉姆。

This is Mike Triano on for Tom.

我是湯姆‧麥克‧特里亞諾 (Mike Triano)。

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.

因此，如果我們看看勞動力生產率和機車生產率，截至 9 月份，它們都實現了中等個位數增長，儘管存在數量和混合方面的不利因素，但它們一直是今年的推動因素或改善的因素。

If we look out to next year, the volume backdrop is still kind of murky, but volumes are kind of flat to up.

如果我們展望明年，成交量背景仍然有點暗淡，但成交量有點持平或上升。

Do you think you can get another mid single digit improvement in those productivity metrics?

您認為這些生產力指標還能再取得中位數的提升嗎？

Well, we'resticking to our guidance for next year, which I think that's what the, we set it out, we thought about it.

好吧，我們將堅持明年的指導，我認為這就是我們制定的，我們考慮過的。

It's a very, very definitive about what we want to deliver next year.

這對於我們明年想要提供的內容非常非常明確。

So unless the economy implodes in the United States, we're very comfortable that it's that they were going to be able to deliver that.

因此，除非美國經濟崩潰，否則我們對他們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 that we delivered this last quarter.

因此，當您獲得我們上季度提供的生產力數據時，我感到非常自豪。

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 to improve productivity.

我們沒有理由不審視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 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，因此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。

But you can see on the non operating side, what we've been able to do to still operate the railroad in a very efficient manner.

但你可以看到，在非營運方面，我們仍然能夠以非常有效的方式運作鐵路。

So we do that every day to take a look at it and I'm very comfortable that we're headed the right way.

所以我們每天都會這樣做來看看它，我很高興我們正朝著正確的方向前進。

Jennifer, anything to add?

詹妮弗，有什麼要補充的嗎？

No, I just would reiterate.

不，我只是重申。

And it's really kind of what Eric talked about too when we look at all the areas of expense and on the capital side, we have areas improve our productivity and we have action plans against that for the rest of this year and going into 2025 and beyond.

這確實是埃里克談到的，當我們考慮所有支出領域和資本方面時，我們有一些領域可以提高我們的生產力，並且我們有針對今年剩餘時間以及 2025 年及以後的行動計劃。

So that's what really gives us the confidence to say, there's a 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地說，我們前面肯定有一條偉大的跑道，我們對自己的表現能力非常有信心。

Yeah, listen, thanks for the question and say hi to Tom for me.

是的，聽著，謝謝你的提問，代我向湯姆問好。

Thank you.

謝謝。

Will do.

會做。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

Yeah.

是的。

Hey, good morning, everybody.

嘿，大家早安。

Thanks for taking our questions.

感謝您回答我們的問題。

Maybe I wanted to ask a broader one just from a competitive standpoint.

也許我只是想從競爭的角度問一個更廣泛的問題。

I know it's hard to know, but your Western peers has been more vocal but wanted to improve it.

我知道這很難知道，但你們的西方同行更加直言不諱，但希望能改進它。

So they are.

他們確實如此。

I'm curious if you're noticing anything different when you're out there bidding on business or going head to head with them in the market and then you're prepared to March.

我很好奇，當你在市場上競標業務或與他們正面交鋒時，是否注意到有什麼不同，然後你就準備好進軍了。

You mentioned merchandise pricing was positive.

您提到商品定價是正面的。

Just curious how you're seeing core merchandise pricing out there in the market if it's changing at all.

只是好奇您如何看待市場上的核心商品定價（如果它有任何變化）。

Thanks.

謝謝。

Yeah, if you look at the size of the pie, we're really competing against truck.

是的，如果你看看蛋糕的大小，我們確實是在與卡車競爭。

We're putting together a service product to go out there and compete against truck, against sourcing to a lesser degree against barge.

我們正在整合一種服務產品，與卡車競爭，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 what we can control.

因此，我們正在盡我們所能，走出去，成長並贏得份額，並專注於聯合太平洋公司和我們可以控制的事情。

So that's that.

就是這樣。

Second part of your question.

你問題的第二部分。

Look, I'm proud of the team to be able to go out and leave with the capital investments that we put into the network for our customers to leave with the inflationary pressures that we can have the buffer resource that Jim and Eric talked about.

聽著，我為我們的團隊感到自豪，他們能夠帶著我們投入網絡的資本投資離開，讓我們的客戶帶著通膨壓力離開，我們可以擁有吉姆和埃里克談到的緩衝資源。

And now we talk a little bit about the velocity, we tie it all to the service and we're aligning those pricing with the service product that's there.

現在我們討論一下速度，我們將其全部與服務聯繫起來，並將這些定價與現有的服務產品保持一致。

So yes, the team has 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, so Kenny, the only thing I would add is this and I think it's a valid point to make.

所以，肯尼，我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 another railroad, whether it's a short line or one of the other railroads in the United States.

我們交換大量的交通，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，當我們跨越密西西比河、與西方競爭對手進行交通交換時，我們的效率就越高。

So we love to compete, but there's a lot of traffic that we, if we're both efficient on, we get to be able to move that from other modes of transportation.

因此，我們喜歡競爭，但如果我們雙方都能有效率地處理大量交通，我們就能夠將其從其他交通方式轉移出去。

Now, I've worked with people if I was smiling last night when I was thinking about this, how many people that I've worked with that are at other railroads?

現在，如果我昨晚在思考這個問題時微笑著，我已經與人一起工作過，有多少人在其他鐵路工作？

Whether it's CPKC now, even Burlington, Northern Santa Fe, whether it's CSX or whether it's Norfolk Southern.

無論是現在的 CPKC，甚至是伯靈頓、北聖達菲，無論是 CSX 還是諾福克南方。

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 and I'm not speaking for the rest of them.

所以，我們來自一種文化，我們所有人一起工作，我們以有效的方式運營鐵路，我們前進，所以我們希望我們所有人都希望增長，我不是代表其他人發言。

I'm speaking for us at Union Pacific.

我是聯合太平洋公司的代表。

Now.

現在。

Given all that, listen, I can control what we do, not what everybody else does.

考慮到這一切，聽著，我可以控制我們做什麼，而不是其他人做什麼。

And I'm very comfortable with where we are and what we can do and the kind of business mix that we have and you could see it this last quarter and what we've been able to deliver and what we see moving forward.

我對我們的現狀、我們能做的事情以及我們擁有的業務組合感到非常滿意，你可以在上個季度看到我們已經能夠交付什麼以及我們看到的未來​​發展。

So I'm excited.

所以我很興奮。

I think the industry is in a better place now than it was 10 years ago and 5 years ago.

我認為這個行業現在的處境比10年前和5年前更好。

And I'm sure better than we were in 2022.

我確信比 2022 年好。

So it's a wonderful place to be and we'll even continue to get better, that little competition with all the people, is the best thing you can have, nothing better than beating all the people that, and that's what we want to do.

所以這是一個很棒的地方，我們甚至會繼續變得更好，與所有人的小競爭，是你能擁有的最好的事情，沒有什麼比擊敗所有人更好的了，這就是我們想要做的。

Understood.

明白了。

Thanks, Jim.

謝謝，吉姆。

Thanks Kenny.

謝謝肯尼。

Welcome.

歡迎。

John Chappell, Evercore ISI.

約翰·查佩爾，Evercore ISI。

Morning, John.

早安，約翰。

Thank you.

謝謝。

Good morning.

早安.

Good morning Jim.

早安，吉姆。

Kenny, I was going to ask this anyway, it may be a pretty well timed follow up to the last one.

肯尼，無論如何我都想問這個問題，這可能是對上一個問題的一個非常及時的跟進。

So the arc of 5% in both bulk and industrial obviously points to your pricing.

因此，散裝和工業產品中 5% 的弧線顯然表明了您的定價。

Jim says that, customers have to see value in the service and you're seeing that, but with inflation conceptually coming down a little bit the volume headwinds remaining to keep that type of pricing momentum despite the good service, do you need a little bit of help from the volume side from the macro from demand to continue to push price at a certain point?

吉姆說，客戶必須看到服務的價值，你也看到了這一點，但隨著通貨膨脹概念上略有下降，儘管服務良好，但要保持這種定價勢頭仍然存在數量逆風，你是否需要一點宏觀需求對成交量的幫助在某一點上繼續推動價格嗎？

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？

Yeah.

是的。

So, the macro is the macro and those are things that are out of our control.

所以，宏觀就是宏觀，那些是我們無法控制的事。

John, we focus on the network, we focus on the service that Eric is providing us the investments we're making and, we link that to the value of the pricing and we're very crystal clear in how we articulate to our customers.

約翰，我們專注於網絡，我們專注於埃里克為我們提供的投資服務，我們將其與定價價值聯繫起來，我們非常清楚如何向客戶表達。

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 Kenny.

好的，謝謝肯尼。

Thank you very much, John.

非常感謝你，約翰。

Brian Oessenbeck, JP Morgan.

布萊恩‧奧森貝克，摩根大通。

Good morning, Brian.

早安，布萊恩。

Hey, good morning.

嘿，早安。

Thanks for taking the question.

感謝您提出問題。

So Jim maybe just to come back to the one of the initial comments you had earlier here and then also something you said when you first came on board, just to take a little while to get over the labor challenges that you sort of inherited on the network.

所以吉姆也許只是想回到你早些時候在這裡發表的最初評論，然後也是你第一次加入時所說的一些話，只是為了花一點時間來克服你在公司繼承的勞動力挑戰。

Obviously, we've seen mix and coal not help and then just a broader inflationary trend.

顯然，我們看到混合和煤炭沒有幫助，然後只是更廣泛的通膨趨勢。

So maybe just to help level set things a little bit.

所以也許只是為了幫助調整一些事情。

You said it's going to take a while.

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 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?

你能否提供一些背景信息，例如時間應該是什麼，是否會是漸進的，或者我們在考慮時是否可以考慮一些步驟性的改變——請原諒我更廣泛地克服其中的一些問題障礙並可能比你開始的地方比較好？

Thanks.

謝謝。

Brian.

布萊恩.

Thanks for the question.

謝謝你的提問。

So if we -- I don't like to look backwards too much, but I think we've done a great job at Union Pacific.

因此，如果我們——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做得很好。

All 30,000 of us to be able to deliver where we are comparatively to everybody else.

我們所有 30,000 人都能夠實現與其他人相比的目標。

Now, growth is real important to us and we've done a great job of providing service at a high level.

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。

And remember service is what we 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.

請記住，服務是我們向客戶出售的東西，而不是其他衡量我們向每位客戶單獨衡量我們向他們出售的服務水準的服務的標準。

So we put that in the mix and we had inflationary pressure.

因此，我們將其納入其中，從而面臨通膨壓力。

That's why we were very clear on what our three year expectation is.

這就是為什麼我們非常清楚我們的三年期望是什麼。

Brian of what our results should be and what we think we can deliver.

Brian 介紹了我們應該取得的成果以及我們認為可以實現的目標。

So I'm very comfortable where we are and I think we'll see improvements in our operating ratio.

所以我對我們現在的處境感到非常滿意，我認為我們的營運比率將會有所改善。

We'll see improvements over time over our net income and improvements in our EPS, that drives value for our shareholders, so very comfortable.

隨著時間的推移，我們將看到我們的淨利潤和每股收益的改善，這為我們的股東帶來了價值，所以非常舒適。

This was always at the very start.

這總是在一開始的時候。

I said it was going to be a couple of years.

我說這需要幾年的時間。

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 -- to 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 and coal is coal, but coal is down 20% at the end of the day.

但我認為我們在定價成長方面做得很好，煤炭就是煤炭，但最終煤炭價格下跌了 20%。

If it wasn't down 20%, but that's not the way I look at the world.

如果不是下降了 20%，但這不是我看待世界的方式。

There's always challenges.

總是有挑戰。

If there was no challenges, then I would have stayed retired and enjoying myself in Scottsdale, Arizona this morning, going for a hike to Camel back.

如果沒有挑戰，那麼我今天早上就會退休並在亞利桑那州斯科茨代爾享受自己，徒步前往駱駝回來。

I'm here because I think there's something to do and we can get this company moving forward.

我來這裡是因為我認為有一些事情要做，我們可以讓這家公司向前發展。

So I'm very excited, Brian.

所以我非常興奮，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。

Ben Nolan.

本·諾蘭.

Stifel.

斯蒂菲爾。

Yeah, thanks a lot.

是的，非常感謝。

So the service performance index for both intermodal and Manifest has been trending up higher.

因此，多式聯運和艙單的服務績效指數一直呈現上升趨勢。

I'm just curious, if you think there's a point where, if you arrive at a certain level or if a certain range where you can really lean more heavily into pricing that maybe you already have or, and maybe also just share gains versus competitors or, versus trucking?

我只是很好奇，如果你認為有一個點，如果你達到了一定的水平或一定的範圍，你真的可以更加傾向於定價，也許你已經擁有了，或者也可能只是分享與競爭對手相比的收益或者，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, really, we have a strong or much stronger competitive advantage.

是否存在一個神奇的數字或至少一個神奇的範圍，讓您感覺我們真的擁有強大或更強的競爭優勢。

Yeah, Jim hit it a little bit earlier and what do we sell to our customers and how do we translate that into pricing and those discussions.

是的，吉姆早些時候談到了我們向客戶銷售什麼以及我們如何將其轉化為定價和這些討論。

No, there's not a magical number but clearly as the service improves that gives us a better environment to maximize price.

不，這不是一個神奇的數字，但很明顯，隨著服務的改善，這為我們提供了更好的環境來最大化價格。

Same is true on growth.

成長也是如此。

More consistent reliable product and better service product.

更一致可靠的產品和更好服務的產品。

We go in and we ask for more business.

我們進去要求更多的生意。

When we're talking to customers, we have to look at their truck files, we have to look at, talk to more of their receivers, so clearly as we improve.

當我們與客戶交談時，我們必須查看他們的卡車文件，我們必須查看並與更多的接收者交談，以便我們可以改進。

And we've done a great job here in the third quarter on the service product.

我們第三季在服務產品方面做得很好。

It creates our own capacity.

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？

I hope not, I mean, we always want to improve as a management team.

我希望不會，我的意思是，我們始終希望作為管理團隊進行改進。

So no, we're going to always strive to improve with there's no time where we're going to yell out, we arrived.

所以不，我們將始終努力提高，沒有時間大喊大叫，我們到達了。

Got it.

知道了。

Appreciate it.

欣賞它。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey, good morning.

嘿，早安。

This is Eric Morgan on for Brandon.

這是布蘭登的艾瑞克摩根。

Thanks for the question -- taking the question.

謝謝你的提問——接受這個問題。

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 mixed headwinds continuing in the quarter, maybe with some international intermodal volume growth moderating somewhat.

我認為您提到本季繼續存在複雜的不利因素，也許一些國際多式聯運量的成長有所放緩。

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 view margin contribution from coal would be helpful?

特別是，也許您如何看待煤炭的利潤貢獻會有所幫助？

Thank you.

謝謝。

(inaudible) going to pass on that last part of your question.

（聽不清楚）將轉達您問題的最後部分。

But if you just look at our business teams, industrial is the group that has our highest average revenue per car has very strong contributions to our bottom line and that business has been down all year.

但如果你只看我們的業務團隊，工業是我們每輛車平均收入最高的群體，對我們的利潤貢獻非常大，但該業務全年都在下降。

Now there's always mix within mix, 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 and that certainly contributes to the mix.

現在總是存在混合中的混合，但隨著工業經濟的持續壓力以及這些數量逐年下降的持續前景，這是一種影響，並且肯定會導致混合。

In addition to obviously seeing the growth come in some of the lower average revenue per car kinds of businesses like the international and Remont.

除了明顯看到成長外，一些每輛車平均收入較低的企業，如國際和雷蒙。

On the bulk side, yeah, there's coal set that aside, grain -- strong grain into Mexico, which is great for us.

在散裝方面，是的，有煤炭、穀物、強穀物進入墨西哥，這對我們來說很好。

We really enjoy that business, but it's a little bit shorter length of haul than if we're taking it to export out through the west coast.

我們真的很喜歡這項業務，但它的運輸距離比我們通過西海岸出口短一些。

So, again, you have some of that what I call, mix with thin mix, Kenny.

所以，再一次，你有一些我所說的，混合薄混合，肯尼。

I don't know, if you want to add anything else.

不知道還想補充什麼嗎？

Yeah.

是的。

I just want to say we'renot going to apologize for accepting, the increase.

我只是想說，我們不會因為接受增加而道歉。

Yeah, we'd love the 33% increase.

是的，我們希望增加 33%。

What I tell you is that the management team here did a good job of preparing for it.

我告訴你的是，這裡的管理團隊做了很好的準備。

It's what we did with Phoenix to 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 success for this unexpected amount of volume that's come on.

我們為擴張內陸帝國所做的一切，所有這些事情都為我們在即將到來的意想不到的數量上取得成功奠定了基礎。

And that's really why it's so important.

這就是它如此重要的原因。

It goes back to Jim's point on the fundamentals.

這又回到了吉姆的基本觀點。

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.

這就是為什麼我們需要認真考慮如何使用我們的資源、我們的勞動生產力以及我們如何運作這條鐵路。

So that we can absorb shocks from mix and still produce a very good quarterly results.

這樣我們就可以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 the question

感謝您的提問

Stephanie Moore, Jeffries.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good morning.

嗨，早安。

Thank you.

謝謝。

You talked a lot about the strength in export grain to Mexico.

您多次談到了向墨西哥出口糧食的強勁勢頭。

But could you also talk a little bit more broadly about your Mexico business?

但您能否更廣泛地談談您的墨西哥業務？

How you see that going forward?

您如何看待未來的發展？

And any thoughts on geopolitical administration changes as well?

對於地緣政治管理的變化還有什麼想法嗎？

Would be helpful.

會有幫助的。

Thank you.

謝謝。

Yeah.

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 the same thing with our grain network, the facilities, meaning the 20 plus facilities that have come on and the fact that Cherryville Kansas facility will help supply grain in the Mexico.

首先，我只想退一步，當我們談論我們的糧食業務和糧食網絡時，區分可再生燃料和我們在那裡著陸的實際設施，我們已經與我們的糧食網絡討論了同樣的事情，這些設施，意味著已經投入使用的20 多個設施，以及堪薩斯州切裡維爾設施將幫助供應墨西哥的糧食。

So let me just kind of, break that apart to let how we look at it.

因此，讓我將其分開，讓我們如何看待它。

But then yes, broadly as we look at, Mexico, clearly, there's a lot of opportunity with over the road trucks, there's some markets like finished vehicles and also auto parts.

但是，是的，從我們的角度來看，墨西哥顯然有很多公路卡車的機會，有一些市場，例如成品車和汽車零件。

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 as 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 into that market and we have daily service into and out of Mexico, which we know we're the only one that, so clearly again, a strong growth area for us.

我們擁有自己的鐵路箱，可以進入該市場，並且每天提供進出墨西哥的服務，我們知道，我們是唯一一個對我們而言強勁增長的地區。

We laid it out in Investor Day.

我們在投資者日公佈了這一點。

And as far as the administration, we -- we've we -- we see that it's an environment that they're going to be certainly pro business and support the freight environment.

就政府而言，我們——我們——我們看到，這是一個他們肯定會支持商業並支持貨運環境的環境。

So we're excited about that.

所以我們對此感到興奮。

Thanks for the question.

謝謝你的提問。

Scott Group, Wolf research.

斯科特集團，沃爾夫研究。

Good morning Scott.

早安，史考特。

Hey, thanks.

嘿，謝謝。

Good morning.

早安.

Jennifer, any color on that comp per employee up 8% and how to think about that going forward.

Jennifer，每位員工的薪資上漲了 8%，以及如何考慮未來的發展。

And then I know someone else asked already about like what that sort of flat Q4 comment meant.

然後我知道其他人已經問過這種平淡的第四季度評論意味著什麼。

But I just, I guess I'm not sure, if that was still not sure if that was an earnings and margin or revenue comment.

但我只是，我想我不確定，是否仍然不確定這是否是收益和利潤或收入評論。

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, half of that was from the July 1, wage increase.

因此，如果你看一下 8% 的增幅，請稱之為粗略數字，其中一半來自 7 月 1 日的工資增長。

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。

That's really associated with the work rest agreements as we've cut over more hubs through the year and also graduated more TNY employees from training.

這確實與工作休息協議有關，因為我們在這一年中削減了更多的中心，並且還讓更多的 TNY 員工從培訓中畢業。

So those are all the drivers that we see in there.

這些就是我們在那裡看到的所有驅動程式。

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 the 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've heard us stress the productivity piece today because we do have those inflationary pressures 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 that can help us serve our customers in a very efficient manner while compensating our employees fairly.

因此，這就是為什麼您今天聽到我們強調生產力部分，因為我們確實面臨通膨壓力，這就是為什麼勞動生產力對我們來說絕對至關重要，以及我們如何處理未來的勞動力問題並確保我們正在達成良好的協議，這可以幫助我們以非常有效的方式為客戶提供服務，同時公平地補償我們的員工。

Going back to your other question about the consistent, we said results.

回到你的另一個關於一致的問題，我們說的是結果。

That's a fairly all encompassing word.

這是一個相當包羅萬象的字。

So you could call that any number of measures.

所以你可以稱之為任意數量的措施。

But what the key ones are that you all look at EPS operating ratio, operating income.

但關鍵是什麼，大家看EPS營業率、營業收入。

We think it's going to look very similar in 4Q versus 3Q.

我們認為第四季和第三季的情況會非常相似。

Thanks Scott.

謝謝斯科特。

Thank you guys.

謝謝你們。

Elliot Alper, TD Cowan.

艾略特·阿爾珀，TD·考恩。

Great.

偉大的。

Thank you.

謝謝。

This is Elliott on for Jason Seidl.

這是艾利歐特為傑森·塞德爾所做的發言。

I believe this is the first quarter of this year where your domestic intermodal volume outlook is positive.

我相信今年第一季國內多式聯運量前景樂觀。

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 the mix headwinds and international growth and fuel, but we see domestic intermodal growing into the quarter.

我知道您已經談到了各種不利因素以及國際成長和燃料，但我們看到國內多式聯運在本季度有所增長。

Could that maybe partially offset intermodal RevPAR car in Q4?

這可能會部分抵消第四季度聯運汽車的 RevPAR 影響嗎？

Just trying to gauge the magnitude?

只是想衡量一下幅度嗎？

Thank you.

謝謝。

We've been encouraged on the domestic and emotive front, even as late as the second quarter, we saw that line be positive.

我們在國內和情感方面都受到鼓舞，即使到了第二季度，我們也看到了積極的一面。

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 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 and we've seen some strong demand there.

現在，其中一些受益於國際聯運方面，這就是為什麼我一直在談論我們擁有的這些產品，擁有像內陸帝國這樣的產品可以幫助我們抓住一些國內聯運，我們已經看到了那裡的一些強勁需求。

I'll tell you as it looks at -- we look at it for the fourth quarter again.

我會告訴你，我們會再次關注第四季的情況。

We think we'll see a little bit more of a benefit for what's taking place on the international and on the motor side.

我們認為，我們會看到國際和汽車方面正在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。

Thanks Kenny.

謝謝肯尼。

Thank you very much.

非常感謝。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

Ari, good morning.

阿里，早安。

What, what's that, Jim?

什麼，那是什麼，吉姆？

I'm sorry.

對不起。

I said good morning and they put you last.

我說了早上好，他們把你放在最後。

Yeah, I know that's, hey, it's, it happens.

是的，我知道，嘿，它發生了。

It's okay.

沒關係。

Thank you for fitting me in regardless.

謝謝你無論如何都讓我適應。

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.

我只是想，我知道其他一些人已經談到過這個問題，但我想問這個問題——價格高於鐵路通膨的目標。

Could you give us color just to be clear, is that something that's being achieved currently and that we can expect for 2024?

您能否給我們一些信息，讓我們清楚地了解目前正在實現的目標以及我們可以在 2024 年實現的目標嗎？

And then kind of given the looser class environment, would you say that you've kind of gotten more push back from customers as you have those pricing discussions or do you think service is sufficient currently to kind of compensate for whatever the loose truck environment might be doing?

然後，考慮到寬鬆的階級環境，您是否會說，當您進行這些定價討論時，您會受到客戶的更多抵制，或者您認為目前的服務足以彌補寬鬆的卡車環境可能帶來的影響在做什麼？

Or the kind of the software demand environment might be?

或者說軟體需求環境可能是什麼樣的？

Ari, good question.

阿里，好問題。

Kenny?

肯尼？

Yeah.

是的。

So I think you're talking specifically and only about domestic intermodal, you'll have to clear it up if you can.

所以我認為你只是在具體談論國內聯運，如果可以的話你必須澄清它。

We've got, and we've talked about this, we've got pricing mechanisms for our customers that are in place to keep them competitive.

我們已經討論過這一點，我們為客戶制定了定價機制，以保持他們的競爭力。

Again, I talked to you about the fact that, second quarter, third quarter, we were up in domestic intermodal.

我再次與您談到了這樣一個事實：第二季度、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, we've gone from a trucking environment really since 2022, that's really been stagnant to downward.

因此，我們認為這對我們來說是一個積極的結果，自 2022 年以來，我們已經擺脫了卡車運輸環境，這確實是停滯不前的。

And if it's flattish now, we'll see what happens in the next few months.

如果現在表現平淡，我們將看看接下來幾個月會發生什麼。

But we feel good about where we're positioned and the ability that as it capacity tightens, we're going to see more value on the pricing side.

但我們對自己的定位以及隨著產能收緊的能力感到滿意，我們將在定價方面看到更多價值。

Jennifer.

珍妮佛.

Do you want to talk about the

你想談談

--

--

No.

不。

Absolutely.

絕對地。

Absolutely.

絕對地。

So, to that point in terms of your question, Absolutely.

所以，就你的問題而言，絕對是這樣。

Our pricing dollars today are exceeding our inflation dollars 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.

我們今天的定價美元超過了我們的通貨膨脹美元，而且在整個通貨膨脹時期，無論您是在談論2024 年，還是追溯到2023 年、2022 年，我們都一直致力於這一點，並且我們已經實現了這一目標。

I think the important point really is going forward and we talked about this at Investor Day is that not only will we continue to have our price dollars exceed our inflation dollars, that it will become accretive to our margins next year.

我認為真正重要的一點是，我們在投資者日討論了這一點，即我們的價格美元不僅將繼續超過通貨膨脹美元，而且明年我們的利潤率也會增加。

So I feel very bullish on that front.

所以我對這方面非常樂觀。

So a good question, why don't I 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.

這是一個很好的問題，我為什麼不快速結束它，然後期待三個月後的電話會議，並期待以我們設定的方式結束今年，並兌現我們上次所說的內容年。

If we, look at what we've been able to deliver as a team, 10% of increase in earnings per share, 11% up in operating income, 9% up in net income, productivity up 12%.

如果我們看看我們作為一個團隊能夠實現的目標，每股收益成長 10%，營業收入成長 11%，淨利潤成長 9%，生產力成長 12%。

Those are all numbers that make us very comfortable with how we're -- we are operating the railroad and how we're driving business.

這些數字讓我們對我們的營運方式以及我們的業務發展感到非常滿意。

We think that if we get the service level and it's very close to where we are right now to the right level.

我們認為，如果我們的服務水平非常接近我們現在的水平，就可以達到正確的水平。

And the discussion is how do we work together with our customers to win in the marketplace and not worried about what the -- whether the service is holding them back from winning in the marketplace.

討論的是我們如何與客戶合作贏得市場，而不是擔心服務是否會阻礙他們贏得市場。

So with that, let me just close off by thanking everybody for joining us this morning and I know there was competing calls and nice to have you guys all with us this morning and looking forward to more discussions as we move ahead.

因此，最後，讓我感謝大家今天早上加入我們，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，並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.

女士們，先生們。

Thank you for your participation.

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。