NSNSCEarnings Analysis财报电话会Source pending来源待核by InvestLog AIInvestLog AI 整理
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NSC earnings call: As a result, our updated adjusted OpEx guidance for the full year is to be just north of $9 billion, which includes approximately $700 million of incremental fuel expense compared to our view at the beginning of the year.诺福克南方公司 (NSC) 电话会：因此，我们更新后的全年调整后运营支出指引略高于90亿美元，其中包含较年初预期增加的约7亿美元额外燃油支出。
Management remarks
Call period: 2026 Q3 · 2026-10-22
Guidance: Mark George: As a result, our updated adjusted OpEx guidance for the full year is to be just north of $9 billion, which includes approximately $700 million of incremental fuel expense compared to our view at the beginning of the year.
Demand and orders: Ed Elkins: Looking within merchandise, volumes increased 3% and revenue less fuel achieved another record, increasing 5% from a year ago, driven by strength in our metals and construction franchise and by strong energy demand in our chemicals markets.
Margins: Jason Zampi: However, as I previewed a couple of weeks ago, fuel prices actually increased as we progressed through the quarter, and that negatively impacted our operating ratio by about 250 basis points from where we thought we would be.
Analyst Q&A
Analyst James McGarragle asked: Hey, this is James McGarragle on for Walter this morning. I just wanted to ask on the volume outlook. Last quarter, you flagged an update on your industrial customer investment activity. You mentioned it's normalized a bit after a strong H1. Was that a surprise to you that that normalized? Management Mark George answered: We have over 50 industrial projects that have moved into that design and construction phase, and that's the sort of the demarcation line we think between an opportunity that is theoretical versus one that's actually going to be executed.
