Financial Data and Key Metrics Changes - The company reported revenues of CAD 3.7 billion, an increase of 3% year-over-year [5] - Operating ratio improved by 220 basis points to 60.7% [5][26] - Earnings per share increased by 11% to CAD 1.10 compared to the previous year [5][26] Business Line Data and Key Metrics Changes - Automotive franchise achieved a record quarter with revenue up 2% and volume up 9% [23] - Bulk revenues increased by 4% driven by a 6% volume growth in grain, with U.S. grain volumes up 13% [18][19] - Intermodal revenue rose by 7% with an 11% increase in volume, supported by domestic intermodal growth [24] Market Data and Key Metrics Changes - Canadian grain volumes decreased by 2% due to lower carryout stocks and demand for canola exports [19] - Potash revenues and volumes increased by 15% driven by strong demand fundamentals [19] - Energy, chemicals, and plastics revenue and volume declined by 2% due to softer demand and customs challenges [20] Company Strategy and Development Direction - The company remains focused on executing growth opportunities despite potential industry consolidation [8][10] - The management emphasized the importance of maintaining an industry-leading position and delivering strong results [10] - The company is exploring alliances with non-applicants to leverage regulatory requirements for merger-like benefits [42] Management Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in achieving 10%-14% earnings growth [8] - The company is well-positioned to handle strong grain harvests in Canada and the U.S. [16][30] - Management expects to maintain strong labor productivity and margin improvement in the fourth quarter [28] Other Important Information - The company has repurchased 34 million shares, representing approximately 91% of the announced program [30] - The company is on track to invest approximately CAD 2.9 billion in capital expenditures for 2025 [30] Q&A Session Summary Question: M&A implications of UP and NS merger - Management highlighted that the approval of the UP and NS merger is not guaranteed and will depend on regulatory scrutiny [34][35] Question: Strategy in light of potential merger impacts - Management confirmed they are actively engaging with other railroads to create alliances and leverage opportunities [42] Question: Volume trends and achieving guidance - Management expressed confidence in achieving mid-single-digit RTMs and double-digit EPS growth despite challenges [57][68]