Supplemental Information First Quarter 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING STATEMENTS. ...

Core Viewpoint - CSX Corporation reported disappointing first-quarter 2025 results, with both earnings and revenues falling short of expectations, indicating operational challenges and market uncertainties [1][3]. Financial Performance - Quarterly earnings per share were 34 cents, missing the Zacks Consensus Estimate of 37 cents, and decreased by 26% year-over-year [1]. - Total revenues amounted to $3.42 billion, missing the Zacks Consensus Estimate of $3.47 billion, and declined by 7% year-over-year [2]. - Operating income decreased by 22% year-over-year to $1.04 billion, while total expenses increased by 2% year-over-year to $2.38 billion [2]. Segmental Performance - Merchandise revenues fell by 2% year-over-year to $2.15 billion, with merchandise volumes also down by 2% [4]. - Intermodal revenues decreased by 3% year-over-year to $493 million, with segmental volumes increasing by 2% but revenue per unit decreasing by 5% [4]. - Coal revenues plummeted by 27% year-over-year to $461 million, with coal volumes down by 9% and segmental revenue per unit falling by 20% [5]. Liquidity Position - CSX ended the first quarter of 2025 with cash and cash equivalents of $1.14 billion, up from $933 million at the end of the previous quarter [6]. - Long-term debt increased to $18.5 billion from $17.8 billion in the prior quarter [6]. - The company generated $1.25 billion in cash from operating activities during the reported quarter [6]. 2025 Guidance - CSX anticipates total volume growth for 2025 despite market uncertainties and trade policy changes, with full-year revenues likely impacted by lower coal benchmarks and diesel prices [7]. - The company will focus on improving fluidity, efficiency initiatives, and labor productivity, with capital expenditures expected to remain flat year-over-year, excluding hurricane rebuild spending [7]. Industry Context - Other companies in the Zacks Transportation-Railroad industry, such as Norfolk Southern Corporation and Union Pacific Corporation, are also expected to report first-quarter earnings soon, with anticipated challenges related to inflation, high interest rates, and weak freight demand [10][12].

Core Viewpoint - The industrial sector is currently facing significant challenges, but high-quality companies within this sector have demonstrated resilience and the ability to continue raising dividends, making them attractive investment opportunities [2][3]. Group 1: Economic Context - The industrial sector is experiencing turmoil due to potential tariffs and economic uncertainty, with the Federal Reserve Bank of Atlanta projecting a 2.8% contraction in U.S. GDP for Q1 2025 [2]. - Industrial stocks are typically sensitive to economic fluctuations, but many companies have successfully navigated these cycles and provided returns to shareholders over time [3]. Group 2: Investment Opportunities - **Lockheed Martin**: - A leading defense contractor with a strong position in government contracts, Lockheed Martin has received a recent contract worth up to $4.94 billion [5]. - The company has a history of paying and raising dividends for 22 consecutive years, with a current dividend yield of 2.85% and a payout ratio of about 50% of 2025 earnings estimates [7]. - Analysts project an average earnings growth of 13% annually, with a P/E ratio of 20, indicating a favorable investment opportunity [8]. - **Union Pacific**: - As a major player in the North American railroad industry, Union Pacific operates 32,693 miles of rail and has a strong balance sheet with an investment-grade credit rating [9][10]. - The company has paid and raised dividends for 18 consecutive years, with a current dividend yield of 2.2% and a payout ratio of 45% of 2025 earnings estimates [10][11]. - Analysts expect earnings growth of 10% annually, with a P/E ratio of 21, reflecting a fair valuation for a company with growth potential [11]. - **A. O. Smith**: - A. O. Smith specializes in water heaters and treatment equipment, having paid and raised dividends for 31 consecutive years [12]. - The company anticipates significant growth opportunities in emerging markets, with a current dividend yield of just over 2% and a payout ratio of 36% of 2025 earnings estimates [13]. - Analysts project an average earnings growth of 12% annually, with a P/E ratio of 18, suggesting it is a compelling investment [14].

Conference Call 4Q24-Results Disclaimer and Forward-Looking Statement Note: Loma Negra's financial information has been prepared in accordance with the Argentine Securities Commission (Comisión Nacional de Valores-CNV) and with International Financial Reporting Standards. Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting July 1, 2018, the Company i ...

Core Points - Canadian Pacific Kansas City (CPKC) has awarded Cargill Elva in Canada and Elbow Lake Co-op Grain in the United States as the grain elevators of the year for the 2023-2024 crop year [1][2] - The award recognizes facilities that efficiently move high volumes from a single loading point while maintaining a strong commitment to safety [2][3] - Cargill Elva, located in Melita, Manitoba, is a first-time winner, having loaded over 450,000 metric tonnes of grain [3][4] - Elbow Lake Co-op Grain, based in Elbow Lake, Minnesota, has won the award for three consecutive years, achieving the highest tonnage in the U.S. north network with over 543,000 metric tonnes, an increase from the previous year [4][5] Company Insights - CPKC is the first and only single-line transnational railway connecting Canada, the United States, and Mexico, with extensive access to major ports [6] - The company operates approximately 20,000 route miles and employs 20,000 railroaders, providing comprehensive rail service and network reach across North America [6] - CPKC is focused on growth alongside its customers, offering a range of freight transportation services, logistics solutions, and supply chain expertise [6]