Union Pacific CEO Jim Vena said on Wednesday he was confident that the railroad operator would receive a merger approval from the U.S. administration over its deal with Norfolk Southern. ...

PresentationRavi ShankerMD & Lead Analyst So let's just keep the rail team going, and very happy to have with us back at Laguna, Union Pacific with CEO, Jim Vena; and CFO, Jennifer Hamann. Jim and Jennifer, thanks so much for being here. Before we start, I should say for retail disclosures, please see our latest research or go to morganstanley.com/researchdisclosures from Morgan Stanley's relationships. And with that, Jim, I think you have a couple of slides to share with us. So do you want to walk us throu ...

Union Pacific FY Conference Summary Company Overview - **Company**: Union Pacific (NYSE: UNP) - **Date of Conference**: September 10, 2025 Key Points and Arguments Industry Context - Union Pacific emphasizes the importance of a transcontinental railroad in the U.S. to enhance service and efficiency for customers, competing globally in various commodities [9][10] - The merger with Norfolk Southern is positioned as a strategic move to improve access to ports and reduce transit times, benefiting both the company and its customers [15][16] Operational Performance - Union Pacific reports high operational and financial performance, with freight car velocity averaging 224 miles per day, reaching over 230 miles in recent weeks, marking the best levels since 2019 [25][26] - The company has seen a 2% increase in volumes quarter-to-date, despite a decline in international intermodal business due to tariff impacts and year-over-year comparisons [27][28] Safety and Service - The company is focused on becoming the safest railroad in North America, with significant improvements in personal injuries and derailments [27] - Service performance indices are reported at mid to high 90s, with manifest service performance index at 100% [27] Merger Insights - The merger is expected to incur approximately $50 billion in costs, with a halt on share repurchase programs to conserve cash during this period [31][32] - Union Pacific is confident in the merger's approval, citing public interest benefits and job guarantees for employees [36][39] Capital Allocation Strategy - The company plans to prioritize network investments and maintain competitive dividends, with a recent 3% increase announced [65][66] - Post-merger, Union Pacific anticipates paying down debt quickly and resuming share repurchases [66] Competitive Landscape - Union Pacific acknowledges increased competition from other railroads, particularly in response to the merger announcement, but remains confident in its operational efficiency and service quality [67] Regulatory Process - The merger application is expected to be submitted within three to six months, with a comprehensive approach to meet regulatory requirements [35][36] Additional Important Content - Union Pacific's leadership emphasizes the need for a strong service record and regulatory support to facilitate the merger, highlighting the importance of operational excellence as a foundation for growth [55][56] - The company is committed to ensuring that the merger will not degrade service for existing customers, instead enhancing their competitive capabilities [17][39] - Union Pacific's leadership expresses optimism about the merger's potential benefits for the U.S. economy and logistics system, advocating for a more integrated transportation network [40][42]

Group 1 - Norfolk Southern is currently considered one of the most challenging stocks in the transportation sector and possibly across all cyclicals [1] - Mark George, the CEO of Norfolk Southern, recently celebrated his one-year anniversary in the role [2]

We recently published 15 Stocks Jim Cramer Discussed As He Said CEOs Were Afraid Of Hiring. CSX Corporation (NASDAQ:CSX) is one of the stocks Jim Cramer recently discussed. CSX Corporation (NASDAQ:CSX)’s shares have struggled recently due to fresh developments in the railroad industry. The business-friendly approach of the Trump administration has stimulated a flurry of mergers and acquisitions activity in the railroad sector, which has prompted Union Pacific and Norfolk Southern to join forces. Naturally ...

Norfolk Southern (NYSE:NSC) FY Conference September 10, 2025 10:00 AM ET Company ParticipantsRavi Shanker - Managing DirectorMark George - President, CEO & DirectorClaude Elkins - EVP & CCOGuilherme Ávila - PartnerRavi ShankerWelcome, everyone, to the 13th Annual Laguna Conference. I'm your producer and alumni. I'm Ravi Sharker-Moggessan, Eastern Conspiration Airlines Analyst. For the next three days, you guys are going to hear from the capstone industry across all industrial verticals. Obviously, very impo ...

JACKSONVILLE, Fla., Sept. 10, 2025 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) President and Chief Executive Officer, Joe Hinrichs, and Executive Vice President and Chief Financial Officer, Sean Pelkey, will address J.P. Morgan’s U.S. All Stars Conference in London on Wednesday, September 17, at 10 a.m. British Summer Time (5 a.m. EDT). This address will be broadcast live via webcast at http://investors.csx.com. A replay will be available following the conclusion of this event. This announcement, as well as ...

HOMEWOOD, Ill., Sept. 10, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) Police officers will be available to members of the media during See Tracks? Think Train® Week from September 15-19, 2025. This annual public awareness campaign highlights the importance of safe behaviours near rail crossings and the danger of trespassing on railway property. Uniformed CN Police officers will be available for interviews across CN’s network in the United States and will take part in community events throughout the w ...

MONTREAL, Sept. 10, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) Police officers will be available to members of the media during Rail Safety Week from September 15-19, 2025. This annual public awareness campaign highlights the importance of safe behaviours near railway crossings and the danger of trespassing on railway property. Uniformed CN Police officers will be available for interviews across Canada and will take part in community events throughout the week. Media outlets can contact CN’s regiona ...

CSX Corporation (NASDAQ:CSX) is one of the stocks Jim Cramer picked for his fantasy stock portfolio. Cramer said that he sees strength in the company under Joe Hinrichs, as he remarked: “Finally, let’s round out our team with a kicker. This time, I’m taking a trendy pick, the Jacksonville Jaguars kicker Cam Little… How about CSX, the railroad company? I’m not saying this because CSX is based in Jacksonville, but because the company’s widely considered to be in play. The merger-friendly Trump administratio ...