“We also acknowledge there are some tough spots, namely from reduced coal demand and the year-over-year international intermodal comparison we'll face in the second half of 2025 as today's mix impact turns into a volume challenge.”

In context

“t step. As you heard from Kenny, economic indicators for this year are a bit muted and mixed, some growth, some contraction. Add to that outlook, questions around possible tariffs, interest rates, regulatory changes, et cetera and our ability to forecast only gets more challenging. As we see the year ahead, there are positives on the volume front. First, we're starting the year with a bang. Volume is growing and the network is running well. Mother Nature has certainly taken a couple of early shots and will likely fire a couple more, but our resiliency is strong as we focus on meeting our customer commitments. And you heard Kenny talk about how that service product has helped us secure new business for 2025 as well as the continuing pipeline of opportunities that span our entire portfolio. We also acknowledge there are some tough spots, namely from reduced coal demand and the year-over-year international intermodal comparison we'll face in the second half of 2025 as today's mix impact turns into a volume challenge. So while there are puts and takes on the volume side, we are confident that we will continue to drive operational and financial improvement in 2025. We will achieve that goal by continuing to control the controllables by generating pricing dollars that are accretive to our operating ratio, gaining further technology, productivity through technology and by empowering every UP employee to drive asset efficiency. We expect the combination of our activities to drive volume, price and productivity will deliver earnings per share growth for the full year that is consistent with attaining our three year Investor Day CAGR of high single to low double-digit growth. Finally, with the capital allocation, as you heard from Eric, this year, we plan to invest $3.4 billion back into the railroad. We rem”