“We remain committed to our industry leading dividend payout ratio of around 45% of earnings and we plan to return excess cash to shareholders through share repurchases of $4 billion to $4.5 billion during the year.”

In context

“lenge. 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 remain committed to our industry leading dividend payout ratio of around 45% of earnings and we plan to return excess cash to shareholders through share repurchases of $4 billion to $4.5 billion during the year. The team has done an excellent job to position ourselves for whatever environment we face this year. We are on target to achieve our long-term goals while maintaining our industry leading position. We are excited for this new year and we're ready to deliver. With that, I'll turn it back to Jim. Jim Vena: Thanks, Jennifer. Before we get to your questions and I'm looking forward to the questions, I'd like to summarize what you've heard. First, you heard from Jennifer in the fourth quarter, we leveraged the network to handle volume growth and drive strong quarterly results. Similar to the third quarter, our business mix profile presented a margin headwind. So it was imperative that we generated strong productivity and pricing to offset that impact, and that's exactly what we did. Kenny gave”