Norfolk Southern Corporation (NSC) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

SA Transcripts 162.21K Followers Follow Norfolk Southern Corporation ( NSC ) Morgan Stanley's 14th Annual Laguna Conference September 15, 2026 4:50 PM EDT Company Participants Ed Elkins - Executive VP & Chief Commercial Officer Jason Zampi - Executive VP & CFO Conference Call Participants Ravi Shanker - Morgan Stanley, Research Division Presentation Ravi Shanker Morgan Stanley, Research Division So changing gears a little bit from trucking to rail. Very happy to welcome back to Laguna, Norfolk Southern CFO, Jason Zampi, and Chief Commercial Officer, Ed Elkins. Gentlemen, thanks so much for being here. Ed Elkins Executive VP & Chief Commercial Officer Thank you. Thanks for having us. Question-and-Answer Session Ravi Shanker Morgan Stanley, Research Division So what's going on? Pretty boring, right? No, obviously, plenty of kind of wood to chop in our session here today. But maybe I'll start with the cycle actually, just given that's been the overarching theme of the conference so far. Obviously, a lot going on in the trucking side, the supply perspective. I think the theme of the conference so far has been positive but not gangbusters on the demand side. How do you see things playing out right now? Ed Elkins Executive VP & Chief Commercial Officer It's interesting. We've been having conversations throughout the day. And that's kind of the way I would describe it for us. There's 3 parts to the story maybe. Part of it is some demand. There's clearly some organic demand growth, but it's not gangbusters. I think that's a good way to phrase that. The second piece of it is really the depletion in supply on the truck side. That's clearly material and something that I think is probably not going to change. And the third piece is fuel and the influence that, that cost component is having on the overall competitiveness of the rail product versus truck