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
