Fourth Quarter 2014 Results. Donald W. Seale Executive Vice President and Chief Marketing Officer
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1 Fourth Quarter Results Donald W. Seale Executive Vice President and Chief Marketing Officer 1
2 Railway Operating Revenue Fourth Quarter vs Components of Revenue Change $ in Millions Revenue $2,881 ($69) $103 $2,870 ($45) $2.9 Billion, flat RPU $1,489, down (4%) 4Q 2013 Mix/Price Fuel Volume 4Q 4Q Revenue $ in Millions & y-o-y Percent Change Volume 1,928,200 units, up 4% Intermodal $649 +5% Coal $543 (15%) Merchandise $1,678 +3% 2
3 Railway Volume Fourth Quarter vs Total volume up 4% Coal down (6%) Weak shipments across most markets, with (6%) decline in Utility volume and (25%) decline in Export volume 2,000 4Q Volume (000 s) & y-o-y Percent Change Coal 1,862.0 (6%) 1,928.2 Intermodal up 6% Gains in Domestic and International markets 1,500 1,000 Intermodal +6% Merchandise up 5% Gains in Metals & Construction and Chemicals offsetting losses in Agriculture and Paper & Forest Products Merchandise 4Q Q +5% 3
4 Coal Market Fourth Quarter vs Revenue: $543 Million, down (15%) RPU: $1,799, down (10%) Drivers Utility Lower natural gas prices and reduced coal plant burn Export Weakened demand in a well-supplied global marketplace, with continued weak seaborne coal prices and a weaker Australian dollar Domestic Met Customer-specific gains in coke volumes Industrial New business opportunities offset by declines of anthracite and petcoke Units (000 s) Percent of Total 4Q Volume Export 14% Dom Met 15% Ind 7% Utility 64% Weak shipments in utility and export markets Utility Export Dom Met Ind (6%) (25%) 13% 0% 4
5 Intermodal Market Fourth Quarter vs Revenue: $649 Million, up 5% RPU: $662, down (1%) Drivers Domestic Gains due to highway conversions, strategic corridor projects, and growth in key accounts International Gains due to customer awards and new services Units (000 s) Percent of Total 4Q Volume International 33% Domestic 67% Overall volume gain of 6% Domestic International 4% 10% 5
6 Merchandise Market Fourth Quarter vs Revenue: $1.7 Billion, up 3% RPU: $2,594, down (1%) Drivers MetCon Increased volumes of frac sand, iron and steel, and aggregates Agriculture Soybean volumes constrained by network velocity, partially offset by increased corn shipments Chemicals Growth in crude by rail and NGLs Units (000 s) Percent of Total 4Q Volume Auto 16% Chem 20% Paper 12% MetCon 28% Ag 24% Strength in Metals & Construction and Chemicals Automotive Downtime and model changeover at key NS-served plants Paper Gains of wood products offset by declines in graphic paper and municipal solid waste 50 0 MetCon Ag Chem Auto Paper 12% (3%) 14% 0% (2%) 6
7 Fuel Surcharge $120 Monthly WTI Price for FSC (2 month lag) $100 $80 $60 $40 Fuel Surcharge Programs 85%+ of revenue contains fuel surcharges 2/3 WTI based / Dominant trigger price $64 bbl. 1/3 OH Diesel based 7
8 Business Outlook COAL Utility coal demand weakened by lower natural gas prices as well as MATS implementation Continued strong competition in the global metallurgical and thermal markets strong US dollar Weaker domestic met volumes related to customer sourcing shifts Industrial coal volumes impacted by natural gas conversions INTERMODAL Focus on opportunities for highway conversions Continued growth with strategic corridor projects Growth from International customer awards and new service lanes Increased consumer spending MERCHANDISE Strength in crude oil shipments to East Coast refiners offset by negative impact of low oil prices Growth of NGLs along with drilling inputs such as frac sand Strength in automotive sector benefiting vehicles and steel Improved construction activity driving growth in aggregates, asphalt, lumber and steel Strong corn and soybean crops 8
9 9 Thank You
10 Fourth Quarter Results Mark Manion Executive Vice President and Chief Operating Officer
11 Safety Performance 2009 * Reportable Personal Injuries (Per 200,000 Employee-Hours) Train Incidents (Per Million Train Miles) Mos Crossing Accidents (Per Million Train Miles) 4th Qtr Mos 4th Qtr Injury rate down over the course of the year, but slightly up in overall. Train Incident rates increased. Grade Crossing Accident rate is up slightly for the year with a modest improvement in fourth quarter Mos 4th Qtr 2 * Based on preliminary data
12 Composite Service Performance % 85% 81.0% 83.1% 83.3% % 76.7% 75.9% 75% 70% 69.9% 67.3% 65% 60% 62.8% 61.6% 59.3% 55% 50% Mos 4th Qtr Oct Nov Dec 3
13 Miles per Hour Train Speed Better Mos 4th Qtr Oct Nov Dec 4
14 Average Hours Terminal Dwell Better Mos 4th Qtr Oct Nov Dec 5
15 Operating Efficiencies 4 th Quarter and Full Year vs th Quarter Volume + 4 % + 5 % Crew Starts 0 % - 1 % T & E Service Overtime Hours + 34 % + 23 % Carloads/Units per Locomotive - 4 % 0 % Diesel Gallons/KGTM - 3 % - 2 % 6
16 7 Thank You
17 Financial Results 2015 Capital Plan Marta R. Stewart Executive Vice President Finance and Chief Financial Officer 1
18 Operating Results Fourth Quarter vs ($ millions) Record fourth-quarter Income from Railway Operations. Favorable (Unfavorable) 2013 $ % Railway operating revenues $ 2,870 $ 2,881 $ (11) - % Railway operating expenses 1,979 2, % Income from railway operations $ 891 $ 881 $ 10 1% Railway operating ratio % 2
19 Railway Operating Expenses Fourth Quarter vs ($ millions) Net decrease of $21 / 1%. $56 $47 $46 $29 $7 $2,000 $1, Fuel Compensation Purchased Materials & Benefits Svcs & Rents & Other Depreciation 3
20 Fuel Fourth Quarter vs ($ millions) Net decrease of $56 / 14%. $63 $12 $5 $403 $ Price* Consumption* Other Fuel 17% +3% *% reflects locomotive fuel only 4
21 Compensation and Benefits Fourth Quarter vs ($ millions) Net decrease of $47 / 6%. Lower post-retirement, pension and health and welfare costs Lower incentive compensation Increased pay rates $761 $714 Increased overtime Temporary transfer program costs
22 Purchased Services and Rents Fourth Quarter vs ($ millions) Net increase of $46 / 11%. Higher volume-related costs: Intermodal operations Equipment rents Joint facilities Slower network velocity $406 $
23 Materials and Other Fourth Quarter vs ($ millions) Net increase of $29 / 15%. Less favorable personal injury adjustment Higher materials expenses Higher T&E travel and temporary housing costs $197 $
24 Depreciation Fourth Quarter vs ($ millions) Increase of $7 / 3%. Increased capital base Properties Balance $37,032 $38,508 $233 $240 Dec Dec 2013 Dec Dec
25 Income Taxes Fourth Quarter vs ($ millions) Effective tax rate for the quarter was 35.3%. $270 $279 Eff. Rate 34.5% Eff. Rate 35.3%
26 Net Income and Diluted Earnings per Share Fourth Quarter vs ($ millions except per share) Earnings per Share ties 4 th quarter record. Net Income Change vs. Prior Period: - % Diluted Earnings per Share Change vs. Prior Period: - % $513 $511 $1.64 $
27 Operating Results Year ($ millions) Record operating results. Favorable (Unfavorable) 2013 $ % Railway operating revenues $ 11,624 $ 11,245 $ 379 3% Railway operating expenses 8,049 7,988 (61) (1%) Income from railway operations $ 3,575 $ 3,257 $ % Railway operating ratio % 11
28 Net Income and Diluted Earnings per Share Year ($ millions except per share) Net Income Change vs. Prior Period: + 8% $ 1,910 Record Net Income and Earnings per Share. * Diluted Earnings per Share Change vs. Prior Period: + 9% $ 6.04 * $1,850 * $2,000 $5.85 * $ *Excluding Michigan land sale gain - please see reconciliation to GAAP posted on our web site. 12
29 Cash Flows and Balances Year End ($ millions) 2013 Cash from operating activities $ 2,852 $ 3,078 Capital expenditures (2,118) (1,971) *Free cash flow $ 734 $ 1,107 Returns to shareholders: Dividends $ (687) $ (637) Share repurchases $ (318) $ (627) *Please see reconciliation to GAAP posted on our web site. 13
30 2015 Capital Expenditures ($ millions) Projected spending - $2.4 billion. $2,160 $2,241 $1,971 $2,118 $2, B 14
31 2015 Capital Improvement Budget Core vs. Growth vs. PTC Maintain the network, improve service, invest for growth. Core/Replacement Investments 20% 9% Rail, Tie, Ballast programs Freight car replacements Locomotive rebuild program Growth/Productivity Investments 71% Intermodal terminals and equipment Used locomotives Infrastructure improvements Positive Train Control 15
32 2015 Capital Improvement Budget ($ millions) $199 Total Spending = $2.4 Billion $65 $404 $220 $927 Roadway Infrastructure Facilities & Terminals Locomotives Freight Cars Technology PTC Other Projects $238 $238 $104 16
33 17 Thank You
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