Following carload growth in 2018, we now expect total carloads to decline somewhat in 2019 and remain mostly flat in 2020 due in part to lower overall GDP growth and industrial production. We also expect intermodal demand to decline because of lower pricing for truck capacity, after a period of a trucking shortage in the U.S., which diverted a portion of traffic to the railroads. The outlook on CSX is stable. We expect continued modest improvement in revenues, driven primarily by pricing as volume declines in 2019 and remains mostly flat in 2020. We also expect continued improvement in margins from ongoing cost-reduction efforts and operating-efficiency initiatives. However, we expect the company to maintain a significant share-repurchase program, partially financed
