We expect Union Pacific Corp.'s (UP) 2024 revenue will grow around 0%-1% in 2024, with fuel surcharges contributing a 100 basis point (bps) headwind. In addition to lower fuel surcharge revenue, we also expect coal revenue will decline in the mid-single digits as the result of high stockpiles and continued low liquefied natural gas prices. The company's intermodal carloads exhibit signs of relative stability, but volumes still remain uncertain. In addition, trucking remains competitive as rates continue to hover along the trough. Nevertheless, we expect most of UP's other sectors will grow in the low-single-digit percent range, led by its automotive, energy, fertilizer, and food segments. We expect revenue per carload (excluding fuel surcharge) and total carloads to grow in
