Doug MacDonald: No, you covered the Canadian grain really well. And on the U.S. grain, we’re seeing some strong volumes right now because of the Mississippi being so low. But a lot of that’s going to be tempered by overall demand with China and other countries. So we’re moving good volumes right now. The team is doing a great job at that. We’re really sold out in the U.S. market. We’re going to see how the rest of the year plays out here.
Steve Hansen: Appreciate the time.
Tracy Robinson: Thanks for the one question.
Operator: Our next question comes from Justin Long from Stephens. Please go ahead. Your line is open.
Justin Long: Thanks, and good afternoon. I was wondering if you could comment on your expectation for the sequential progression of yields on a cents per RTM basis as we move into the fourth quarter? And maybe along with that, give a little bit more color on the core pricing trends you’re seeing. I heard you say that they remain above inflation. But I’m curious if pricing is getting better, worse or about the same on a year-over-year basis.
Tracy Robinson: So let me start with that one, and then I’ll hand it over to Ghis, but I would say that pricing can be difficult to see based on the revenue line. So the revenue line includes a bit of noise around storage fees that were higher last year than this year. There’s some fuel surcharge noise in there. There’s currency noise in there, and there’s – so there’s a – it’s hard to see the pricing through. But I can tell you this, we’ve given Doug a mandate on the backs of the service that the guys have been able to provide for our customers to come in above our inflation level. And he’s consistently doing that on the contract renewal and we have mechanisms in the multiyear contracts that are providing that for us as well. So the underlying pricing is doing well. And just – I don’t remember the first question, but whatever…
Ed Harris: You covered it is – when you look at either cents per RTM or revenue per RTM as we’ve always told you guys not to look at this as a proxy for yield because it’s a lot of moving parts. There’s FX in there. There’s the accelerated charges that you talked about, Tracy, there is also the fuel surcharge. So – and I know that you’re looking – you’re trying to find metrics for yield. But this has got a lot of noise, but we’re very confident and Doug make the point that our pricing is above our rev inflation.
Tracy Robinson: Thank you for the question. I think one more question and then we’re out of time.
Operator: Certainly. The last question comes from the line of Kevin Chiang from CIBC. Please go ahead, your line is open.
Kevin Chiang: Thanks for squeezing me in here and congrats Ed, Patrick and Derek. Maybe just turning to automotive. When I think back to your Investor Day, you laid out a number of opportunities related to the EV supply chain. It does feel like that we might be slowing down here in terms of EV adoption at least what we’re hearing from the OEMs. Just wondering any changes to your long-term potential growth opportunity there, the volume capture opportunity, just given what some of the OEMs are doing as they adjust production around the EV portfolio?
Ed Harris: Thanks, Kevin. So it’s a great question. So EV, it starts really back at the battery. So, all the minerals that go into it. So we’ve started to move some of the raw lithium. Listen, on never network, we’re now up to – well, it was five, but it’s just got the six plants located on our network, really all in Eastern Canada for construction, either of the batteries themselves or for some of the parts that go into the batteries or for the refining of the raw lithium and other metals. So we’re starting to build that supply chain up. And what we knew it wasn’t going to be right away. These plants take a while to get built. In the interim, we’re still seeing the EV production schedules moving forward at most of the big three.
Now we know GM just came and pushed their back by about a year, but that’s okay, right? There’s still lots of other products to move in the automotive side. And that will give us time to actually how all these plants constructed in Eastern Canada, where we can actually hold those batteries down in the other parts of them. So it’s moving along quite well.
Kevin Chiang: Perfect. Great color. Thank you.
Tracy Robinson: Okay. Go ahead, operator?
Operator: This concludes the question-and-answer session. I would like to turn the call back over to Tracy Robinson.
Tracy Robinson: Thank you. I jumped the gun a little there. Listen, I just want to echo Ed comments on the call today. Thank you for what you’ve done here and for ending the long, very impressive run with us. It’s a privilege and it’s been a lot of fun working with you and watching you. And they’re not mic’d up, but let me say this about guys at the end of the table here, Derek and Pat, very much looking forward to working with you, but in truth as we all know, this plan was implemented a number of months ago. And so you have this place running really, really well. We’re excited about where we’re headed. This is all about executing that plan and the plan we laid out at Investor Day. The pieces are all in place. The core engine is performing well. And we’re ready and really eager for that rebound. So, thanks for joining us today, and we’ll talk to you all early in the year. Thank you.
Operator: The conference call has now ended. Thank you for your participation. You may now disconnect your lines.
