And for us to adapt and yet have a stock that trades based on being a pure cyclical, well, a cyclical would not react that way. That would be — we would be countercyclical to earn more than $4 a share. So it isn’t going to be easy, but our model guides us there or we wouldn’t put it there. I think one factor that we have working for us is the LTL portion of our earnings. Boy, we just couldn’t — we couldn’t be more happy with that group. I mean that’s a group that — yes, LTL is feeling — as an industry is feeling a little bit of pressure, but it’s nothing like the volatility that you see and what happens with rates on the full Truckload side. And so — and it’s a business that, for us, we just continue to make incremental progress. And so that’s a bit of a factor that’s out there that, hey, we’re new into it, and we want to be a little bit cautious.
But in this fourth quarter, in addition to performing with an 85.5% OR, that’s almost 500 bps better than the 90.3% a year ago, that’s a business where we were able to take the MME brand and business that’s a 100-year-old company. And our leaders at AAA Cooper were able to successfully integrate a new back-end system that really touches and affects 100% of the business. And so it was tremendous modernization to do while still running and working the business. And that took effect in October and has continued to be modified, and there will continue to be synergies that will roll out. I mean this — we didn’t use dimensioners, as an example, at MME before the acquisition. And so those investments that have been made, that will continue to take effect.
And so — and I guess I at least should note, Ravi, that, that business revenue was up almost 15% with adjusted operating income up over 70% on a year-over-year basis. And so that’s diversification. That’s why we’re in LTL. That’s why we like it. And we continue to find ways that we can bring synergies between TL and into LTL. And of course, we’re still working to fill out the country and geographically to have a nationwide offering. And so that will continue to help us. But there’s a lot of people, I think, Ravi, that aren’t sure we can earn $4, just if I look at what’s some of the guidance and how this — I mean the stock seems to be tied to us earning a lot less than that. So — but hey, we’re just — we’ve done our homework in terms of where we feel like our guidance is going to be best on — or based on the best information we have available now to try and predict the future, and that’s the range we came up with.
Adam Miller: Yes. And Ravi, I think last quarter, I went into greater detail of how each segment would need to perform to achieve that $4 mark. And I think as we look at our guidance, we’re not going to that detail in our guidance today. But fairly aligned there. I think maybe the one outlier is the intermodal. We talked about that being a mid-90s operating ratio. We’ve just seen some challenges there on volume, especially with the better availability of truckload capacity and the service that, that performs at versus intermodal. And so that would be one area that would be maybe off from what we would have called out last quarter. But generally speaking, our segments will perform as I laid out. And we’ll still have to see how everything plays out in this bid season, but we just have a tremendous amount of confidence based on how these cycles have developed historically and the communication we’re having with our customers.
Operator: Your next question comes from the line of Ken Hoexter from Bank of America.
