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    Joseph Lawrence Hafling • Jefferies

    Joseph Lawrence Hafling's questions to GXO Logistics Inc (GXO) leadership

    Joseph Lawrence Hafling's questions to GXO Logistics Inc (GXO) leadership • Q1 2025

    Question

    Joseph Lawrence Hafling of Jefferies inquired about the scenario planning behind GXO's reaffirmed guidance, given the strong Q1 results amid macro uncertainty, and asked about the impact of foreign exchange rates on 2025 and 2026 results.

    Answer

    CFO Baris Oran explained that the guidance's base case assumes flat year-over-year volumes and is resilient enough to withstand a potential low to mid-single-digit decline in H2 U.S. consumer volumes. He added that FX is largely hedged for 2025, limiting its impact, but current rates suggest a potential tailwind for 2026.

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    Joseph Lawrence Hafling's questions to Union Pacific Corp (UNP) leadership

    Joseph Lawrence Hafling's questions to Union Pacific Corp (UNP) leadership • Q1 2025

    Question

    Joseph Lawrence Hafling, on behalf of Stephanie Moore at Jefferies, asked about major productivity initiatives for 2025 and the outlook for headcount throughout the year.

    Answer

    EVP Eric Gehringer highlighted operational fundamentals as the main productivity driver, supplemented by technology like energy management systems and terminal automation. CEO Vincenzo Vena added that the new NetControl dispatch system is key to efficiency and that hiring has already been slowed in response to productivity gains and the market outlook.

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    Joseph Lawrence Hafling's questions to RXO Inc (RXO) leadership

    Joseph Lawrence Hafling's questions to RXO Inc (RXO) leadership • Q4 2024

    Question

    Joseph Lawrence Hafling, on for Stephanie Moore, requested a breakdown of the incremental cost synergies that led to the estimate increase from $25 million to $50 million. He also asked how RXO successfully retained key talent during the Coyote integration.

    Answer

    CFO Jamie Harris attributed the increased synergy target to opportunities in real estate consolidation and procurement scale from combining vendor contracts. CEO Drew Wilkerson credited strong talent retention to building trust, effectively communicating the company's vision, and the excitement among employees about working for a larger, market-leading broker with a broader service portfolio.

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    Joseph Lawrence Hafling's questions to United Parcel Service Inc (UPS) leadership

    Joseph Lawrence Hafling's questions to United Parcel Service Inc (UPS) leadership • Q4 2024

    Question

    Joe Hafling of Jefferies, on behalf of Stephanie Moore, questioned the strategic shift on SurePost, asking what changed given it was previously described as a high-ROIC business due to handing off the final mile.

    Answer

    CEO Carol Tomé reiterated that the primary driver was protecting service quality, which was at risk due to USPS's operational changes and price increases. EVP and President, U.S. Nando Cesarone explained that improved technology now allows for more efficient matching of SurePost packages to existing ground routes, smoothing dispatch and controlling costs. Chief Commercial and Strategy Officer Matthew Guffey noted the 9.9% GRI aligns value with the improved, controlled service. CFO Brian Dykes emphasized that the volume fits into the existing network without adding assets, thus protecting and growing ROIC, which is expected to increase by 300 basis points year-over-year.

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    Joseph Lawrence Hafling's questions to Forward Air Corp (FWRD) leadership

    Joseph Lawrence Hafling's questions to Forward Air Corp (FWRD) leadership • Q3 2024

    Question

    Joseph Lawrence Hafling from Jefferies questioned if customers were trading down from air freight to Forward Air's more economical premium ground services and asked about demand trends in the international forwarding business.

    Answer

    CEO Shawn Stewart noted that demand for their unique expedited ground service remains strong among its target high-value clients, with overall volume softness tied to consumer spending rather than market share loss. He also observed that the international airfreight market is currently robust due to ocean freight disruptions, but he does not see a significant demand pull-forward. CFO Jamie Pierson added that the company is well-positioned if a broader trade-down from air to expedited ground occurs.

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