Union Pacific Corporation (UNP) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to the Union Pacific's first quarter 2025 earnings call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone today should require operator assistance, please press star zero from your telephone keypad. As a reminder, this conference call is being recorded, and the slides for today's presentation are available on Union Pacific's website. At this time, it is now my pleasure to introduce your host, Mr. Jim Venna, Chief Executive Officer for Union Pacific. Mr. Venner, you may now begin. Good morning, Rob, and thank you. Good morning, and thank you for joining us today to discuss Union Pacific's first quarter results. I'm joined in Omaha by our Chief Financial Officer, Jennifer Heyman, our Executive Vice President of Marketing and Sales, Kenny Rocker, and our Executive Vice President of Operations, Eric Geringer. As you'll hear from the team, we had a solid start to the year. Our reported operating ratio was 60.7 flat compared to last year, even with a 90 basis point headwind from fuel and leap year. We delivered record first quarter operating performance. Further, we had the strongest car load growth of the class ones as we worked closely with our customers to meet their needs in an uncertain environment. Now let's discuss first quarter results starting on slide three. This morning, Union Pacific reported 2025 first quarter earnings per share of $2.70, which reflects a 19 cent or 7% headwind from fuel and leap year. Our reported 2025 first quarter net income of $1.6 billion was essentially flat versus last year. Reported first quarter 2025 operating income was flat. as 7% volume growth, robust core pricing gains, and strong productivity were offset by business mix, f...