Union Pacific Corp. on Thursday said first quarter revenue and earnings were unchanged from a year ago as better volumes and pricing were offset by the mix of freight moving on its rails.

The Omaha, Nebraska-based carrier (NYSE: UNP) said net income for the quarter ended March 31 was $1.6 billion, or $2.70 per diluted share, from net income of $1.6 billion, or $2.69 per diluted share, in the year-ago quarter.

“The team delivered a solid start to the year as we worked closely with our customers to meet their needs in an uncertain environment,” said Jim Vena, Union Pacific chief executive, in a release.

Operating revenue of $6 billion was flat on 7% volume growth and solid core pricing gains offset by business mix, reduced fuel surcharge revenue and the impact from leap year in 2024.

Freight revenue grew 1%, while freight revenue excluding fuel surcharge grew 4%. Core pricing dollars net of inflation were accretive to operating ratio of 60.7% — flat from a year ago.

Operating expenses were flat as productivity improvements and lower fuel costs offset volume-related costs and inflation.

The company affirmed its 2025 outlook of freight volume impacted by a mixed economic backdrop, coal demand and challenging year-over-year international intermodal comparisons. Earnings-per-share growth is expected to be consistent with the three-year compound annual growth rate of high single to low double digits.

The company did not change this year’s planned capital spending of $3.4 billion, or share repurchases of $4 billion to $4.5 billion.

Find more articles by Stuart Chirls here.

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