Union Pacific (NYSE: UNP) reported Q1 EPS of $1.68, $0.02 better than the analyst estimate of $1.66. Revenue for the quarter came in at $5.5 billion versus the consensus estimate of $5.39 billion.

First Quarter Summary

Operating revenue of $5.5 billion was up 7 percent in the first quarter 2018 compared to the first quarter 2017. First quarter business volumes, as measured by total revenue carloads, increased 2 percent compared to 2017. Volume increases in energy, industrial and premium more than offset a decline in agricultural products. In addition:

• Quarterly freight revenue improved 7 percent compared to the first quarter 2017, as volume growth, increased fuel surcharge revenue, core pricing gains and positive mix all contributed to the increase.
• Union Pacific's 64.6 percent operating ratio improved 0.6 points (see footnote) compared to the first quarter 2017. Higher fuel prices negatively impacted the operating ratio by about 0.2 points.
• The $2.13 per gallon average quarterly diesel fuel price in the first quarter 2018 was 22 percent higher than the first quarter 2017.
• Quarterly train speed, as reported to the Association of American Railroads, was 24.8 mph, 4 percent slower than the first quarter 2017.
• Union Pacific's reportable personal injury rate of 0.74 per 200,000 employee-hours was a first quarter record, improving 17 percent compared to the first quarter 2017.
• The Company repurchased 9.3 million shares in the first quarter 2018 at an aggregate cost of $1.2 billion.
• Union Pacific redeemed $155 million of outstanding debentures and mortgage bonds, resulting in an approximate 8 cent reduction to diluted earnings per share.

2018 Outlook

"We are pleased with the improvement we have seen in recent weeks and are confident in the plan we have in place to continue building on the progress already made,\" Fritz said. \"With the economy favoring a number of our market segments, we are well positioned to benefit from another year of positive volume growth and solid core pricing gains."

For earnings history and earnings-related data on Union Pacific (UNP) click here.