Union Pacific Corporation (UNP) CEO Lance Fritz on Q2 2019 Results - Earnings Call Transcript

Jul. 18, 2019 2:42 PM ETUnion Pacific Corporation (UNP)
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Union Pacific Corporation (NYSE:UNP) Q2 2019 Earnings Conference Call July 18, 2019 8:45 AM ET

Company Participants

Lance Fritz - Chairman, President & Chief Executive Officer

Kenny Rocker - Executive Vice President of Marketing & Sales

Jim Vena - Chief Operating Officer

Rob Knight - Chief Financial Officer

Conference Call Participants

Ken Hoexter - Bank of America Merrill Lynch

Justin Long - Stephens

Scott Group - Wolfe Research

Chris Wetherbee - Citi

Brian Ossenbeck - JPMorgan

Amit Mehrotra - Deutsche Bank

Allison Landry - Credit Suisse.

Tom Wadewitz - UBS

Walter Spracklin - RBC Capital Markets

Jordan Alliger - Goldman Sachs

David Vernon - AllianceBernstein

Ravi Shanker - Morgan Stanley

Ben Hartford - Robert W. Baird

Bascome Majors - Susquehanna

Cherilyn Radbourne - TD Securities

Operator

Greetings, and welcome to the Union Pacific Second Quarter 2019 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded and the slides for today's presentation are available on Union Pacific's website.

It is now my pleasure to introduce your host, Mr. Lance Fritz, Chairman, President and CEO for Union Pacific. Mr. Fritz, you may begin.

Lance Fritz

Good morning, everybody, and welcome to Union Pacific's second quarter earnings conference call. With me today in Omaha are Kenny Rocker, Executive Vice President of Marketing and Sales; Jim Vena, our Chief Operating Officer; and Rob Knight, our Chief Financial Officer. This morning Union Pacific is reporting record 2019 second quarter net income of $1.6 billion or $2.22 a share. This represents an increase of 4% in net income and 12% in earnings per share compared to 2018.

Our quarterly operating ratio came in at an all-time best mark of 59.6%, a 3.4 percentage point improvement

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