Union Pacific reported record first-quarter financial results despite carrying slightly less freight than a year ago. “We had a strong first quarter and start to the year. Our network is running well, and we are delivering on commitments to our customers,” Chief Executive Jim Vena said on the railroad’s Thursday morning earnings call. “When you put it all together, we are doing what we said we would, leading the industry in safety, service, and operational excellence.” Operating income rose 4%, to a record $2.45 billion, as revenue increased 3%, to a record $6.2 billion. Earnings per share was up 6%, or 9% when adjusted for the impact of one-time items. The railroad’s operating ratio was 60.5%, a 0.2-point improvement compared to a year ago. The adjusted operating ratio was 59.9%. Overall volume declined 1% for the quarter, driven by a 9% slump in premium traffic, which includes intermodal and automotive business. Domestic intermodal, however, had its third straight record quarter, said Kenny Rocker, the railroad’s executive vice president of marketing and sales. Industrial products volume increased 4%, while bulk traffic was up 12% thanks largely to higher grain and coal shipments. The railroad’s key operations metrics improved for the quarter, with freight car velocity, locomotive productivity, workforce productivity, and train length all at record levels. UP’s train accident and employee injury rates improved for the quarter as well. “Freight car velocity increased 9% to 235 miles per day. This performance was driven by best-ever terminal dwell of 19.7 hours, 11%…
