Union Pacific Corporation (UNP) CEO Lance Fritz on Q1 2022 Results - Earnings Call Transcript

Union Pacific Corporation (NYSE:UNP) Q1 2022 Earnings Conference Call April 21, 2022 8:45 AM ET

Company Participants

Lance Fritz - Chairman, President and Chief Executive Officer

Kenny Rocker - Executive Vice President, Marketing and Sales

Eric Gehringer - Executive Vice President, Operations

Jennifer Hamann - Chief Financial Officer

Conference Call Participants

Ken Hoexter - Bank of America

Jon Chappell - Evercore

Brandon Oglenski - Barclays

Tom Wadewitz - UBS

Justin Long - Stephens

Scott Group - Wolfe Research

Jordan Alliger - Goldman Sachs

Amit Mehrotra - Deutsche Bank

Chris Wetherbee - Citigroup

Ravi Shanker - Morgan Stanley

Walter Spracklin - RBC

David Vernon - Bernstein

Brian Ossenbeck - JPMorgan

Allison Poliniak - Wells Fargo

Jason Seidl - Cowen

Ben Nolan - Stifel

Jeff Kauffman - Vertical

Cherilyn Radbourne - TD Securities

Operator

Greetings and welcome to Union Pacific’s First Quarter Earnings Call. [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. Thank you. Mr. Fritz, you may now begin.

Lance Fritz

Thank you, Rob and good morning and welcome to Union Pacific’s first quarter earnings conference call. With me today in Omaha are Kenny Rocker, Executive Vice President of Marketing and Sales; Eric Gehringer, Executive Vice President of Operations; and Jennifer Hamann, our Chief Financial Officer.

Before we discuss our first quarter results, I want to reflect on Russia’s invasion of Ukraine. The people of Ukraine have had their lives turned upside down and the UP family is holding them close in our thoughts and in our hearts. We have leveraged our resources to help, with a $500,000 donation from our foundation and by matching 2:1, our employees’ gifts to select charities that provide direct aid. I also want to recognize the Union Pacific team for more than their generosity. They are a team dedicated to serving our customers. But recently, our service product has not met our customers’ expectations. You will hear from Eric, we have an action plan in place to recover and it is starting to yield benefits. I am confident in our long-term ability to grow while providing our customers a reliable service product. As they have proven time and again, no matter the challenge, our employees rise to the occasion.