How did UNP's Q1 2024 earnings surprise the market?

Union Pacific's (UNP) Q1 2024 earnings exceeded market expectations, as evidenced by the company's reported diluted EPS of $2.69, which reflected a 7.38% year-over-year growth. This positive performance was bolstered by a net income growth rate of 6.66% and a total revenue of $6.03 billion. The company's strong financial results were further highlighted by an EPS surprise of $0.18, indicating that the actual EPS exceeded analysts' expectations.

|code|Ticker|Name|Date|Total Revenue|Net Income|Diluted EPS|market_code|
|---|---|---|---|---|---|---|---|
|UNP|UNP.N|Union Pacific|2023 Q2|5.963E9|1.569E9|2.57|169|
|UNP|UNP.N|Union Pacific|2023 Q3|5.941E9|1.528E9|2.51|169|
|UNP|UNP.N|Union Pacific|2023 Q4|6.159E9|1.652E9|2.71|169|
|UNP|UNP.N|Union Pacific|2024 Q1|6.031E9|1.641E9|2.69|169|

|code|Ticker|Name|Date|Net Income YoY|Total Revenue YoY|Diluted EPS YoY|market_code|
|---|---|---|---|---|---|---|---|
|UNP|UNP.N|Union Pacific|2023 Q2|-14.49591280653951|-4.881161269739991|-12.286689419795232|169|
|UNP|UNP.N|Union Pacific|2023 Q3|-19.366754617414248|-9.51873286628084|-17.704918032786885|169|
|UNP|UNP.N|Union Pacific|2023 Q4|0.8547008547008548|-0.33980582524271846||169|
|UNP|UNP.N|Union Pacific|2024 Q1|0.6748466257668712|-0.4128137384412154|0.7490636704119857|169|

Analysts had estimated an EPS of $2.57 for the quarter, so the reported EPS of $2.69 exceeded expectations by approximately 5.5%. Additionally, the company's revenue of $6.03 billion slightly surpassed the projected $6.11 billion. Overall, Union Pacific's Q1 2024 earnings demonstrated resilience and outperformed market forecasts, reflecting the company's effective cost management and strategic initiatives.