CLAIM #59352 · Union Pacific Corporation (UNP) · 2023Q1 earnings call · Apr 20, 2023 · due Dec 31, 2023
“Our longer-term guidance remains in place, and that is we fully expect to be volume variable and have ultimately our head count grow at less than our volume numbers are growing.”
Lance Fritz · CEO
In context
“ne is full, but more importantly, we've been filling our classes everywhere we've been looking for people across the railroad for about the last 3 or 4 months. That is very different than our experience last year where we found it very difficult in about crew hubs all in the Northern region to be able to find, candidly, the workforce to be able to hire. So we've been much more aggressive in the back half of last year, ramping up things like hiring bonuses, finding creative, unique ways to create a workforce, a pool to hire from. And that's paying dividends right now. So you're exactly right in terms of as we look into the year, right now, we're starting to evaluate our original plan for hiring versus what volumes are doing and what the back half of the year balance is going to look like. Our longer-term guidance remains in place, and that is we fully expect to be volume variable and have ultimately our head count grow at less than our volume numbers are growing. But clearly, coming out of last year, we had to fix the ship and get our crew boards healthy, add a little excess -- not excess, add a little factor of safety to the crew board so that we could take events and recover quickly so that our service product was consistent. And we're in that place right now. We're essentially there. We're solving some of the problem with borrow-outs. So hiring is going to have to replace them because they're expensive, and it's a burden on our employees to be borrowed. Out, but we are in much better shape looking into the rest of the year. Kenny? Kenny Rocker : Yes. Chris, so let's just start off. You look at our coal, we're expecting it to have a seasonal lull this time, the shoulder months that I mentioned. If you look at it last year, natural gas prices wer”
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SEC filings for UNP ↗ · Claim quote is verbatim from the 2023Q1 earnings call.