Jeff Kauffman's questions to Union Pacific Corp (UNP) leadership • Q1 2025
Question
Jeff Kauffman of Vertical Research Partners asked what has been a 'legitimate surprise' in the forward outlook over the past three months, particularly within the Bulk or Industrial segments.
Answer
CEO Vincenzo Vena identified the escalating discussion around tariffs and the potential impact on the consumer as the biggest external surprise. He stated there were no major surprises in the Bulk or Industrial segments, instead emphasizing the strong and predictable execution by the operations and commercial teams in the areas within their control.