HUTCHINSON, Kan. — Although operating revenue and carloads declined, Union Pacific Corporation today reported a record first quarter net income of $1.4 billion, or $1.93 per diluted share. That compares to $1.3 billion, or $1.68 per diluted share, in the first quarter of 2018.

“We delivered record first quarter financial results driven by improved operating performance while dealing with significant weather challenges,” Union Pacific Chairman, President and CEO Lance Fritz said.

Operating revenue of $5.4 billion was down 2% in the first quarter of 2019 compared to the first quarter of 2018. First quarter business volumes, as measured by total revenue carloads, decreased 2% compared to 2018. Volume increases in industrial and premium were more than offset by declines in energy and agricultural products. Energy shipments declined by 16% and ag product dropped 3%. Premium shipments increased by 3% and industrial carloads increased by 5%.

ADM is next in line to release its quarterly earnings April 26.