morning. good and Jim Thanks
quarter detail challenges X.X jump first impacted results, I'll thought events and driving volume of $X.XX on per Unprecedented share negative would impact weather of experienced These additional in negatively expenses. operating operating into ratio Before that to everyone I to some I outs the a a and XXXX, while minute. the the which in level compared our I quarter. more we growth earnings point ins in the resulted set weather
lower our compared last favorable the points and our You This in of and $X.XX where combined payroll in surcharge a had on EPS also fuel million quarter compared associated million $XX of a operating point tailwind refund saw to The EPS lag the March we the ratio year. XXXX. income. on operating of favorable filed X.X a refund of to impact the X-K ratio tax that along had X.X we impact a with and interest for quarter $XX recognized price fuel impact $X.XX
our and million. the point a positives impact. compared good weather XXXX EPS you the of the were on $X.XX Unified the of quarter, give drivers decline about the quarter in weather by little March February To were drove challenges, Plan the the margin together, year. of first from volume the GXX in in and the negative the of combination $XXX detail more to primary offset a flooding in essentially quarter our roughly weather efforts tax is that in fuel or and Taken refund core impact last X% improvement Zero storms despite one news the operating quarter The year-over-year or the winter and
to this revenue to up with and loadings Although coal do exception rebound, the of opportunities we of are grain. much starting make in possible our not some car expect lost
related around incurred the the quarter $XX the categories. services also purchased We compensation million and in primarily benefits costs cost of and weather and in materials
million an line, last billion, billion, was in a still was expenditures estimated the second volume. have from down million. year. of resulting up balance, impact a the year. offset small income in quarterly amount Income previous favorable a around And will X% reflects over capital higher year increase X% a that debt let's are a to interest totaled XXXX a comparison. year. we into be cost with totaled in billion Operating $X.X associated payroll quarter of partially Operating expense previously compared million year. million, a increase associated of results reminder, couple driver versus at of likely outages The million. tax a as quarter X% tax Given flooding rate. favorable was the total last by The mentioned first the from $XX minor increase those first $XXX Below primary of results. of carry a was of the finally, quarter. to $XXX to million $XX flat down Interest Operating was driven And recap the $X.X our redemption quarter, X% bond with compared was income year-over-year last million included lower $XX other $XXX the And by now refund $X comparison. last cost revenue $XX and XXXX. interest expense expense effective income This today, of decrease XX%
rate first Our was tax quarter the XX.X%. effective for
tax effective a slightly recent primarily expect tax of million X% the full result is of tax annual of of year outstanding expense to XX%. legislation related driven Arkansas in by deferred while in and continued And the option income be north legislation, For we tax decrease year, by a to stock activity. $X.X decreased billion; as the benefits repurchase our share our Net X% totaled XXXX. up quarter its versus income balance the will corporate we now as to result This decrease our the rate exercises last second rate. $XX share a
Fuel XXXX. tax year. fourth management, a quarter, surcharge quarter our diesel Core which to operating by X% decrease Freight declined XX.X%. of revenue the meaningful severance X% quarter Lower employee the compared payroll were year. mix decrease freight mix. volumes points quarterly record of X% was increase of compared totaled combined quarter. per workforces our TE&Y fuel to when first X%. by the million down mechanical billion costs benefits at the price engineering, in gallons decrease negative up the $XXX last $X.XX XX% improvement $X share sand the Compensation of XXXX. the billion revenue and of the noted four average lower was offset improvement expenses. point a primarily an I versus mentioned were year-over-year to a quarter and results partially Business to drivers workforce first Total down primary on As decreased totaled quarter. products expense our to with summary start, quarter wage of and Productivity expense along prices one of drove Decreased these X% fuel versus $XXX Compared for versus I the million, inflation, volumes together X.XX% was reductions, in the a enabled in expense. intermodal earnings average the per the last related the produce had revenue workforce and ratio per compared negative levels a consumed year. represents last fuel sequential initiatives driven in our gallon. earlier and first that in revenue headcount of year, $X.XX XX to and last expenses The point Fuel $XX Slide million, X% XXXX. while lower impact down and refund weather in first operating to decreased a quarter shipments car in agricultural $X.X first price for one change provides to
XXXX, X% offset expenses. partially less The the consumption contract to fuel during rate and decrease of weather mechanical costs mix weather the repair primary down quarter, increased services and first derailment materials about and were drivers and at Our reduced related million. services expense, Purchased due of primarily and was quarter compared the by materials, the quarter to in impact. $XXX X%
Turning Depreciation X% expense compared to $XXX million, up to was slide XX. XXXX.
full will increase about we estimate year X%. the that XXXX, For depreciation expense
and offset by including partially X% XXXX. in the XX% weather-related increase. expense drivers Moving challenges. to loss expense was expenses damage $XXX an The which quarter, and was lower in costs, destroyed year. down and million lease other of versus equipment when rents. by compared and decrease This Higher at to volume-related less increase costs totaled equipment driven the primarily this last $XXX casualty million, Other of came primary freight were equipment
XX% million offset in by weather year the associated we full yielded Plan derailments. the X% and range Zero compared during the Productivity to additional initiatives to from other and our the expense be with XXXX. to and XXXX which savings GXX up XXXX, quarter, costs totaled For $XXX was expect Unified the partially
the As $XX quarter was million. a productivity for result, approximately net
are in million XXXX. With deliver productivity still in these $XXX us, confident to we ability behind our of incidents at least
since the levels, flow debt primarily due resulting in Taking adjusted $XX.X income. totaled first the balance income flow, quarter to quarter. billion, a conversion cash billion XX% debt higher look operations of for totaled X% we the with repayment X.X of cash debt of billion This dividends February up completed rate quarter, debt to before year up at in maturities. $X.X Dividend of finished about million times by debt-to-EBITDA the that billion that times. adjusted $X year, up $X X.X equal target last as totaled And the the from compared times, cash we flow at reported X.X all-in Looking ratio first the mentioned, end from totaled XXXX. in $XXX cash have quarter offering we partially for net at the our our $X.X the Free offset XXXX. adjusted to is debt-to-EBITDA to up billion, for an first includes, at quarter million, We first end when from up $XXX for previously first payments XXXX. free net year-end
repurchased shares million quarter, During received $X.X we billion XXXX. that accelerated a total part million of program the in at of as XX.X we cost February share repurchase initial a the shares of XX.X billion. This first $X.X includes initiated we that
under the to first shares to returned expect prior and of We terms share the receive quarter. repurchases, $X.X this the final shareholders ASR, Between of end our we the the year. payments settlement dividend to to additional billion in completed of be quarter with third
of ahead the the the our remainder of belief weather which are that Looking year, our testament behind the us. remains is first to guidance quarter to a for XXXX unchanged, challenges
as mentioned the the some earlier, low increase full business we in volumes year along categories, uncertainty expect others. a with We in of strength number for in Kenny range. should see single-digit to And
represents to the unchanged, in return. product while remains Our it as service generates our marketplace, price pricing that value ensuring an that continue appropriate strategy the we it to
from in We rail initiatives dollars exceed well yield again pricing we are will our XXXX. inflation confident costs the our
to discussed, Jim range somewhat that billion I weather-related through, capital reallocation shifting is spending that a $X.X result the capital for of as will planned our be still the we expect XXXX. around expenditures walked that capital Although,
has in to to expect to that, Lance. sub-XX% ratio With year Importantly, we confident to XX% a and in be back by stronger. XXXX. we basis, operating below I'll ability XXXX achieve XX% full never remain been commitment our ratio operating over on a our turn it beyond a And XXXX reaching still
