Rail News

Freight Operator Union Pacific Record Second Quarter Income

Union Pacific Corporation (UP) has reported a net income of $1.5 billion for the second quarter of 2018. This figure equates to $1.98 per diluted share, a record for the freight operator during this period in the financial year. In the second quarter of 2017 UP’s net income was $1.2 billion, or $1.45 per diluted share.

Lance Fritz, Chairman, President and CEO of Union Pacific, said:

“Overall, I am pleased with the effort put forth by the entire Union Pacific team; however, I recognize the results could have been better. Network performance improved significantly coming out of the First Quarter, but a tunnel outage and train-crew shortages created a headwind in June. I am confident we have the right plans in place to drive improvement in our operations and a better service experience for our customers.”

A detailed report on Union Pacific’s costs and revenue for the second quarter of 2018 is available here. In brief, the company reported a 4% increase in total carloads and an 8% increase in revenue from freight in comparison with the same period in 2017. Declines in agricultural products and energy were offset by increases in industrial and premium carloads.

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The total operating revenue was $5.7 billion, an increase of 8% on 2017.

During this period Union Pacific also repurchased 33.2 million shares, including 19.9 million shares which it received as part of an accelerated share repurchase programme.

Union Pacific Freight Train
© Clay Gilliland (licence)

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