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Union Pacific Reports Record First Quarter

Diluted Earnings per Share up 13 Percent Omaha, Neb., April 18, 2013 – Union Pacific Corporation (NYSE: UNP) today reported 2013 first quarter net income of $957 million, or $2.03 per diluted share, compared to $863 million, or $1.79 per diluted share, in the first quarter 2012. First Quarter Records Diluted earnings per share of $2.03 improved 13 percent. Operating revenues totaled $5.3 billion, up 3 percent. Operating income totaled $1.6 billion, up 8 percent. Operating ratio of 69.1 percent improved 1.4 points. Customer satisfaction index reached 94, up 1 point. "Union Pacific achieved record first quarter financial results, leveraging the strengths of our diverse franchise despite significantly weaker coal and grain markets," said Jack Koraleski, Union Pacific chief executive officer. "We efficiently managed our operations in the face of dynamic volume shifts across the network, as evidenced by our record first quarter operating ratio and customer satisfaction results." First Quarter Summary Despite lower carloadings, operating revenue increased 3 percent in the first quarter 2013 to $5.3 billion versus $5.1 billion in the first quarter 2012. First quarter business volumes, as measured by total revenue carloads, decreased 2 percent compared to 2012. Volume declines in coal and agricultural products more than offset growth in chemicals, intermodal and automotive shipments. Volumes for industrial products were flat versus 2012 driven by a reduction in hazardous waste shipments. In addition: Quarterly freight revenue increased 3 percent compared to the first quarter 2012, mainly driven by core pricing gains. Union Pacific's operating ratio of 69.1 percent was a first quarter record, 1.4 points better than the first quarter 2012. The average quarterly diesel fuel price of $3.23 per gallon in the first quarter 2013 was flat compared to the first quarter 2012. The Customer Satisfaction Index of 94 set a first quarter record, 1 point better than the first quarter 2012. Quarterly train speed, as reported to the Association of American Railroads, was 26.4 mph, flat versus the first quarter 2012. The Company repurchased 2.9 million shares in the first quarter 2013 at an average share price of $136.58 and an aggregate cost of $394 million. Summary of First Quarter Freight Revenues Chemicals up 14 percent Automotive up 13 percent Intermodal up 9 percent Industrial Products up 6 percent Coal down 6 percent Agricultural down 9 percent 2013 Outlook "While there is still much uncertainty in the year ahead, our diverse franchise supports our continued focus on profitable growth and business development opportunities," Koraleski said. "We're committed to providing safe, efficient and reliable service to drive greater customer value and increased shareholder returns in the future." About Union Pacific Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America's most recognized companies, Union Pacific Railroad links 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. From 2007-2012, Union Pacific invested $18 billion in its network and operations to support America's transportation infrastructure, including a record $3.7 billion in 2012. The railroad's diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner. Investor contact is Michelle Gerhardt, (402) 544-4227. Media contact is Tom Lange, (402) 544-3560.

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