(Source: Freight Waves, April 23, 2020)
CHATTANOOGA, Tenn. — Union Pacific’s net profits for the first quarter rose 7%, with the company reaching a record operating ratio (OR) despite lower revenues. Union Pacific (UP) announced its first-quarter 2020 net income was $1.5 billion, or $2.15/diluted share, compared with $1.4 billion, or $1.93/diluted share, in the first quarter of 2019. Operating revenue fell 3% to $5.2 billion year-over-year amid a 7% decline in first-quarter business volumes. Freight revenue slipped 3% to $4.9 billion amid lower volumes and a decrease in fuel surcharge revenue despite core pricing gains and a “positive” business mix, UP said.
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