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Post Info TOPIC: UP reports record quarterly earnings


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UP reports record quarterly earnings
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UP reports record quarterly earnings
OMAHA, Neb. -- Union Pacific Corporation has reported 2010 second quarter net income of $711 million, or $1.40 per diluted share, compared to $465 million, or $0.92 per diluted share, in the second quarter 2009. Second quarter 2009 net income included $72 million, or $0.14 per diluted share, related to a Colorado land sale, BusinessWire reports.

"Beyond strong earnings growth, the real highlight was achieving a 69.4 percent operating ratio - our first sub-70 quarterly mark," said Jim Young, Union Pacific chairman and chief executive officer. "We demonstrated great volume leverage, efficiently handling an 18 percent increase in carloadings at modest incremental cost. This is a tremendous achievement for the men and women of UP, who not only operated a very safe and efficient network, but also drove an all-time-high for customer satisfaction."

Second quarter business volumes, as measured by total revenue carloads, grew 18 percent versus the prior year`s recession-impacted levels. This is the first time in six years that all six Union Pacific business groups reported volume growth in the same quarter. Quarterly operating revenue increased 27 percent in the second quarter 2010 to $4.2 billion versus $3.3 billion in the second quarter 2009.

In addition:

* Freight revenues for all six business groups increased in the second quarter, up 27 percent versus 2009 to a total of $4.0 billion. Driving the increase were double-digit volume growth, increased fuel cost recoveries and core pricing gains.

* Quarterly diesel fuel prices increased 46 percent from an average of $1.57 per gallon in the second quarter 2009 to an average of $2.29 per gallon in the second quarter 2010.

* Union Pacific`s operating ratio was a best-ever 69.4 percent, an 8 point improvement versus 2009. Strong volume growth combined with ongoing efficiency initiatives and quarterly pricing gains drove the record performance.

* The company`s Customer Satisfaction Index of 89 was a quarterly best and 2 points better than the second quarter 2009.

* Quarterly train speed, as reported to the Association of American Railroads, was 26.4 mph, down 4 percent versus record velocity in the second quarter 2009.Operations were slowed by June flooding in the Midwest and network infrastructure replacement and improvement programs.

* The Company repurchased nearly 6.5 million shares in the second quarter 2010 at an average share price of $71.74, and aggregate cost of approximately $466 million.

(This item was distributed July 22, 2010, by BusinessWire.)

 

July 22, 2010


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Union Pacific net jumps 53 percent to $711 million

(The following story by John D. Boyd appeared on The Journal of Commerce website on July 22, 2010.)

WASHINGTON, D.C. Union Pacific Railroad turned in a second-quarter profit that was up 53 percent from a year earlier to $711 million, and was 17 percent of its $4.182 billion in receipts.

Despite widespread uncertainty about the pace of the economic recovery, UPs chairman, president and CEO, James R. Young, said we expect and are prepared to handle continued volume growth on our network, both in 2010 and beyond.

UP said its revenue carloads rose 18 percent from the 2009 quarter, which marked the low point of the recession. Intermodal loadings rose 24 percent from a year ago, while the flattened automotive market of last year revived to push UPs auto hauls up 71 percent and in turn pull up related cargoes of metals and ores.

Partly due to its pricing power, UP said average railcar revenue rose 8 percent in the April-June period, so its total revenue rose 27 percent. Included was a 10 percent gain in per-unit receipts for intermodal, 19 percent for automotive traffic and 13 percent for energy (mainly coal).

UP turned in its best-ever operating ratio of expenses to revenue, which at 69.4 percent was 8 points lower than a year ago. At the same time, Young said, customers gave UP an all-time high satisfaction rating.

UP cut by 3 percent its average workforce, the largest in the railroad industry, to 42,571 employees. UP has added jobs in most months this year.

One measure that went backward was average train speed, which slowed 4 percent from the 2009 period to 26.4 mph. Terminal time for trains also rose 1 percent to 24.7 hours. UP said its operations slowed in June due to flooding in the Midwest as well as from infrastructure repairs and upgrade work.

Friday, July 23, 2010



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