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UP engineers, conductors hit by economy

(The following story by Joe Ruff appeared on the Omaha World-Herald website on November 15.)

OMAHA, Neb. About 1,500 of Union Pacifics 21,000 engineers and conductors have been laid off or are working under reduced hours due to the nations struggling economy.

More than half the affected workers have been working or training eight days a month. They continue to receive health benefits and service credit toward retirement benefits, railroad spokesman Mark Davis said today.

About 40 percent of the impacted train crew members have been laid off and have not been working, Davis said.

The economic slowdown began to be felt at the railroad in January last year and some work reductions occurred, Davis said.

About 110 of the workers under the "auxiliary work and training status" were in the North Platte, Neb., area, a major staging ground for the Omaha-based railroads operations. About 70 workers have entered that status in the Council Bluffs and Boone, Iowa, service area, Davis said.

No employees have been impacted at the railroads headquarters, he said.

Union Pacific also has continued to hire people in some areas, including diesel mechanics and electricians, Davis said.

Union Pacific employs 49,000 people across its 23-state network.

Monday, November 17, 2008



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Thank Gawd for Your UTU!


UTU agreement on UP eases strain of recession
OMAHA -- Union Pacific Corp. has laid off or reduced the work hours of about 1,500 of its 21,000 engineers and conductors because of the struggling economy, the World Herald reports.

More than half the affected workers have continued to work or to train eight days a month, spokesman Mark Davis said Nov. 14. They continue to receive health insurance coverage and service credit toward retirement benefits, he said.

About 40 percent of the 1,500 are not working, Davis said.

Approximately 110 of the workers in "auxiliary work and training status" were in the North Platte area, a major staging ground for the Omaha-based railroad's operations. About 70 workers in the Council Bluffs and Boone, Iowa, service area are working or training at reduced hours.

The number of employees working under reduced hours or being laid off can fluctuate as work needs change and active workers retire and are replaced, Davis said.

Employees at the railroad's headquarters so far have escaped effects of the slowdown, Davis said. The company also has continued hiring in some areas, such as diesel mechanics and electricians, Davis said.

Union Pacific employs 49,000 in its 23-state network.

The company and the United Transportation Union negotiated the "auxiliary work and training status" so the railroad can quickly ramp up service after a slowdown, Davis said. The agreement took effect in December 2003, but the railroad did not have to use it until a slow period was experienced last year, he said.

In the years before the agreement, the railroad's only option was laying off workers during a slowdown and then providing refresher training before they returned to work, a longer process, Davis said.

The agreement helps workers retain their benefits, and they can get part-time jobs to supplement their income, Davis said.

"We understand the hardship this puts on our employees, with fewer hours working," Davis said. Hopefully, eight paid workdays a month and continued benefits help, he said.

Despite a reduction in volume shipped, Union Pacific's earnings have been strong because of higher prices for its service, improved recovery of fuel costs and greater productivity. Net income for the three months ended Sept. 30 was up 32 percent over the same period last year, to $703 million, or $1.38 per share.

The automotive sector has accounted for the greatest drop in volume, with a 24 percent decline in carloadings in the third quarter compared with last year.

(This item appeared Nov. 16, 2008, in the World Herald.)

November 17, 2008


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Union Pacific gaining steam again
After losing a thrid of its value in just six weeks, Union Pacific is chugging higher in fits and starts, Web site www.forbes.com reports.

Shares of railroaders have sold off sharply since hitting all-time highs during the summer. But unlike most other stocks, railroad stocks are relatively flat since the beginning of the year.

The major players in the industry are Union Pacific, CSX, Norfolk Southern and Burlington Northern Santa Fe.

The quantitative model employed by the Forbes Growth Investor newsletter suggests all four may be good buys right now. However, the same model ranks UNP the highest among its peers. Furthermore, UNP has the highest long-term growth rate, and it boasts the best balance sheet.

UNP's network includes over 32,000 route miles covering 23 states, which includes access to the Canadian and Mexican borders and the Gulf and Pacific coasts. Its fleet includes more than 8,700 locomotives and 94,000 rail cars.

Energy freight accounted for 20.7 percent of year-to-date revenue. It consists of coal shipments from Wyoming, Colorado, Utah and Illinois to utility and industrial facilities. Coal is also transported to barge and shipping ports along the Gulf of Mexico, Mississippi River, Ohio River and the Great Lakes.

Industrial products freight accounted for 18.7 percent of revenue. Shipments include lumber, steel, aggregates, cement and roofing materials for construction and infrastructure markets. It also transports paper products, consumer goods, nonferrous metals and industrial minerals.

Agricultural freight accounted for 17.4 percent of revenue. It primarily transports whole grains, such as corn and wheat, to grain processors, animal feed companies and ethanol producers. It also transports fruits, vegetables, dairy products, beverages, meat and poultry.

Intermodal freight accounted for 16.9 percent of revenue. Intermodal containers are used primarily for transporting finished consumer goods.

Chemical freight accounted for 14 percent of revenue. It ships liquid and dry chemicals, plastics, liquid petroleum products, soda ash and fertilizer.

Automotive freight accounted for 7.6 percent of revenue. It transports vehicles and parts from domestic car plants to distribution centers. It also transports imported vehicles from West Coast ports and Houston.

The remaining 4.7 percent of revenue is generated from commuter rail operations and various services, including storage and switching.

Companies seeking cost savings have been shifting to railroaders from truckers. Trains tend to be slower but have better fuel efficiency. Soaring diesel costs, environmental concerns and increased highway congestion have only made railroaders more attractive.

However, volumes have come under pressure, led by sharp declines in the automotive and construction industries. These declines have been largely offset by the growing global demand for food and energy. Profits continue to grow thanks to successful pricing and productivity initiatives. In the first nine months of 2008, the operating profit margin has improved 70 basis points year-over-year, to 22.5 percent. Improving metrics include higher average train speed, lower average dwell time and increased gross ton-miles per employee.

Net revenues for the third quarter increased 15.6 percent year-over-year to $4.8 billion, as higher average prices more than offset lower volume. Higher prices and improved productivity more than offset soaring fuel costs. The operating profit margin expanded 109 basis points to 25.07 percent. Net income jumped 32.1 percent year-over-year to $703 million, or $1.38 per share.

The outlook for 2009 is uncertain given the state of the economy. A longer or deeper than expected recession could lead to significantly lower volumes. Also, the sharp decline in diesel prices may make trucking more attractive to customers. However, we believe customers will continue to be attracted by railroad transport, thanks to cost efficiency.

For now, management expects 2009 volumes to be flat to down 2 percent. Net revenue is expected to grow, thanks to higher prices. The company also sees further improvement in productivity. This could translate to low double-digit earnings growth in 2009.

For the fourth quarter, management expects volumes to decline around 5 percent year-over-year. But higher prices and improved productivity should help earnings per share to grow 34 percent to 45 percent year-over year to $1.25 to $1.35.

(The preceding article by Samuel Ro is appeared on the Web site www.forbes.com on November 13, 2008.)

November 14, 2008


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Troll wrote:

UP engineers, conductors hit by economy



No employees have been impacted at the railroads headquarters, he said.


Don't UP cut Engineers back to trainmen???

Big suprise no one at HQ is laid off.

Wonder if Steve is still bailin the black diamonds...( Naw..I know they are oil fired..but you catch my drift)  



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Looks like he's sayin....."HHOOOOYYYEEEE...That there thigh and drumstick is MINE!!"

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Calvin wrote:

Troll wrote:

UP engineers, conductors hit by economy



No employees have been impacted at the railroads headquarters, he said.


Don't UP cut Engineers back to trainmen???

  



Yes, unless you have a firemans date. There are a couple cutback engineers on the AWTS aka the Ah Well Tough Shit board here.



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