(MENAFN- Baystreet.ca)
Union Pacific Corporation (NYSE:UNP) released its latest quarterly figures before Thursday's session opened, the last before the Easter long weekend.
The Omaha-headquartered railway reported 2019 first quarter net income of $1.4 billion, or $1.93 per diluted share. This compares to $1.3 billion, or $1.68 per diluted share, in the first quarter 2018.
Operating revenue of $5.4 billion was down 2% the first quarter 2019 compared to the first quarter 2018. First-quarter business volumes, as measured by total revenue carloads, decreased 2% compared to 2018.
Volume increases in industrial and premium were more than offset by declines in energy and agricultural products.
Quarterly freight revenue declined 2% compared to the first quarter 2018, as increased fuel surcharge revenue and core pricing gains were offset by lower volumes and negative mix.
Union Pacific's 63.6% operating ratio improved one point compared to the first quarter 2018.
CEO Lance Fritz commented, "We delivered record first quarter financial results driven by improved operating performance, while dealing with significant weather challenges.
"Unified Plan 2020 created a more resilient and robust network, allowing us to quickly return to normal operations."
Moreover, UNP repurchased 18.1 million shares in the first quarter 2019 at an aggregate cost of $3.5 billion.
"One of America's most recognized companies," reads the company's Internet site, "Union Pacific Railroad connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain."
Union Pacific shares rumbled ahead $7.92, or 4.7%, to $177.20.
MENAFN1804201902120000ID1098409258
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.