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Union Pacific Reports Second Quarter 2023 Results

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Union Pacific Corporation (NYSE: UNP) reported a 5% decrease in operating revenue, with a net income of $1.6 billion, or $2.57 per diluted share for the second quarter of 2023. The company's financial results were impacted by softening consumer markets, inflation, and increased workforce levels. Despite this, the reportable derailment rate improved by 9%. Operating performance saw improvements in service performance, with a larger crew base. The company's outlook for 2023 is pressured by challenging demand and cost environment, with consumer-related volumes expected to drive full-year volume expectations below Industrial Production. The company also announced leadership and board updates, including the appointment of a new CEO, president, chairman, and two new independent directors.
Positive
  • Improved service performance and a larger crew base contributed to better quarterly freight car velocity and locomotive productivity. The reportable derailment rate improved by 9%, indicating a positive trend in safety measures.
Negative
  • Operating revenue was down 5%, with a 12% decline in operating income. The company's outlook for 2023 indicates challenges in demand and cost environment, with consumer-related volumes expected to drive full-year volume expectations below Industrial Production.
  • Earnings per diluted share of $2.57
  • Operating revenue down 5%
  • Reportable derailment rate improved 9%

OMAHA, Neb., July 26, 2023 /PRNewswire/ -- Union Pacific Corporation (NYSE: UNP) today reported 2023 second quarter net income of $1.6 billion, or $2.57 per diluted share. These results include the previously disclosed $67 million labor expense and $73 million income tax benefit. This compares to 2022 second quarter net income of $1.8 billion, or $2.93 per diluted share.

"The results this quarter were impacted by softening consumer markets, inflation, a one-time labor expense, and increased workforce levels," said Lance Fritz, Union Pacific chairman, president, and chief executive officer. "The entire team remains focused on maintaining a solid service product while taking steps to recapture lost productivity and lay a strong foundation for sustainable future success. We took actions throughout the second quarter to drive greater network fluidity and provide our customers with better service. We finished the quarter with resource levels more aligned with demand, as we stored excess locomotives, improved recrew rates, and reduced borrowed-out employees."

Financial Results: Core Pricing Gains Offset by Reduced Fuel Surcharge Revenue, Lower Volumes, and an Unfavorable Business Mix
Second Quarter 2023 Compared to Second Quarter 2022

  • Operating revenue of $6 billion was down 5% driven by reduced fuel surcharge revenue, lower volumes, and an unfavorable business mix, partially offset by core pricing gains.
  • Business volumes, as measured by total revenue carloads, were down 2%.
  • Operating ratio was 63.0%, up 280 basis points. This includes an unfavorable 110 basis point impact from a one-time labor agreement payment and a 200 basis point benefit from falling fuel prices.
  • Operating income of $2.2 billion declined 12%.
  • The company repurchased 600,000 shares in second quarter 2023 at an aggregate cost of $120 million.

Operating Performance: Improved Service Performance Supported by Larger Crew Base
Second Quarter 2023 Compared to Second Quarter 2022

  • Quarterly freight car velocity was 202 daily miles per car, an 8% improvement.
  • Quarterly locomotive productivity was 126 gross ton-miles (GTMs) per horsepower day, a 2% improvement.
  • Average maximum train length was 9,316 feet, a 1% decline.
  • Quarterly workforce productivity decreased 5% to 983 car miles per employee.
  • Fuel consumption rate of 1.086, measured in gallons of fuel per thousand GTMs, deteriorated 1%.
  • Union Pacific's first half reportable derailment rate improved 9% to 2.45 per million train miles compared to 2.68 for 2022.

2023 Outlook Pressured by Challenging Demand and Cost Environment

  • Consumer-related volumes likely drive full year volume expectations below Industrial Production (Current forecast: +0.1%)
  • Pricing dollars in excess of inflation dollars
  • Forecasting $50 to $70 million in labor expense from new agreements in second half of 2023
  • 2023 Capital Allocation:
    • Capital plan of $3.6 billion
    • Maintain dividend of $1.30/quarter
    • No further 2023 share repurchases planned

Leadership and Board Updates

In separate press releases issued today, the Company appointed Jim Vena as chief executive officer, named Beth Whited as president, elected Mike McCarthy as chairman and appointed two new independent directors, Doyle Simons, and John Wiehoff, to the Board.

Second Quarter 2023 Earnings Conference Call

Union Pacific will webcast its second quarter 2023 earnings release presentation live at www.up.com/investor and via teleconference on Wednesday, July 26, 2023, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

ABOUT UNION PACIFIC

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Supplemental financial information is attached.

This news release and related materials contain statements about the Company's future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID); the Russia-Ukraine conflict and its impact on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and future volatility in interest rates and fuel prices; closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvements; expectations as to hiring challenges; availability of employees; expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modifications; expectations as to cost savings, revenue growth, and earnings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and planned capital investments ; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyberattacks or other matters. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company's and its subsidiaries' business, financial, and operational results, and future economic performance; and management's beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

 Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company's future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company's and its subsidiaries' future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company's Annual Report on Form 10-K for 2022, which was filed with the SEC on February 10, 2023. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to the Company's website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Income (unaudited) 


Millions, Except Per Share Amounts and


2nd Quarter



Year-to-Date


Percentages, For the Periods Ended June 30,

2023



2022




%


2023



2022




%

Operating Revenues

























Freight revenues


$

5,569



$

5,842




(5)

%


$

11,225



$

11,282




(1)

%

Other revenues



394




427




(8)




794




847




(6)


Total operating revenues



5,963




6,269




(5)




12,019




12,129




(1)


Operating Expenses

























Compensation and benefits



1,269




1,092




16




2,448




2,193




12


Fuel



664




940




(29)




1,430




1,654




(14)


Purchased services and materials



650




622




5




1,303




1,183




10


Depreciation



577




559




3




1,149




1,114




3


Equipment and other rents



248




230




8




483




445




9


Other



351




331




6




708




668




6


Total operating expenses



3,759




3,774




-




7,521




7,257




4


Operating Income



2,204




2,495




(12)




4,498




4,872




(8)


Other income, net



93




163




(43)




277




210




32


Interest expense



(339)




(316)




7




(675)




(623)




8


Income before income taxes



1,958




2,342




(16)




4,100




4,459




(8)


Income tax expense



(389)




(507)




(23)




(901)




(994)




(9)


Net Income


$

1,569



$

1,835




(14)

%


$

3,199



$

3,465




(8)

%

Share and Per Share

























Earnings per share - basic


$

2.58



$

2.93




(12)

%


$

5.25



$

5.51




(5)

%

Earnings per share - diluted


$

2.57



$

2.93




(12)



$

5.24



$

5.50




(5)


Weighted average number of shares - basic



608.7




625.6




(3)




609.6




628.9




(3)


Weighted average number of shares - diluted



609.5




626.8




(3)




610.5




630.2




(3)


Dividends declared per share


$

1.30



$

1.30




-



$

2.60



$

2.48




5


Operating Ratio



63.0

%



60.2

%



2.8

pts



62.6

%



59.8

%



2.8

pts

Effective Tax Rate



19.9

%



21.6

%



(1.7)

pts



22.0

%



22.3

%



(0.3)

pts

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)




2nd Quarter



Year-to-Date


For the Periods Ended June 30,


2023



2022



%



2023



2022



%


Freight Revenues (Millions)

























Grain & grain products


$

890



$

867




3

%


$

1,833



$

1,744




5

%

Fertilizer



183




183




-




369




363




2


Food & refrigerated



255




271




(6)




518




538




(4)


Coal & renewables



429




492




(13)




934




1,000




(7)


Bulk



1,757




1,813




(3)




3,654




3,645




-


Industrial chemicals & plastics



545




557




(2)




1,081




1,077




-


Metals & minerals



562




562




-




1,098




1,047




5


Forest products



347




386




(10)




679




750




(9)


Energy & specialized markets



632




586




8




1,245




1,138




9


Industrial



2,086




2,091




-




4,103




4,012




2


Automotive



625




561




11




1,212




1,062




14


Intermodal



1,101




1,377




(20)




2,256




2,563




(12)


Premium



1,726




1,938




(11)




3,468




3,625




(4)


Total


$

5,569



$

5,842




(5)

%


$

11,225




11,282




(1)

%

Revenue Carloads (Thousands)

























Grain & grain products



197




195




1

%



399




400




-

%

Fertilizer



48




53




(9)




93




98




(5)


Food & refrigerated



44




48




(8)




88




95




(7)


Coal & renewables



203




202




-




419




427




(2)


Bulk



492




498




(1)




999




1,020




(2)


Industrial chemicals & plastics



164




161




2




321




321




-


Metals & minerals



210




205




2




398




387




3


Forest products



55




63




(13)




107




127




(16)


Energy & specialized markets



144




141




2




283




272




4


Industrial



573




570




1




1,109




1,107




-


Automotive



213




192




11




413




382




8


Intermodal [a]



749




805




(7)




1,483




1,562




(5)


Premium



962




997




(4)




1,896




1,944




(2)


Total



2,027




2,065




(2)

%



4,004




4,071




(2)

%

Average Revenue per Car

























Grain & grain products


$

4,527



$

4,451




2

%


$

4,598



$

4,357




6

%

Fertilizer



3,830




3,437




11




3,978




3,701




7


Food & refrigerated



5,740




5,770




(1)




5,851




5,703




3


Coal & renewables



2,107




2,426




(13)




2,228




2,340




(5)


Bulk



3,568




3,642




(2)




3,657




3,574




2


Industrial chemicals & plastics



3,336




3,455




(3)




3,368




3,351




1


Metals & minerals



2,677




2,755




(3)




2,760




2,710




2


Forest products



6,337




6,128




3




6,360




5,898




8


Energy & specialized markets



4,388




4,161




5




4,398




4,189




5


Industrial



3,646




3,674




(1)




3,701




3,626




2


Automotive



2,928




2,919




-




2,935




2,780




6


Intermodal [a]



1,471




1,711




(14)




1,521




1,641




(7)


Premium



1,794




1,943




(8)




1,829




1,864




(2)


Average


$

2,748



$

2,830




(3)

%


$

2,804



$

2,771




1

%



[a]

For intermodal shipments each container or trailer equals one carload.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Financial Position (unaudited)



Jun. 30,

Dec. 31,


Millions, Except Percentages


2023



2022


Assets









Cash and cash equivalents


$

830



$

973


Short-term investments



-




46


Other current assets



2,922




2,933


Investments



2,524




2,375


Properties, net



56,641




56,038


Operating lease assets



1,651




1,672


Other assets



1,465




1,412


Total assets


$

66,033



$

65,449











Liabilities and Common Shareholders' Equity









Debt due within one year


$

1,745



$

1,678


Other current liabilities



3,504




3,842


Debt due after one year



31,557




31,648


Operating lease liabilities



1,217




1,300


Deferred income taxes



13,069




13,033


Other long-term liabilities



1,747




1,785


Total liabilities



52,839




53,286


Total common shareholders' equity



13,194




12,163


Total liabilities and common shareholders' equity


$

66,033



$

65,449


 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Cash Flows (unaudited)



Year-to-Date


Millions, for the Periods Ended June 30,

2023


2022


Operating Activities







Net income

$

3,199


$

3,465


Depreciation


1,149



1,114


Deferred income taxes


36



93


Other - net


(526)



(505)


Cash provided by operating activities


3,858



4,167


Investing Activities







Capital investments*


(1,607)



(1,645)


Other - net


(67)



105


Cash used in investing activities


(1,674)



(1,540)


Financing Activities







Debt repaid


(1,664)



(1,664)


Debt issued


1,599



4,090


Dividends paid


(1,588)



(1,556)


Share repurchase programs


(705)



(3,473)


Net issued/(paid) of commercial paper


19



(151)


Other - net


11



(42)


Cash used in financing activities


(2,328)



(2,796)


Net change in cash, cash equivalents, and restricted cash


(144)



(169)


Cash, cash equivalents, and restricted cash at beginning of year


987



983


Cash, cash equivalents, and restricted cash at end of period

$

843


$

814


Free Cash Flow**







Cash provided by operating activities

$

3,858


$

4,167


Cash used in investing activities


(1,674)



(1,540)


Dividends paid


(1,588)



(1,556)


Free cash flow

$

596


$

1,071




*

Capital investments include locomotive and freight car early lease buyouts of $14 million in 2023 and $46 million in 2022.

**

Free cash flow is a non-GAAP measure; however, we believe this measure is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Operating and Performance Statistics (unaudited)




2nd Quarter



Year-to-Date


For the Periods Ended June 30,


2023



2022



%



2023



2022



%


Operating/Performance Statistics

























Freight car velocity (daily miles per car)*



202




187




8

%



199




192




4

%

Average train speed (miles per hour)*



24.1




23.6




2




24.1




23.9




1


Average terminal dwell time (hours)*



23.3




24.6




(5)




23.6




24.3




(3)


Locomotive productivity (GTMs per horsepower day)

126




123




2




125




126




(1)


Gross ton-miles (GTMs) (millions)



207,606




209,789




(1)




414,254




419,495




(1)


Train length (feet)



9,316




9,439




(1)




9,238




9,321




(1)


Intermodal car trip plan compliance (%)**



79




62




17

pts



76




67




9

pts

Manifest/Automotive car trip plan compliance (%)**

64




56




8

pts



63




59




4

pts

Workforce productivity (car miles per employee)



983




1,034




(5)




987




1,045




(6)


Total employees (average)



32,060




30,715




4




31,766




30,452




4


Locomotive Fuel Statistics

























Average fuel price per gallon consumed


$

2.86



$

4.03




(29)

%


$

3.04



$

3.48




(13)

%

Fuel consumed in gallons (millions)



226




226




-




458




460




-


Fuel consumption rate***



1.086




1.076




1




1.105




1.096




1


Revenue Ton-Miles (Millions)

























Grain & grain products



18,858




19,459




(3)

%



38,902




40,488




(4)

%

Fertilizer



2,953




3,115




(5)




6,089




6,266




(3)


Food & refrigerated



4,514




4,257




6




9,057




8,959




1


Coal & renewables



20,864




20,558




1




43,361




44,808




(3)


Bulk



47,189




47,389




-




97,409




100,521




(3)


Industrial chemicals & plastics



7,214




7,685




(6)




14,305




15,244




(6)


Metals & minerals



9,209




9,662




(5)




18,156




18,407




(1)


Forest products



5,815




6,694




(13)




11,364




13,319




(15)


Energy & specialized markets



9,817




9,105




8




19,316




18,171




6


Industrial



32,055




33,146




(3)




63,141




65,141




(3)


Automotive



4,687




4,140




13




9,087




8,287




10


Intermodal



17,567




18,710




(6)




35,687




36,628




(3)


Premium



22,254




22,850




(3)




44,774




44,915




-


Total



101,498




103,385




(2)

%



205,324




210,577




(2)

%



*

Surface Transportation Board (STB) reported performance measures.

**

Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.

***

Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Income (unaudited)



2023


Millions, Except Per Share Amounts and Percentages,

1st Qtr


2nd Qtr

Year-to-Date


Operating Revenues










Freight revenues

$

5,656


$

5,569


$

11,225


Other revenues


400



394



794


Total operating revenues


6,056



5,963



12,019


Operating Expenses










Compensation and benefits


1,179



1,269



2,448


Fuel


766



664



1,430


Purchased services and materials


653



650



1,303


Depreciation


572



577



1,149


Equipment and other rents


235



248



483


Other


357



351



708


Total operating expenses


3,762



3,759



7,521


Operating Income


2,294



2,204



4,498


Other income, net


184



93



277


Interest expense


(336)



(339)



(675)


Income before income taxes


2,142



1,958



4,100


Income tax expense


(512)



(389)



(901)


Net Income

$

1,630


$

1,569


$

3,199












Share and Per Share










Earnings per share - basic

$

2.67


$

2.58


$

5.25


Earnings per share - diluted

$

2.67


$

2.57


$

5.24


Weighted average number of shares - basic


610.6



608.7



609.6


Weighted average number of shares - diluted


611.5



609.5



610.5


Dividends declared per share

$

1.30


$

1.30


$

2.60












Operating Ratio


62.1

%


63.0

%


62.6

%

Effective Tax Rate


23.9

%


19.9

%


22.0

%

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)



2023



1st Qtr


2nd Qtr

Year-to-Date


Freight Revenues (Millions)










Grain & grain products

$

943


$

890


$

1,833


Fertilizer


186



183



369


Food & refrigerated


263



255



518


Coal & renewables


505



429



934


Bulk


1,897



1,757



3,654


Industrial chemicals & plastics


536



545



1,081


Metals & minerals


536



562



1,098


Forest products


332



347



679


Energy & specialized markets


613



632



1,245


Industrial


2,017



2,086



4,103


Automotive


587



625



1,212


Intermodal


1,155



1,101



2,256


Premium


1,742



1,726



3,468


Total

$

5,656


$

5,569


$

11,225


Revenue Carloads (Thousands)










Grain & grain products


202



197



399


Fertilizer


45



48



93


Food & refrigerated


44



44



88


Coal & renewables


216



203



419


Bulk


507



492



999


Industrial chemicals & plastics


157



164



321


Metals & minerals


188



210



398


Forest products


52



55



107


Energy & specialized markets


139



144



283


Industrial


536



573



1,109


Automotive


200



213



413


Intermodal [a]


734



749



1,483


Premium


934



962



1,896


Total


1,977



2,027



4,004


Average Revenue per Car










Grain & grain products

$

4,668


$

4,527


$

4,598


Fertilizer


4,135



3,830



3,978


Food & refrigerated


5,963



5,740



5,851


Coal & renewables


2,341



2,107



2,228


Bulk


3,743



3,568



3,657


Industrial chemicals & plastics


3,402



3,336



3,368


Metals & minerals


2,853



2,677



2,760


Forest products


6,384



6,337



6,360


Energy & specialized markets


4,408



4,388



4,398


Industrial


3,760



3,646



3,701


Automotive


2,944



2,928



2,935


Intermodal [a]


1,573



1,471



1,521


Premium


1,866



1,794



1,829


Average

$

2,861


$

2,748


$

2,804




[a]

For intermodal shipments each container or trailer equals one carload.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Non-GAAP Measures Reconciliation to GAAP 


Debt / Net Income









Millions, Except Ratios


Jun. 30,



Dec. 31,


for the Trailing Twelve Months Ended [a]


2023



2022


Debt


$

33,302



$

33,326


Net income



6,732




6,998


Debt / net income



4.9




4.8


Adjusted Debt / Adjusted EBITDA*









Millions, Except Ratios


Jun. 30,



Dec. 31,


for the Trailing Twelve Months Ended [a]


2023



2022


Net income


$

6,732



$

6,998


Add:









Income tax expense



1,981




2,074


Depreciation



2,281




2,246


Interest expense



1,323




1,271


EBITDA


$

12,317



$

12,589


Adjustments:









Other income, net



(493)




(426)


Interest on operating lease liabilities [b]



53




54


Adjusted EBITDA


$

11,877



$

12,217


Debt


$

33,302



$

33,326


Operating lease liabilities



1,563




1,631


Unfunded pension and OPEB, net of tax cost of $0 and $0



-




-


Adjusted debt


$

34,865



$

34,957


Adjusted debt / Adjusted EBITDA



2.9




2.9




[a]

The trailing twelve months income statement information ended June 30, 2023, is recalculated by taking the twelve months ended December 31, 2022, subtracting the six months ended June 30, 2022, and adding the six months ended June 30, 2023.

[b]

Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.



*

Total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other postretirement benefit) obligations divided by net income plus income tax expense, depreciation, amortization, interest expense, and adjustments for other income and interest on operating lease liabilities. Adjusted debt to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on operating lease liabilities) is considered non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company's ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company's credit rating. Adjusted debt to adjusted EBITDA should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The most comparable GAAP measure is debt to net income ratio. The tables above provide a reconciliation from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At June 30, 2023, and December 31, 2022, the incremental borrowing rate on operating lease liabilities was 3.4% and 3.3%, respectively.

 

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SOURCE Union Pacific Corporation

FAQ

What is Union Pacific Corporation's stock symbol?

The company's stock symbol is NYSE: UNP.

What were the financial results for the second quarter of 2023?

The company reported a 5% decrease in operating revenue, with a net income of $1.6 billion, or $2.57 per diluted share.

What factors impacted the company's financial results?

The financial results were impacted by softening consumer markets, inflation, and increased workforce levels.

What is the company's outlook for 2023?

The company's outlook for 2023 is pressured by challenging demand and cost environment, with consumer-related volumes expected to drive full-year volume expectations below Industrial Production.

Union Pacific Corp.

NYSE:UNP

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139.29B
604.70M
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81.86%
0.78%
Railroads
Railroads, Line-haul Operating
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United States of America
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