Union Pacific Reports Third Quarter 2023 Results

Rhea-AI Summary

Union Pacific reports 2023 Q3 net income of $1.5 billion, down from $1.9 billion in 2022 Q3. Operating revenue decreased by 10% to $5.9 billion. Operating income declined by 17% to $2.2 billion. Operating ratio increased by 350 basis points to 63.4%. Service metrics show improvement.

Positive

• Operating revenue decreased by 10% to $5.9 billion.
• Operating ratio increased by 350 basis points to 63.4%.
• Service metrics, such as freight car velocity and locomotive productivity, improved.
• Year to date reportable personal injury and derailment rates improved.

Negative

• Net income decreased from $1.9 billion in 2022 Q3 to $1.5 billion in 2023 Q3.
• Operating income declined by 17% to $2.2 billion.
• Rising fuel prices negatively impacted the operating ratio.

• Earnings per diluted share of $2.51
• Operating revenue of $5.9 billion
• Operating income of $2.2 billion

OMAHA, Neb., Oct. 19, 2023 /PRNewswire/ -- Union Pacific Corporation (NYSE: UNP) today reported 2023 third quarter net income of $1.5 billion, or $2.51 per diluted share. This compares to 2022 third quarter net income of $1.9 billion, or $3.05 per diluted share.

"We faced many challenges in the quarter, including continued inflationary pressures and a drop in carloads," said Jim Vena, Union Pacific Chief Executive Officer. "Operationally we gained momentum through the quarter, which positions us to provide our customers with great service. Operating and safety metrics are showing solid improvement, as we increase asset utilization. We are aligning the team around our strategy focused on being the best in safety, service, and operational excellence as we drive growth to the railroad. Through our day-to-day actions, we will continue to make improvements as we exit the year."

Financial Results: Operating Revenue Reduced by Lower Fuel Surcharge Revenue and Lower Volumes
Third Quarter 2023 Compared to Third Quarter 2022

• Operating revenue of $5.9 billion was down 10% driven by reduced fuel surcharge revenue, lower volumes, and business mix, partially offset by core pricing gains.
• Business volumes, as measured by total revenue carloads, were down 3%.
• Operating ratio was 63.4%, up 350 basis points. Rising fuel prices during the quarter negatively impacted the operating ratio 170 basis points.
• Operating income of $2.2 billion declined 17%.

Operating Performance: Service Strengthening as Resource Utilization Improves 
Third Quarter 2023 Compared to Third Quarter 2022

• Quarterly freight car velocity was 200 daily miles per car, a 5% improvement.
• Quarterly locomotive productivity was 129 gross ton-miles (GTMs) per horsepower day, a 4% improvement.
• Average maximum train length was 9,537 feet, a 1% increase.
• Quarterly workforce productivity decreased 6% to 985 car miles per employee.
• Fuel consumption rate of 1.052, measured in gallons of fuel per thousand GTMs, was flat.
• Union Pacific's year to date reportable personal injury and derailment rates improved.

2023 Full Year Outlook Remains Relatively Unchanged

• Year to date softness in consumer-related volumes likely drive full year volume expectations below Industrial Production (Current forecast: 0.0%)
• Pricing dollars in excess of inflation dollars
• 2023 Capital Allocation:
  • Updated capital plan of $3.7 billion
  • Maintain dividend of $1.30/quarter
  • No further 2023 share repurchases planned

Third Quarter 2023 Earnings Conference Call

Union Pacific will webcast its third quarter 2023 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, October 19, 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 and Israeli wars and any impacts 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		3rd Quarter										Year-to-Date
Percentages, For the Periods Ended September 30,		2023				2022				%		2023				2022				%
Operating Revenues
Freight revenues		$	5,545			$	6,109			(9)	%	$	16,770			$	17,391			(4)	%
Other revenues			396				457			(13)			1,190				1,304			(9)
Total operating revenues			5,941				6,566			(10)			17,960				18,695			(4)
Operating Expenses
Compensation and benefits			1,201				1,278			(6)			3,649				3,471			5
Fuel			702				932			(25)			2,132				2,586			(18)
Purchased services and materials			668				626			7			1,971				1,809			9
Depreciation			580				563			3			1,729				1,677			3
Equipment and other rents			235				215			9			718				660			9
Other			378				319			18			1,086				987			10
Total operating expenses			3,764				3,933			(4)			11,285				11,190			1
Operating Income			2,177				2,633			(17)			6,675				7,505			(11)
Other income, net			106				124			(15)			383				334			15
Interest expense			(334)				(315)			6			(1,009)				(938)			8
Income before income taxes			1,949				2,442			(20)			6,049				6,901			(12)
Income tax expense			(421)				(547)			(23)			(1,322)				(1,541)			(14)
Net Income		$	1,528			$	1,895			(19)	%	$	4,727			$	5,360			(12)	%
Share and Per Share
Earnings per share - basic		$	2.51			$	3.05			(18)	%	$	7.76			$	8.56			(9)	%
Earnings per share - diluted		$	2.51			$	3.05			(18)		$	7.75			$	8.54			(9)
Weighted average number of shares - basic			608.7				620.4			(2)			609.3				626.1			(3)
Weighted average number of shares - diluted			609.8				621.5			(2)			610.3				627.4			(3)
Dividends declared per share		$	1.30			$	1.30			-		$	3.90			$	3.78			3
Operating Ratio			63.4	%			59.9	%		3.5	pts		62.8	%			59.9	%		2.9	pts
Effective Tax Rate			21.6	%			22.4	%		(0.8)	pts		21.9	%			22.3	%		(0.4)

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)
		3rd Quarter												Year-to-Date
For the Periods Ended September 30,		2023				2022				%				2023				2022				%
Freight Revenues (Millions)
Grain & grain products		$	825			$	880				(6)	%		$	2,658			$	2,624				1	%
Fertilizer			194				178				9				563				541				4
Food & refrigerated			259				290				(11)				777				828				(6)
Coal & renewables			488				611				(20)				1,422				1,611				(12)
Bulk			1,766				1,959				(10)				5,420				5,604				(3)
Industrial chemicals & plastics			557				579				(4)				1,638				1,656				(1)
Metals & minerals			556				601				(7)				1,654				1,648				-
Forest products			333				390				(15)				1,012				1,140				(11)
Energy & specialized markets			611				624				(2)				1,856				1,762				5
Industrial			2,057				2,194				(6)				6,160				6,206				(1)
Automotive			609				601				1				1,821				1,663				10
Intermodal			1,113				1,355				(18)				3,369				3,918				(14)
Premium			1,722				1,956				(12)				5,190				5,581				(7)
Total		$	5,545			$	6,109				(9)	%		$	16,770				17,391				(4)	%
Revenue Carloads (Thousands)
Grain & grain products			183				190				(4)	%			582				590				(1)	%
Fertilizer			51				51				-				144				149				(3)
Food & refrigerated			45				48				(6)				133				143				(7)
Coal & renewables			231				243				(5)				650				670				(3)
Bulk			510				532				(4)				1,509				1,552				(3)
Industrial chemicals & plastics			163				165				(1)				484				486				-
Metals & minerals			206				202				2				604				589				3
Forest products			54				62				(13)				161				189				(15)
Energy & specialized markets			146				140				4				429				412				4
Industrial			569				569				-				1,678				1,676				-
Automotive			210				198				6				623				580				7
Intermodal [a]			763				811				(6)				2,246				2,373				(5)
Premium			973				1,009				(4)				2,869				2,953				(3)
Total			2,052				2,110				(3)	%			6,056				6,181				(2)	%
Average Revenue per Car
Grain & grain products		$	4,486			$	4,641				(3)	%		$	4,563			$	4,449				3	%
Fertilizer			3,818				3,504				9				3,921				3,634				8
Food & refrigerated			5,847				6,017				(3)				5,850				5,809				1
Coal & renewables			2,114				2,514				(16)				2,187				2,403				(9)
Bulk			3,465				3,685				(6)				3,592				3,612				(1)
Industrial chemicals & plastics			3,406				3,508				(3)				3,381				3,404				(1)
Metals & minerals			2,688				2,969				(9)				2,736				2,799				(2)
Forest products			6,197				6,347				(2)				6,305				6,044				4
Energy & specialized markets			4,201				4,434				(5)				4,331				4,273				1
Industrial			3,612				3,852				(6)				3,671				3,702				(1)
Automotive			2,894				3,030				(4)				2,921				2,866				2
Intermodal [a]			1,459				1,672				(13)				1,500				1,651				(9)
Premium			1,769				1,939				(9)				1,809				1,890				(4)
Average		$	2,702			$	2,895				(7)	%		$	2,769			$	2,814				(2)	%

[a]	For intermodal shipments each container or trailer equals one carload.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Financial Position (unaudited)
	Sep. 30,			Dec. 31,
Millions, Except Percentages		2023				2022
Assets
Cash and cash equivalents		$	750			$	973
Short-term investments			16				46
Other current assets			3,047				2,933
Investments			2,580				2,375
Properties, net			57,010				56,038
Operating lease assets			1,670				1,672
Other assets			1,467				1,412
Total assets		$	66,540			$	65,449
Liabilities and Common Shareholders' Equity
Debt due within one year		$	1,724			$	1,678
Other current liabilities			3,580				3,842
Debt due after one year			31,153				31,648
Operating lease liabilities			1,244				1,300
Deferred income taxes			13,095				13,033
Other long-term liabilities			1,740				1,785
Total liabilities			52,536				53,286
Total common shareholders' equity			14,004				12,163
Total liabilities and common shareholders' equity		$	66,540			$	65,449

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Cash Flows (unaudited)
	Year-to-Date
Millions, for the Periods Ended September 30,	2023			2022
Operating Activities
Net income	$	4,727		$	5,360
Depreciation		1,729			1,677
Deferred income taxes		59			180
Other - net		(531)			(147)
Cash provided by operating activities		5,984			7,070
Investing Activities
Capital investments*		(2,582)			(2,690)
Other - net		(68)			131
Cash used in investing activities		(2,650)			(2,559)
Financing Activities
Dividends paid		(2,380)			(2,362)
Debt repaid		(2,179)			(2,185)
Debt issued		1,599			6,080
Share repurchase programs		(705)			(5,497)
Other - net		125			(246)
Cash used in financing activities		(3,540)			(4,210)
Net change in cash, cash equivalents, and restricted cash		(206)			301
Cash, cash equivalents, and restricted cash at beginning of year		987			983
Cash, cash equivalents, and restricted cash at end of period	$	781		$	1,284
Free Cash Flow**
Cash provided by operating activities	$	5,984		$	7,070
Cash used in investing activities		(2,650)			(2,559)
Dividends paid		(2,380)			(2,362)
Free cash flow	$	954		$	2,149

*	Capital investments include locomotive and freight car early lease buyouts of $14 million in 2023 and $55 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)
		3rd Quarter													Year-to-Date
For the Periods Ended September 30,		2023				2022						%		2023				2022						%
Operating/Performance Statistics
Freight car velocity (daily miles per car)*			200				191				5	%			199				192				4	%
Average train speed (miles per hour)*			23.6				23.7				-				23.9				23.8				-
Average terminal dwell time (hours)*			23.5				24.4				(4)				23.6				24.3				(3)
Locomotive productivity (GTMs per horsepower day)			129				124				4				126				126				-
Gross ton-miles (GTMs) (millions)			208,678				214,999				(3)				622,932				634,494				(2)
Train length (feet)			9,537				9,483				1				9,337				9,376				-
Intermodal car trip plan compliance (%)**			75				62				13	pts			75				65				10	pts
Manifest/Automotive car trip plan compliance (%)**			64				58				6	pts			63				59				4	pts
Workforce productivity (car miles per employee)			985				1,045				(6)				984				1,045				(6)
Total employees (average)			31,624				30,841				3				31,800				30,582				4
Locomotive Fuel Statistics
Average fuel price per gallon consumed		$	3.12			$	3.96				(21)	%		$	3.07			$	3.64				(16)	%
Fuel consumed in gallons (millions)			219				227				(4)				677				687				(1)
Fuel consumption rate***			1.052				1.056				-				1.087				1.083				-
Revenue Ton-Miles (Millions)
Grain & grain products			17,649				18,554				(5)	%			56,551				59,042				(4)	%
Fertilizer			2,982				2,802				6				9,071				9,068				-
Food & refrigerated			4,643				4,430				5				13,700				13,389				2
Coal & renewables			23,367				25,169				(7)				66,728				69,977				(5)
Bulk			48,641				50,955				(5)				146,050				151,476				(4)
Industrial chemicals & plastics			7,492				7,702				(3)				21,797				22,946				(5)
Metals & minerals			9,253				10,053				(8)				27,409				28,460				(4)
Forest products			5,636				6,573				(14)				17,000				19,892				(15)
Energy & specialized markets			9,621				9,322				3				28,937				27,493				5
Industrial			32,002				33,650				(5)				95,143				98,791				(4)
Automotive			4,624				4,347				6				13,711				12,634				9
Intermodal			17,765				18,296				(3)				53,452				54,924				(3)
Premium			22,389				22,643				(1)				67,163				67,558				(1)
Total			103,032				107,248				(4)	%			308,356				317,825				(3)	%

*	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				3rd Qtr		Year-to-Date
Operating Revenues
Freight revenues		$	5,656			$	5,569			$	5,545			$	16,770
Other revenues			400				394				396				1,190
Total operating revenues			6,056				5,963				5,941				17,960
Operating Expenses
Compensation and benefits			1,179				1,269				1,201				3,649
Fuel			766				664				702				2,132
Purchased services and materials			653				650				668				1,971
Depreciation			572				577				580				1,729
Equipment and other rents			235				248				235				718
Other			357				351				378				1,086
Total operating expenses			3,762				3,759				3,764				11,285
Operating Income			2,294				2,204				2,177				6,675
Other income, net			184				93				106				383
Interest expense			(336)				(339)				(334)				(1,009)
Income before income taxes			2,142				1,958				1,949				6,049
Income tax expense			(512)				(389)				(421)				(1,322)
Net Income		$	1,630			$	1,569			$	1,528			$	4,727
Share and Per Share
Earnings per share - basic		$	2.67			$	2.58			$	2.51			$	7.76
Earnings per share - diluted		$	2.67			$	2.57			$	2.51			$	7.75
Weighted average number of shares - basic			610.6				608.7				608.7				609.3
Weighted average number of shares - diluted			611.5				609.5				609.8				610.3
Dividends declared per share		$	1.30			$	1.30			$	1.30			$	3.90
Operating Ratio			62.1	%			63.0	%			63.4	%			62.8	%
Effective Tax Rate			23.9	%			19.9	%			21.6	%			21.9	%

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)
		2023
		1st Qtr				2nd Qtr				3rd Qtr		Year-to-Date
Freight Revenues (Millions)
Grain & grain products		$	943			$	890			$	825			$	2,658
Fertilizer			186				183				194				563
Food & refrigerated			263				255				259				777
Coal & renewables			505				429				488				1,422
Bulk			1,897				1,757				1,766				5,420
Industrial chemicals & plastics			536				545				557				1,638
Metals & minerals			536				562				556				1,654
Forest products			332				347				333				1,012
Energy & specialized markets			613				632				611				1,856
Industrial			2,017				2,086				2,057				6,160
Automotive			587				625				609				1,821
Intermodal			1,155				1,101				1,113				3,369
Premium			1,742				1,726				1,722				5,190
Total		$	5,656			$	5,569			$	5,545			$	16,770
Revenue Carloads (Thousands)
Grain & grain products			202				197				183				582
Fertilizer			45				48				51				144
Food & refrigerated			44				44				45				133
Coal & renewables			216				203				231				650
Bulk			507				492				510				1,509
Industrial chemicals & plastics			157				164				163				484
Metals & minerals			188				210				206				604
Forest products			52				55				54				161
Energy & specialized markets			139				144				146				429
Industrial			536				573				569				1,678
Automotive			200				213				210				623
Intermodal [a]			734				749				763				2,246
Premium			934				962				973				2,869
Total			1,977				2,027				2,052				6,056
Average Revenue per Car
Grain & grain products		$	4,668			$	4,527			$	4,486			$	4,563
Fertilizer			4,135				3,830				3,818				3,921
Food & refrigerated			5,963				5,740				5,847				5,850
Coal & renewables			2,341				2,107				2,114				2,187
Bulk			3,743				3,568				3,465				3,592
Industrial chemicals & plastics			3,402				3,336				3,406				3,381
Metals & minerals			2,853				2,677				2,688				2,736
Forest products			6,384				6,337				6,197				6,305
Energy & specialized markets			4,408				4,388				4,201				4,331
Industrial			3,760				3,646				3,612				3,671
Automotive			2,944				2,928				2,894				2,921
Intermodal [a]			1,573				1,471				1,459				1,500
Premium			1,866				1,794				1,769				1,809
Average		$	2,861			$	2,748			$	2,702			$	2,769

[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		Sep. 30,				Dec. 31,
for the Trailing Twelve Months Ended [a]		2023				2022
Debt		$	32,877			$	33,326
Net income			6,365				6,998
Debt / net income			5.2				4.8
Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios		Sep. 30,				Dec. 31,
for the Trailing Twelve Months Ended [a]		2023				2022
Net income		$	6,365			$	6,998
Add:
Income tax expense			1,855				2,074
Depreciation			2,298				2,246
Interest expense			1,342				1,271
EBITDA		$	11,860			$	12,589
Adjustments:
Other income, net			(475)				(426)
Interest on operating lease liabilities [b]			56				54
Adjusted EBITDA		$	11,441			$	12,217
Debt		$	32,877			$	33,326
Operating lease liabilities			1,606				1,631
Unfunded pension and OPEB, net of tax cost of $0 and $0			-				-
Adjusted debt		$	34,483			$	34,957
Adjusted debt / Adjusted EBITDA			3.0				2.9

[a]	The trailing twelve months income statement information ended September 30, 2023, is recalculated by taking the twelve months ended December 31, 2022, subtracting the nine months ended September 30, 2022, and adding the nine months ended September 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 September 30, 2023, and December 31, 2022, the incremental borrowing rate on operating lease liabilities was 3.5% and 3.3%, respectively.

 

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SOURCE Union Pacific Corporation

FAQ

What was Union Pacific's net income in 2023 Q3?

Union Pacific's net income in 2023 Q3 was $1.5 billion.

How much did operating revenue decrease by in 2023 Q3?

Operating revenue decreased by 10% to $5.9 billion in 2023 Q3.

What was the operating ratio in 2023 Q3?

The operating ratio in 2023 Q3 was 63.4%.

Did Union Pacific's service metrics improve?

Yes, Union Pacific's service metrics, such as freight car velocity and locomotive productivity, improved.

Did Union Pacific's net income decrease compared to the previous year?

Yes, Union Pacific's net income decreased from $1.9 billion in 2022 Q3 to $1.5 billion in 2023 Q3.