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Rail News: Union Pacific Railroad

UP's third quarter one for the record books

Not only was Union Pacific Corp.'s third quarter fiscally sound, it was record setting. On Oct. 24, the Class I reported an all-time high $437 million in third-quarter net income, a 64 percent increase compared with third-quarter 2001's $267 million.

The railroad also set quarterly records in operating income at $619 million, rising 11 percent; operating revenue at $2.85 billion, increasing 4 percent; and operating ratio at 78.3, improving 1.4 points compared with last year.

"We achieved double-digit growth in earnings per share for the fourth straight quarter … further proof that our business strategy is on target," said UP Chairman and Chief Executive Officer Dick Davidson in a prepared statement.

During 2002's first nine months, UP's net income climbed 39 percent to $963 million, operating income increased 16 percent to $1.7 billion and operating revenue rose 3 percent to $8.3 billion, compared with a similar 2001 period.
The railroad's operating ratio during that span improved 2.2 points to 79.7.

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More News from 10/24/2002