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Union Pacific Reports Second Quarter 2024 Results

  • Second quarter earnings per diluted share of $2.74, up 7%
  • Second quarter operating income up 9%
  • Second quarter net income up 7%

Union Pacific Corporation (NYSE: UNP) today reported 2024 second quarter net income of $1.7 billion, or $2.74 per diluted share. This compares to 2023 second quarter net income of $1.6 billion, or $2.57 per diluted share.

“Our second quarter performance demonstrates the team’s ability to deliver strong results,” said Jim Vena, Union Pacific Chief Executive Officer. “This provides further proof that our strategy to be the best in safety, service, and operational excellence will drive success. The entire Union Pacific team is energized behind this strategy and wants to win. As we build on the foundation we’ve laid over the past 12 months, we look forward to demonstrating what’s possible for our great company.”

Second Quarter Summary: 2024 vs. 2023

Financial Results: Solid Operating Income Growth Driven by Core Pricing Gains, Operating Efficiency, and Intermodal Equipment Sale

  • Operating revenue of $6.0 billion was up 1% driven by core pricing gains and increased volume partially offset by business mix and reduced fuel surcharge.
  • Freight revenue excluding fuel surcharge revenue grew 2% as revenue carloads grew slightly.
  • Operating ratio was 60.0%, an improvement of 300 basis points. Lower quarterly fuel prices and an existing environmental remediation compliance order negatively impacted the operating ratio 10 and 30 basis points, respectively. A sale of intermodal equipment aided the operating ratio 70 basis points.
  • Operating income of $2.4 billion was up 9%.

Operating Performance: Continued Improvement Across Safety and Operational Excellence as Network Challenged by Weather

  • Union Pacific’s year-to-date reportable personal injury and reportable derailment rates both improved.
  • Quarterly freight car velocity of 201 daily miles per car was flat.
  • Quarterly locomotive productivity was 134 gross ton-miles (GTMs) per horsepower day, a 6% improvement.
  • Average maximum train length was 9,544 feet, a 2% increase.
  • Quarterly workforce productivity improved 5% to 1,031 car miles per employee.
  • Fuel consumption rate of 1.080, measured in gallons of fuel per thousand GTMs, improved 1%.

2024 Outlook

Updated

  • Second half volume outlook remains uncertain based on economic indicators and coal demand
  • Profitability outlook continues positive momentum with strong service product, improving network efficiency, and solid pricing
  • Share repurchases of ~$1.5 billion in 2024

Affirmed

  • Pricing dollars in excess of inflation dollars
  • No change to long-term capital allocation strategy
    • Capital plan of $3.4 billion

Second Quarter 2024 Earnings Conference Call

Union Pacific will webcast its second quarter 2024 earnings release presentation live at https://investor.unionpacific.com and via teleconference on Thursday, July 25, 2024, 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 Israel-Hamas wars and other geopolitical tensions in the middle east, 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 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 general economic conditions; 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 2023, which was filed with the SEC on February 9, 2024. 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,

2024

 

 

2023

 

 

 

%

 

2024

 

 

2023

 

 

%

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight revenues

 

$

5,638

 

 

$

5,569

 

 

 

1

%

 

$

11,254

 

 

$

11,225

 

 

-

%

Other revenues

 

 

369

 

 

 

394

 

 

 

(6

)

 

 

784

 

 

 

794

 

 

(1

)

Total operating revenues

 

 

6,007

 

 

 

5,963

 

 

 

1

 

 

 

12,038

 

 

 

12,019

 

 

-

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

1,187

 

 

 

1,269

 

 

 

(6

)

 

 

2,410

 

 

 

2,448

 

 

(2

)

Fuel

 

 

625

 

 

 

664

 

 

 

(6

)

 

 

1,283

 

 

 

1,430

 

 

(10

)

Purchased services and materials

 

 

644

 

 

 

650

 

 

 

(1

)

 

 

1,257

 

 

 

1,303

 

 

(4

)

Depreciation

 

 

596

 

 

 

577

 

 

 

3

 

 

 

1,190

 

 

 

1,149

 

 

4

 

Equipment and other rents

 

 

219

 

 

 

248

 

 

 

(12

)

 

 

435

 

 

 

483

 

 

(10

)

Other

 

 

336

 

 

 

351

 

 

 

(4

)

 

 

691

 

 

 

708

 

 

(2

)

Total operating expenses

 

 

3,607

 

 

 

3,759

 

 

 

(4

)

 

 

7,266

 

 

 

7,521

 

 

(3

)

Operating Income

 

 

2,400

 

 

 

2,204

 

 

 

9

 

 

 

4,772

 

 

 

4,498

 

 

6

 

Other income, net

 

 

103

 

 

 

93

 

 

 

11

 

 

 

195

 

 

 

277

 

 

(30

)

Interest expense

 

 

(319

)

 

 

(339

)

 

 

(6

)

 

 

(643

)

 

 

(675

)

 

(5

)

Income before income taxes

 

 

2,184

 

 

 

1,958

 

 

 

12

 

 

 

4,324

 

 

 

4,100

 

 

5

 

Income tax expense

 

 

(511

)

 

 

(389

)

 

 

31

 

 

 

(1,010

)

 

 

(901

)

 

12

 

Net Income

 

$

1,673

 

 

$

1,569

 

 

 

7

%

 

$

3,314

 

 

$

3,199

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

$

2.75

 

 

$

2.58

 

 

 

7

%

 

$

5.44

 

 

$

5.25

 

 

4

%

Earnings per share - diluted

 

$

2.74

 

 

$

2.57

 

 

 

7

 

 

$

5.43

 

 

$

5.24

 

 

4

 

Weighted average number of shares - basic

 

609.4

 

 

 

608.7

 

 

 

-

 

 

 

609.3

 

 

 

609.6

 

 

-

 

Weighted average number of shares - diluted

 

610.3

 

 

 

609.5

 

 

 

-

 

 

 

610.3

 

 

 

610.5

 

 

-

 

Dividends declared per share

 

$

1.30

 

 

$

1.30

 

 

 

-

 

 

$

2.60

 

 

$

2.60

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Ratio

 

 

60.0

%

 

 

63.0

%

 

 

(3.0)

pts

 

 

60.4

%

 

 

62.6

%

 

(2.2)

pts

Effective Tax Rate

 

 

23.4

%

 

 

19.9

%

 

 

3.5

pts

 

 

23.4

%

 

 

22.0

%

 

1.4

pts

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)

 

 

 

 

 

 

 

 

 

2nd Quarter

 

 

Year-to-Date

 

For the Periods Ended June 30,

 

2024

 

 

2023

 

 

%

 

 

2024

 

 

2023

 

 

%

 

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grain & grain products

 

$

901

 

 

$

890

 

 

 

1

%

 

$

1,844

 

 

$

1,833

 

 

 

1

%

Fertilizer

 

 

203

 

 

 

183

 

 

 

11

 

 

 

404

 

 

 

369

 

 

 

9

 

Food & refrigerated

 

 

278

 

 

 

255

 

 

 

9

 

 

 

563

 

 

 

518

 

 

 

9

 

Coal & renewables

 

 

339

 

 

 

429

 

 

 

(21

)

 

 

727

 

 

 

934

 

 

 

(22

)

Bulk

 

 

1,721

 

 

 

1,757

 

 

 

(2

)

 

 

3,538

 

 

 

3,654

 

 

 

(3

)

Industrial chemicals & plastics

 

 

593

 

 

 

545

 

 

 

9

 

 

 

1,165

 

 

 

1,081

 

 

 

8

 

Metals & minerals

 

 

530

 

 

 

562

 

 

 

(6

)

 

 

1,045

 

 

 

1,098

 

 

 

(5

)

Forest products

 

 

342

 

 

 

347

 

 

 

(1

)

 

 

680

 

 

 

679

 

 

 

-

 

Energy & specialized markets

 

 

658

 

 

 

632

 

 

 

4

 

 

 

1,337

 

 

 

1,245

 

 

 

7

 

Industrial

 

 

2,123

 

 

 

2,086

 

 

 

2

 

 

 

4,227

 

 

 

4,103

 

 

 

3

 

Automotive

 

 

659

 

 

 

625

 

 

 

5

 

 

 

1,270

 

 

 

1,212

 

 

 

5

 

Intermodal

 

 

1,135

 

 

 

1,101

 

 

 

3

 

 

 

2,219

 

 

 

2,256

 

 

 

(2

)

Premium

 

 

1,794

 

 

 

1,726

 

 

 

4

 

 

 

3,489

 

 

 

3,468

 

 

 

1

 

Total

 

$

5,638

 

 

$

5,569

 

 

 

1

%

 

$

11,254

 

 

 

11,225

 

 

 

-

%

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grain & grain products

 

 

200

 

 

 

197

 

 

 

2

%

 

 

410

 

 

 

399

 

 

 

3

%

Fertilizer

 

 

62

 

 

 

48

 

 

 

29

 

 

 

109

 

 

 

93

 

 

 

17

 

Food & refrigerated

 

 

46

 

 

 

44

 

 

 

5

 

 

 

92

 

 

 

88

 

 

 

5

 

Coal & renewables

 

 

158

 

 

 

203

 

 

 

(22

)

 

 

335

 

 

 

419

 

 

 

(20

)

Bulk

 

 

466

 

 

 

492

 

 

 

(5

)

 

 

946

 

 

 

999

 

 

 

(5

)

Industrial chemicals & plastics

 

 

169

 

 

 

164

 

 

 

3

 

 

 

333

 

 

 

321

 

 

 

4

 

Metals & minerals

 

 

184

 

 

 

210

 

 

 

(12

)

 

 

354

 

 

 

398

 

 

 

(11

)

Forest products

 

 

55

 

 

 

55

 

 

 

-

 

 

 

108

 

 

 

107

 

 

 

1

 

Energy & specialized markets

 

 

147

 

 

 

144

 

 

 

2

 

 

 

301

 

 

 

283

 

 

 

6

 

Industrial

 

 

555

 

 

 

573

 

 

 

(3

)

 

 

1,096

 

 

 

1,109

 

 

 

(1

)

Automotive

 

 

218

 

 

 

213

 

 

 

2

 

 

 

425

 

 

 

413

 

 

 

3

 

Intermodal [a]

 

 

798

 

 

 

749

 

 

 

7

 

 

 

1,537

 

 

 

1,483

 

 

 

4

 

Premium

 

 

1,016

 

 

 

962

 

 

 

6

 

 

 

1,962

 

 

 

1,896

 

 

 

3

 

Total

 

 

2,037

 

 

 

2,027

 

 

 

-

%

 

 

4,004

 

 

 

4,004

 

 

 

-

%

Average Revenue per Car

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grain & grain products

 

$

4,493

 

 

$

4,527

 

 

 

(1

)%

 

$

4,493

 

 

$

4,598

 

 

 

(2

)%

Fertilizer

 

 

3,311

 

 

 

3,830

 

 

 

(14

)

 

 

3,727

 

 

 

3,978

 

 

 

(6

)

Food & refrigerated

 

 

5,943

 

 

 

5,740

 

 

 

4

 

 

 

6,086

 

 

 

5,851

 

 

 

4

 

Coal & renewables

 

 

2,156

 

 

 

2,107

 

 

 

2

 

 

 

2,173

 

 

 

2,228

 

 

 

(2

)

Bulk

 

 

3,692

 

 

 

3,568

 

 

 

3

 

 

 

3,740

 

 

 

3,657

 

 

 

2

 

Industrial chemicals & plastics

 

 

3,507

 

 

 

3,336

 

 

 

5

 

 

 

3,497

 

 

 

3,368

 

 

 

4

 

Metals & minerals

 

 

2,885

 

 

 

2,677

 

 

 

8

 

 

 

2,955

 

 

 

2,760

 

 

 

7

 

Forest products

 

 

6,249

 

 

 

6,337

 

 

 

(1

)

 

 

6,272

 

 

 

6,360

 

 

 

(1

)

Energy & specialized markets

 

 

4,462

 

 

 

4,388

 

 

 

2

 

 

 

4,439

 

 

 

4,398

 

 

 

1

 

Industrial

 

 

3,825

 

 

 

3,646

 

 

 

5

 

 

 

3,855

 

 

 

3,701

 

 

 

4

 

Automotive

 

 

3,033

 

 

 

2,928

 

 

 

4

 

 

 

2,991

 

 

 

2,935

 

 

 

2

 

Intermodal [a]

 

 

1,421

 

 

 

1,471

 

 

 

(3

)

 

 

1,444

 

 

 

1,521

 

 

 

(5

)

Premium

 

 

1,766

 

 

 

1,794

 

 

 

(2

)

 

 

1,779

 

 

 

1,829

 

 

 

(3

)

Average

 

$

2,768

 

 

$

2,748

 

 

 

1

%

 

$

2,811

 

 

$

2,804

 

 

 

-

%

[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

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,137

 

 

$

1,055

 

Short-term investments

 

 

20

 

 

 

16

 

Other current assets

 

 

3,341

 

 

 

3,077

 

Investments

 

 

2,705

 

 

 

2,605

 

Properties, net

 

 

57,835

 

 

 

57,398

 

Operating lease assets

 

 

1,386

 

 

 

1,643

 

Other assets

 

 

1,393

 

 

 

1,338

 

Total assets

 

$

67,817

 

 

$

67,132

 

 

 

 

 

 

 

 

 

 

Liabilities and Common Shareholders' Equity

 

 

 

 

 

 

 

 

Debt due within one year

 

$

727

 

 

$

1,423

 

Other current liabilities

 

 

3,560

 

 

 

3,683

 

Debt due after one year

 

 

31,165

 

 

 

31,156

 

Operating lease liabilities

 

 

988

 

 

 

1,245

 

Deferred income taxes

 

 

13,166

 

 

 

13,123

 

Other long-term liabilities

 

 

1,722

 

 

 

1,714

 

Total liabilities

 

 

51,328

 

 

 

52,344

 

Total common shareholders' equity

 

 

16,489

 

 

 

14,788

 

Total liabilities and common shareholders' equity

 

$

67,817

 

 

$

67,132

 

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

Year-to-Date

 

Millions, for the Periods Ended June 30,

2024

 

2023

 

Operating Activities

 

 

 

 

 

 

Net income

$

3,314

 

$

3,199

 

Depreciation

 

1,190

 

 

1,149

 

Deferred and other income taxes

 

43

 

 

36

 

Other - net

 

(514

)

 

(526

)

Cash provided by operating activities

 

4,033

 

 

3,858

 

Investing Activities

 

 

 

 

 

 

Capital investments*

 

(1,699

)

 

(1,607

)

Other - net

 

107

 

 

(67

)

Cash used in investing activities

 

(1,592

)

 

(1,674

)

Financing Activities

 

 

 

 

 

 

Debt repaid

 

(1,807

)

 

(1,664

)

Dividends paid

 

(1,588

)

 

(1,588

)

Debt issued

 

800

 

 

1,599

 

Net issued/(paid) of commercial paper

 

297

 

 

19

 

Share repurchase programs

 

(100

)

 

(705

)

Other - net

 

30

 

 

11

 

Cash used in financing activities

 

(2,368

)

 

(2,328

)

Net change in cash, cash equivalents, and restricted cash

 

73

 

 

(144

)

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

 

1,074

 

 

987

 

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

$

1,147

 

$

843

 

Free Cash Flow**

 

 

 

 

 

 

Cash provided by operating activities

$

4,033

 

$

3,858

 

Cash used in investing activities

 

(1,592

)

 

(1,674

)

Dividends paid

 

(1,588

)

 

(1,588

)

Free cash flow

$

853

 

$

596

 

*

Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $14 million in 2023.

 

 

**

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,

 

2024

 

 

2023

 

 

 

%

 

2024

 

 

2023

 

 

 

%

Operating/Performance Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight car velocity (daily miles per car)*

 

 

201

 

 

 

202

 

 

 

-

%

 

 

202

 

 

 

199

 

 

 

2

%

Average train speed (miles per hour)*

 

 

23.3

 

 

 

24.1

 

 

 

(3

)

 

 

23.7

 

 

 

24.1

 

 

 

(2

)

Average terminal dwell time (hours)*

 

 

22.7

 

 

 

23.3

 

 

 

(3

)

 

 

23.1

 

 

 

23.6

 

 

 

(2

)

Locomotive productivity (GTMs per horsepower day)

 

 

134

 

 

 

126

 

 

 

6

 

 

 

134

 

 

 

125

 

 

 

7

 

Gross ton-miles (GTMs) (millions)

 

 

206,806

 

 

 

207,606

 

 

 

-

 

 

 

412,835

 

 

 

414,254

 

 

 

-

 

Train length (feet)

 

 

9,544

 

 

 

9,316

 

 

 

2

 

 

 

9,415

 

 

 

9,238

 

 

 

2

 

Intermodal service performance index (%)

 

 

93

 

 

 

89

 

 

 

4

 

pts

 

93

 

 

 

85

 

 

 

8

 

pts

Manifest/Automotive service performance index (%)

 

 

84

 

 

 

84

 

 

 

-

 

pts

 

85

 

 

 

82

 

 

 

3

 

pts

Intermodal car trip plan compliance (%)**

 

 

83

 

 

 

79

 

 

 

4

 

pts

 

83

 

 

 

76

 

 

 

7

 

pts

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

 

 

64

 

 

 

64

 

 

 

-

 

 

pts

 

65

 

 

 

 

63

 

 

 

 

2

 

pts

Workforce productivity (car miles per employee)

 

 

1,031

 

 

 

978

 

 

 

5

 

 

 

1,015

 

 

 

983

 

 

 

3

 

Total employees (average)

 

 

30,556

 

 

 

32,243

 

 

 

(5

)

 

 

30,804

 

 

 

31,888

 

 

 

(3

)

Locomotive Fuel Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average fuel price per gallon consumed

 

$

2.73

 

 

$

2.86

 

 

 

(5

)%

 

$

2.77

 

 

$

3.04

 

 

 

(9

)%

Fuel consumed in gallons (millions)

 

 

223

 

 

 

226

 

 

 

(1

)

 

 

453

 

 

 

458

 

 

 

(1

)

Fuel consumption rate***

 

 

1.080

 

 

 

1.086

 

 

 

(1

)

 

 

1.097

 

 

 

1.105

 

 

 

(1

)

Revenue Ton-Miles (Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grain & grain products

 

 

19,995

 

 

 

18,858

 

 

 

6

%

 

 

40,644

 

 

 

38,902

 

 

 

4

%

Fertilizer

 

 

3,570

 

 

 

2,953

 

 

 

21

 

 

 

6,857

 

 

 

6,089

 

 

 

13

 

Food & refrigerated

 

 

4,693

 

 

 

4,514

 

 

 

4

 

 

 

9,610

 

 

 

9,057

 

 

 

6

 

Coal & renewables

 

 

16,351

 

 

 

20,864

 

 

 

(22

)

 

 

35,234

 

 

 

43,361

 

 

 

(19

)

Bulk

 

 

44,609

 

 

 

47,189

 

 

 

(5

)

 

 

92,345

 

 

 

97,409

 

 

 

(5

)

Industrial chemicals & plastics

 

 

8,069

 

 

 

7,214

 

 

 

12

 

 

 

15,496

 

 

 

14,305

 

 

 

8

 

Metals & minerals

 

 

8,301

 

 

 

9,209

 

 

 

(10

)

 

 

16,366

 

 

 

18,156

 

 

 

(10

)

Forest products

 

 

5,663

 

 

 

5,815

 

 

 

(3

)

 

 

11,243

 

 

 

11,364

 

 

 

(1

)

Energy & specialized markets

 

 

10,229

 

 

 

9,817

 

 

 

4

 

 

 

20,815

 

 

 

19,316

 

 

 

8

 

Industrial

 

 

32,262

 

 

 

32,055

 

 

 

1

 

 

 

63,920

 

 

 

63,141

 

 

 

1

 

Automotive

 

 

4,879

 

 

 

4,687

 

 

 

4

 

 

 

9,415

 

 

 

9,087

 

 

 

4

 

Intermodal

 

 

18,242

 

 

 

17,567

 

 

 

4

 

 

 

35,577

 

 

 

35,687

 

 

 

-

 

Premium

 

 

23,121

 

 

 

22,254

 

 

 

4

 

 

 

44,992

 

 

 

44,774

 

 

 

-

 

Total

 

 

99,992

 

 

 

101,498

 

 

 

(1

)%

 

 

201,257

 

 

 

205,324

 

 

 

(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)

 

 

 

 

 

 

2024

 

Millions, Except Per Share Amounts and Percentages,

 

1st Qtr

 

 

2nd Qtr

 

 

Year-to-Date

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Freight revenues

 

$

5,616

 

 

$

5,638

 

 

$

11,254

 

Other revenues

 

 

415

 

 

 

369

 

 

 

784

 

Total operating revenues

 

 

6,031

 

 

 

6,007

 

 

 

12,038

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

1,223

 

 

 

1,187

 

 

 

2,410

 

Fuel

 

 

658

 

 

 

625

 

 

 

1,283

 

Purchased services and materials

 

 

613

 

 

 

644

 

 

 

1,257

 

Depreciation

 

 

594

 

 

 

596

 

 

 

1,190

 

Equipment and other rents

 

 

216

 

 

 

219

 

 

 

435

 

Other

 

 

355

 

 

 

336

 

 

 

691

 

Total operating expenses

 

 

3,659

 

 

 

3,607

 

 

 

7,266

 

Operating Income

 

 

2,372

 

 

 

2,400

 

 

 

4,772

 

Other income, net

 

 

92

 

 

 

103

 

 

 

195

 

Interest expense

 

 

(324

)

 

 

(319

)

 

 

(643

)

Income before income taxes

 

 

2,140

 

 

 

2,184

 

 

 

4,324

 

Income tax expense

 

 

(499

)

 

 

(511

)

 

 

(1,010

)

Net Income

 

$

1,641

 

 

$

1,673

 

 

$

3,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

$

2.69

 

 

$

2.75

 

 

$

5.44

 

Earnings per share - diluted

 

$

2.69

 

 

$

2.74

 

 

$

5.43

 

Weighted average number of shares - basic

 

 

609.2

 

 

 

609.4

 

 

 

609.3

 

Weighted average number of shares - diluted

 

 

610.2

 

 

 

610.3

 

 

 

610.3

 

Dividends declared per share

 

$

1.30

 

 

$

1.30

 

 

$

2.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Ratio

 

 

60.7

%

 

 

60.0

%

 

 

60.4

%

Effective Tax Rate

 

 

23.3

%

 

 

23.4

%

 

 

23.4

%

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenue Statistics (unaudited)

 

 

 

 

2024

 

 

1st Qtr

 

2nd Qtr

 

Year-to-Date

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

 

Grain & grain products

$

943

 

$

901

 

$

1,844

 

Fertilizer

 

201

 

 

203

 

 

404

 

Food & refrigerated

 

285

 

 

278

 

 

563

 

Coal & renewables

 

388

 

 

339

 

 

727

 

Bulk

 

1,817

 

 

1,721

 

 

3,538

 

Industrial chemicals & plastics

 

572

 

 

593

 

 

1,165

 

Metals & minerals

 

515

 

 

530

 

 

1,045

 

Forest products

 

338

 

 

342

 

 

680

 

Energy & specialized markets

 

679

 

 

658

 

 

1,337

 

Industrial

 

2,104

 

 

2,123

 

 

4,227

 

Automotive

 

611

 

 

659

 

 

1,270

 

Intermodal

 

1,084

 

 

1,135

 

 

2,219

 

Premium

 

1,695

 

 

1,794

 

 

3,489

 

Total

$

5,616

 

$

5,638

 

$

11,254

 

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

 

Grain & grain products

 

210

 

 

200

 

 

410

 

Fertilizer

 

47

 

 

62

 

 

109

 

Food & refrigerated

 

46

 

 

46

 

 

92

 

Coal & renewables

 

177

 

 

158

 

 

335

 

Bulk

 

480

 

 

466

 

 

946

 

Industrial chemicals & plastics

 

164

 

 

169

 

 

333

 

Metals & minerals

 

170

 

 

184

 

 

354

 

Forest products

 

53

 

 

55

 

 

108

 

Energy & specialized markets

 

154

 

 

147

 

 

301

 

Industrial

 

541

 

 

555

 

 

1,096

 

Automotive

 

207

 

 

218

 

 

425

 

Intermodal [a]

 

739

 

 

798

 

 

1,537

 

Premium

 

946

 

 

1,016

 

 

1,962

 

Total

 

1,967

 

 

2,037

 

 

4,004

 

Average Revenue per Car

 

 

 

 

 

 

 

 

 

Grain & grain products

$

4,494

 

$

4,493

 

$

4,493

 

Fertilizer

 

4,271

 

 

3,311

 

 

3,727

 

Food & refrigerated

 

6,231

 

 

5,943

 

 

6,086

 

Coal & renewables

 

2,189

 

 

2,156

 

 

2,173

 

Bulk

 

3,787

 

 

3,692

 

 

3,740

 

Industrial chemicals & plastics

 

3,486

 

 

3,507

 

 

3,497

 

Metals & minerals

 

3,030

 

 

2,885

 

 

2,955

 

Forest products

 

6,297

 

 

6,249

 

 

6,272

 

Energy & specialized markets

 

4,416

 

 

4,462

 

 

4,439

 

Industrial

 

3,886

 

 

3,825

 

 

3,855

 

Automotive

 

2,947

 

 

3,033

 

 

2,991

 

Intermodal [a]

 

1,468

 

 

1,421

 

 

1,444

 

Premium

 

1,792

 

 

1,766

 

 

1,779

 

Average

$

2,855

 

$

2,768

 

$

2,811

 

[a]

For intermodal shipments each container or trailer equals one carload.

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP (unaudited)

 

Debt / Net Income

 

 

 

 

 

 

 

 

Millions, Except Ratios

 

Jun. 30,

 

 

Dec. 31,

 

for the Trailing Twelve Months Ended [a]

 

2024

 

 

2023

 

Debt

 

$

31,892

 

 

$

32,579

 

Net income

 

 

6,494

 

 

 

6,379

 

Debt / net income

 

 

4.9

 

 

 

5.1

 

Adjusted Debt / Adjusted EBITDA*

 

 

 

 

 

 

 

 

Millions, Except Ratios

 

Jun. 30,

 

 

Dec. 31,

 

for the Trailing Twelve Months Ended [a]

 

2024

 

 

2023

 

Net income

 

$

6,494

 

 

$

6,379

 

Add:

 

 

 

 

 

 

 

 

Income tax expense

 

 

1,963

 

 

 

1,854

 

Depreciation

 

 

2,359

 

 

 

2,318

 

Interest expense

 

 

1,308

 

 

 

1,340

 

EBITDA

 

$

12,124

 

 

$

11,891

 

Adjustments:

 

 

 

 

 

 

 

 

Other income, net

 

 

(409

)

 

 

(491

)

Interest on operating lease liabilities [b]

 

 

48

 

 

 

58

 

Adjusted EBITDA

 

$

11,763

 

 

$

11,458

 

Debt

 

$

31,892

 

 

$

32,579

 

Operating lease liabilities

 

 

1,305

 

 

 

1,600

 

Adjusted debt

 

$

33,197

 

 

$

34,179

 

Adjusted debt / adjusted EBITDA

 

 

2.8

 

 

 

3.0

 

[a]

The trailing twelve months income statement information ended June 30, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the six months ended June 30, 2023, and adding the six months ended June 30, 2024.

 

 

[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.

 

 

*

Adjusted debt (total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other post retirement benefit) obligations) to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on present value of operating leases) is considered a 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 reconciliations from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At June 30, 2024, and December 31, 2023, the incremental borrowing rate on operating leases was 3.7% and 3.6%, respectively. Pension and OPEB were funded at June 30, 2024, and December 31, 2023.

 

Contacts

Union Pacific Investor contact: Brad Stock at 402-544-4227 or bkstock@up.com

Union Pacific Media contact: Clarissa Beyah at 402-957-4793 or cbeyah@up.com

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