{"id":31434,"date":"2024-04-27T04:36:46","date_gmt":"2024-04-26T18:36:46","guid":{"rendered":"https:\/\/www.vibewire.com.au\/?p=31434"},"modified":"2024-04-27T04:36:46","modified_gmt":"2024-04-26T18:36:46","slug":"union-pacific-reports-first-quarter-2024-results-2","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=31434","title":{"rendered":"Union Pacific reports first quarter 2024 results"},"content":{"rendered":"

Union Pacific Corporation<\/a> have reported 2024 first quarter net income of $1.6 billion, or $2.69 per diluted share. This compares to 2023 first quarter net income of $1.6 billion, or $2.67 per diluted share.<\/p>\n

\u201cOur team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions,\u201d said Jim Vena, Union Pacific Chief Executive Officer. \u201cThese results build on the momentum we established as we exited 2023 and provide further proof of what\u2019s possible as we strive to be the best in safety, service, and operational excellence. This is a great start to the year, but we understand there\u2019s work to be done to achieve our goals and meet our stakeholders\u2019 expectations.\u201d<\/p>\n

First Quarter Summary: 2024 vs. 2023<\/h5>\n
Financial Results: Improved Operational Efficiency and Core Pricing Gains Drive Increase in Operating Income; First Quarter Records for Operating Income and Net Income<\/h5>\n

Operating revenue of $6.0 billion was flat driven by core pricing gains and business mix offset by reduced fuel surcharge revenue and lower volume.
\nFreight revenue excluding fuel surcharge revenue grew 4% as revenue carloads declined 1%.
\nOperating ratio was 60.7%, an improvement of 140 basis points. Lower fuel prices during the quarter negatively impacted the operating ratio 60 basis points.
\nOperating income of $2.4 billion was up 3%.<\/p>\n

Operating Performance: Improvement Across Safety, Service, and Operational Excellence; First Quarter Record for Fuel Consumption Rate<\/h5>\n

Union Pacific\u2019s reportable personal injury and reportable derailment rates both improved.
\nQuarterly freight car velocity was 203 daily miles per car, a 4% improvement.
\nQuarterly locomotive productivity was 135 gross ton-miles (GTMs) per horsepower day, a 10% improvement.
\nAverage maximum train length was 9,287 feet, a 1% increase.
\nQuarterly workforce productivity improved 1% to 1,000 car miles per employee.
\nFuel consumption rate of 1.115, measured in gallons of fuel per thousand GTMs, improved 1%.<\/p>\n

2024 Outlook<\/h5>\n
Updated<\/h5>\n

Profitability outlook gaining momentum with strong service product, improving network efficiency, and solid pricing
\nRestarting share repurchases in second quarter<\/p>\n

Affirmed<\/h5>\n

Volume outlook muted by international intermodal business loss, lower coal demand, and soft economic conditions
\nPricing dollars in excess of inflation dollars
\nNo change to long-term capital allocation strategy<\/p>\n

Capital plan of $3.4 billion<\/p>\n

\n

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Union Pacific Corporation have reported 2024 first quarter net income of $1.6 billion, or $2.69 per diluted share. This compares to 2023 first quarter net […]<\/p>\n","protected":false},"author":0,"featured_media":31435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[32,47,488],"tags":[],"class_list":["post-31434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","category-rail-news","category-railway-stations"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t