{"id":6894,"date":"2024-01-29T17:36:39","date_gmt":"2024-01-29T07:36:39","guid":{"rendered":"https:\/\/www.vibewire.com.au\/?p=6894"},"modified":"2024-01-29T17:36:39","modified_gmt":"2024-01-29T07:36:39","slug":"union-pacific-announce-2023-fourth-quarter-dividend","status":"publish","type":"post","link":"https:\/\/www.vibewire.com.au\/?p=6894","title":{"rendered":"Union Pacific announce 2023 fourth quarter dividend"},"content":{"rendered":"

Union Pacific Corporation (NYSE: UNP)<\/a> today reported 2023 fourth quarter net income of $1.7 billion, or $2.71 per diluted share. This compares to 2022 fourth quarter net income of $1.6 billion, or $2.67 per diluted share.<\/p>\n

Reported net income for full year 2023 was $6.4 billion, or $10.45 per diluted share. These full year results compare to full year 2022 net income of $7.0 billion, or $11.21 per diluted share.<\/p>\n

\u201cThe team continues to execute our multi-year strategy to be the industry\u2019s best in safety, service, and operational excellence,\u201d said Jim Vena, Union Pacific<\/a> Chief Executive Officer. \u201cOur fourth quarter results show much of what\u2019s possible at Union Pacific<\/a> and that we\u2019re on the right path to reaching our goals. Service and operational metrics showed great improvement in the quarter. Those improvements propel us toward a service product that supports growth with our customers. We enter 2024 with strong momentum, recognising we have plenty of opportunity to improve. We\u2019re excited to show our stakeholders what our great team can accomplish.\u201d<\/p>\n

Fourth Quarter Summary: 2023 vs. 2022<\/h5>\n
Financial Results: Increased Volume and Core Pricing Gains Offset by Lower Fuel Surcharge Revenue Led to Flat Operating Revenue<\/strong><\/h5>\n

Operating revenue of $6.2 billion was flat driven by increased volume and core pricing gains offset by reduced fuel surcharge revenue and business mix.
\nRevenue carloads were up 3%.
\nOperating ratio was 60.9%, an improvement of 10 basis points.
\nOperating income of $2.4 billion was flat.<\/p>\n

Operating Performance: Improved Resource Utilisation Drives Strong Service Metrics and Fluid Network; Fourth Quarter Record for Workforce Productivity<\/h5>\n

Quarterly freight car velocity was 217 daily miles per car, a 14% improvement.
\nQuarterly locomotive productivity was 140 gross ton-miles (GTMs) per horsepower day, a 14% improvement.
\nAverage maximum train length was 9,413 feet, a 2% increase.
\nQuarterly workforce productivity improved 4% to 1,051 car miles per employee.
\nFuel consumption rate of 1.091, measured in gallons of fuel per thousand GTMs, deteriorated 3%.<\/p>\n

Full Year Summary: 2023 vs. 2022<\/h5>\n
Financial Results: Lower Fuel Surcharge Revenue and Volume Drive Reduced Operating Revenue<\/h5>\n

Operating revenue of $24.1 billion was down 3% driven by lower fuel surcharge revenue, business mix, and volume declines partially offset by core pricing gains.
\nRevenue carloads declined 1%.
\nUnion Pacific\u2019s 62.3% reported operating ratio deteriorated 220 basis points. Lower fuel prices positively impacted the operating ratio by 50 basis points.
\nOperating Income of $9.1 billion was down 8%.
\nUnion Pacific\u2019s<\/a> 2023 capital program totaled $3.7 billion.
\nThe company repurchased 3.5 million shares in 2023 at an aggregate cost of $712 million.<\/p>\n

Operating Performance: Improving Resource Availability and Utilisation Through the Year Results in Fluid Operations to End 2023<\/h5>\n

Union Pacific\u2019s<\/a> reportable derailment rates improved, while reportable personal injury rates did not improve.
\nFreight car velocity was 204 daily miles per car, a 7% improvement.
\nLocomotive productivity was 129 GTMs per horsepower day, a 3% increase.
\nAverage maximum train length of 9,356 feet was flat.
\nWorkforce productivity of 1,000 car miles per employee declined 3%.
\nFuel consumption rate of 1.088, measured in gallons of fuel per thousand GTMs, deteriorated 1%.<\/p>\n

2024 Outlook<\/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
\nNo first quarter share repurchases\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\n

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Union Pacific Corporation (NYSE: UNP) today reported 2023 fourth quarter net income of $1.7 billion, or $2.71 per diluted share. This compares to 2022 fourth […]<\/p>\n","protected":false},"author":0,"featured_media":6895,"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-6894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","category-rail-news","category-railway-stations"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/6894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6894"}],"version-history":[{"count":0,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/posts\/6894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=\/wp\/v2\/media\/6895"}],"wp:attachment":[{"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vibewire.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}