News Releases


Union Pacific Reports Third Quarter Results

All-Time Best Quarterly Operating Ratio of 59.5%

Omaha, Neb., October 17, 2019

Union Pacific Corporation (NYSE: UNP) today reported 2019 third quarter net income of $1.6 billion, or $2.22 per diluted share. This compares to $1.6 billion, or $2.15 per diluted share, in the third quarter 2018.

Third Quarter Results

  • Diluted earnings per share of $2.22 increased 3 percent.
  • Operating ratio of 59.5 percent improved 2.2 points.
  • Operating income of $2.2 billion was down 2 percent.

"Given the challenging volume environment we delivered solid third quarter financial results, including an all-time best quarterly operating ratio of 59.5 percent," said Lance Fritz, Union Pacific chairman, president and chief executive officer. "The work our employees are doing as part of Unified Plan 2020 is foundational to the company’s success and I am confident there are additional improvement opportunities going forward for our customers and shareholders."

Third Quarter Summary

Operating revenue of $5.5 billion was down 7 percent in third quarter 2019, compared to third quarter 2018. Third quarter business volumes, as measured by total revenue carloads, decreased 8 percent compared to 2018. Growth in industrial volumes was more than offset by declines in agricultural products, premium and energy shipments. In addition:

  • Quarterly freight revenue declined 7 percent, compared to third quarter 2018, as core pricing gains were offset by lower volumes, decreased fuel surcharge revenue and negative mix.
  • Union Pacific’s 59.5 percent operating ratio was an all-time best and improved 2.2 points, compared to third quarter 2018.
  • The $2.09 per gallon average quarterly diesel fuel price in the third quarter 2019 was 12 percent lower than third quarter 2018.
  • Quarterly freight car velocity was 213 daily miles per car, a 10 percent improvement compared to the third quarter 2018.
  • Terminal dwell was 23.4 hours, a 20 percent improvement compared to third quarter 2018.
  • Union Pacific’s reportable personal injury rate was 0.82 per 200,000 employee-hours for the first three quarters 2019, compared to 0.77 for the same period 2018.
  • The Company repurchased 6.4 million shares in the third quarter 2019 at an aggregate cost of $1.1 billion. Union Pacific also received 3.2 million shares to complete a $2.5 billion Accelerated Share Repurchase program initiated in February 2019.
Summary of Third Quarter Freight Revenues
  • Agricultural Products down 1 percent
  • Industrial down 1 percent
  • Premium down 9 percent
  • Energy down 20 percent
2019 Outlook

"We look forward to building on our Unified Plan 2020 successes as we provide a highly consistent and reliable service product for our customers," Fritz said. "We remain squarely focused on driving long-term shareholder value by appropriately investing in the railroad and returning excess cash to our shareholders."

Third Quarter 2019 Earnings Conference Call

Union Pacific will webcast its third quarter 2019 earnings release presentation live at and via teleconference on Thursday, October 17, 2019 at 8:45 a.m. Eastern Time. Alternatively, the webcast can be accessed directly through the following link. Participants may join the conference call by dialing 877/407-8293 (or for international participants, 201/689-8349).

About Union Pacific

Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America's most recognized companies, Union Pacific Railroad connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. The railroad's diversified business mix is classified into its Agricultural Products, Energy, Industrial and Premium business groups. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.

Union Pacific Investor contact: Mike Miller at 402-544-4227 or 

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Media Contact

Raquel Espinoza