OMAHA, Neb., Oct. 26, 2017 /PRNewswire/ --
Third Quarter Results
- Diluted earnings per share of $1.50 increased 10 percent.
- Operating income totaled $2.0
billion, up 3 percent.
- Operating ratio of 62.8 percent, up 0.7 points.
Union Pacific Corporation (NYSE: UNP) today reported 2017 third
quarter net income of $1.2 billion,
or a $1.50 per diluted share.
This compares to $1.1 billion, or
$1.36 per diluted share, in the third
quarter 2016.
"During the quarter, our company faced the unprecedented
challenge of Hurricane Harvey," said Lance
Fritz, Union Pacific chairman, president and chief executive
officer. "I want to thank the men and women of Union Pacific
who worked tirelessly and heroically to quickly and safely restore
our network and operations from the storm and related
flooding. Given these challenges, I am pleased with our
results and look forward to continuing to build on the foundation
provided by our six-track value strategy."
Third Quarter Summary
Operating revenue of $5.4 billion
was up 5 percent in the third quarter 2017 compared to the third
quarter 2016. Third quarter business volumes, as measured by
total revenue carloads, declined 1 percent compared to 2016.
Volume increases in industrial products were more than offset by
declines in agricultural products, automotive, chemicals and
coal. Intermodal volume was flat compared to 2016. In
addition:
- Quarterly freight revenue improved 4 percent compared to the
third quarter 2016, as increased fuel surcharge revenue, core
pricing gains and positive mix of traffic all contributed to the
increase.
- Union Pacific's third quarter operating ratio of 62.8 percent
increased 0.7 points compared to the third quarter 2016.
Higher fuel prices negatively impacted the operating ratio by 0.3
points.
- The $1.77 per gallon average
quarterly diesel fuel price in the third quarter 2017 was 13
percent higher than the third quarter 2016.
- Quarterly train speed, as reported to the Association of
American Railroads, was 25.4 mph, 2 percent slower than the third
quarter 2016.
- The year-to-date reportable personal injury rate of 0.78 per
200,000 employee-hours increased from the record year-to-date rate
of 0.77 achieved in 2016.
- Union Pacific repurchased 11.8 million shares in the third
quarter 2017 at an aggregate cost of nearly $1.3 billion.
- Included in the third quarter results are the following
previously disclosed items:
|
EPS
Impact
|
Operating
Ratio
Impact
|
|
Favorable /
(Unfavorable)
|
Favorable /
(Unfavorable)
|
Workforce Reduction
Charge
|
($0.06)
|
(1.55) pts
|
Hurricane Harvey
Impact
|
($0.04)
|
(0.75) pts
|
Illinois State Income
Tax Adjustment
|
($0.04)
|
N/A
|
Land Sale
|
$0.04
|
N/A
|
Resolution of a
Litigation Matter
|
$0.05
|
N/A
|
Summary of Third Quarter Freight Revenues
- Automotive down 3 percent
- Agricultural Products down 2 percent
- Coal down 2 percent
- Chemicals up 2 percent
- Intermodal up 3 percent
- Industrial Products up 26 percent
2017 Outlook
"As the economy continues to ebb and flow, we will focus on
executing our value strategy. We will use innovation to
enhance our customer experience while continuing to drive resource
productivity throughout the organization as we progress our G55 + 0
initiatives," Fritz said. "Looking ahead to 2018, our engaged
team is laser focused on building upon our recent success.
Our goal is to continue creating long-term enterprise value for all
of our stakeholders as we improve our top-line and progress toward
our margin improvement targets."
Third Quarter 2017 Earnings Conference Call
Union Pacific will host its third quarter 2017 earnings release
presentation live over the Internet and via teleconference on
Thursday, October 26, 2017 at
8:45 a.m. Eastern Time. The
presentation will be webcast live over the internet on Union
Pacific's website at www.up.com/investor. 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. In the past 10 years, 2007-2016,
Union Pacific invested approximately $34
billion in its network and operations to support America's
transportation infrastructure. The railroad's diversified
business mix includes Agricultural Products, Automotive, Chemicals,
Coal, Industrial Products and Intermodal. 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.
Supplemental financial information is attached.
This presentation and related materials contain statements
about the Company's future that are not statements of historical
fact, including specifically the statements regarding the Company's
expectations with respect to economic conditions; its ability to
generate financial returns, improve resource productivity and use
innovation to enhance customer experience; implementing corporate
strategies; and providing excellent service to its customers and
returns to its shareholders. These statements are, or will
be, forward-looking statements as defined by the Securities Act of
1933 and 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 2016, which was filed with the SEC on February 3, 2017. 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
our 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 Percentages,
|
3rd
Quarter
|
|
Year-to-Date
|
For the
Periods Ended September 30,
|
2017
|
2016
|
%
|
|
|
2017
|
2016
|
%
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight
revenues
|
$
|
5,050
|
$
|
4,837
|
4
|
%
|
|
$
|
14,750
|
$
|
13,769
|
7
|
%
|
Other
revenues
|
|
358
|
|
337
|
6
|
|
|
|
1,040
|
|
1,004
|
4
|
|
Total operating
revenues
|
|
5,408
|
|
5,174
|
5
|
|
|
|
15,790
|
|
14,773
|
7
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,298
|
|
1,191
|
9
|
|
|
|
3,752
|
|
3,564
|
5
|
|
Purchased services and
materials
|
|
615
|
|
566
|
9
|
|
|
|
1,778
|
|
1,705
|
4
|
|
Depreciation
|
|
528
|
|
512
|
3
|
|
|
|
1,573
|
|
1,518
|
4
|
|
Fuel
|
|
450
|
|
392
|
15
|
|
|
|
1,344
|
|
1,058
|
27
|
|
Equipment and other
rents
|
|
275
|
|
282
|
(2)
|
|
|
|
824
|
|
857
|
(4)
|
|
Other
|
|
230
|
|
271
|
(15)
|
|
|
|
709
|
|
764
|
(7)
|
|
Total operating
expenses
|
|
3,396
|
|
3,214
|
6
|
|
|
|
9,980
|
|
9,466
|
5
|
|
Operating
Income
|
|
2,012
|
|
1,960
|
3
|
|
|
|
5,810
|
|
5,307
|
9
|
|
Other
income
|
|
151
|
|
29
|
F
|
|
|
|
261
|
|
152
|
72
|
|
Interest
expense
|
|
(180)
|
|
(184)
|
(2)
|
|
|
|
(531)
|
|
(524)
|
1
|
|
Income before
income taxes
|
|
1,983
|
|
1,805
|
10
|
|
|
|
5,540
|
|
4,935
|
12
|
|
Income
taxes
|
|
(789)
|
|
(674)
|
17
|
|
|
|
(2,106)
|
|
(1,846)
|
14
|
|
Net
Income
|
$
|
1,194
|
$
|
1,131
|
6
|
%
|
|
$
|
3,434
|
$
|
3,089
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and
Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.50
|
$
|
1.36
|
10
|
%
|
|
$
|
4.27
|
$
|
3.69
|
16
|
%
|
Earnings per share -
diluted
|
$
|
1.50
|
$
|
1.36
|
10
|
|
|
$
|
4.26
|
$
|
3.68
|
16
|
|
Weighted average
number of shares - basic
|
|
794.5
|
|
829.0
|
(4)
|
|
|
|
803.4
|
|
836.8
|
(4)
|
|
Weighted average
number of shares - diluted
|
|
797.6
|
|
832.2
|
(4)
|
|
|
|
806.5
|
|
839.6
|
(4)
|
|
Dividends declared per
share
|
$
|
0.605
|
$
|
0.55
|
10
|
|
|
$
|
1.815
|
$
|
1.65
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
62.8%
|
|
62.1%
|
0.7
|
pts
|
|
|
63.2%
|
|
64.1%
|
(0.9)
|
pts
|
Effective
Tax Rate
|
|
39.8%
|
|
37.3%
|
2.5
|
pts
|
|
|
38.0%
|
|
37.4%
|
0.6
|
pts
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
Year-to-Date
|
For the
Periods Ended September 30,
|
2017
|
2016
|
%
|
|
|
2017
|
2016
|
%
|
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
914
|
$
|
937
|
(2)
|
%
|
|
$
|
2,763
|
$
|
2,664
|
4
|
%
|
Automotive
|
|
469
|
|
485
|
(3)
|
|
|
|
1,486
|
|
1,483
|
-
|
|
Chemicals
|
|
896
|
|
875
|
2
|
|
|
|
2,679
|
|
2,617
|
2
|
|
Coal
|
|
711
|
|
728
|
(2)
|
|
|
|
1,978
|
|
1,741
|
14
|
|
Industrial
Products
|
|
1,079
|
|
855
|
26
|
|
|
|
3,016
|
|
2,519
|
20
|
|
Intermodal
|
|
981
|
|
957
|
3
|
|
|
|
2,828
|
|
2,745
|
3
|
|
Total
|
$
|
5,050
|
$
|
4,837
|
4
|
%
|
|
$
|
14,750
|
$
|
13,769
|
7
|
%
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
|
232
|
|
258
|
(10)
|
%
|
|
|
719
|
|
722
|
-
|
%
|
Automotive
|
|
200
|
|
210
|
(5)
|
|
|
|
627
|
|
644
|
(3)
|
|
Chemicals
|
|
259
|
|
274
|
(5)
|
|
|
|
785
|
|
817
|
(4)
|
|
Coal
|
|
331
|
|
341
|
(3)
|
|
|
|
920
|
|
846
|
9
|
|
Industrial
Products
|
|
325
|
|
283
|
15
|
|
|
|
918
|
|
832
|
10
|
|
Intermodal*
|
|
841
|
|
838
|
-
|
|
|
|
2,452
|
|
2,435
|
1
|
|
Total
|
|
2,188
|
|
2,204
|
(1)
|
%
|
|
|
6,421
|
|
6,296
|
2
|
%
|
Average
Revenue per Car
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,951
|
$
|
3,637
|
9
|
%
|
|
$
|
3,844
|
$
|
3,691
|
4
|
%
|
Automotive
|
|
2,341
|
|
2,310
|
1
|
|
|
|
2,370
|
|
2,302
|
3
|
|
Chemicals
|
|
3,457
|
|
3,201
|
8
|
|
|
|
3,412
|
|
3,206
|
6
|
|
Coal
|
|
2,143
|
|
2,134
|
-
|
|
|
|
2,150
|
|
2,057
|
5
|
|
Industrial
Products
|
|
3,325
|
|
3,019
|
10
|
|
|
|
3,287
|
|
3,028
|
9
|
|
Intermodal*
|
|
1,166
|
|
1,141
|
2
|
|
|
|
1,153
|
|
1,127
|
2
|
|
Average
|
$
|
2,307
|
$
|
2,195
|
5
|
%
|
|
$
|
2,297
|
$
|
2,187
|
5
|
%
|
|
|
*
|
Each intermodal
container or trailer equals one carload.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Condensed
Consolidated Statements of Financial Position
(unaudited)
|
|
|
|
|
|
|
Sep.
30,
|
Dec.
31,
|
Millions,
Except Percentages
|
2017
|
2016
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,847
|
$
|
1,277
|
Short-term
investments
|
|
90
|
|
60
|
Other current
assets
|
|
2,512
|
|
2,259
|
Investments
|
|
1,566
|
|
1,457
|
Net
properties
|
|
51,036
|
|
50,389
|
Other
assets
|
|
346
|
|
276
|
Total
assets
|
$
|
57,397
|
$
|
55,718
|
|
|
|
|
|
Liabilities
and Common Shareholders' Equity
|
|
|
|
|
Debt due within one
year
|
$
|
903
|
$
|
758
|
Other current
liabilities
|
|
2,928
|
|
2,882
|
Debt due after one
year
|
|
15,930
|
|
14,249
|
Deferred income
taxes
|
|
16,524
|
|
15,996
|
Other long-term
liabilities
|
|
1,961
|
|
1,901
|
Total
liabilities
|
|
38,246
|
|
35,786
|
Total common
shareholders' equity
|
|
19,151
|
|
19,932
|
Total
liabilities and common shareholders' equity
|
$
|
57,397
|
$
|
55,718
|
|
|
|
|
|
Debt to
Capital
|
|
46.8%
|
|
43.0%
|
Adjusted
Debt to Capital*
|
|
50.4%
|
|
47.3%
|
|
|
*
|
Adjusted Debt to
Capital is a non-GAAP measure; however, management believes that it
is an important measure in evaluating our financial performance.
See page 8 for a reconciliation to GAAP.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Condensed
Consolidated Statements of Cash Flows (unaudited)
|
|
|
|
|
|
Millions,
|
Year-to-Date
|
For the
Periods Ended September 30,
|
2017
|
2016
|
Operating
Activities
|
|
|
|
|
Net income
|
$
|
3,434
|
$
|
3,089
|
Depreciation
|
|
1,573
|
|
1,518
|
Deferred income
taxes
|
|
514
|
|
519
|
Other - net
|
|
(123)
|
|
341
|
Cash provided
by operating activities
|
|
5,398
|
|
5,467
|
|
|
|
|
|
Investing
Activities
|
|
|
|
|
Capital
investments
|
|
(2,379)
|
|
(2,604)
|
Purchases of
short-term investments
|
|
(90)
|
|
(580)
|
Maturities of
short-term investments
|
|
60
|
|
250
|
Other - net
|
|
149
|
|
115
|
Cash used in
investing activities
|
|
(2,260)
|
|
(2,819)
|
|
|
|
|
|
Financing
Activities
|
|
|
|
|
Common shares
repurchased
|
|
(2,882)
|
|
(2,100)
|
Debt issued
|
|
2,285
|
|
1,883
|
Dividends
paid
|
|
(1,460)
|
|
(1,382)
|
Debt repaid
|
|
(471)
|
|
(481)
|
Other - net
|
|
(40)
|
|
(50)
|
Cash used in
financing activities
|
|
(2,568)
|
|
(2,130)
|
|
|
|
|
|
Net Change
in Cash and Cash Equivalents
|
|
570
|
|
518
|
Cash and cash
equivalents at beginning of year
|
|
1,277
|
|
1,391
|
Cash and
Cash Equivalents at End of Period
|
$
|
1,847
|
$
|
1,909
|
|
|
|
|
|
Free Cash
Flow*
|
|
|
|
|
Cash provided by
operating activities
|
$
|
5,398
|
$
|
5,467
|
Cash used in investing
activities
|
|
(2,260)
|
|
(2,819)
|
Dividends
paid
|
|
(1,460)
|
|
(1,382)
|
Free cash
flow
|
$
|
1,678
|
$
|
1,266
|
|
|
*
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd
Quarter
|
|
Year-to-Date
|
For the
Periods Ended September 30,
|
2017
|
|
2016
|
%
|
|
|
2017
|
|
2016
|
%
|
|
Operating/Performance
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Gross ton-miles (GTMs)
(millions)
|
229,791
|
|
224,633
|
2
|
%
|
|
671,547
|
|
633,056
|
6
|
%
|
Employees
(average)
|
42,056
|
|
42,756
|
(2)
|
|
|
42,127
|
|
43,154
|
(2)
|
|
GTMs (millions) per
employee
|
5.46
|
|
5.25
|
4
|
|
|
15.94
|
|
14.67
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locomotive
Fuel Statistics
|
|
|
|
|
|
|
|
|
|
|
|
Average fuel price per
gallon consumed
|
$
1.77
|
|
$
1.57
|
13
|
%
|
|
$
1.74
|
|
$
1.42
|
23
|
%
|
Fuel consumed in
gallons (millions)
|
245
|
|
242
|
1
|
|
|
744
|
|
721
|
3
|
|
Fuel consumption
rate*
|
1.063
|
|
1.075
|
(1)
|
|
|
1.107
|
|
1.139
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAR Reported
Performance Measures
|
|
|
|
|
|
|
|
|
|
|
|
Average train speed
(miles per hour)
|
25.4
|
|
26.0
|
(2)
|
%
|
|
25.5
|
|
26.6
|
(4)
|
%
|
Average terminal dwell
time (hours)
|
30.0
|
|
28.0
|
7
|
|
|
29.6
|
|
27.9
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
Ton-Miles (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
21,943
|
|
24,235
|
(9)
|
%
|
|
67,491
|
|
68,091
|
(1)
|
%
|
Automotive
|
4,353
|
|
4,381
|
(1)
|
|
|
13,707
|
|
13,487
|
2
|
|
Chemicals
|
16,358
|
|
16,719
|
(2)
|
|
|
49,259
|
|
50,832
|
(3)
|
|
Coal
|
34,865
|
|
35,030
|
-
|
|
|
97,144
|
|
83,614
|
16
|
|
Industrial
Products
|
22,040
|
|
17,552
|
26
|
|
|
62,200
|
|
51,497
|
21
|
|
Intermodal
|
19,411
|
|
19,566
|
(1)
|
|
|
58,070
|
|
57,500
|
1
|
|
Total
|
118,970
|
|
117,483
|
1
|
%
|
|
347,871
|
|
325,021
|
7
|
%
|
|
|
*
|
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)
|
|
|
|
|
|
|
|
|
|
|
2017
|
Millions,
Except Per Share Amounts and Percentages,
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
Year-to-Date
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
Freight
revenues
|
$
|
4,794
|
$
|
4,906
|
$
|
5,050
|
$
|
14,750
|
Other
revenues
|
|
338
|
|
344
|
|
358
|
|
1,040
|
Total operating
revenues
|
|
5,132
|
|
5,250
|
|
5,408
|
|
15,790
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
Compensation and
benefits
|
|
1,257
|
|
1,197
|
|
1,298
|
|
3,752
|
Purchased services and
materials
|
|
566
|
|
597
|
|
615
|
|
1,778
|
Depreciation
|
|
520
|
|
525
|
|
528
|
|
1,573
|
Fuel
|
|
460
|
|
434
|
|
450
|
|
1,344
|
Equipment and other
rents
|
|
276
|
|
273
|
|
275
|
|
824
|
Other
|
|
260
|
|
219
|
|
230
|
|
709
|
Total operating
expenses
|
|
3,339
|
|
3,245
|
|
3,396
|
|
9,980
|
Operating
Income
|
|
1,793
|
|
2,005
|
|
2,012
|
|
5,810
|
Other
income
|
|
67
|
|
43
|
|
151
|
|
261
|
Interest
expense
|
|
(172)
|
|
(179)
|
|
(180)
|
|
(531)
|
Income before
income taxes
|
|
1,688
|
|
1,869
|
|
1,983
|
|
5,540
|
Income
taxes
|
|
(616)
|
|
(701)
|
|
(789)
|
|
(2,106)
|
Net
Income
|
$
|
1,072
|
$
|
1,168
|
$
|
1,194
|
$
|
3,434
|
|
|
|
|
|
|
|
|
|
Share and
Per Share
|
|
|
|
|
|
|
|
|
Earnings per share -
basic
|
$
|
1.32
|
$
|
1.45
|
$
|
1.50
|
$
|
4.27
|
Earnings per share -
diluted
|
$
|
1.32
|
$
|
1.45
|
$
|
1.50
|
$
|
4.26
|
Weighted average
number of shares - basic
|
|
811.5
|
|
804.1
|
|
794.5
|
|
803.4
|
Weighted average
number of shares - diluted
|
|
814.8
|
|
807.2
|
|
797.6
|
|
806.5
|
Dividends declared per
share
|
$
|
0.605
|
$
|
0.605
|
$
|
0.605
|
$
|
1.815
|
|
|
|
|
|
|
|
|
|
Operating
Ratio
|
|
65.1%
|
|
61.8%
|
|
62.8%
|
|
63.2%
|
Effective
Tax Rate
|
|
36.5%
|
|
37.5%
|
|
39.8%
|
|
38.0%
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Freight Revenues
Statistics (unaudited)
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
1st
Qtr
|
2nd
Qtr
|
3rd
Qtr
|
Year-to-Date
|
Freight
Revenues (Millions)
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
942
|
$
|
907
|
$
|
914
|
$
|
2,763
|
Automotive
|
|
504
|
|
513
|
|
469
|
|
1,486
|
Chemicals
|
|
885
|
|
898
|
|
896
|
|
2,679
|
Coal
|
|
648
|
|
619
|
|
711
|
|
1,978
|
Industrial
Products
|
|
907
|
|
1,030
|
|
1,079
|
|
3,016
|
Intermodal
|
|
908
|
|
939
|
|
981
|
|
2,828
|
Total
|
$
|
4,794
|
$
|
4,906
|
$
|
5,050
|
$
|
14,750
|
Revenue
Carloads (Thousands)
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
|
250
|
|
237
|
|
232
|
|
719
|
Automotive
|
|
212
|
|
215
|
|
200
|
|
627
|
Chemicals
|
|
257
|
|
269
|
|
259
|
|
785
|
Coal
|
|
304
|
|
285
|
|
331
|
|
920
|
Industrial
Products
|
|
278
|
|
315
|
|
325
|
|
918
|
Intermodal*
|
|
787
|
|
824
|
|
841
|
|
2,452
|
Total
|
|
2,088
|
|
2,145
|
|
2,188
|
|
6,421
|
Average
Revenue per Car
|
|
|
|
|
|
|
|
|
Agricultural
Products
|
$
|
3,773
|
$
|
3,813
|
$
|
3,951
|
$
|
3,844
|
Automotive
|
|
2,373
|
|
2,393
|
|
2,341
|
|
2,370
|
Chemicals
|
|
3,448
|
|
3,334
|
|
3,457
|
|
3,412
|
Coal
|
|
2,134
|
|
2,173
|
|
2,143
|
|
2,150
|
Industrial
Products
|
|
3,261
|
|
3,271
|
|
3,325
|
|
3,287
|
Intermodal*
|
|
1,154
|
|
1,140
|
|
1,166
|
|
1,153
|
Average
|
$
|
2,297
|
$
|
2,287
|
$
|
2,307
|
$
|
2,297
|
|
|
*
|
Each intermodal
container or trailer equals one carload.
|
UNION PACIFIC
CORPORATION AND SUBSIDIARY COMPANIES
|
Non-GAAP Measures
Reconciliation to GAAP
|
|
|
|
|
|
Debt to
Capital*
|
|
|
|
|
|
Sep.
30,
|
Dec.
31,
|
Millions,
Except Percentages
|
2017
|
2016
|
Debt
(a)
|
$
|
16,833
|
$
|
15,007
|
Equity
|
|
19,151
|
|
19,932
|
Capital
(b)
|
$
|
35,984
|
$
|
34,939
|
Debt to capital
(a/b)
|
|
46.8%
|
|
43.0%
|
|
|
*
|
Total debt divided by
total debt plus equity. We believe this measure is important to
management and investors in evaluating our balance sheet strength
and is important in managing our credit ratios and financing
relationships.
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Debt to Capital, Reconciliation to GAAP*
|
|
|
|
|
|
Sep.
30,
|
Dec.
31,
|
Millions,
Except Percentages
|
2017
|
2016
|
Debt
|
$
|
16,833
|
$
|
15,007
|
Net present
value of operating leases
|
|
2,186
|
|
2,435
|
Unfunded
pension and OPEB, net of taxes of $256 and $261
|
|
417
|
|
436
|
Adjusted debt
(a)
|
|
19,436
|
|
17,878
|
Equity
|
|
19,151
|
|
19,932
|
Adjusted
capital (b)
|
$
|
38,587
|
$
|
37,810
|
Adjusted debt
to capital (a/b)
|
|
50.4%
|
|
47.3%
|
|
|
*
|
Total debt plus net
present value of operating leases plus after-tax unfunded pension
and OPEB obligation divided by total debt plus net present value of
operating leases plus after-tax unfunded pension and OPEB
obligation plus equity. Operating leases were discounted using 4.6%
at September 30, 2017, and 4.7% at December 31, 2016. The discount
rate reflects our effective interest rate. We believe this measure
is important to management and investors in evaluating the total
amount of leverage in our capital structure including off-balance
sheet lease obligations.
|
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SOURCE Union Pacific Corporation