Union Pacific Corporation (NYSE: UNP) reported record 2018 fourth-quarter net income of $1.6 billion, up 29% from the prior-year quarter, or $2.12 per diluted share, up 39%.
Reported 2017 results include previously disclosed adjustments reflecting the impact of corporate tax reform. Including those items, 2017 reported net income was $10.7 billion, or $13.36 per diluted share.
The company also reported fourth-quarter 2017 results include previously disclosed adjustments reflecting the impact of corporate tax reform. Including those items, 2017 fourth-quarter reported net income was $7.3 billion, or $9.25 per diluted share.
Operating revenue of $5.8 billion was up 6% in the fourth quarter 2018 compared to the fourth quarter 2017. Fourth-quarter business volumes, as measured by total revenue carloads, increased 3% compared to 2017. Strong growth in industrial and premium shipments more than offset declines in agricultural products and energy.
Said CEO Lance Fritz, "We reported record earnings for the quarter driven by strong volume growth, core pricing gains, and regaining positive productivity momentum," said Lance Fritz, Union Pacific chairman, president and chief executive officer.
"Building on this progress, we are advancing the implementation schedule for Unified Plan 2020.
"Since starting this initiative in October, we have improved on-time service for our customers while at the same time eliminating excess costs and improving the utilization of network resources."
Other financial tidings: Union Pacific repurchased eight million shares in the fourth quarter 2018 at an aggregate cost of $1.2 billion. Union Pacific also received 4.5 million shares to complete a $3.6-billion Accelerated Share Repurchase program initiated in June 2018.
Shares chugged along $3.63, or 2.4%, to $157.96
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