UNION PACIFIC CORPORATION (NYSE:UNP) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
Union Pacific Corporation (the Company) provided an update today on its expectations for full-year 2018 operating ratio performance. On November 29, 2018, the Company stated that it did not expect its full-year operating ratio to improve as compared to full-year 2017 due to slowing revenue growth and higher costs associated with employee severance and operational inefficiencies.
The Company now expects to report a record full-year 2018 operating ratio of 62.7%, a 0.1 point improvement from its 2017 adjusted non-GAAP operating ratio performance.[1] Drivers of this improvement versus previous expectations included higher revenue, lower diesel fuel prices and improved cost performance.
“December carloadings were stronger than expected, led by international container imports,” said Rob Knight, Executive Vice President and Chief Financial Officer. “We are also encouraged to see improved cost performance driven by early results from our Unified Plan 2020 implementation.”
The Company will report its fourth quarter 2018 earnings on Thursday, January 24, at approximately 8:00 a.m. Eastern Time, followed by a conference call that will be broadcast live over the Internet and via teleconference at 8:45 a.m. Eastern Time.
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[1] Includes the retrospective adoption of Accounting Standard Update (ASU) 2017-07 related to the presentation of the components of net periodic pension and other postretirement benefit costs and excludes the impact of the Tax Cuts and Jobs Act (the Tax Act). For a reconciliation of the full-year 2017 operating ratio adjusted for the Tax Act and retroactive adoption of ASU 2017-07, please refer to the following non-GAAP reconciliation: https://www.up.com/cs/groups/public/@uprr/@investor/documents/investordocuments/2017_revised_qtly_adpt_asu2017.pdf |
About UNION PACIFIC CORPORATION (NYSE:UNP)
Union Pacific Corporation operates through its principal operating company, Union Pacific Railroad Company. Union Pacific Railroad Company links approximately 20 states in the western two-thirds of the country by rail, providing link in the supply chain. The Company’s business mix includes agricultural products, automotive, chemicals, coal, industrial products and intermodal. The Company operates from West Coast and Gulf Coast ports to eastern gateways, connects with Canada’s rail systems and serves approximately six Mexico gateways. The Company is a Class I railroad operating in the United States. The Company’s network includes approximately 32,080 route miles, linking Pacific Coast and Gulf Coast ports with the Midwest and Eastern United States gateways and providing several corridors to Mexican gateways. The Company owns approximately 26,060 miles and operates on the remainder pursuant to trackage rights or leases.
