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Union Pacific Reports First Quarter 2024 Results
"Our team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions," said Jim Vena, Union Pacific Chief Executive Officer. "These results build on the momentum we established as we exited 2023 and provide further proof of what's possible as we strive to be the best in safety, service, and operational excellence. This is a great start to the year, but we understand there's work to be done to achieve our goals and meet our stakeholders' expectations."
First Quarter Summary: 2024 vs. 2023
Financial Results: Improved Operational Efficiency and Core Pricing Gains Drive Increase in Operating Income; First Quarter Records for Operating Income and Net Income
Operating revenue of $6.0 billion was flat driven by core pricing gains and business mix offset by reduced fuel surcharge revenue and lower volume. Freight revenue excluding fuel surcharge revenue grew 4% as revenue carloads declined 1%. Operating ratio was 60.7%, an improvement of 140 basis points. Lower fuel prices during the quarter negatively impacted the operating ratio 60 basis points. Operating income of $2.4 billion was up 3%.
Operating Performance: Improvement Across Safety, Service, and Operational Excellence; First Quarter Record for Fuel Consumption Rate
Union Pacific's reportable personal injury and reportable derailment rates both improved. Quarterly freight car velocity was 203 daily miles per car, a 4% improvement. Quarterly locomotive productivity was 135 gross ton-miles (GTMs) per horsepower day, a 10% improvement. Average maximum train length was 9,287 feet, a 1% increase. Quarterly workforce productivity improved 1% to 1,000 car miles per employee. Fuel consumption rate of 1.115, measured in gallons of fuel per thousand GTMs, improved 1%.
2024 Outlook
Updated
Profitability outlook gaining momentum with strong service product, improving network efficiency, and solid pricing Restarting share repurchases in second quarter
Affirmed
Volume outlook muted by international intermodal business loss, lower coal demand, and soft economic conditions Pricing dollars in excess of inflation dollars No change to long-term capital allocation strategy Capital plan of $3.4 billion
First Quarter 2024 Earnings Conference Call
Union Pacific will webcast its first quarter 2024 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, April 25, 2024, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Supplemental financial information is attached.
This news release and related materials contain statements about the Company's future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID)I 3/4 the Russia-Ukraine and Israel-Hamas wars and other geopolitical tensions in the middle east, and any impacts on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and volatility in interest rates and fuel pricesI 3/4 closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvementsI 3/4 expectations as to hiring challengesI 3/4 availability of employeesI 3/4 expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modificationsI 3/4 expectations as to cost savings, revenue growth, and earningsI 3/4 the time by which goals, targets, or objectives will be achievedI 3/4 projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and general economic conditionsI 3/4 proposed new products and servicesI 3/4 estimates of costs relating to environmental remediation and restorationI 3/4 estimates and expectations regarding tax mattersI 3/4 expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyberattacks or other matters. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of 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 2023, which was filed with the SEC on February 9, 2024. 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 the Company's 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, For the Periods Ended March 31, 2024 2023 %
---------------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- -------------------- ---------------------------------------- --------------------
Operating Revenues
$ 5,616 $ 5,656 (1 )%
Freight revenues
415 400 4
Other revenues
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total operating revenues 6,031 6,056 -
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating Expenses
1,223 1,179 4
Compensation and benefits
658 766 (14 )
Fuel
613 653 (6 )
Purchased services and materials
594 572 4
Depreciation
216 235 (8 )
Equipment and other rents
355 357 (1 )
Other
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total operating expenses 3,659 3,762 (3 )
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating Income 2,372 2,294 3
92 184 (50 )
Other income, net
(324 ) (336 ) (4 )
Interest expense
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Income before income taxes 2,140 2,142 -
Income tax expense (499 ) (512 ) (3 )
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net Income $ 1,641 $ 1,630 1 %
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Share and Per Share
$ 2.69 $ 2.67 1 %
Earnings per share - basic
$ 2.69 $ 2.67 1
Earnings per share - diluted
609.2 610.6 -
Weighted average number of shares - basic
610.2 611.5 -
Weighted average number of shares - diluted
$ 1.30 $ 1.30 -
Dividends declared per share
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
---------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Operating Ratio 60.7 % 62.1 % (1.4 ) pts
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)
------------------------------------- -------------------- -------------------------------------------------------------- -------------------- -------------------------------------------------------------- -------------------- --------------------------------------------------------------
For the Periods Ended March 31, 2024 2023 %
------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- --------------------
Freight Revenues (Millions)
$ 943 $ 943 - %
Grain & grain products
201 186 8
Fertilizer
285 263 8
Food & refrigerated
388 505 (23 )
Coal & renewables
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1,817 1,897 (4 )
Bulk
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
572 536 7
Industrial chemicals & plastics
515 536 (4 )
Metals & minerals
338 332 2
Forest products
679 613 11
Energy & specialized markets
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2,104 2,017 4
Industrial
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
611 587 4
Automotive
1,084 1,155 (6 )
Intermodal
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1,695 1,742 (3 )
Premium
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total $ 5,616 $ 5,656 (1 )%
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Revenue Carloads (Thousands)
210 202 4 %
Grain & grain products
47 45 4
Fertilizer
46 44 5
Food & refrigerated
177 216 (18 )
Coal & renewables
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
480 507 (5 )
Bulk
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
164 157 4
Industrial chemicals & plastics
170 188 (10 )
Metals & minerals
53 52 2
Forest products
154 139 11
Energy & specialized markets
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
541 536 1
Industrial
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
207 200 4
Automotive
739 734 1
Intermodal [a]
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
946 934 1
Premium
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total 1,967 1,977 (1 )%
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Average Revenue per Car
$ 4,494 $ 4,668 (4 )%
Grain & grain products
4,271 4,135 3
Fertilizer
6,231 5,963 4
Food & refrigerated
2,189 2,341 (6 )
Coal & renewables
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
3,787 3,743 1
Bulk
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
3,486 3,402 2
Industrial chemicals & plastics
3,030 2,853 6
Metals & minerals
6,297 6,384 (1 )
Forest products
4,416 4,408 -
Energy & specialized markets
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
3,886 3,760 3
Industrial
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
2,947 2,944 -
Automotive
1,468 1,573 (7 )
Intermodal [a]
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1,792 1,866 (4 )
Premium
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
[a] For intermodal shipments each container or trailer equals one carload.
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Financial Position (unaudited)
Mar. 31, Dec. 31,
Millions, Except Percentages 2024 2023
------------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- --------------------
Assets
$ 925 $ 1,055
Cash and cash equivalents
20 16
Short-term investments
3,249 3,077
Other current assets
2,651 2,605
Investments
57,590 57,398
Properties, net
1,453 1,643
Operating lease assets
1,378 1,338
Other assets
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total assets $ 67,266 $ 67,132
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Liabilities and Common Shareholders' Equity
$ 733 $ 1,423
Debt due within one year
3,801 3,683
Other current liabilities
31,195 31,156
Debt due after one year
1,016 1,245
Operating lease liabilities
13,146 13,123
Deferred income taxes
1,710 1,714
Other long-term liabilities
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total liabilities 51,601 52,344
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 15,665 14,788
------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Cash Flows (unaudited)
---------------------------------------------------------------- -------------------------------------------------------------- -------------------- --------------------------------------------------------------
Millions, for the Periods Ended March 31, 2024 2023 2023
---------------------------------------------------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- --------------------
Operating Activities
$ 1,641 $ $ 1,630
Net income
594 572
Depreciation
23 52
Deferred and other income taxes
(136 ) (414 )
Other - net
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash provided by operating activities 2,122 1,840
Investing Activities
(797 ) (772 )
Capital investments*
(5 ) (33 )
Other - net
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash used in investing activities (802 ) (805 )
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Financing Activities
(1,358 ) (647 )
Debt repaid
(795 ) (795 )
Dividends paid
400 1,199
Debt issued
- (575 )
Share repurchase programs
302 (109 )
Other - net
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash used in financing activities (1,451 ) (927 )
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Net change in cash, cash equivalents, and restricted cash (131 ) 108
Cash, cash equivalents, and restricted cash at beginning of year 1,074 987
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Cash, cash equivalents, and restricted cash at end of period $ 943 $ $ 1,095
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Free Cash Flow**
$ 2,122 $ $ 1,840
Cash provided by operating activities
(802 ) (805 )
Cash used in investing activities
(795 ) (795 )
Dividends paid
---------------------------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
* Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $8 million in 2023.
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Operating and Performance Statistics (unaudited)
-------------------------------------------------- -------------------- -------------------------------------------------------------- -------------------- -------------------------------------------------------------- -------------------- -------------------------------------------------------------- --------------------
For the Periods Ended March 31, 2024 2023 %
-------------------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- -------------------- --------------------
Operating/Performance Statistics
Freight car velocity (daily miles per car)* 203 196 4 %
Average train speed (miles per hour)* 24.1 24.1 -
Average terminal dwell time (hours)* 23.5 24.0 (2 )
Locomotive productivity (GTMs per horsepower day) 135 123 10
Gross ton-miles (GTMs) (millions) 206,029 206,648 -
Train length (feet) 9,287 9,159 1
Intermodal service performance index (%) 95 81 14 pts
Manifest/Automotive service performance index (%) 87 80 7 pts
Intermodal car trip plan compliance (%)** 85 72 13 pts
Manifest/Automotive car trip plan compliance (%)** 66 61 5 pts
Workforce productivity (car miles per employee) 1,000 989 1
Locomotive Fuel Statistics Average fuel price per gallon consumed $ 2.81 $ 3.22 (13 )% Fuel consumed in gallons (millions) 230 232 (1 )
Revenue Ton-Miles (Millions)
20,649 20,044 3 %
Grain & grain products
3,287 3,136 5
Fertilizer
4,917 4,543 8
Food & refrigerated
18,883 22,497 (16 )
Coal & renewables
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
47,736 50,220 (5 )
Bulk
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
7,427 7,091 5
Industrial chemicals & plastics
8,065 8,947 (10 )
Metals & minerals
5,580 5,549 1
Forest products
10,586 9,499 11
Energy & specialized markets
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
31,658 31,086 2
Industrial
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
4,536 4,400 3
Automotive
17,335 18,120 (4 )
Intermodal
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
21,871 22,520 (3 )
Premium
------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
* Surface Transportation Board (STB) reported performance measures. ** Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Non-GAAP Measures Reconciliation to GAAP (unaudited)
Debt / Net Income
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Millions, Except Ratios Mar. 31, Dec. 31,
for the Trailing Twelve Months Ended [a] 2024 2023
---------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- --------------------
Debt $ 31,928 $ 32,579
Net income 6,390 6,379
---------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted Debt / Adjusted EBITDA*
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Millions, Except Ratios Mar. 31, Dec. 31,
for the Trailing Twelve Months Ended [a] 2024 2023
--------------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------- ---------------------------------------- --------------------
Net income $ 6,390 $ 6,379
Add:
1,841 1,854
Income tax expense
2,340 2,318
Depreciation
1,328 1,340
Interest expense
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
EBITDA $ 11,899 $ 11,891
Adjustments:
(399 ) (491 )
Other income, net
48 58
Interest on operating lease liabilities [b]
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted EBITDA $ 11,548 $ 11,458
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Debt $ 31,928 $ 32,579
Operating lease liabilities 1,338 1,600
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Adjusted debt $ 33,266 $ 34,179
--------------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
[a] The trailing twelve months income statement information ended March 31, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the three months ended March 31, 2023, and adding the three months ended March 31, 2024. [b] Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425920104/en/
SOURCE: Union Pacific Corporation
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Union Pacific Investor contact: Brad Stock at 402-544-4227 or bkstock@up.com Union Pacific Media contact: Clarissa Beyah at 402-957-4793 or cbeyah@up.com
COMTEX_451394606/1006/2024-04-25T07:45:01