Union Pacific (UP) has reported full year results for 2018. Year-end revenues totalled $22,832m, up 7% year-over-year. Operating income grew 5% to $8,517m. Net income was $5,966m, down from $10,712m the previous year.
Freight revenues accounted for 94% of total revenues. Here, overall carload volumes grew by 4%. By reported freight sector, UP experienced carload volume growth in Industrial (6%) and Premium (6%). However, there were declines in Agricultural products (-1%) and Energy (-2%).
Lance Fritz, Union Pacific chairman, president and CEO commented, “We reported record earnings for the quarter driven by strong volume growth, core pricing gains, and regaining positive productivity momentum. We expect operating margins will increase as a result of solid core pricing gains and significant productivity benefits from our G55 + 0 initiatives, including Unified Plan 2020”.
Source: Union Pacific
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