UP sees 18% profit drop
Union Pacific Corp. said it had first quarter profit of $362 million, 18 percent less than the $443 million it earned in the same 2008 period.
First quarter 2009 operating revenues totaled $3.4 billion, 21 percent less than the $4.3 billion in the first quarter 2008.
Jim Young, Union Pacific chairman and chief executive officer, called them “solid quarterly results despite the challenging economy. We took decisive steps to reduce costs across our company, while also making strong improvements in our safety performance, operating productivity and customer service.'
The company said first quarter revenue carloads were down 21 percent versus the first quarter 2008. Freight revenues were down in all segments: energy (down 6 percent), agricultural (13 percent), chemicals (15 percent), intermodal (22 percent), industrial products (29 percent), and automotive (55 percent).
