UNION PACIFICÆS 2ND-QUARTER INCOME FLAT
Union Pacific Corp. said its second-quarter net income was $243 million, compared to $244 million for the year-earlier quarter.
Operating income for UP, excluding Overnite Transportation, was $478 million, compared to $526 million for the same period in 2000. Operating ratio rose 1.9 percentage points to 82.3 percent.
“Strength in energy and agricultural traffic, coupled with strong real estate sales, helped to offset the challenges of a soft economy and continued high fuel prices as well as floods in key areas of our service territory,” said Dick Davidson, chairman and chief executive officer.
The railroad's commodity revenue rose to $2.6 billion as average revenue per car improved 2 percent. Energy led commodities with 18 percent growth, while agricultural revenues showed a 3-percent gain. Industrial products revenue fell 1 percent, intermodal and automotive declined 2 percent and chemicals was off 9 percent.
For the first half of 2001, net income was $424 million, compared to $429 million in the first half of 2000.
Overnite Transportation, the less-than-truckload division of UP, reported second quarter operating income of $16 million, compared to $17 million in the second quarter of 2000. Revenue rose 2 percent to $290 million, while operating ratio increased 0.5 percentage points to 94.6 percent.