Printer Friendly

UNION PACIFIC CORPORATION INCREASES FIRST QUARTER EARNINGS 9 PERCENT TO $145 MILLION

 UNION PACIFIC CORPORATION INCREASES FIRST QUARTER EARNINGS
 9 PERCENT TO $145 MILLION
 BETHLEHEM, Pa., April 22 /PRNewswire/ -- Union Pacific Corporation (NYSE: UNP) achieved a first quarter earnings increase of 9 percent to $145 million, with strong operating gains in transportation.
 Earnings per share were 71 cents, compared to 66 cents in 1991.
 Union Pacific Railroad improved its first quarter earnings by 6 percent to $136 million, with operating income up 11 percent to $228 million. Lower fuel prices, productivity gains and stronger traffic volumes combined to produce an operating ratio of 81.0, compared with 82.8 in last year's first quarter. The company's carloadings rose 4 percent, with particular strength in auto, intermodal and grain shipments, up 23 percent, 15 percent and 7 percent, respectively. Coal traffic was down 10 percent, largely because of the mild winter.
 Union Pacific Resources achieved first quarter earnings of $59 million, compared with $63 million last year. Overall hydrocarbon volumes were up 5 percent, on the strength of a 30 percent increase in crude oil output. This reflects the continued success of the company's drilling program in the Austin Chalk trend in southcentral Texas. Natural gas volumes were down 4 percent as management curtailed some offshore production in response to low gas prices. Natural gas liquids volumes were off slightly. Resources' average price for natural gas was 10 percent lower in the first quarter, while the average crude price fell 17 percent, and the price for plant liquids was down 21 percent. The impact of these price declines was partially offset by a $7 million increase in Minerals' income.
 Overnite Transportation increased its first quarter earnings before goodwill by 50 percent to $12 million. Operating income was up 40 percent to $14 million. Overall tonnage increased slightly, with less-than-truckload tonnage up 7 percent. Lower fuel costs and productivity gains improved the company's operating ratio from 95.0 in the first quarter of 1991 to 93.0 this year. USPCI's first quarter earnings before goodwill were $800,000, compared with last year's earnings of $500,000.
 "We are beginning to see signs of an improving economy and are pleased by the operating performance of our subsidiaries," said Drew Lewis, chief executive officer. "We anticipate a solid increase in earnings for the year."
 UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
 Statement of Consolidated Income
 (Unaudited; dollars in millions except per-share amounts)
 Periods ended First Quarter Percent
 March 31 1992 1991 Change
 Operating Revenues $1,745 $1,743 ---
 Operating Expenses 1,438 1,441 ---
 Operating Income 307 302 2
 Other Income-Net 9 15 (40)
 Interest Expense (87) (97) (10)
 Corporate Expenses (12) (21) (43)
 Income Before Federal
 Income Taxes 217 199 9
 Federal Income Taxes (72) (66) 9
 Net Income 145 133 9
 Earnings Per Share $0.71 $0.66 8
 Average Shares Outstanding (MM) 203.7 201.1 1
 Shares Outstanding
 at March 31 (MM) 203.0 200.5 1
 Note: Effective Oct. 1, 1991, Union Pacific Corporation's common stock was split 2-for-1 in the form of a 100 percent stock dividend. All shares outstanding and earnings per share amounts have been restated to reflect the stock split.
 /delval/
 -0- 4/22/92
 /CONTACT: Harvey S. Turner of Union Pacific, 215-861-3388/
 (UNP) CO: Union Pacific Corporation ST: Pennsylvania IN: TRN SU: ERN


MP -- PH010 -- 1098 04/22/92 09:22 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1992
Words:555
Previous Article:JHM MORTGAGE SECURITIES L.P. ANNOUNCES ACQUISITION OF NEW MORTGAGE SERVICING RIGHTS
Next Article:UNION TEXAS PETROLEUM ESTIMATES FIRST QUARTER NET INCOME BEFORE EXTRAORDINARY ITEM AT $48 MILLION


Related Articles
UNION PACIFIC INCREASED SECOND QUARTER EARNINGS 35 PERCENT TO $206 MILLION
NORFOLK SOUTHERN CORPORATION REPORTS SECOND-QUARTER EARNINGS
UNION PACIFIC CORPORATION ACHIEVED RECORD THIRD-QUARTER EARNINGS OF $185 MILLION
UNION PACIFIC REPORTS RESULTS
UNION PACIFIC CORPORATION REPORTS FIRST QUARTER RESULTS
UNION PACIFIC REPORTS SECOND QUARTER 1994 RESULTS
UNION PACIFIC REPORTS THIRD QUARTER EARNINGS
UNION PACIFIC ANNOUNCES RESULTS
UNION PACIFIC REPORTS SECOND QUARTER EARNINGS
Union Pacific Corporation Announces Third Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters