|
Union Pacific Corporation, with its principal operating company, Union Pacific Railroad, recorded a first quarter net income of US$386 million, a 24 per cent rise from last year's net profit of $311 million.
Operating revenue during the quarter grew four per cent to a record $3.8 billion, while operating income increased 19 per cent to a record of $719 million.
"Our operating ratio improved 2.4 points to 81.3 per cent - a first quarter record," said Jim Young, chairman and CEO. "We're making good progress on improving profitability and increasing operating efficiency. I'm particularly pleased that our customers are also showing their confidence in Union Pacific with satisfaction survey results reaching a four-year high."
A company statement said Q1 carloads declined two per cent versus the first quarter of 2006 to 2.3 million. The company attributed the decline to winter storms, a softer housing market and decreased domestic intermodal volume.
Looking ahead, Mr Young said: "Despite economic uncertainty, we will continue to enhance shareholder value through our productivity initiatives over the balance of the year.
"Our first quarter results were a good start, giving us momentum for the rest of 2007."
|
RELATED