UNION PACIFIC BOOSTS EARNINGS

UNION PACIFIC BOOSTS EARNINGS    Union Pacific Corp. said Thursday its first quarter net income improved 22.7 percent to $222 million, despite flat operating revenues compared to the first quarter of 2001.
   Omaha, Neb.-based UP reported an operating income of $489 million, up 14 percent. Its operating ratio improved 2.2 percentage points to a first-quarter record 81.6 percent. Operating expenses declined 3 percent, to $2.17 billion, as fuel and utilities costs fell 33 percent on declining prices.
   UP saw increases in revenue for automotive (up 2 percent to $282.5 million) and intermodal (up 1 percent to $455.2 million). Industrial products and agricultural products were flat, while chemicals revenue was down 1 percent and energy off 2 percent.
   'We managed to stay the course in a rough economy,' said Dick Davidson, chairman and chief executive officer of UP. 'Union Pacific again demonstrated the strength of its franchise with a balanced mix of revenue.'
   Overnite Corp., a subsidiary of UP, reported first quarter net income improved 12.5 percent to $9.0 million though revenues slipped 2.7 percent to $304.9 million.
   Overnite, which owns Overnite Transportation Co. and Motor Cargo Industries, which was acquired in January 2001, said its operating ratio improved by a percentage point to 96.6 percent.