UP 3RD-QUARTER NET INCOME CLIMBS 4%
Union Pacific Corp. recorded net income for the third quarter of $267 million, an increase of 4 percent.
Dick Davidson, chairman and chief executive officer said “revenues during the quarter came close to last year in spite of the slowdown in the overall economy. Our financial results also demonstrate Union Pacific’s commitment to driving quality service, productivity improvement and operational efficiency.”
For the third quarter, Omaha Neb.-based UP, excluding Overnite, reported operating income of $556 million. The railroad’s commodity revenue declined modestly to $2.63 billion, as carloads were off 1 percent. Energy revenue continued its record-setting performance with 4-percent growth year-over-year, while industrial products rebounded with a 3-percent gain. Automotive was down 10 percent, chemicals down 5 percent, agricultural down 2 percent and intermodal down 1 percent.
Overnite Transportation reported third-quarter operating income of $18.3 million compared to $19.6 million in the third quarter of 2000. Operating revenues increased 2 percent to $292 million.
For the first nine months of 2001, UP reported operating income of $1.5 billion and net income of $691 million compared to operating income of $1.6 billion and net income of $685 million for the same period in 2000.