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Union Pacific loses steam

OMAHA, NE: July 21, 2016. Union Pacific (UP) railroad has reported second quarter revenue of US$4.7 billion – down 12 percent from the same period in 2015. Net income fell 19 percent year-on-year to US$979 million.

Average revenue per carload declined 2.0 percent to US$2,163.

UP steamThe company reported revenue falls in all its business segments: Agriculture traffic dropped 3.0 percent; Chemical haulage was down 5.0 percent; Automotive fell 13 percent; Industrial Products decreased 14 percent; Intermodal traffic was down 16 percent and Coal shipments fell 27 percent.

"While the second quarter was again challenging from a volume perspective, we continued focusing on initiatives that are squarely in our control, such as being productive with our resources, providing our customers with excellent service, and improving our safety performance," said Lance Fritz, Union Pacific chairman, president and CEO.

The company said its outlook for the second half of 2016 was conditioned by a soft global economy, the negative impact of the strong U.S. dollar on exports, and relatively weak demand for consumer goods. "However, we see potential bright spots in certain segments of our business if key economic drivers continue to strengthen as they have in recent weeks," Fritz added.

Compared to the same period in 2015, UP reported a 13 percent decline in HI revenue to US$9.6 billion and a 17 percent drop in net income to US$1.96 billion.

(Pictured: Union Pacific's No. 844 steam locomotive is returning to the rails with several public appearances in Colorado and Wyoming. Delivered in 1944, No. 844 is the last steam engine built for Union Pacific and recently underwent a nearly three-year restoration at UP's Steam Shop in Cheyenne, Wyoming.)

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