Exhibit 99.1

 







Union Pacific Reports Record Third Quarter Results

Third Quarter Diluted Earnings per Share up 43 Percent





FOR IMMEDIATE RELEASE





Third Quarter Results

·

Diluted earnings per share of $2.15 increased 43 percent.

·

Operating income totaled $2.3 billion, up 9 percent.

·

Operating ratio of 61.7 percent, flat with third quarter 2017 (see footnote 1).



OMAHA, Neb., Oct. 25, 2018 – Union Pacific Corporation (NYSE: UNP) today reported 2018 third quarter net income of $1.6 billion, or a third quarter record $2.15 per diluted share. This compares to $1.2 billion, or $1.50 per diluted share, in the third quarter 2017.

“While we reported solid financial results, we did not make the service and productivity gains that we expected during the quarter. However, we are making progress implementing our new Unified Plan 2020 and we are well positioned to drive improvement going forward,” said Lance Fritz, Union Pacific chairman, president and chief executive officer. “I am confident we have the right people and plans in place to improve our operations, provide more reliable service for our customers, and achieve industry-leading financial performance.”



 

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Third Quarter Summary



Operating revenue of $5.9 billion was up 10 percent in the third quarter 2018 compared to the third quarter 2017. Third quarter carloads increased 6 percent compared to 2017. Volume increases in industrial, premium, and agricultural products more than offset declines in energy. In addition:

·

Quarterly freight revenue improved 10 percent compared to the third quarter 2017, as volume growth, higher fuel surcharge revenue, and core pricing gains were partially offset by negative mix of traffic.

·

Union Pacific’s 61.7 percent operating ratio was flat (see footnote) compared to the third quarter 2017.

·

The $2.38 per gallon average quarterly diesel fuel price in the third quarter 2018 was 34 percent higher than the third quarter 2017.

·

Quarterly train speed, as reported to the Association of American Railroads, was 24.0 mph, 6 percent slower than the third quarter 2017.

·

Union Pacific’s year-to-date reportable personal injury rate of 0.77 per 200,000 employee hours improved 1 percent compared to the year-to-date rate achieved in 2017.

·

The Company repurchased 2.2 million shares in the third quarter 2018.



Summary of Third Quarter Freight Revenues



·

Energy up 1 percent

·

Agricultural Products up 6 percent

·

Industrial up 13 percent

·

Premium up 18 percent

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-3-



Outlook

Looking ahead, I am confident that the recent progress we have made on our Unified Plan 2020 will accelerate in the near term.  As we move forward with its implementation, along with other G55 + 0 initiatives, we will regain our productivity momentum and improve the value proposition for all of our stakeholders,” Fritz said.



Footnote 1Certain prior period amounts have been adjusted for the retrospective adoption of Accounting Standard Update 2017-07 related to the presentation of the components of net periodic pension and other postretirement benefit costs.



Third Quarter 2018 Earnings Conference Call

Union Pacific will host its third quarter 2018 earnings release presentation live over the Internet and via teleconference on Thursday, October 25, 2018 at 8:45 a.m. Eastern Time. The presentation will be webcast live over the internet on Union Pacific’s website at www.up.com/investor. Alternatively, the webcast can be accessed directly through the following link. Participants may join the conference call by dialing 877/407-8293 (or for international participants, 201/689-8349).



ABOUT UNION PACIFIC

Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America's most recognized companies, Union Pacific Railroad connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. In the past 10 years, 2008-2017, Union Pacific invested approximately $34 billion in its network and operations to support America's transportation infrastructure. The railroad's diversified business mix includes Agricultural Products, Energy, Industrial and Premium. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.



Union Pacific Investor contact:  Mike Miller at 402-544-4227 or mvmiller@up.com

Union Pacific Media contact:  Raquel Espinoza at 402-544-5034 or respinoza@up.com



 

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-4-



Supplemental financial information is attached.





****

This presentation and related materials contain statements about the Company’s future that are not statements of historical fact, including specifically the statements regarding the Company’s expectations with respect to economic conditions; its ability to generate financial returns; improve resource productivity; enhancing the customer experience; implementing corporate strategies; and providing excellent service to its customers and returns to its shareholders.  These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934.  Forward-looking statements also generally include, without limitation, information or statements regarding:  projections, predictions, expectations, estimates or forecasts as to the Company’s and its subsidiaries’ business, financial, and operational results, and future economic performance;  and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.



Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved.  Forward-looking information, including expectations regarding operational and financial improvements and the Company’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement.  Important factors, including risk factors, could affect the Company’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements.  Information regarding risk factors and other cautionary information are available in the Company’s Annual Report on Form 10-K for 2017, which was filed with the SEC on February 9, 2018.  The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).  



Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made.  The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.  If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.  References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.



###

 

 


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited) 





 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Millions, Except Per Share Amounts and Percentages,

3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2018  2017 

%

 

 

2018  2017 

%

 

Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

     Freight revenues

$

5,558 

$

5,050  10 

%

 

$

15,997 

$

14,750 

%

     Other

 

370 

 

358 

 

 

 

1,078 

 

1,040 

 

Total operating revenues

 

5,928 

 

5,408  10 

 

 

 

17,075 

 

15,790 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

     Compensation and benefits*

 

1,262 

 

1,237 

 

 

 

3,776 

 

3,703 

 

     Fuel

 

659 

 

450  46 

 

 

 

1,891 

 

1,344  41 

 

     Purchased services and materials

 

632 

 

615 

 

 

 

1,861 

 

1,778 

 

     Depreciation

 

547 

 

528 

 

 

 

1,636 

 

1,573 

 

     Equipment and other rents

 

272 

 

275  (1)

 

 

 

803 

 

824  (3)

 

     Other

 

287 

 

230  25 

 

 

 

801 

 

709  13 

 

Total operating expenses

 

3,659 

 

3,335  10 

 

 

 

10,768 

 

9,931 

 

Operating Income

 

2,269 

 

2,073 

 

 

 

6,307 

 

5,859 

 

     Other income*

 

48 

 

90  (47)

 

 

 

48 

 

212  (77)

 

     Interest expense

 

(241)

 

(180) 34 

 

 

 

(630)

 

(531) 19 

 

Income before income taxes

 

2,076 

 

1,983 

 

 

 

5,725 

 

5,540 

 

Income taxes

 

(483)

 

(789) (39)

 

 

 

(1,313)

 

(2,106) (38)

 

Net Income

$

1,593 

$

1,194  33 

%

 

$

4,412 

$

3,434  28 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

     Earnings per share - basic

$

2.16 

$

1.50  44 

%

 

$

5.82 

$

4.27  36 

%

     Earnings per share - diluted

$

2.15 

$

1.50  43 

 

 

$

5.79 

$

4.26  36 

 

     Weighted average number of shares - basic

 

737.4 

 

794.5  (7)

 

 

 

758.1 

 

803.4  (6)

 

     Weighted average number of shares - diluted

 

740.9 

 

797.6  (7)

 

 

 

761.4 

 

806.5  (6)

 

     Dividends declared per share

$

0.80 

$

0.605  32 

 

 

$

2.26 

$

1.815  25 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Ratio*

 

61.7% 

 

61.7% 

 -

pts

 

 

63.1% 

 

62.9%  0.2 

pts

Effective Tax Rate

 

23.3% 

 

39.8%  (16.5)

pts

 

 

22.9% 

 

38.0%  (15.1)

pts



*Certain prior period amounts have been adjusted for the retrospective adoption of Accounting Standard Update 2017-07 related to the presentation of the components of net periodic pension and other postretirement benefit costs.



1


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited) 





 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2018  2017 

%

 

 

2018  2017 

%

 

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural Products

$

1,133 

$

1,072 

%

 

$

3,345 

$

3,230 

%

Energy

 

1,214 

 

1,204 

 

 

 

3,498 

 

3,285 

 

Industrial

 

1,497 

 

1,324  13 

 

 

 

4,274 

 

3,922 

 

Premium

 

1,714 

 

1,450  18 

 

 

 

4,880 

 

4,313  13 

 

Total

$

5,558 

$

5,050  10 

%

 

$

15,997 

$

14,750 

%

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural Products

 

285 

 

280 

%

 

 

849 

 

859  (1)

%

Energy

 

440 

 

448  (2)

 

 

 

1,246 

 

1,234 

 

Industrial

 

458 

 

419 

 

 

 

1,321 

 

1,249 

 

Premium [a]

 

1,133 

 

1,041 

 

 

 

3,250 

 

3,079 

 

Total

 

2,316 

 

2,188 

%

 

 

6,666 

 

6,421 

%

Average Revenue per Car

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural Products

$

3,973 

$

3,827 

%

 

$

3,939 

$

3,760 

%

Energy

 

2,757 

 

2,690 

 

 

 

2,807 

 

2,663 

 

Industrial

 

3,269 

 

3,159 

 

 

 

3,236 

 

3,140 

 

Premium

 

1,513 

 

1,392 

 

 

 

1,501 

 

1,401 

 

Average 

$

2,399 

$

2,307 

%

 

$

2,400 

$

2,297 

%



[a]

For intermodal shipments each container or trailer equals one carload.

2


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Financial Position (unaudited) 





 

 

 

 

 

 

 

 

 

 

Sep. 30,

Dec. 31,

Millions, Except Percentages

2018  2017 

Assets

 

 

 

 

     Cash and cash equivalents

$

1,810 

$

1,275 

     Short-term investments

 

90 

 

90 

     Other current assets

 

2,916 

 

2,641 

     Investments

 

1,887 

 

1,809 

     Net properties

 

52,210 

 

51,605 

     Other assets

 

399 

 

386 

Total assets

$

59,312 

$

57,806 

 

 

 

 

 

Liabilities and Common Shareholders' Equity

 

 

 

 

     Debt due within one year

$

1,468 

$

800 

     Other current liabilities

 

3,061 

 

3,139 

     Debt due after one year

 

20,943 

 

16,144 

     Deferred income taxes

 

11,270 

 

10,936 

     Other long-term liabilities

 

1,925 

 

1,931 

Total liabilities

 

38,667 

 

32,950 

Total common shareholders' equity

 

20,645 

 

24,856 

Total liabilities and common shareholders' equity

$

59,312 

$

57,806 





3


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)







 

 

 

 

 

 

 

 

 

Millions,

Year-to-Date

For the Periods Ended September 30,

2018  2017 

Operating Activities

 

 

 

 

     Net income

$

4,412 

$

3,434 

     Depreciation

 

1,636 

 

1,573 

     Deferred income taxes

 

312 

 

514 

     Other - net

 

14 

 

(123)

Cash provided by operating activities

 

6,374 

 

5,398 

Investing Activities

 

 

 

 

     Capital investments

 

(2,428)

 

(2,379)

     Purchases of short-term investments

 

(90)

 

(90)

     Maturities of short-term investments

 

90 

 

60 

     Other - net

 

(6)

 

149 

Cash used in investing activities

 

(2,434)

 

(2,260)

Financing Activities

 

 

 

 

     Share repurchase programs

 

(7,024)

 

(2,882)

     Debt issued

 

6,992 

 

2,285 

     Debt repaid

 

(1,807)

 

(471)

     Dividends paid

 

(1,716)

 

(1,460)

     Net issuance of commercial paper

 

195 

 

-

     Other - net

 

(45)

 

(40)

Cash used in financing activities

 

(3,405)

 

(2,568)

Net Change in Cash and Cash Equivalents

 

535 

 

570 

Cash and cash equivalents at beginning of year

 

1,275 

 

1,277 

Cash and Cash Equivalents at End of Period

$

1,810 

$

1,847 

Free Cash Flow*

 

 

 

 

     Cash provided by operating activities

$

6,374 

$

5,398 

     Cash used in investing activities

 

(2,434)

 

(2,260)

     Dividends paid

 

(1,716)

 

(1,460)

Free cash flow

$

2,224 

$

1,678 



*Free cash flow is a non-GAAP measure; however, we believe this measure is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing.



4


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Operating and Performance Statistics (unaudited) 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



3rd Quarter

 

Year-to-Date

For the Periods Ended September 30,

2018 

 

2017 

%

 

 

2018 

 

2017 

%

 

Operating/Performance Statistics 

 

 

 

 

 

 

 

 

 

 

 

     Gross ton-miles (GTMs) (millions)

240,183 

 

229,791 

%

 

698,050 

 

671,547 

%

     Employees (average)

42,323 

 

42,056 

 

 

42,057 

 

42,127 

 -

 

     GTMs (millions) per employee

5.67 

 

5.46 

 

 

16.60 

 

15.94 

 

 

 

 

 

 

 

 

 

 

 

 

 

Locomotive Fuel Statistics

 

 

 

 

 

 

 

 

 

 

 

     Average fuel price per gallon consumed

$       2.38 

 

$       1.77 

34 

%

 

$       2.27 

 

$       1.74 

30 

%

     Fuel consumed in gallons (millions)

266 

 

245 

 

 

803 

 

744 

 

     Fuel consumption rate*

1.109 

 

1.063 

 

 

1.151 

 

1.107 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAR Reported Performance Measures

 

 

 

 

 

 

 

 

 

 

 

     Average train speed (miles per hour)

24.0 

 

25.4  (6)

%

 

24.5 

 

25.5  (4)

%

     Average terminal dwell time (hours)

29.3 

 

30.0  (2)

 

 

30.6 

 

29.6 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Ton-Miles (Millions)

 

 

 

 

 

 

 

 

 

 

 

     Agricultural Products

25,911 

 

24,708 

%

 

76,992 

 

75,944 

%

     Energy

45,190 

 

46,032  (2)

 

 

129,154 

 

126,535 

 

     Industrial

25,899 

 

24,467 

 

 

75,939 

 

73,615 

 

     Premium

26,313 

 

23,763  11 

 

 

76,264 

 

71,777 

 

Total

123,313 

 

118,970 

%

 

358,349 

 

347,871 

%



*Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands. 



5


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited) 





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



2018

Millions, Except Per Share Amounts and Percentages,

1st Qtr 

2nd Qtr 

3rd Qtr 

Year-to-Date

Operating Revenues

 

 

 

 

 

 

 

 

     Freight revenues

$

5,122 

$

5,317 

$

5,558 

$

15,997 

     Other revenues

 

353 

 

355 

 

370 

 

1,078 

Total operating revenues

 

5,475 

 

5,672 

 

5,928 

 

17,075 

Operating Expenses

 

 

 

 

 

 

 

 

     Compensation and benefits

 

1,273 

 

1,241 

 

1,262 

 

3,776 

     Fuel

 

589 

 

643 

 

659 

 

1,891 

     Purchased services and materials

 

599 

 

630 

 

632 

 

1,861 

     Depreciation

 

543 

 

546 

 

547 

 

1,636 

     Equipment and other rents

 

266 

 

265 

 

272 

 

803 

     Other

 

266 

 

248 

 

287 

 

801 

Total operating expenses

 

3,536 

 

3,573 

 

3,659 

 

10,768 

Operating Income

 

1,939 

 

2,099 

 

2,269 

 

6,307 

     Other income/(expense)

 

(42)

 

42 

 

48 

 

48 

     Interest expense

 

(186)

 

(203)

 

(241)

 

(630)

Income before income taxes

 

1,711 

 

1,938 

 

2,076 

 

5,725 

Income taxes

 

(401)

 

(429)

 

(483)

 

(1,313)

Net Income

$

1,310 

$

1,509 

$

1,593 

$

4,412 

 

 

 

 

 

 

 

 

 

Share and Per Share

 

 

 

 

 

 

 

 

     Earnings per share - basic

$

1.69 

$

1.98 

$

2.16 

$

5.82 

     Earnings per share - diluted

$

1.68 

$

1.98 

$

2.15 

$

5.79 

     Weighted average number of shares - basic

 

776.4 

 

760.5 

 

737.4 

 

758.1 

     Weighted average number of shares - diluted

 

779.6 

 

763.7 

 

740.9 

 

761.4 

     Dividends declared per share

$

0.73 

$

0.73 

$

0.80 

$

2.26 

 

 

 

 

 

 

 

 

 

Operating Ratio

 

64.6% 

 

63.0% 

 

61.7% 

 

63.1% 

Effective Tax Rate

 

23.4% 

 

22.1% 

 

23.3% 

 

22.9% 



6


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited) 





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



2018



1st Qtr 

2nd Qtr 

3rd Qtr 

Year-to-Date

Freight Revenues (Millions)

 

 

 

 

 

 

 

 

Agricultural Products

$

1,098 

$

1,114 

$

1,133 

$

3,345 

Energy

 

1,173 

 

1,111 

 

1,214 

 

3,498 

Industrial

 

1,340 

 

1,437 

 

1,497 

 

4,274 

Premium

 

1,511 

 

1,655 

 

1,714 

 

4,880 

Total

$

5,122 

$

5,317 

$

5,558 

$

15,997 

Revenue Carloads (Thousands)

 

 

 

 

 

 

 

 

Agricultural Products

 

279 

 

285 

 

285 

 

849 

Energy

 

419 

 

387 

 

440 

 

1,246 

Industrial

 

411 

 

452 

 

458 

 

1,321 

Premium [a]

 

1,016 

 

1,101 

 

1,133 

 

3,250 

Total

 

2,125 

 

2,225 

 

2,316 

 

6,666 

Average Revenue per Car

 

 

 

 

 

 

 

 

Agricultural Products

$

3,942 

$

3,903 

$

3,973 

$

3,939 

Energy

 

2,799 

 

2,874 

 

2,757 

 

2,807 

Industrial

 

3,262 

 

3,178 

 

3,269 

 

3,236 

Premium

 

1,487 

 

1,503 

 

1,513 

 

1,501 

Average 

$

2,411 

$

2,389 

$

2,399 

$

2,400 



[a]

For intermodal shipments each container or trailer equals one carload.



7


 

 



UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP





Adjusted Debt / Adjusted EBITDA*





 

 

 

 



 

 

 

 

Millions, Except Ratios

Sep. 30,

Dec. 31,

for the Trailing Twelve Months Ended [a]

2018  2017 

Net income

$

11,690 

$

10,712 

Less:

 

 

 

 

Other income

 

81 

 

245 

Add:

 

 

 

 

Income tax expense/(benefit)

 

(3,873)

 

(3,080)

Depreciation

 

2,168 

 

2,105 

Interest expense

 

818 

 

719 

EBITDA

$

10,722 

$

10,211 

Interest on present value of operating leases

 

85 

 

98 

Adjusted EBITDA (a)

$

10,807 

$

10,309 

Debt

$

22,411 

$

16,944 

Net present value of operating leases

 

1,929 

 

2,140 

Unfunded pension and OPEB,  net of taxes of $137 and $238

 

452 

 

396 

Adjusted debt (b)

$

24,792 

$

19,480 

Adjusted debt / Adjusted EBITDA (b/a)

 

2.3 

 

1.9 



[a]

The trailing twelve months income statement information ended September 30, 2018 is recalculated by taking the twelve months ended December 31, 2017, subtracting the nine months ended September 30, 2017, and adding the nine months ended September 30, 2018.







 

 

 

 



 

 

 

 

*Total debt plus net present value of operating leases plus after-tax unfunded pension and OPEB obligation divided by net income less income tax benefit and other income plus depreciation, interest expense, and interest on present value of operating leases. Operating leases were discounted using 4.4% at September 30, 2018, and 4.6% at December 31, 2017. Adjusted debt to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and interest on present value of operating leases) is considered a non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company’s ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company’s credit rating. Adjusted debt to Adjusted EBITDA should be considered in addition to, rather than as a substitute for, net income. The table above provides reconciliations from net income to adjusted debt to adjusted EBITDA.











8


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