Company Reports

Class I railroad Union Pacific's second-quarter revenue grew 12% year over year on strong intermodal growth, higher carloads, and high-single-digit all-in yield gains (surging fuel surcharges, positive core pricing). Adjusted margin fell, due mostly to fuel noise.

Over the past six years, all the railroads were confronted with the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due to the more efficient use of assets.

Class-I railroad Union Pacific's first-quarter revenue grew 3% year over year on higher all-in yield (healthy core pricing, favorable mix, higher fuel surcharges), partly offset by tough international intermodal comps and lower auto volumes. Adjusted margin gains resumed in the quarter.

Over the past six years, all the railroads confronted with the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due to the more efficient use of assets.

Over the past six years, all the railroads confronted with the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due to the more efficient use of assets.

Over the past six years, all the railroads confronted with the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due to the more efficient use of assets.

Class-I railroad Union Pacific's fourth-quarter revenue fell 1% year over year on difficult comps for intermodal, only partly offset by solid core pricing and favorable mix (lower international intermodal activity). Adjusted operating profitability deteriorated due to rising cost inflation.

Class I railroad Union Pacific's third-quarter revenue grew 2.5% year over year on higher core pricing and a swing to favorable mix (international intermodal activity is now falling), as volume was flat. Adjusted operating profitability showed continued improvement on a year-over-year basis.

Over the past six years, all the railroads confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due to the more efficient use of assets.

Over the past six years, all the railroads confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at the Canadian railroads. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due in part to more-efficient use of assets.

Union Pacific struck an agreement to acquire Eastern peer Norfolk Southern for $320 per share, though the transaction still faces significant regulatory hurdles. The announcement was expected as UP management recently clarified that it's been in "advanced" merger talks.

Class-I railroad Union Pacific's second-quarter revenue was up 2% year over year on higher consolidated volumes, as all-in yield was roughly flat. Adjusted operating profitability showed solid improvement on both a sequential and year over year basis.

Over the past six years, all the railroads confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at Canadian National and Canadian Pacific. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due in part to more-efficient use of locomotive assets and labor.

According to The Wall Street Journal's sources, Union Pacific may be in preliminary talks with eastern Class-I railroad Norfolk Southern about a potential acquisition, though a deal is far from certain, especially given regulatory hurdles.

Class-I railroad Union Pacific's first-quarter revenue was flat year over year as all-in yield (revenue per carload) declines offset higher volumes. Yield pressure stems from mix, lower fuel surcharges, and truckload competition for intermodal, though core merchandise pricing gains remain solid.

Over the past six years, all the railroads confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at Canadian National and Canadian Pacific. Union Pacific launched its PSR efforts in late 2018. PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due in part to more-efficient use of locomotive assets and labor.

US President Donald Trump announced sweeping tariffs on all US imports. For the North American Class-I railroads, the key threat is tariffs' impact on macroeconomic growth in terms of US real goods spending (for intermodal volumes) and industrial production (for carload volumes).

Over the past six years, all the railroads have confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at Canadian National and Canadian Pacific. Union Pacific was no exception, launching its PSR efforts in late 2018. Generally speaking, PSR has proved to be an optimal path to greater network efficiency and higher incremental margins, due in part to more-efficient use of locomotive assets and labor.

Class-I railroad Union Pacific's fourth-quarter top line fell 1% year over year on lower fuel surcharges and mix (both of which hit yield). Otherwise, total volume grew 5% and core pricing remained positive. Despite yield headwinds, profitability once again posted solid improvement.

Since 2018, all the railroads have confronted the push to implement precision scheduled railroading, if they hadn’t already. Shareholders demanded it, motivated by PSR’s success at Canadian National and Canadian Pacific. Union Pacific is no exception, launching its PSR efforts in late 2018. Its operating ratio (expenses/revenue) was in a better position than other railroads when its rollout started, but PSR has proved to be the surest path to greater network efficiency and higher incremental margins.