Union Pacific Reports Fourth Quarter and Full Year 2019 Results

Date : 01/23/2020 @ 1:00PM
Source : PR Newswire (US)
Stock : Union Pacific Corp (UNP)
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Union Pacific Reports Fourth Quarter and Full Year 2019 Results

Union Pacific (NYSE:UNP)
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OMAHA, Neb., Jan. 23, 2020 /PRNewswire/ -- Union Pacific Corporation (NYSE: UNP) today reported 2019 fourth quarter net income of $1.4 billion, or $2.02 per diluted share. This compares to $1.6 billion, or $2.12 per diluted share, in the fourth quarter 2018.

Union Pacific. (PRNewsFoto/Union Pacific) (PRNewsfoto/Union Pacific)

"Given the challenging volume environment, we leveraged strong productivity to deliver solid financial results including the third consecutive quarter with an operating ratio below 60 percent," said Lance Fritz, Union Pacific chairman, president and chief executive officer. "The work our employees are doing as part of Unified Plan 2020 has been transformational and key to providing a safe, reliable and consistent service product for our customers."

Fourth Quarter Summary

Operating revenue of $5.2 billion was down 9 percent in fourth quarter 2019, compared to fourth quarter 2018. Fourth quarter business volumes, as measured by total revenue carloads, decreased 11 percent compared to 2018. Industrial volumes were flat compared to 2018, while agricultural products, premium and energy shipments declined.  In addition:

  • Quarterly freight revenue declined 10 percent, compared to fourth quarter 2018, as core pricing gains and a positive business mix were offset by lower volumes and decreased fuel surcharge revenue.
  • Union Pacific's 59.7 percent operating ratio represented a fourth quarter record and the third consecutive quarter below 60 percent, improving 1.9 points compared to fourth quarter 2018.The $2.16 per gallon average quarterly diesel fuel price in fourth quarter 2019 was 7 percent lower than fourth quarter 2018.
  • Quarterly freight car velocity was 220 daily miles per car, a 5 percent improvement compared to fourth quarter 2018.
  • Terminal dwell was 23.3 hours, a 13 percent improvement compared to fourth quarter 2018.
  • The Company repurchased 3.6 million shares in fourth quarter 2019 at an aggregate cost of $599 million.

Summary of Fourth Quarter Freight Revenues

  • Industrial flat
  • Agricultural Products down 2 percent
  • Premium down 14 percent
  • Energy down 25 percent

2019 Full Year Summary

For the full year 2019, Union Pacific reported net income of $5.9 billion or $8.38 per diluted share, which represents a 1 percent decrease and 6 percent increase, respectively, when compared to 2018. 

Operating revenue totaled $21.7 billion compared to $22.8 billion in 2018.  Operating income totaled $8.6 billion, which was flat compared to 2018.  In addition:

  • Freight revenue totaled $20.2 billion, a 5 percent decrease compared to 2018.  Carloadings were down 6 percent versus 2018, with growth in industrial volumes more than offset by fewer agricultural products, premium and energy shipments.
  • Union Pacific's operating ratio improved to a best ever 60.6 percent, 2.1 points lower than 2018.
  • Average diesel fuel prices decreased 7 percent to $2.13 per gallon in 2019 from $2.29 per gallon in 2018.Fuel consumption rate, measured in gallons of fuel per thousand gross ton miles, improved 2% in 2019 compared to 2018.
  • Union Pacific recognized a payroll tax refund of $78.5 million, along with associated interest income of $31.3 million in 2019.
  • Freight car velocity was 208 daily miles per car, a 6 percent improvement compared to full year 2018.
  • Terminal dwell was 24.8 hours, a 17 percent improvement compared to full year 2018.
  • Union Pacific's reportable personal injury rate of 0.90 incidents per 200,000 employee hours increased 11 percent compared to full year 2018.
  • Union Pacific's capital program in 2019 totaled $3.2 billion.
  • Union Pacific repurchased 35 million shares in 2019 at an aggregate cost of $5.8 billion.

2020 Outlook

"While we are pleased with our progress in providing a highly consistent, reliable and efficient service product for our customers, we must improve our safety results," Fritz said. "As always, we remain focused on growing the business and improving margins while driving shareholder returns."

Fourth Quarter 2019 Earnings Conference Call

Union Pacific will webcast its fourth quarter 2019 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, January 23, 2020 at 8:45 a.m. Eastern Time. 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. The railroad's diversified business mix is classified into its Agricultural Products, Energy, Industrial and Premium business groups. 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.

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 and demand levels and its ability to improve network performance and customer service.  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 2018, which was filed with the SEC on February 8, 2019.  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,

4th Quarter


Full Year

 For the Periods Ended December 31,

2019

2018

%



2019

2018

%


 Operating Revenues














      Freight revenues

$

4,851

$

5,387

(10)

%


$

20,243

$

21,384

(5)

%

      Other


361


370

(2)




1,465


1,448

1


 Total operating revenues


5,212


5,757

(9)




21,708


22,832

(5)


 Operating Expenses














      Compensation and benefits


1,049


1,280

(18)




4,533


5,056

(10)


      Purchased services and materials


531


582

(9)




2,254


2,443

(8)


      Depreciation


559


555

1




2,216


2,191

1


      Fuel


512


640

(20)




2,107


2,531

(17)


      Equipment and other rents


230


269

(14)




984


1,072

(8)


      Other


231


221

5




1,060


1,022

4


 Total operating expenses


3,112


3,547

(12)




13,154


14,315

(8)


 Operating Income


2,100


2,210

(5)




8,554


8,517

-


      Other income


56


46

22




243


94

F


      Interest expense


(278)


(240)

16




(1,050)


(870)

21


 Income before income taxes


1,878


2,016

(7)




7,747


7,741

-


 Income taxes


(475)


(462)

3




(1,828)


(1,775)

3


 Net Income

$

1,403

$

1,554

(10)



$

5,919

$

5,966

(1)
















 Share and Per Share














      Earnings per share - basic

$

2.03

$

2.13

(5)

%


$

8.41

$

7.95

6

%

      Earnings per share - diluted

$

2.02

$

2.12

(5)



$

8.38

$

7.91

6


      Weighted average number of shares - basic


692.2


729.4

(5)




703.5


750.9

(6)


      Weighted average number of shares - diluted


694.9


732.9

(5)




706.1


754.3

(6)


      Dividends declared per share

$

0.97

$

0.80

21



$

3.70

$

3.06

21
















 Operating Ratio


59.7%


61.6%

(1.9)

pts



60.6%


62.7%

(2.1)

pts

 Effective Tax Rate


25.3%


22.9%

2.4




23.6%


22.9%

0.7


 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)
















4th Quarter


Full Year

 For the Periods Ended December 31,

2019

2018

%



2019

2018

%


 Freight Revenues (Millions)














 Agricultural Products

$

1,099

$

1,124

(2)

%


$

4,444

$

4,469

(1)

%

 Energy


838


1,110

(25)




3,761


4,608

(18)


 Industrial


1,407


1,405

-




5,796


5,679

2


 Premium


1,507


1,748

(14)




6,242


6,628

(6)


 Total

$

4,851

$

5,387

(10)

%


$

20,243

$

21,384

(5)

%

 Revenue Carloads (Thousands)














 Agricultural Products


270


275

(2)

%



1,091


1,124

(3)

%

 Energy


325


404

(20)




1,408


1,650

(15)


 Industrial


431


431

-




1,787


1,752

2


 Premium [a]


967


1,132

(15)




4,060


4,382

(7)


 Total


1,993


2,242

(11)

%



8,346


8,908

(6)

%

 Average Revenue per Car














 Agricultural Products

$

4,070

$

4,079

-

%


$

4,072

$

3,973

2

%

 Energy


2,573


2,748

(6)




2,671


2,793

(4)


 Industrial


3,268


3,258

-




3,244


3,241

-


 Premium


1,560


1,546

1




1,538


1,513

2


 Average 

$

2,435

$

2,403

1

%


$

2,425

$

2,400

1

%



[a]

For intermodal shipments, each container or trailer equals one carload.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Financial Position (unaudited)







Dec. 31,

Dec. 31,

 Millions, Except Percentages

2019

2018

 Assets





      Cash and cash equivalents

$

831

$

1,273

      Short-term investments


60


60

      Other current assets


2,568


2,830

      Investments


2,050


1,912

      Net properties


53,916


52,679

      Operating lease assets


1,812


-

      Other assets


436


393

 Total assets

$

61,673

$

59,147






 Liabilities and Common Shareholders' Equity





      Debt due within one year

$

1,257

$

1,466

      Other current liabilities


3,094


3,160

      Debt due after one year


23,943


20,925

      Operating lease liabilities


1,471


-

      Deferred income taxes


11,992


11,302

      Other long-term liabilities


1,788


1,871

 Total liabilities


43,545


38,724

 Total common shareholders' equity


18,128


20,423

 Total liabilities and common shareholders' equity

$

61,673

$

59,147






 Return on Average Common Shareholders' Equity


30.7%


26.4%

 Return on Invested Capital as Adjusted (ROIC)*


15.0%


15.1%



*

ROIC is a non-GAAP measure; however, management believes that it is an important measure in evaluating the efficiency and effectiveness of our long-term capital investments. See page 9 for a reconciliation to GAAP.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Cash Flows (unaudited)







 Millions,

Full Year

 For the Periods Ended December 31,

2019

2018

 Operating Activities





      Net income

$

5,919

$

5,966

      Depreciation


2,216


2,191

      Deferred income taxes


566


338

      Other - net


(92)


191

 Cash provided by operating activities


8,609


8,686






 Investing Activities





      Capital investments*


(3,453)


(3,437)

      Maturities of short-term investments


130


90

      Purchases of short-term investments


(115)


(90)

      Other - net


3


26

 Cash used in investing activities


(3,435)


(3,411)






 Financing Activities





      Share repurchase programs


(5,804)


(8,225)

      Debt issued


3,986


6,892

      Dividends paid


(2,598)


(2,299)

      Debt repaid


(817)


(1,736)

      Debt exchange


(387)


-

      Net issuance of commercial paper


(6)


194

      Other - net


(20)


(48)

 Cash used in financing activities


(5,646)


(5,222)






 Net Change in Cash, Cash Equivalents and Restricted Cash


(472)


53

 Cash, cash equivalents and restricted cash at beginning of year


1,328


1,275

 Cash, Cash Equivalents and Restricted Cash at End of Year

$

856

$

1,328






 Free Cash Flow**





      Cash provided by operating activities

$

8,609

$

8,686

      Cash used in investing activities


(3,435)


(3,411)

      Dividends paid


(2,598)


(2,299)

 Free cash flow

$

2,576

$

2,976



*

Capital investments include locomotive and freight car early lease buyouts of $290 million in both 2019 and 2018.



**

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.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Operating and Performance Statistics (unaudited)












4th Quarter


Full Year

 For the Periods Ended December 31,

2019

2018

%



2019

2018

%


 Operating/Performance Statistics 










      Freight car velocity (daily miles per car) [a]

220

209

5

%


208

196

6

%

      Average train speed (miles per hour) [a] *

26.2

26.0

1



25.1

26.1

(4)


      Average terminal dwell time (hours) [a] *

23.3

26.9

(13)



24.8

29.8

(17)


      Locomotive productivity (GTMs per horsepower day)

126

111

14



120

106

13


      Gross ton-miles (GTMs) (millions)

200,801

230,537

(13)



846,616

928,587

(9)


      Workforce productivity (car miles per employee)

874

840

4



857

839

2


      Employees (average)

34,563

41,696

(17)



37,483

41,967

(11)












 Locomotive Fuel Statistics










      Average fuel price per gallon consumed

$ 2.16

$ 2.33

(7)

%


$ 2.13

$ 2.29

(7)

%

      Fuel consumed in gallons (millions)

228

265

(14)



953

1,068

(11)


      Fuel consumption rate**

1.140

1.148

(1)



1.126

1.150

(2)












 Revenue Ton-Miles (Millions)










      Agricultural Products

23,560

24,767

(5)

%


96,365

101,759

(5)

%

      Energy

29,483

40,891

(28)



134,751

170,045

(21)


      Industrial

24,237

24,530

(1)



99,171

100,469

(1)


      Premium

22,652

25,420

(11)



93,146

101,684

(8)


 Total

99,932

115,608

(14)

%


423,433

473,957

(11)

%



[a]

Prior years have been recast to conform to the current year presentation.



*

Surface Transportation Board reported performance measures. 



**

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

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)













2019

 Millions, Except Per Share Amounts and Percentages,

1st Qtr 

2nd Qtr 

3rd Qtr 

4th Qtr 

Full Year 

 Operating Revenues











      Freight revenues

$

5,010

$

5,236

$

5,146

$

4,851

$

20,243

      Other


374


360


370


361


1,465

 Total operating revenues


5,384


5,596


5,516


5,212


21,708

 Operating Expenses











      Compensation and benefits


1,205


1,145


1,134


1,049


4,533

      Purchased services and materials


576


573


574


531


2,254

      Depreciation


549


551


557


559


2,216

      Fuel


531


560


504


512


2,107

      Equipment and other rents


258


260


236


230


984

      Other


305


247


277


231


1,060

 Total operating expenses


3,424


3,336


3,282


3,112


13,154

 Operating Income


1,960


2,260


2,234


2,100


8,554

      Other income


77


57


53


56


243

      Interest expense


(247)


(259)


(266)


(278)


(1,050)

 Income before income taxes


1,790


2,058


2,021


1,878


7,747

 Income taxes


(399)


(488)


(466)


(475)


(1,828)

 Net Income

$

1,391

$

1,570

$

1,555

$

1,403

$

5,919












 Share and Per Share











      Earnings per share - basic

$

1.94

$

2.23

$

2.22

$

2.03

$

8.41

      Earnings per share - diluted

$

1.93

$

2.22

$

2.22

$

2.02

$

8.38

      Weighted average number of shares - basic


716.8


705.5


699.3


692.2


703.5

      Weighted average number of shares - diluted


719.5


708.0


701.9


694.9


706.1

      Dividends declared per share

$

0.88

$

0.88

$

0.97

$

0.97

$

3.70












 Operating Ratio


63.6%


59.6%


59.5%


59.7%


60.6%

 Effective Tax Rate


22.3%


23.7%


23.1%


25.3%


23.6%

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)













2019


1st Qtr 

2nd Qtr 

3rd Qtr 

4th Qtr 

Full Year 

 Freight Revenues (Millions)











 Agricultural Products

$

1,067

$

1,155

$

1,123

$

1,099

$

4,444

 Energy


982


966


975


838


3,761

 Industrial


1,410


1,494


1,485


1,407


5,796

 Premium


1,551


1,621


1,563


1,507


6,242

 Total

$

5,010

$

5,236

$

5,146

$

4,851

$

20,243

 Revenue Carloads (Thousands)











 Agricultural Products


259


284


278


270


1,091

 Energy


358


351


374


325


1,408

 Industrial


429


460


467


431


1,787

 Premium [a]


1,041


1,042


1,010


967


4,060

 Total


2,087


2,137


2,129


1,993


8,346

 Average Revenue per Car











 Agricultural Products

$

4,123

$

4,057

$

4,042

$

4,070

$

4,072

 Energy


2,740


2,753


2,613


2,573


2,671

 Industrial


3,292


3,242


3,178


3,268


3,244

 Premium


1,489


1,557


1,546


1,560


1,538

 Average 

$

2,401

$

2,450

$

2,417

$

2,435

$

2,425



[a]

For intermodal shipments, each container or trailer equals one carload.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP


 Adjusted Debt / Adjusted EBITDA*







Millions, Except Ratios

Dec. 31,

Dec. 31,

Dec. 31,

for the Twelve Months Ended

2019

2018

2017

 Net income

$

5,919

$

5,966

$

10,712

 Add:







 Income tax expense/(benefit)


1,828


1,775


(3,080)

 Depreciation


2,216


2,191


2,105

 Interest expense


1,050


870


719

 EBITDA

$

11,013

$

10,802

$

10,456

 Adjustments:







 Other income


(243)


(94)


(245)

 Interest on operating lease liabilities**


68


84


98

 Adjusted EBITDA

$

10,838

$

10,792

$

10,309

 Debt

$

25,200

$

22,391

$

16,944

 Operating lease liabilities***


1,833


2,271


2,140

 Unfunded pension and OPEB, net of taxes of $124, $135, and $238


400


456


396

 Adjusted debt

$

27,433

$

25,118

$

19,480

 Adjusted debt / Adjusted EBITDA


2.5


2.3


1.9



*

Total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB obligation divided by net income plus income tax expense, depreciation, amortization, interest expense and adjustments for other income and interest on operating lease liabilities. Adjusted debt to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, other income and interest on operating lease liabilities) 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. At December 31, 2019 and December 31, 2018, the incremental borrowing rate on operating leases was 3.7%. At December 31, 2017, operating leases were discounted using our effective interest rate on debt of 4.6%.



**

Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.



***

Effective January 1, 2019, the Company adopted Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases.  ASU 2016-02 requires companies to recognize lease assets and lease liabilities on the balance sheet.  Prior to adoption, the present value of operating leases was used in this calculation.

 

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Non-GAAP Measures Reconciliation to GAAP








 Return on Average Common Shareholders' Equity














 Millions, Except Percentages

2019

2018

2017

 Net income

$

5,919

$

5,966

$

10,712

 Average equity

$

19,276

$

22,640

$

22,394

 Return on average common shareholders' equity


30.7%


26.4%


47.8%








 Return on Invested Capital as Adjusted (ROIC)*











 Millions, Except Percentages

2019

2018

2017

 Net income

$

5,919

$

5,966

$

10,712

 Interest expense


1,050


870


719

 Interest on average operating lease liabilities


76


82


105

 Taxes on interest


(266)


(218)


(309)

 Net operating profit after taxes as adjusted

$

6,779

$

6,700

$

11,227

 Average equity

$

19,276

$

22,640

$

22,394

 Average debt


23,796


19,668


15,976

 Average operating lease liabilities


2,052


2,206


2,288

 Average invested capital as adjusted

$

45,124

$

44,514

$

40,658

 Return on invested capital as adjusted


15.0%


15.1%


27.6%



*

ROIC 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 efficiency and effectiveness of our long-term capital investments. In addition, we currently use ROIC as a performance criteria in determining certain elements of equity compensation for our executives. ROIC should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The most comparable GAAP measure is Return on Average Common Shareholders' Equity. The tables above provide reconciliations from return on average common shareholders' equity to ROIC. At December 31, 2019 and December 31, 2018, the incremental borrowing rate on operating leases was 3.7%. At December 31, 2017, operating leases were discounted using our effective interest rate on debt of 4.6%.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/union-pacific-reports-fourth-quarter-and-full-year-2019-results-300991852.html

SOURCE Union Pacific Corporation

Copyright 2020 PR Newswire

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