HUTCHINSON, Kan. — The earnings reports kicked off Thursday with Union Pacific Railroad releasing its third quarter earnings. Despite lower car loads and a drop in revenue, cost-saving measures and lower fuel prices propelled the nation's largest railroad to its best quarterly positive operating ratio in company history.
UP reported net income decreased 12% to $1.4 billion, or $2.01 per diluted share, from $1.6 billion, or $2.22 per diluted share, in the same quarter last year.
Operating revenue in the quarter fell 11% to $4.9 billion from a year ago. Third quarter business volumes, as measured by total revenue car loads, decreased 4%. Premium volumes increased compared to Q3 2019, while industrial and bulk declined, UP officials said in a press release.
UP operates about 25 trains per day in Reno County. ADM will be next in line to release its earnings. That happens Friday, Oct. 30.