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Union Pacific Corp. Jan. 24 reported fourth-quarter net income of $275 million — a 20 percent jump compared with $229 million during the same 2000 period.
For 2001, net income increased 6 percent to $966 million compared with 2000’s $914 million.
UP’s operating ratio also showed quarterly and yearly improvement, hitting a record 79.7 in the fourth quarter and dropping 0.3 points to 81.4 for all of 2001.
"We've improved our productivity and efficiency to the point that we've driven the railroad's operating ratio below 80 percent for two consecutive quarters — and for the first time ever in the fourth quarter," said Dick Davidson, UP chairman and chief executive officer, in a prepared statement.
The railroad also increased fourth-quarter operating income 26 percent to $554 million compared with $438 million in the same 2000 period, and dropped fuel and utility costs 20 percent.
For the year, UP increased revenue 1 percent and employee productivity 7 percent.
"In a year in which we are seeing many companies reporting losses, we are proud to report our third consecutive year of increased earnings," said Davidson. "We are confident that our unparalleled franchise and growth strategy will position us well for 2002."