Union Pacific Reports 2 for 1 Stock Split; Boosts Capital Spending to $4.1B in 2014
Union Pacific Corporation (NYSE: UNP) announced that its Board of Directors voted today to authorize a two-for-one stock split, distributed as a stock dividend. Shareholders of record on May 27, 2014, will receive one additional share of Union Pacific common stock for each common share they hold as of this record date. The stock dividend will be paid on June 6, 2014. This stock dividend will not change the proportionate interest that a shareholder maintains in the Company.
Today, the Board also declared a quarterly dividend of 91 cents per share (45.5 cents per share post-split) on its common stock, payable July 1, 2014, to shareholders of record on June 16, 2014. Union Pacific has paid dividends on its common stock for 115 consecutive years.
The Company also announced Board approval of an additional $150 million in capital expenditures this year, bringing the total 2014 capital spending plan to $4.1 billion. The additional capital will be used for equipment acquisitions, including 29 more locomotives, as well as additional capacity investment, targeting growth opportunities in the northern region of the railroad.
"We are investing in a future that has never been brighter for Union Pacific," said Jack Koraleski, Union Pacific chief executive officer. "With the strength of our franchise, and our ongoing commitment to safety, service, and efficiency, we are confident in our ability to continue to create value for our customers, and generate strong returns for our shareholders in the years ahead."
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. From 2004-2013, Union Pacific invested approximately $30 billion in its network and operations to support America's transportation infrastructure. The railroad's diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. 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.
Investor contact is Mike Staffenbeal, (402) 544-4227.
Media contact is Tom Lange, (402) 544-3560.
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