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Union Pacific (NYSE:UNP) reached a quarterly record for its operating ratio (OR) even though third-quarter profit was flat compared to the same period in 2018.
UNP's third-quarter OR was 59.5%, which is an "all-time best" quarterly operating ratio for the company and lower than the 61.7% in the third quarter of 2018. Operating ratios can be a measure of a company's profitability, with a lower percentage implying higher profitability.
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Third-quarter net profit was $1.6 billion, or $2.22/diluted share, compared with $1.6 billion, or $2.15/diluted share, in the same period in 2018.
Source: Union Pacific
Operating revenues fell 7% to $5.5 billion in the third quarter amid an 8% decrease in revenue carloads. Although industrial volumes were higher, declines in agricultural products, premium and energy volumes muted overall carload growth.
Meanwhile, expenses fell 10% to $3.3 billion, compared with nearly $3.7 billion in the third quarter of 2018.
Source: Union Pacific
Performance metrics were mixed in the third quarter. While freight car velocity rose 10% to 213 daily miles per car, average train speed fell 1% to 23.7 miles per hour. But average terminal dwell time, which is the amount of time a train spends at a terminal, fell 20% to 23.4 hours.
UNP leadership conducted an earnings call that started at 8:45 am EDT.
Image Sourced from Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.