Union Pacific (NYSE: UNP) reported Q4 EPS of $2.36, $0.14 better than the analyst estimate of $2.22. Revenue for the quarter came in at $5.14 billion versus the consensus estimate of $5.08 billion.

Fourth Quarter Summary

Operating revenue of $5.1 billion was down 1% in fourth quarter 2020 compared to fourth quarter 2019. Fourth quarter business volumes, as measured by total revenue carloads, increased 3% compared to 2019. Premium volumes increased compared to 2019, while bulk was flat and industrial declined. In addition:

• Quarterly freight revenue declined 1% compared to fourth quarter 2019, as volume growth and core pricing gains were more than offset by decreased fuel surcharge revenue and a less favorable business mix.
• Union Pacific's 61.0% reported operating ratio when adjusted for the impairment charge is an all-time quarterly record of 55.6%, 410 basis points lower than fourth quarter 2019. Lower fuel prices positively impacted the operating ratio by 90 basis points.
• Quarterly freight car velocity was 223 daily miles per car, a 1% improvement compared to fourth quarter 2019.
• Quarterly locomotive productivity was 142 gross ton-miles per horsepower day, a 13% improvement compared to fourth quarter 2019.
• Quarterly workforce productivity was 1,032 car miles per employee, an 18% improvement compared to fourth quarter 2019.
• Average maximum train length was 9,154 feet, a 12% increase compared to fourth quarter 2019.
• The Company repurchased 3.8 million shares in fourth quarter 2020 at an aggregate cost of $749 million.

"These outstanding results demonstrate the true potential of our franchise as we leveraged all three profitability drivers simultaneously – volume growth, productivity, and pricing – to produce record fourth quarter results," said Lance Fritz, Union Pacific chairman, president, and chief executive officer. "The women and men of Union Pacific persevered throughout the pandemic to provide our customers with a safe, reliable, and consistent service product."

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