On June 4, the RCR Taylor Logistics Park Groundbreaking Reception was held to celebrate the development of the dual Class I-served industrial, 752-acre park, located close to the Austin, Texas MSA.
Carloads for grain and motor vehicles have risen in recent weeks, a sign that the rail volumes could potentially be past their bottoming out, according to Union Pacific (NYSE: UNP) CEO Lance Fritz.
Union Pacific on May 8, 2020 shut down its Cold Connect service for perishables traffic from the West Coast to the East Coast. Cold Connect began in January 2017 with the acquisition from Railex of three cold storage and distribution facilities in Delano, Calif.; Wallula, Wash.; and Rotterdam, N.Y.
Union Pacific is furloughing the majority of workers at its Jenks Locomotive Facility in North Little Rock, Ark., and temporarily closing the facility. These actions are directly related to the drop in business brought about by the coronavirus pandemic.
Union Pacific reported an all-time best operating ratio of 59% in 2020’s first quarter, based on net income of $1.5 billion, or $2.15 per diluted share. This compares to $1.4 billion, or $1.93 per diluted share, in first-quarter 2019. “Against the backdrop of the emerging COVID-19 pandemic and a challenging volume environment, we leveraged productivity to deliver strong financial results,” said Chairman, President and CEO Lance Fritz. “We also made substantial improvement in employee safety, which is a testament to our dedicated employees. Our rail network has never run better, providing a safer, more reliable and efficient service product to our customers.”
Every Union Pacific non-agreement employee has been hit with a RULA—“Required Unpaid Leave of Absence”—consisting of one week of unpaid leave during May, June, July and August; executives and board members will take a 25% pay reduction over that same time period, UP Chairman, President and CEO Lance Fritz said on April 21.
Editor’s Note: The following story was posted on the Community area of the Union Pacific website. It is shared here in its entirety, with permission. We think it presents a useful example of what the rail industry is doing as an essential service in the national supply chain, in the midst of the COVID-19 pandemic. — William C. Vantuono
Listen to Railway Age Editor-in-Chief William C. Vantuono’s March 2020 interview with Union Pacific Chief Operating Officer Jim Vena on Unified Plan 2020, UP’s version of PSR, Precision Scheduled Railroading, and how
Union Pacific (UP) today reported 4Q19 net income of $1.4 billion, or $2.02 per diluted share. This compares to $1.6 billion, or $2.12 per diluted share, in the 4Q18.
Union Pacific recently completed Positive Train Control (PTC) implementation, activating its final track segment. The technology is now implemented on all the company’s federally mandated rail lines, including required passenger train routes. Union Pacific will continue working with partner railroads on their interoperability efforts, ensuring seamless operation onto the company’s tracks.