Core price and OR deteriorate
Q417 EPS of $1.53 were slightly below both AE/consensus at $1.54. The result was driven by a YoY OR deterioration of ~60bps, which offset otherwise very strong revenue performance which came in ahead of both AE/consensus. FY18 guidance is for LSD volume growth and continued margin expansion, aided by ~$325m in productivity improvements. The company expects its book/cash tax rates to be 25% and ~17-18% in FY18, driving ~$1bn in additional FCF.Union Pacific, through its operating subsidiary, Union Pacific Railroad Company, is a Class I railroad operating in the United States. The company's network included route miles, linking Pacific Coast and Gulf Coast ports with the Midwest and eastern United States. gateways and providing several corridors to key Mexican gateways. The company serves the western two-thirds of the country and maintains coordinated schedules with other rail carriers for the handling of freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. The company's business mix includes agricultural products, energy, industrial, and premium.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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