UP Still Produces Outstanding Operating Ratio and Free Cash Flow Margins Despite Weak Volumes
Union Pacific fourth-quarter carloads declined 3%, dropping in five of six reported freight commodities--only agriculture improved year on year (a strong 8%). The rail improved its operating ratio 1.2 basis points to 62.0% to complete the full year at 63.5%. After incorporating 2016 results and updating our near-term projections, we increased our fair value estimate by $3 per share to $113 chiefly due to lower budgeted 2017 capital expenditure and the time value of money.Coal volume declined 9%...
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.
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