Union Pacific Corporation reported its financial performance for the third quarter and the first nine months of 2024, highlighting significant revenue growth and improved profitability compared to the same periods in 2023. For Q3 2024, the company achieved total revenues of $6,091 million, a 2.5% increase from $5,941 million in Q3 2023. Freight revenues rose by 4% to $5,768 million, driven by a 6% increase in volume and core pricing gains, despite challenges such as a negative mix and lower fuel surcharge revenues.
The operating income for Q3 2024 was $2.4 billion, reflecting an 11% increase from $2.2 billion in Q3 2023. The operating ratio improved to 60.3%, a 3.1-point enhancement from the previous year, indicating better operational efficiency. Net income for Q3 2024 was reported at $1.7 billion, with earnings per diluted share rising to $2.75, compared to $2.51 in Q3 2023.
For the nine months ended September 30, 2024, total operating revenues reached $18,129 million, up from $17,960 million in the same period of 2023. Freight revenues for the nine months increased to $17,022 million from $16,770 million. The revenues from the Mexico business also saw growth, with Q3 2024 revenues at $724 million, up from $673 million in Q3 2023, and year-to-date revenues increasing to $2.3 billion from $2.1 billion.
Operating expenses decreased by 2% in Q3 2024, attributed to productivity improvements, lower fuel prices, and a prior year write-off, although inflation and volume-related costs partially offset these savings. The company reported a decrease in fuel expenses due to lower diesel prices, with average prices at $2.60 per gallon in 2024 compared to $3.12 in 2023.
Strategically, Union Pacific's capital plan for 2024 is approximately $3.4 billion, an 8% decrease from 2023, partly due to the previous year's acquisition of a small trucking and transload operator. The company continues to focus on enhancing infrastructure and operational efficiency, with planned investments aimed at increasing carloads and modernizing its locomotive fleet.
As of September 30, 2024, Union Pacific had $947 million in cash and cash equivalents, with total assets of $67,570 million and total liabilities of $50,986 million. The company remains compliant with its debt covenants and has sufficient liquidity to manage lower volumes, with $2.0 billion available under its revolving credit facility.
About UNION PACIFIC CORP
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