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UP awards $5.3 million in community grants

Rail News Home Union Pacific Railroad 10/22/2019 Rail News: Union Pacific Railroad
image Union Pacific's Community Ties Giving Program has awarded more than $5.3 million in local grants to nearly 600 nonprofit organizations in 23 states, the Class I announced yesterday.The grants provide funding in UP's priority cause areas: safety, workforce development and community spaces, while a smaller portion is allocated to assist communities with local needs across the railroad's system."By investing in high-quality nonprofits and programs in these cause areas, where our employees live and work, we achieve a step toward our mission of service while helping communities grow and prosper," said UP Foundation President Scott Moore in a press release.Local grants provide funding ranging from $2,500 to $25,000 to local organizations. Recipients are selected through a competitive application process. The next local grant application period will run April through May 2020.

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Slower freight-rail volume hit UP's bottom line in Q3

Rail News Home Union Pacific Railroad 10/17/2019 Rail News: Union Pacific Railroad
image Union Pacific Railroad's third-quarter 2019 earnings were weaker than expected by Wall Street analysts, as freight-rail volumes continued to decline in a slower economy.The Class I reported today that net income for the quarter was $1.6 billion, or $2.22 diluted earnings per share (EPS), compared to $1.6 billion, or $2.15 per diluted share, in the same period a year ago, UP officials said today in a press release.The railroad's EPS for the quarter missed Wall Street's consensus estimate of $2.33, according to Benjamin Hartford, senior research analyst at Robert W. Baird & Co. Inc. Baird's Q3 estimate for UP was $2.29.UP posted an operating ratio of 59.5 percent for the quarter, a 2.2 point-improvement over the same period last year and a quarterly record for the Class I. Operating income fell 2 percent to $2.2 billion and operating revenue dropped 7 percent to $5.5 billion compared to Q3 2018's numbers."Given the challenging volume environment we delivered solid third-quarter financial results, including an all-time best quarterly operating ratio of 59.5 percent," said UP Chairman, President and Chief Executive Officer Lance Fritz. "The work our employees are doing as part of Unified Plan 2020 is foundational to the company's success and I am confident there are additional improvement opportunities going forward for our customers and shareholders."UP's Q3 freight revenue declined 7 percent, as core pricing gains were offset by lower volumes, decreased fuel surcharge revenue and negative mix. Specifically, agricultural products revenue declined 1 percent; industrial was down 1 percent; premium, down 9 percent; and energy, down 20 percent.For the rest of 2019, UP will continue to build on the successes of its operating plan, Unified Plan 2020, Fritz said."We remain squarely focused on driving long-term shareholder value by appropriately investing in the railroad and returning excess cash to our shareholders," he said.

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UP shuffles roles in marketing and sales, Loup Logistics

Rail News Home Union Pacific Railroad 9/30/2019 Rail News: Union Pacific Railroad
image Union Pacific Railroad last week announced four appointments affecting marketing and sales.Effective immediately, Jacque Bendon has been named vice president of industrial products; Kari Kirchhoefer, VP of Loup Logistics; Seana Fairchild, assistant VP of industrial products; and Elise Gosch, general director of strategic planning and communications, UP officials said in a press release.Bendon, previously AVP of industrial products, marketing and sales, succeeds Kirchhoefer. Bendon has worked for UP in various roles for 21 years, having begun her career in corporate audit. She's held leadership positions in the industrial products, chemicals and UP distribution services departments.Kirchhoefer, previously vice president of industrial products, marketing and sales, succeeds Shawntell Kroese as VP of Loup Logistics. Kirchhoefer has served UP for more than 26 years and held leadership positions in the chemicals, streamline, automotive and agriculture products departments, and in the market development and sales center.Succeeding Bendon is Fairchild, who previously was general director of strategic planning and communications, marketing and sales. Fairchild joined UP 15 years ago, and has held roles in the commercial strategy, customer experience, intermodal, chemicals and tax departments.Previously senior director of commercial strategy and pricing, Gosch succeeds Fairchild. Gosch has been with UP for more than 15 years and held roles in the distribution services, agriculture products, industrial products, intermodal departments, and in the market development and sales center.

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UP CFO Knight to retire; Hamann named successor

Rail News Home Union Pacific Railroad 9/27/2019 Rail News: Union Pacific Railroad
image UP CFO Rob Knight will retire Dec. 31.Photo – up.com

Union Pacific Chief Financial Officer Rob Knight will retire on Dec. 31, the Class I announced yesterday. Jennifer Hamann will succeed him effective Jan. 1, 2020.

Knight joined UP in 1980 and held numerous leadership positions prior to being named CFO in 2004. During his tenure as CFO, he led many initiatives that helped the company earn the highest market capitalization of any North American transportation company, UP officials said in a press release.

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Union Pacific aims to address barriers for women in rail

Beth Whited, Union Pacific executive vice president and chief human resources officer.Photo – Union Pacific

By Vesna Brajkovic, Associate Editor

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