USA: Union Pacific has reported net income for 2019 of $5·9bn, down 1% year-on-year, and $8·38 per diluted share, up 6% from 2018. Operating revenue of $21·7bn was down from $22·8bn the previous year, with operating income flat at $8·6bn.

Freight revenue was down 5% at $20·2bn and car loadings down 6%, with growth in industrial volumes more than offset by fewer agricultural products, premium and energy shipments.

The operating ratio improved to a ‘best-ever’ 60·6, 2·1 points lower than 2018 thanks to three consecutive quarters with a figure below 60. Fuel consumption per tonne-km improved 2%, average wagon velocity was 335 km per day, a 6% improvement, and terminal dwell times improved 17% to 24·8 h.

However the reportable personal injury rate was up 11% at 0·9 incidents per 200 000 employee hours.

‘While we are pleased with our progress in providing a highly consistent, reliable and efficient service product for our customers, we must improve our safety results’, said Chairman, President & CEO Lance Fritz when UP’s full year results were released on January 23. ‘As always, we remain focused on growing the business and improving margins while driving shareholder returns.’