Union Pacific reports fourth quarter and full year 2020 results.
David C. Lester
Union Pacific Corporation today reported 2020 fourth quarter net income of $1.4 billion, or $2.05 per diluted share. These results include a previously announced $278 million pre-tax, non-cash impairment charge. Excluding the effects of that charge, adjusted fourth quarter net income was $1.6 billion, or $2.36 per diluted share. This compares to $1.4 billion, or $2.02 per diluted share, in the fourth quarter 2019.
“These outstanding results demonstrate the true potential of our franchise as we leveraged all three profitability drivers simultaneously – volume growth, productivity, and pricing – to produce record fourth quarter results,” said Lance Fritz, Union Pacific chairman, president, and chief executive officer. “The women and men of Union Pacific persevered throughout the pandemic to provide our customers with a safe, reliable, and consistent service product.”
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With inauguration in the rear-view mirror, Wall Street returns today to the business at hand: A long list of earnings reports and the latest word on unemployment claims.
We’ll get to earnings below. First off, weekly initial jobless claims offered a little good news and some bad. On the negative side, they’re still too high at 900,000, and above many Wall Street estimates. The good news is that last week’s big number got revised downward slightly. This metric just stubbornly refuses to fall, but maybe if more states come out of lockdown we’ll see improvement in coming weeks.