Union Pacific Expects $70 Million Charge From Crew Staffing Agreement
14 June 2023 - 12:02AM
Dow Jones News
By Dean Seal
Union Pacific said it is expecting to incur a one-time, pre-tax
expense of about $70 million in the second quarter from the
ratification of a crew-staffing union agreement.
The Omaha, Neb.-based railroad company said in a securities
filing that the charge will raise its operating ratio for the
second quarter by 120 basis points.
The added expense, combined with lower business volumes and
higher operating costs, are expected to push Union Pacific's
operation ratio for 2023 above 2022 levels, the company said.
Union Pacific also said Tuesday that a recent change in
Nebraska's state income tax rate is expected to add almost $75
million in after-tax income for the second quarter.
Shares were half a percentage point higher at $200 in premarket
trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 13, 2023 09:47 ET (13:47 GMT)
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