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The infers devilray following table tropicana field event indicates reconcilessecond quarter 2009 net income and diluted earnings per share, excluding theland sale, to net income and diluted earnings per share: Dollars in millions, except per share amountsSecond Quarter 2009 2008%Net Income As reported$ 468$531 (12)RTD Land Sale(72)- - Adjusted $ 396$531 (25) Diluted EPSAs reported$ 0.92 $1.02(10)RTD Land Sale(0.14)- - Adjusted $ 0.78 $1.02(24) About Union PacificUnion Pacific Corporation owns one of America`s leading transportationcompanies. "Despite these economic challenges, we are dedicated torunning a safe and productive network, maintaining our competitive advantagesthat come from excellent customer service and being a fuel efficient and anenvironmentally friendly railroad." Non-GAAP ReconciliationThe second quarter 2009 adjusted net income of $396 million and diluted earningsper share of $0.78, which excludes the June land sale to Colorado`s RegionalTransportation District, are non-GAAP measures. Management believes thesemeasures provide an alternative presentation of results that more accuratelyreflect on-going Company operations, without the distorting effect of the landsale. * Automotive was down 54 percent.Outlook"Although we expect it will be some time before the economy recovers, it appearsthat volume levels may have hit the bottom as the economy seems to havestabilized," Young said. Thisimprovement reflected productivity and operational improvements as well as lowervolumes.
* In June 2009, the Company closed a land sale to Colorado`s RegionalTransportation District, resulting in a $116 million pre-tax gain, adding $72million to net income.Summary of Second Quarter Freight Revenues* Agricultural was down 21 percent * Energy was down 22 percent * Intermodal was down 23 percent * Chemicals was down 24 percent * Industrial Products was down 39 percent devilrays . * Union Pacific`s Customer Satisfaction Index improved 4 points to 87, matchingthe Company`s best quarterly mark tropicana field events . * Quarterly train speed, as reported to the Association of American Railroads,was 27.4 mph, up nearly 5 mph or 20 percent versus the second quarter 2008 tropicana field event . A semi-annual actuarial studyidentified continued safety improvements and lower estimated settlement costs,resulting in a $38 million casualty expense reduction year-over-year tropicana field events .
Union Pacific`s ongoing safety performance contributed about 1 point tothe quarterly operating ratio improvement devilrays baseball . * Second quarter 2009 operating ratio improved 2.3 points to 77.3 percent, inpart as a result of the Company`s on-going efficiency initiatives and pricinggains tropicana field event . The secondquarter 2009 fuel consumption rate, measured by gallons per thousand grosston-miles, declined 6 percent to a quarterly best rate of 1.142 tropicana field events . Lowerfuel surcharge revenue in the second quarter, down over $500 millionyear-over-year, contributed to this decline tropicana field event . * Quarterly diesel fuel prices decreased 56 percent from an average of $3.60 pergallon in the second quarter 2008 to an average of $1.57 per gallon. Reflecting lower volumes, year-over-year freightrevenues declined 28 percent to $3.1 billion in the second quarter 2009.
Second quarter 2009 operating revenues totaled $3.3 billion versus $4.6billion in the second quarter 2008 devilrays tickets . In addition:* Business volumes, as measured by total revenue carloads, were down 22 percentversus the second quarter 2008 tropicana field events . "This performance demonstrates ourunrelenting focus on safety, productivity and customer service, which helpeddrive lower costs and improved returns." Second Quarter SummaryThe continued weak global economy affected all six of Union Pacific`s businessgroups tropicana field event . "Union Pacific produced solid second quarter results despite a businessenvironment that continues to be extremely challenging," said Jim Young, UnionPacific chairman and chief executive officer tropicana field events . Included in the secondquarter 2009 net income is $72 million, or $0.14 per diluted share, related to aJune land sale to Colorado`s Regional Transportation District. Second Quarter 2009 Highlights* Operating income totaled $751 million, down 19 percent.* Net income declined 12 percent to $468 million.* On-going efficiency and pricing gains contributed to a record second quarteroperating ratio of 77.3 percent.* Average quarterly diesel fuel prices decreased 56 percent to $1.57 per gallon.* Customer Satisfaction Index of 87 tied a quarterly best, up 4 points.OMAHA, Neb.--(Business Wire)--Union Pacific Corporation (NYSE: UNP) today reported 2009 second quarter netincome of $468 million, or $0.92 per diluted share, compared to $531 million, or$1.02 per diluted share for the second quarter 2008. and funded by Austin Ventures, El Dorado Ventures, and NorwestVenture Partners.
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