Union Pacific Corp. (BBB-/Positive/A-3) today announced net income for the first quarter of 2002 of $222 million, up from $181 million for the same period in 2001. Standard & Poor's rating and outlook on Union Pacific are not affected. Union Pacific's first-quarter operating income was $499 million, up 14% from a year earlier, on a 1% rise in revenues to $2.97 billion. Intermodal revenues were up 1% for the quarter, reflecting improved pricing on flat volume. Automotive revenues also rose, with higher volume more than offsetting lower pricing. Revenues from energy declined, with lower pricing more than offsetting higher volume. The company's operating ratio (operating expenses to revenues) improved to 81.6% from 83.8% a year earlier. Operating income benefited as
