NEW YORK (Standard & Poor's) Jan. 25, 2005--Union Pacific Corp. (BBB/Positive/A-2) yesterday reported fourth-quarter 2004 earnings from continuing operations of $79 million ($233 million before a noncash charge for unasserted asbestos claims), a significant decline from the $333 million reported in the fourth quarter of 2003. For the full year of 2004, the company reported $604 million in earnings from continuing operations ($758 million before the asbestos charge), compared with $1 billion in 2003. In addition, the company announced that the recent storms in California and Nevada could cost up to $200 million in the first quarter of 2005 (including lost revenues, higher costs, and capital spending requirements). Standard & Poor's Ratings Services said the announcements have no immediate impact
