NEW YORK (Standard & Poor's) April 24, 2003--Union Pacific Corp. (BBB/Positive/A-2) reported first-quarter 2003 net income, excluding a $274 million gain related to a change in the accounting for asset retirement obligations, of $155 million compared with $222 million for the same period in 2002. Standard & Poor's Ratings Services said that the announcement does not affect its ratings on the company, as the results were in line with Standard & Poor's expectations. Revenues for the quarter were $3.08 billion, up 4% from the same period in 2002, as a result of increases in industrial and automotive segments offset somewhat by lower sales in the energy segment. The rail operating ratio (operating expenses, including depreciation, as a percentage of revenues)
