Union Pacific Corp. (BBB/Positive/A-2) today reported net income of $304 million for the second quarter of 2002. This compares with net income of $243 million for the same period of 2001. Railroad revenue increased 4% and trucking revenues increased 2%. Standard & Poor's said the announcement has no impact on its ratings or outlook for Union Pacific, raised to the current level on May 29, 2002, as the results were in line with Standard & Poor's expectations. In the quarter, Union Pacific benefited from increased revenues (especially in the intermodal, automotive, and chemicals segments), improved employee productivity, and lower fuel prices, which contributed to a 3% improvement in the operating ratio (expenses, including depreciation, as a percentage of revenues) to
