NEW YORK (Standard & Poor's) March 1, 2004--Union Pacific Corp. (BBB/Positive/A-2) today announced that it would not meet the low-end of its initial earnings estimate for the first quarter, as a result of several factors. Standard & Poor's Ratings Services said the announcement has no impact on its ratings or outlook on Union Pacific. The company had originally targeted 30% to 40% growth over the $0.57 per diluted share from continuing operations reported in the first quarter of 2003. However, a combination of events, including an unfavorable court ruling related to a 1998 grade-crossing accident, continuing high fuel prices, lingering crew shortages, and severe weather conditions in January and February, have hampered the company's ability to restore operating efficiency. Standard
