Union Pacific Plans $20 Billion Stock Buyback
01 6월 2018 - 8:29PM
Dow Jones News
By Colin Kellaher
Union Pacific Corp. (UNP) plans to buy back about $20 billion
worth of stock between 2018 and 2020 and expects to achieve a 60%
operating ratio on a full-year basis by 2020.
In a presentation to investors Thursday, the Omaha, Neb.,
railroad operator said it also expects positive annual volume
growth over the next three years. Union Pacific posted an 11%
decline in volume between 2015 and 2017.
Union Pacific's operating ratio, or operating expenses as a
percentage of revenue, was 62.8% in 2017. The railroad's ultimate
goal is a ratio of 55%.
The company said capital expenditures will remain at or below
15% of revenue for the foreseeable future, including an estimated
$3.3 billion in 2018. The railroad is targeting a dividend payout
ratio of 40%-45%.
Union Pacific said it expects to reach its targeted adjusted
debt-to-Ebitda ratio of up to 2.7 over the next two to three years;
and that it aims to maintain investment-grade credit ratings of at
least "Baa1" by Moody's and "BBB+" by Standard & Poors.
S&P late Thursday lowered its corporate credit rating on
Union Pacific to 'A-' from 'A,' citing the planned $20 billion
share repurchase, which S&P said will be partially funded
through incremental debt, resulting in weaker credit metrics.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 01, 2018 07:14 ET (11:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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