OMAHA, Neb., Feb. 7, 2019 /PRNewswire/ -- Union
Pacific Corporation (NYSE: UNP) announced that its Board of
Directors today voted to increase the quarterly dividend on the
Company's common shares by 10 percent to 88
cents per share. The dividend is payable March 29, 2019, to shareholders of record
February 28, 2019. This marks Union
Pacific's fourth dividend increase in the past six quarters. Union
Pacific has paid dividends on its common stock for 120 consecutive
years.
The Board today also approved a new share repurchase
authorization, enabling the Company to buy up to 150 million of its
common shares by March 31, 2022. The
new authorization is effective April 1,
2019, and replaces the current authorization, which will now
expire on March 31, 2019. The new
authorization allows for the repurchase of 21 percent of current
outstanding shares.
Since announcing its share repurchase program in January 2007, the Company has repurchased 38
percent of its outstanding shares at a total cost of approximately
$31.9 billion, through February 6, 2019, with an average purchase price
of $77.43 per share.
"The dividend increase and new share repurchase authorization
are consistent with financial guidance we provided at our investor
conference last year, including maintaining a dividend payout ratio
between 40 and 45 percent and repurchasing approximately
$20 billion of shares between 2018
and 2020," said Rob Knight, Union
Pacific chief financial officer. "These actions demonstrate
our confidence in Union Pacific's ability to continue growing cash
returns for our shareholders."
The timing and volume of share repurchases may be executed at
the discretion of management on an opportunistic basis, or pursuant
to trading plans or other arrangements. Share repurchases
under this program may be made in the open market, in privately
negotiated transactions, or otherwise.
ABOUT UNION PACIFIC
Union Pacific Railroad is the principal operating company of
Union Pacific Corporation (NYSE: UNP). One of America's most
recognized companies, Union Pacific Railroad connects 23 states in
the western two-thirds of the country by rail, providing a critical
link in the global supply chain. The railroad's diversified
business mix is classified into its Agricultural Products, Energy,
Industrial and Premium business groups. Union Pacific serves many
of the fastest-growing U.S. population centers, operates from all
major West Coast and Gulf Coast ports to eastern gateways, connects
with Canada's rail systems and is
the only railroad serving all six major Mexico gateways. Union Pacific provides value
to its roughly 10,000 customers by delivering products in a safe,
reliable, fuel-efficient and environmentally responsible
manner.
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This press release contains statements about the Company's
future that are not statements of historical fact, including
specifically the statements regarding the Company's ability to
generate financial returns, implementing corporate strategies; and
providing returns to its shareholders. These statements are, or
will be, forward-looking statements as defined by the Securities
Act of 1933 and the Securities Exchange Act of 1934.
Forward-looking statements should not be read as a guarantee
of future performance or results, and will not necessarily be
accurate indications of the times that, or by which, such
performance or results will be achieved. Forward-looking
information, including expectations about the Company's future
performance or results are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in the statement. Important factors,
including risk factors, could affect the Company's and its
subsidiaries' future results and could cause those results or other
outcomes to differ materially from those expressed or implied in
the forward-looking statements. Information regarding risk
factors and other cautionary information are available in the
Company's Annual Report on Form 10-K for 2017, which was filed with
the SEC on February 9, 2018.
The Company updates information regarding risk factors if
circumstances require such updates in its periodic reports on Form
10-Q and its subsequent Annual Reports on Form 10-K (or such other
reports that may be filed with the SEC).
Forward-looking statements speak only as of, and are based
only upon information available on, the date the statements were
made. The Company assumes no obligation to update
forward-looking information to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with
respect to other forward-looking statements. References to
our website are provided for convenience and, therefore,
information on or available through the website is not, and should
not be deemed to be, incorporated by reference herein.
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SOURCE Union Pacific Corporation