Union Pacific sees Q2 $70M labor charge; Nebraska tax adds $75M; 2023 operating ratio to exceed 2022

UNION PACIFIC CORP

One-time pre-tax expense of ~$70M in Q2 2023 from SMART-TD crew staffing ratification; adds ~120 bps to Q2 operating ratio.
Full-year 2023 operating ratio expected to exceed 2022 levels due to higher labor costs, lower volumes, and higher costs.
Nebraska state income tax rate change adds ~$75M to after-tax income in Q2 2023.
Reaffirmed prior guidance on volume, price, and capital allocation.

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