Union Pacific 1Q Profit Ticks Up Despite Lower Revenue
By Dean Seal
Union Pacific logged slightly higher earnings in the first quarter despite lower revenue as it pared back operating expenses.
The Omaha, Neb.-based freight railroad, a bellwether of the industrial economy, posted a profit of $1.64 billion, compared with $1.63 billion in the same quarter a year ago.
Earnings were $2.69 a share, ahead of analyst estimates for $2.51 a share, according to FactSet.
Revenue ticked down to $6.03 billion from $6.06 billion in the year-ago quarter, though analysts polled by FactSet had been expecting just $5.97 billion.
Core gains from higher prices and a better business mix were offset by lower volumes and a pullback in fuel surcharge revenue. Excluding the fuel surcharge revenue, freight revenue was up 4%, despite a 1% decline in revenue carloads.
Total operating expenses were down 3% for the quarter, offsetting the top line's slip and lifting the bottom line
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 25, 2024 08:14 ET (12:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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