Union Pacific Corp

UNP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$752.00	Clnn	Rlqgygvh

Union Pacific Earnings: Intermodal Demand Finally Stabilizing, but Guidance Somewhat Muted

Matthew Young

Jan 25, 2024

Wide-moat Class-I railroad Union Pacific's fourth-quarter freight revenue flipped positive year over year, rising about 1%, partly because of a rebound in intermodal activity. Overall, total volume growth and positive core pricing were partly offset by lower all-in yield (revenue per carload). Revenue was mostly in line with our forecast.

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