Union Pacific 1Q Profit Ticks Up Despite Lower Revenue

Dow Jones04-25

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 07:59 ET (11:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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