OMAHA, Neb. (AP) — Union Pacific’s first-quarter profit crept 1% higher as the railroad tightened up on expenses — particularly its fuel bill — even though it delivered slightly less freight.
The Omaha, Nebraska-based railroad said Thursday it made $1.64 billion, or $2.69 per share. That’s more than last year’s $1.63 billion, or $.2.67 per share, even though last year’s numbers were helped by a 14-cent gain on a real estate sale. Shipping volume was down 1% in the quarter.
The analysts surveyed by FactSet Research were expecting earnings of $2.51 per share.
“When I look at how we’re performing, I see improvement across the board,” CEO Jim Vena said. “The network is operating fluidly and efficiently, allowing us to meet the demand in the market. And that drove the financial success.”
The railroad’s revenue was hurt by a drop in fuel surcharge revenue as fuel prices fell. Union Pacific said it generated $6.03 billion in revenue, down slightly from last year’s $6.06 billion. But that was better than the $5.97 billion that analysts expected.
Harvey Weinstein’s rape conviction from landmark #MeToo trial overturned
Prabowo Subianto wins 2024 Indonesian presidential election
Sanctions won't work on solving Russia
Scientists uncover missing link between junk food and cancer
Florida sues ACC seeking records in dispute with FSU over conference exit fees
South Korea slows plan to hike medical school admissions as doctors' strike drags on
New York man Craig Ross Jr is sentenced to 47 years to life for sexually assaulting nine
Longest ever case of Covid lasted 613 DAYS and turned into ultra
Fury over NYC restaurant reservation scalpers making $80k a year by hoarding coveted dining slots
Chicago's response to migrant influx stirs longstanding frustrations among Black residents