Union Pacific railroad's 1Q profit up 6 percent but results disappoint as volume slows
Union Pacific's first-quarter profit improved 6 percent but fell short of expectations as railroad shipping volume slowed 2 percent on weak coal demand and a labor dispute at West Coast ports.
The Omaha, Nebraska, company reported $1.15 billion in net income, or $1.30 per share, in the first three months of the year. That's up from $1.09 billion, or $1.19 per share, a year ago.
Revenue was essentially flat at $5.6 billion
The analysts surveyed by FactSet expected earnings per share of $1.38 on revenue of $5.69 billion.
CEO Lance Fritz says Union Pacific Corp. wasn't as efficient as could have been due to the sharp drop in volume, but that the railroad is working to adjust its crews and other resources to the reduced traffic.