Union Pacific railroad delivered flat profit in the first quarter as weather slowed trains across the western United States and inflation drove costs up, but executives are optimistic about their ability to handle all the goods companies want to ship.
FILE - A Union Pacific train engine sits in a rail yard on Wednesday, Sept. 14, 2022, in Commerce, Calif. Union Pacific reports earnings on Thursday, April 20, 2023. – Union Pacific railroad delivered flat profit in the first quarter as weather slowed trains across the western United States and inflation drove costs up, but executives are optimistic about their ability to handle all the goods companies want to ship the rest of the year as more new employees are completing training.
The results topped the average Wall Street forecast for earnings of $2.57 per share, according to the eight analysts surveyed by Zacks Investment Research. The railroad maintained its guidance for the number of carloads it carries to grow more than industrial production, but in a reflection of the concerns about the economy amid increasing interest rates, Union Pacific said the current forecast calls for industrial production to shrink 0.7% this year. Volume was down about 1% in the first quarter.
But expenses up 8% to $3.76 billion as inflation and the new contract railroads agreed to with their workers last year pushed up the cost of fuel, materials and wages.
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