Union Pacific 4Q Profit Slips 4 Percent on Weather, Hiring Problems

OMAHA, Neb.—Union Pacific’s fourth-quarter profit slipped 4 percent as severe winter weather snarled shipments in late December and disrupted the railroad’s efforts to eliminate the delayed deliveries and other problems shippers complained about last year.
The Omaha, Nebraska-based railroad said it earned $1.6 billion, or $2.67 per share, in the fourth quarter. That’s down from $1.7 billion, or $2.66 per share, a year ago.
Union Pacific (UP) said its revenue grew 8 percent to $6.2 billion in the quarter as it increased prices, charged more fuel surcharges and delivered 1 percent more freight, but its expenses were up 14 percent at $3.8 billion.
UP Chairman and CEO Lance Fritz said the “revenue growth was more than offset by elevated operating expenses from operational inefficiencies and a higher inflationary environment.”…

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