Union Pacific Hit By Crew Shortages, Tunnel Outage -- Earnings Review

Date : 07/19/2018 @ 9:31AM
Source : Dow Jones News
Stock : Union Pacific Corp. (UNP)
Quote : 148.56  -1.63 (-1.09%) @ 12:59PM

Union Pacific Hit By Crew Shortages, Tunnel Outage -- Earnings Review

Union Pacific (NYSE:UNP)
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1 Month : From Jul 2018 to Aug 2018

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   By Austen Hufford 
 

Union Pacific Corp. reported results for its second quarter Thursday. Here's what you need to know:

QUOTE: "I recognize the results could have been better," Chief Executive Lance Fritz said. "A tunnel outage and train-crew shortages created a headwind in June."

REVENUE: For the second quarter, revenue rose 8% to $5.67 billion, compared with the $5.65 billion expected by analysts.

PROFIT: The company posted a profit of $1.51 billion, or $1.98 a share, compared with $1.17 billion, or $1.45 a share, in the same quarter a year earlier. Analysts polled by Thomson Reuters were expecting earnings of $1.95 a share.

SHARES: In premarket trading, shares fell 4.2%.

TUNNEL COLLAPSE: A failed tunnel lowered the average train speeds for the company. Train speeds fell 3% in the second quarter from a year before.

ENERGY COSTS: The company had significantly higher fuel costs in the quarter, spending $643 million on fuel, up 48% from the same period a year earlier, as the cost of diesel per gallon rose 36%.

Write to Austen Hufford at Austen.Hufford@wsj.com

 

(END) Dow Jones Newswires

July 19, 2018 09:16 ET (13:16 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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