Union Pacific Reports Volumes Picked Up in 4Q
January 21 2021 - 8:53AM
Dow Jones News
By Micah Maidenberg
Union Pacific Corp. reported better demand during the fourth
quarter, a sign the railroad may be seeing hints of a broader
recovery from the economic downturn caused by the coronavirus last
year.
The Omaha-based railroad reported a profit of $1.38 billion, or
$2.05 a share, compared with $1.4 billion, or $2.02 a share, for
the year earlier. Excluding a $278 million pretax, non-cash
impairment charge, profit was $2.36 a share, 11 cents more than
what analysts were looking for on that earnings metric.
The charge related to the company's Brazos Yard property,
located in Texas.
Revenue slipped to $5.14 billion from $5.21 billion, the company
said, and was roughly in line with what analysts had forecast,
according to FactSet.
The pandemic and the economic recession it caused hampered
demand for rail shipments for much of last year. Overall, during
the first 52 weeks of last year, U.S. railroads reported a 13%
decline in carload volumes compared with the year earlier and a 2%
drop in intermodal volumes, the Association of American Railroads
said last month. However, demand has been better so far in the new
year.
Union Pacific said volumes increased 3% in the fourth quarter,
led by premium shipments. Bulk volumes were flat while industrial
demand declined. Volume growth and price increases were more than
offset by decreased fuel surcharges and a less favorable mix in
shipments, the company said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
January 21, 2021 08:38 ET (13:38 GMT)
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