Union Pacific 4Q Profit Slips 4% on Weather, Hiring Problems
OMAHA, Neb. (AP) Union Pacific's fourth-quarter profit slipped 4% as severe winter weather snarled shipments in late December and the railroad continued to struggle to improve its operations enough to handle all the cargo businesses want to ship.
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 said its revenue grew 8% to $6.2 billion in the quarter as it increased prices, charged more fuel surcharges and delivered 1% more freight, but its expenses were up 14% 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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