Union Pacific posts record third-quarter revenue and profits
Union Pacific posted record revenue and profits in the third quarter, as volume and pricing gains offset rising fuel prices and inflation. The post Union Pacific posts record third-quarter revenue and profits appeared first on FreightWaves .
Union Pacific reported record third-quarter revenue and profits, driven by higher volume, pricing, and efficiency gains that offset the impact of rising fuel prices and inflation. The company's operating income increased 15% to $2.94 billion, while revenue grew 15% to $7.19 billion, resulting in earnings per share rising 16% to $3.49.
Operating ratio improved by 0.1 point compared to a year ago, thanks to workforce productivity improvements and record fuel consumption. Overall volume grew 6%, with premium volume up 9%, and industrial products traffic up 6%. Domestic intermodal volumes continued their record streak, growing 13%, while international intermodal volumes improved 8%.
UP anticipates a third consecutive year of record domestic intermodal volume. The company expects to allocate more capital spending, now expecting to spend $3.5 billion on projects this year, up from $3.3 billion.
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