By Dave Sebastian
Union Pacific Corp. said its profit and revenue fell for the first quarter as the railroad took a hit from bad weather and rising fuel prices.
The Omaha, Neb.-based company on Thursday posted a net income of $1.34 billion, compared with $1.47 billion in the comparable quarter last year. Earnings were $2 a share, compared with $2.15 a share in the prior year.
Operating revenue fell 4% to $5 billion. Analysts polled by FactSet were looking for $5.05 billion.
Business volumes for the quarter, as measured by revenue carloads, fell 1% due to declines in industrial and bulk shipments, partially offset by premium carloads.
Quarterly freight revenue fell 5% as lower fuel surcharge revenue and volume declines partially offset core pricing gains.
Union Pacific affirmed its 2021 guidance.
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(END) Dow Jones Newswires