By Dean Seal

Union Pacific's earnings and sales fell in the third quarter as volumes declined and fuel prices rose.

The railroad freight company posted a profit of $1.5 billion, compared with $1.9 billion in the same quarter a year ago.

Earnings slid to $2.51 a share from $3.05 a share in the year-ago quarter. Analysts polled by FactSet had been expecting $2.41 a share.

Quarterly revenue was $5.94 billion, down from $6.57 billion last year and below FactSet consensus forecast of $5.96 billion.

The top line declined 10% on lower volumes and fuel surcharge revenue, with higher prices only slightly offsetting the shortfall.

Business volumes, as measured by carloads, were down 3% while quarterly workforce productivity decreased 6%.

The Omaha, Neb.-based company said its derailment rates improved during the quarter and its quarterly locomotive productivity was up 4%.

Chief Executive Jim Vena said the company continues to face inflationary pressure and a drop in carloads, though operating and safety metrics are showing solid improvement.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 19, 2023 08:20 ET (12:20 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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