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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Union Pacific Corp | NYSE:UNP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.89 | -0.77% | 243.6099 | 248.295 | 242.35 | 247.00 | 2,398,490 | 01:00:00 |
By Ezequiel Minaya
Union Pacific Corp. said slumping demand for the commodities it transports eased in the fourth quarter, helping the company post a better-than-expected profit.
"While full-year volumes were down substantially year over year, we did see declines moderate in the fourth quarter," said Chief Executive Lance Fritz.
The Omaha, Neb., company's shares, up 40% over the past 12 months, rose 4% to $108.25 in early trading.
Fourth-quarter total revenue carloads slipped 3% compared with 2015. Freight revenue for coal retreated 6% in the fourth-quarter to $699 million, compared with 25% for the year. Revenue for the industrial products segment fell 2% compared with 12% annually. The Intermodal business, which moves freight using a combination of trains and trucks, were nearly flat at $969 million, an improvement to the 9% slide tallied for the year.
"Higher energy prices, favorable agricultural markets and improving business and consumer confidence all support a return to positive volume growth this year," Mr. Fritz said.
Over all, Union Pacific reported a profit of $1.14 billion, or $1.39 a share, up from $1.11 billion, or $1.31 a share, a year earlier. Revenue was nearly flat, retreating less than 1% to $5.17 billion.
Analysts polled by Thomson Reuters expected per-share profit of $1.33 and revenue of $5.1 billion.
Commodity demand in 2017 will be shaped by the opposing trends of a moderate slowdown in Chinese housing versus growth in the other major industrial economies.
The J.P. Morgan/Markit global manufacturing PMI hit a 34-month high in December, with the U.S., Japanese, German, and eurozone PMIs all notching their highest marks in a year or more, building on a sustained uptrend visible since at least September.
Other railways have seen improving results. On Tuesday, CSX Corp. posted a 9.2% climb in revenue with coal shipments rising 8.3%. Canadian Pacific Railway Ltd. fell shy of Wall Street expectations but its quarterly shipment volumes were highlighted by growth in its domestic and international container-shipment lines, the railroad's main revenue driver.
Nathaniel Taplin, Anne Steele and David George-Cosh contributed to this article
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
January 19, 2017 09:53 ET (14:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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