Union Pacific profit up 1% as the railroad delivers more fertilizer, imported goods and vehicles

Union Pacific's fourth-quarter profit crept up 1% as the railroad delivered more fertilizer, imported goods and vehicles

OMAHA, Neb. -- Union Pacific's fourth-quarter profit crept up 1% as the railroad delivered more fertilizer, imported goods and vehicles.

The Omaha, Nebraska-based railroad said it earned $1.65 billion, or $2.71 per share, in the quarter. That's up slightly from $1.64 billion, or $2.67 per share, a year earlier.

The results topped the estimates of the analysts surveyed by FactSet Research that called for earnings of $2.60 per share as Union Pacific hauled 3% more shipments.

CEO Jim Vena said the railroad's key operating metrics improved in the fourth quarter with average freight car velocity jumping 14% to 217 daily miles per car, and the average maximum length of Union Pacific's trains increased 2% to 9,413 feet. The average speed of the railroad's trains also increased 5% to 24.9 mph.

“We enter 2024 with strong momentum, recognizing we have plenty of opportunity to improve. We’re excited to show our stakeholders what our great team can accomplish,” Vena said.