Union Pacific 4Q profit slips 4% on weather, hiring problems

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Union Pacific’s fourth-quarter profit slipped 4% as severe winter weather snarled shipments in late December and disrupted the railroad’s efforts to eliminate the delayed deliveries and other problems shippers complained about last year. The Omaha, Nebraska-based railroad said it earned $1.6 billion, or $2.67 per share, in the fourth quarter. That fell short of Wall Street expectations as key performance measures like freight car velocity deteriorated 3%. The railroad said it expects volume to grow faster than industrial production this year, but the current forecast calls for industrial production to slip slightly in 2023 amid recession fears.