Union Pacific Q4 profit up 24% despite weak rail volume

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Union Pacific hauled in 24% more profit in the fourth quarter even though supply chain problems and weak auto production continued to slow shipments because last year’s results were weighed down by a one-time $278 million charge. The Omaha, Nebraska-based railroad said it earned $1.71 billion, or $2.66 per share, during the quarter, and the results topped the Wall Street forecast for earnings of $2.60 per share. Union Pacific said Thursday that it hauled 4% less freight in the quarter as the computer chip shortage continued to hurt auto production and supply chain problems slowed shipments of imported containers of goods. But the railroad expects volume to grow in 2022 faster than industrial production.