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

KIFI

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.

Article Topic Follows: AP National Business

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