Union Pacific Corporation UNP shares are trading higher Thursday after the company reported better-than-expected first-quarter results before the bell.
The Details:
Union Pacific reported quarterly earnings of $2.69 per share which beat the analyst consensus estimate of $2.52 by 6.75%. The company reported quarterly sales of $6 billion, beating the analyst consensus estimate of $5.98 billion by 0.26%.
The company said its operating revenue of $6 billion was driven by core pricing gains and business mix, offset by reduced fuel surcharge revenue and lower volume. Freight revenue excluding fuel surcharge revenue grew 4% as revenue carloads declined 1%.
“Our team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions,” said Jim Vena, Union Pacific CEO. “These results build on the momentum we established as we exited 2023 and provide further proof of what’s possible as we strive to be the best in safety, service, and operational excellence."
Outlook:
Union Pacific said its profitability outlook is gaining momentum with strong service products, improving network efficiency, and solid pricing. The company will restart share repurchases in the second quarter.
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UNP Price Action: According to Benzinga Pro, Union Pacific shares are up 4.53% at $242.49 at the time of publication Thursday.
Image: Courtesy of Union Pacific Corporation
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