Omaha, Neb. — Union Pacific’s fourth-quarter profit slipped 4% as severe winter weather snarled shipments in late December and the railroad continued to struggle to improve its operations enough to handle all the cargo businesses want to ship.
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.