Rail transportation company Union Pacific Corporation (NYSE: UNP) announced financial results for the third quarter of 2023, reporting a decline in revenues and net profit.
Third-quarter net income was $1.5 billion, or $2.51 per share, compared to $1.9 billion, or $3.05 per share, in the corresponding period of 2022.
Operating revenue decreased 10% annually to $5.9 billion in Q3, hurt by reduced fuel surcharge revenue, lower volumes, and business mix, partially offset by core pricing gains.
“We are aligning the team around our strategy focused on being the best in safety, service, and operational excellence as we drive growth to the railroad. Through our day-to-day actions, we will continue to make improvements as we exit the year,” said Jim Vena, Union Pacific’s chief executive officer.