Rail transportation company Union Pacific Corporation (NYSE: UNP) announced financial results for the second quarter of 2023, reporting a decline in revenues.
Second-quarter net income was $1.57 billion or $2.57 per share, compared to $1.84 billion or $2.93 per share in the same period of last year.
Operating revenue decreased 5% annually to $5.96 billion, hurt by reduced fuel surcharge revenue, lower volumes, and an unfavorable business mix, which was partially offset by core pricing gains
“We finished the quarter with resource levels more aligned with demand, as we stored excess locomotives, improved recrew rates, and reduced borrowed-out employees,” said Lance Fritz, Union Pacific’s chief executive officer.
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