OMAHA, Neb. (AP) – Union Pacific Corp.’s fourth-quarter profit fell 22 percent as the railroad hauled 9 percent less freight and worked to cut costs to match the reduced demand.
Its shares fell almost 5 percent in premarket trading Thursday.
The Omaha, Nebraska-based railroad said its net income fell to $1.1 billion, or $1.31 per share, in the quarter. That’s down from last year’s $1.4 billion, or $1.61 per share.
The 12 analysts surveyed by Zacks Investment Research expected earnings of $1.42 per share on average.
Union Pacific says its revenue fell 15 percent to $5.2 billion in the quarter. That’s also below the $5.54 billion analysts expected.