Union Pacific misses by $0.01 ex-tax gain, reports revs in-line
- Reports Q4 (Dec) earnings of $1.53 per share, excluding $7.54/share tax gain, $0.01 worse than the Capital IQ Consensus of $1.54; revenues rose 5.5% year/year to $5.45 bln vs the $5.44 bln Capital IQ Consensus.
- Fourth quarter business volumes, as measured by total revenue carloads, increased 1%; compared to 2016. Volume increases in industrial products and chemicals more than offset declines in agricultural products, automotive and coal. Intermodal volume was flat compared to 2016.
- Freight rev: Industrial Products up 28%; Chemicals up 7%; Intermodal up 4%; Automotive down 1%; Agricultural Products down 4%; Coal down 5%.
- "We are optimistic the economy will favor a number of our market segments leading to another year of positive volume growth. Increased unit volume, combined with inflation plus core pricing and G55-0 productivity initiatives, should result in another year of revenue growth [consensus +4.3%] and improved margins."
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