Union Pacific Stock Falls Over 4% After Q3 Earnings Miss, Reaffirms 2024 Outlook

Union Pacific Corporation (NYSE:UNP) shares are trading lower after the company reported worse-than-expected third-quarter 2024 earnings.

Union Pacific reported operating revenue growth of 3% year-over-year to $6.09 billion, missing the consensus of $6.14 billion.

Operating revenue increase reflected increased volume and core pricing gains, partially offset by business mix and reduced fuel surcharge revenue.

Freight revenue was $5.768 billion, with Bulk +2% YoY, Industrial +3%, and Premium +7%. Excluding fuel surcharge, Freight revenue grew 5% as revenue carloads grew 6%.

Earnings per share were $2.75 (+10% year-over-year), below the consensus of $2.79.

The operating ratio was ...