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Union Pacific Corp

UNP: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$932.00	Hks	Zfzthrr

Q4 Weather Slows Union Pacific's Service Recovery, but Firm Still Expects OR Gains in 2023

Jan 24, 2023

Wide-moat Class I railroad Union Pacific's top line grew 8% year over year, not far off our forecast, on core pricing gains and higher fuel surcharges. Total yield grew 8%, while total volume was up less than 1%. Year-over-year revenue growth slowed from 18% in the third quarter due to unfavorable mix (higher international intermodal and weaker forest product volume), winter weather disruption, and softening U.S. industrial production, partly offset by new business wins.

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