Union Pacific Corp

UNP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$214.00	Nnx	Jlxgjnlw

Union Pacific Earnings: Intermodal Struggling Amid Retailer Destocking and Truck Competition

Matthew Young

Jul 26, 2023

Wide-moat Class-I railroad Union Pacific's second-quarter top line trend flipped negative, falling 5% year over year on lower intermodal volumes, easing accessorial income, unfavorable mix, and now-declining fuel surcharges. Revenue came in shy of our forecast on greater-than-anticipated deterioration in intermodal activity and pricing, though bulk and industrial end-market volumes weren't far off our expectations.

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