Union Pacific Corp

UNP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$997.00	Xxsmj	Fqcvdcgqn

Union Pacific Earnings: Stubborn Intermodal and Margin Headwinds Persist but Outlook Stable

Matthew Young

Oct 19, 2023

Union Pacific's third-quarter revenue declined 9.5% year over year on persistent intermodal weakness, easing accessorial income, unfavorable mix, and lower fuel surcharges. Revenue for the wide-moat, Class-I railroad came in shy of our forecast on yield noise (from mix and fuel) and greater-than-anticipated intermodal pricing pressure. Core carload pricing remains positive.

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