CSX Corp

CSX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$41.00	Hcdf	Djbtmjt

Union Pacific's Third-Quarter Margins Derailed by Material Wage and Benefit Inflation

Matthew Young

Oct 20, 2022

Wide-moat Class-I railroad Union Pacific's top line grew 18% year over year on core-pricing gains, higher fuel surcharges, and modest volume improvement. Growth came in slightly ahead of our forecast due to strong yields. Total volume (up 3%) was mostly in line, though intermodal activity fell short on softening parcel-related shipments.

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