Union Pacific Lowers Earnings Forecast
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Union Pacific Corp. said second-quarter earnings will fall from a year ago on higher costs to end shipping delays and buy diesel fuel. The forecast was about a third lower than analyst estimates.
Earnings will be 60 cents to 65 cents per share, compared with $1.05 per share from continuing operations in last year’s second quarter, the railroad said. Union Pacific is forecast to report per-share earnings of 96 cents, according to an analyst survey.
The railroad said “operational inefficiencies” such as a shortage of train crews and track congestion, coupled with a 30% rise in fuel costs, was boosting expenses. Much of the congestion is centered in Southern California.
Shares of Omaha-based Union Pacific fell $1.21 to $58.78 on the New York Stock Exchange.
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