Union Pacific's third-quarter profit fell 19% as the railroad hauled about 3% fewer shipments and costs remained high, but the average speed of its trains improved 5% as new CEO Jim Vena began to tweak the operations.
14 minutes agoFILE - An American flag is emblazoned on this Union Pacific Railroad locomotive sitting in the Jackson, Miss., terminal rail yard, Wednesday, April 20, 2022. Union Pacific reports earnings on Thursday, Oct. 19, 2023. – Union Pacific's third-quarter profit fell 19% as the railroad hauled fewer shipments and costs remained high, but the average speed of its trains improved 5% as new CEO Jim Vena began to tweak the operations.
The railroad’s revenue slipped 10% to $5.9 billion because of the lower volume and the lag between when fuel prices increase and when Union Pacific’s fuel surcharge kicks in.last month. But the average speed of the railroad's trains increased to 200 daily miles per car. and other productivity measures also improved during the quarter.
Vena said one of his initial moves is to try to push decision making lower down in the operation and eliminate layers of bureaucracy, so it can react more quickly. More cuts are likely but major changes aren't expected because the railroad already
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