By Dean Seal


Union Pacific logged slightly higher earnings in the first quarter despite lower revenue as it pared back operating expenses.

The Omaha, Neb.-based freight railroad, a bellwether of the industrial economy, posted a profit of $1.64 billion, compared with $1.63 billion in the same quarter a year ago.

Earnings were $2.69 a share, ahead of analyst estimates for $2.51 a share, according to FactSet.

Revenue ticked down to $6.03 billion from $6.06 billion in the year-ago quarter, though analysts polled by FactSet had been expecting just $5.97 billion.

Core gains from higher prices and a better business mix were offset by lower volumes and a pullback in fuel surcharge revenue. Excluding the fuel surcharge revenue, freight revenue was up 4%, despite a 1% decline in revenue carloads.

Total operating expenses were down 3% for the quarter, offsetting the top line's slip and lifting the bottom line


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

04-25-24 0814ET