Union Pacific’s stock gains on stronger-than-expected third-quarter profit

Union Pacific Corp.’s UNP, -2.56% stock was up by 3.2% in premarket trading on Thursday after the railroad’s third-quarter profit beat analyst expectations despite inflation and a drop in carloads. Union Pacific said its profit fell to $1.53 billion, or $2.51 a share, from $1.9 billion or $3.05 a share in the year-ago period.

The FactSet consensus estimate for Union Pacific was $2.41 a share. Revenue dropped 10% to $5.94 billion, below the analyst estimate of $5.96 billion. The company said it saw reduced fuel surcharge revenue, lower volumes, and business mix, partially offset by core pricing gains. Business volume as measured by total revenue carloads fell by 3%.

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