Union Pacific Tumbles to Lowest Since 2013 on Earnings Miss
- Railroad posts profit below estimates for third time in a year
- This year's cargo may fall `slightly' after 2015 coal plunge
Union Pacific Profit Disappoints, Shares Tumble
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Union Pacific Corp. tumbled to the lowest in almost three years as a worsening freight slump caused the railroad to fall short of profit estimates for the third time in a year.
The cargo decline will continue this year, with volumes in the first quarter expected to drop in the “mid single digits,” Union Pacific said on a conference call Thursday. Freight numbers for all of 2016 will be “slightly down,” Chief Financial Officer Rob Knight said.