Rail transportation company Union Pacific Corporation (NYSE: UNP) on Thursday announced financial results for the first quarter of 2023, reporting higher revenues and flat earnings.
First-quarter net income was $1.63 billion or $2.67 per share, compared to $1.63 billion or $2.57 per share in the same period of last year.
Operating revenue of increased 3% annually to $6.1 billion, aided by higher fuel surcharge revenue and core pricing gains, which was partially offset by a negative business mix and volume declines.
“We delivered greater network fluidity and resiliency in the first quarter even as we faced a series of significant weather events,” said Lance Fritz, Union Pacific’s chief executive officer.