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Union Pacific Corp UNP

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Intermodal and Auto Volumes Still Under Pressure in Union Pacific's Q4, but 2022 Outlook Favorable

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat Class I railroad Union Pacific's top-line growth moderated in the fourth quarter to 11.5% year over year versus 13% in the third quarter, due in part to added pressure on international-intermodal volume from an unfavorable shift in ocean carriers’ transloading behavior at the ports and tougher comparisons for certain industrial commodity shipments. That said, revenue was mostly in line with our forecast, as robust revenue per carload gains offset softer-than-expected intermodal activity.

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Company Profile

Business Description

Omaha, Nebraska-based Union Pacific is the largest public railroad in North America. Operating on more than 30,000 miles of track in the western two thirds of the U.S., UP generated roughly $20 billion of revenue in 2020 by hauling coal, industrial products, intermodal containers, agriculture goods, chemicals, and automotive goods. UP owns about one fourth of Mexican railroad Ferromex and derives about 10% of its revenue hauling freight to and from Mexico.

1400 Douglas Street
Omaha, NE, 68179
T +1 402 544-5000
Sector Industrials
Industry Railroads
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 29,877