By Will Feuer

Union Pacific's profit edged higher in the fourth quarter, but the company warned of a muted volume outlook for 2024, citing soft economic conditions and lower demand for coal.

The Omaha, Neb.-based freight railroad, a bellwether of the industrial economy, reported a profit of $1.65 billion, or $2.71 a share, compared with $1.64 billion, or $2.67 a share, in the same period a year earlier. Analysts surveyed by FactSet expected $2.58 a share.

Revenue edged down to $6.16 billion from $6.18 billion. Analysts expected $6.05 billion.

The company said reduced fuel surcharge revenue and business mix offset higher volume and core pricing gains.

For 2024, Union Pacific said it expects volume to be muted by international intermodal business loss, lower coal demand and soft economic conditions.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 25, 2024 08:15 ET (13:15 GMT)

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