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Union Pacific Slips After Beating Estimates, Guidance Cut Weighs

Stock MarketsOct 21, 2021 08:57AM ET
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By Dhirendra Tripathi

Investing.com – Union Pacific stock (NYSE:UNP) rose 0.4% in Thursday’s premarket trading as the rail transporter of goods and commodities reported third-quarter numbers that were ahead of estimates.

The stock was a little volatile in premarket trading as traders were caught between Union’s Q3 numbers and the company cutting its guidance for annual volume growth after having raised it just about three months ago.

The company said demand for freight transportation was strong in the September quarter. It benefited from a stronger economy and higher crude prices.

Operating revenue of $5.6 billion was up 13% with price increases also helping. Net profit jumped 23% to $1.67 billion.

A firm commitment of paying out 45% of earnings as dividend also helped the stock. The company had so far committed to pay ‘around 45%’ of earnings.

The rail transport provider expects annual volume growth to be 5% in 2021, down two points from its July forecast of 7% growth.

The company had first guided for 4%-6% volume growth in January. This was revised in April to around a 6% increase.

Business volumes, as measured by total revenue carloads, were flat in the third quarter.

Union Pacific Slips After Beating Estimates, Guidance Cut Weighs
 

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