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Union Pacific Posts Record Q3 Results on Volume Growth and Operational Gains

Union Pacific delivered record third-quarter revenue and profits driven by 6% volume growth and improved operational efficiency, offsetting headwinds from fuel costs and inflation. Domestic intermodal reached its fifth consecutive record quarter, with volumes climbing 13% as tight trucking capacity pushed freight to rail. International intermodal volumes surged 8%, powered by strong West Coast imports. Premium traffic, including intermodal and automotive shipments, climbed 9%. Industrial products grew 6%, while bulk volumes held flat. Workforce productivity improved 5% measured by car-miles per employee, while train length averaged 9,969 feet. The railroad expects fourth-quarter volume growth to continue as high fuel prices and limited truck availability persist, positioning domestic intermodal for a third straight annual record. UP boosted capital spending to $5 billion this year, up from $3 billion, reflecting confidence in demand.