(Source: Reuters, October 19, 2023)
Union Pacific reported a 19% fall in quarterly profit on October 19, as higher labor costs and lower volumes outweighed the benefits from price hikes implemented by the railroad operator. The company’s operating ratio, a key metric that indicates operating expenses as a percentage of revenue, rose to 63.4% in the third quarter from 59.9% reported a year ago. The ratio has risen over the last six quarters. Its net income fell to $1.53 billion in the third quarter, compared with about $1.90 billion a year earlier.
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