Shares of Union Pacific Corp. were little changed in premarket trading Thursday, after the railroad operator reported fourth-quarter profit and revenue that rose above expectations, as higher fuel surcharges, a positive business mix and price increases helped offset lower volumes as a result of supply chain challenges. Net income increased to $1.71 billion, or $2.66 a share, from $1.38 billion, or $2.05 a share, in the year-ago period, beating the FactSet consensus for earnings per share of $2.61. Total revenue grew 11.5% to $5.73 billion, above the FactSet consensus of $5.60 billion, with freight revenue rising 10.3% to $5.30 billion. Revenue growth outpaced the 5.0% rise in operating expenses to $3.29 billion, which included a 4.8% rise in compensation and benefits expense to $1.07 billion. Quarterly workforce productivity improved 1% to 1,046 car miles per employee, while the reportable personal injury rate deteriorated to 0.98 per 200,000 employee hours in 2021 from 0.90 in 2020. Separately, the company said it repurchased 1.4% billion worth of its stock during the quarter. The stock has gained 5.0% over the past three months through Wednesday, while the Dow Jones Transportation Average has edged up 0.8% and the Dow Jones Industrial Average has slipped 1.6%.
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