Union Pacific 4Q profit falls 22 pct as freight volume slows

Union Pacific 4Q profit falls 22 pct as freight volume slows

(AP) — Union Pacific Corp.'s fourth-quarter profit fell 22 percent as the railroad hauled 9 percent less freight and worked to cut costs to match the reduced demand.

The Omaha, Nebraska-based railroad said its net income fell to $1.1 billion, or $1.31 per share, in the quarter.

Union Pacific Chairman and CEO Lance Fritz said he doesn't think the economy is nearing a recession, but shipping volume has fallen dramatically, especially in energy products and exports.

Fritz said he expects the economic uncertainty and strong U.S. dollar will continue to affect the railroad's business this year.