Trade war hurts UPís profit; Railroad plans to cut more jobs, reduce spending
(Source: Reuters, October 17, 2019)
NEW YORK ó Railroad operator Union Pacific Corp. on Thursday reported quarterly profit that missed analystsí estimates and said it would cut capital spending and jobs as the multi-front U.S. trade war worsens an industry-wide freight volume slump. The railroad is also shrinking its workforce, in part due to efficiencies such as running fewer locomotives. Union Pacific had 13% fewer employees in the third quarter versus a year earlier. That number will move to 15% in the fourth quarter.
Full story: Yahoo Finance
Friday, October 18, 2019
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