Lance Fritz, the CEO of Union Pacific Corporation UNP, went on CNBC's "Squawk on the Street" Friday to discuss his outlook on the company's future heading into 2021.
What Happened: The company reported better-than-expected fourth-quarter earnings Thursday, with operating revenue of $5.1 billion; business volumes of carloads up 3% year-over-year; and freight revenue down 1% year-on-year.
Despite being hit with the coronavirus pandemic, Union Pacific was able to maintain a steady stream of revenue and keep the railroads open.
What's Next For Union Pacific: Looking into 2021, Fritz said from a pricing perspective that trucks are extremely expensive and tight on supply, leaving the company hoping for change in 2021.
In 2021 Union Pacific, will evolve its approach on ESG, and the company's mission will be to increase fuel efficiency this year, he said.
A growing United States economy would help Union Pacific greatly, and an uptick in infrastructure would allow for more access to rural landscapes in order to get supplies to every corner in the United States, the CEO said.
UNP Price Action: Union Pacific shares were up 0.11% at last check Friday at $208.24.
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