Union Pacific profit misses estimates on lower crude shipments
(Reuters) - Railroad operator Union Pacific Corp <UNP.N> on Thursday reported a lower-than-expected quarterly profit, hit by a lower crude shipments. The company's results come at a time when American railroads are seeing a slowdown in freight activity amid a U.S.–China trade war that has hurt global economic growth. Union Pacific's operating ratio, a measure of operating expenses as a percentage of revenue and a key metric for Wall Street, fell 2.2 points to 59.5% from a year ago. Union Pacific and Berkshire Hathaway-owned BNSF are the largest U.S. freight rail operators with annual revenue of more than $20 billion each.