Union Pacific railroad's profit fell 19% as volume slowed and costs remained high

Union Pacific's third-quarter profit fell 19% as the railroad hauled about 3% fewer shipments and costs remained high, but the average speed of its trains improved 5% as new CEO Jim Vena began to tweak the operations. Union Pacific said it earned $1.53 billion or $2.51 per share. Those results topped Wall Street expectations. Vena says he's focused on improving safety and service at the railroad. More cuts are possible but major changes aren't expected because Union Pacific already overhauled its operation several years ago. The railroad's revenue slipped 10% to $5.9 billion in the quarter because of the lower volumes and the lag between when fuel prices increase and when the railroad's fuel surcharge kicks in.