CLAIM #59429 · Union Pacific Corporation (UNP) · 2023Q3 earnings call · Oct 19, 2023 · due Dec 31, 2023
“Lastly, our forecast for renewable biofuel feedstock continues to remain strong.”
Kenny Rocker · EVP Marketing and Sales
In context
“xas Gulf enabled us to outperform the market in the quarter. Intermodal volumes were down in the quarter, primarily driven by softness in parcel segment and weak imports on the West Coast. However, domestic truckload volume was slightly up driven by business development wins and strengthen our Mexico shipments. Turning to slide 10. Here is our outlook for the fourth quarter as we see it today. Starting with bulk, we anticipate continued challenges in coal as natural gas futures remain volatile. We are watching grain closely as we enter the export season. Crops have been harvested right now and increased supplies will be available to move. US soybean export sales have started out floor than forecasted. However, we have an improved service product this year to capture more available demand. Lastly, our forecast for renewable biofuel feedstock continues to remain strong. We see solid demand in this market and continue to capture new business. We recently landed opportunities with projects coming online soon in Iowa, Louisiana and Nevada. Moving onto Industrial. The economic forecast for industrial production looks to stay depressed in the fourth quarter. However, we expect petroleum and construction markets to remain favorable due to our focus on business development. And finally, for premium, we are staying close with our intermodal customers in this challenging demand environment. We've seen a seasonal uptick at the beginning of the quarter and we believe our improved service product positions us well to handle market demand. In addition, we expect automotive growth to continue, driven by strong OEM production and elevated shippable ground count. Howeve”
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SEC filings for UNP ↗ · Claim quote is verbatim from the 2023Q3 earnings call.