联合太平洋与诺福克南方Q3业绩双超预期，但燃油成本飙升致运营比率恶化，盘前股价走低

Union Pacific ( UNP ) and Norfolk Southern ( NSC ) both delivered solid results in the third quarter with increased demand thanks to capacity challenges in the trucking industry, higher fuel surcharges, and price increases driving double-digit gains in total revenue and surpassing Wall Street's expectations for the railroad industry. But like most industries where fuel is a significant expense, the higher price for locomotive fuel (+64% year-over-year) dented the railroad operators' profitability as Union Pacific's ( UNP ) adjusted operating ratio, which measures the percentage of revenue used towards operating expenses, increased by 30 basis points to 58.8% and Norfolk Southern ( NSC ) by 210 basis points to 65.4%, reflecting the impact of higher fuel prices. Union Pacific ( UNP ) shares were also pressured by softness in the company’s intermodal service and manifest service, both of which were lower than a year ago. But thanks to efficiencies elsewhere, including fuel consumption and workforce productivity, as well as the double-digit increase in revenue, Union Pacific ( UNP ) earned an adjusted profit of $3.53 per share, up 15% year-over-year and a nickel better than expected, while Norfolk Southern ( NSC ) realized a 10% increase in profits to $3.62 per share, $0.15 better than anticipated. For FY26, Union Pacific ( UNP ) expects earnings to increase by high single digits, consistent with attaining a 3-year compounded annual growth rate target of high single to low double digits through 2027. Norfolk Southern ( NSC ) did not issue projections for Q4 or FY26. Shares of both Norfolk Southern ( NSC ) and Union Pacific ( UNP ) are both trading lower in premarket, while peers CSX ( CSX ), Canadian National Railway ( CNI ), and Canadian Pacific Kansas City ( CP ) are all in the plus column.