Union Pacific's fourth-quarter profit fell 10% as the railroad hauled 11% less freight.
The Omaha, Nebraska, railroad said Thursday that it earned $1.4 billion, or $2.02 per share, in the quarter.
That's down from $1.55 billion, or $2.12 per share, a year earlier.
The results fell short of Wall Street expectations. The analysts surveyed by Zacks Investment Research expected earnings of $2.03 per share on average.
The railroad's revenue fell 9% to $5.21 billion in the period. Four analysts surveyed by Zacks expected $5.17 billion.