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(Ken James/Bloomberg)

Union Pacific Corp.’s quarterly earnings topped Wall Street estimates, and the railroad said its 2025 outlook remains the same despite a mixed economic forecast.

The company reported fourth-quarter earnings of $2.91 per share, higher than the average estimate of $2.79.

Full-year operating revenue rose 1% on higher volume, price increases and greater efficiency.

Workforce productivity improved 6% to 1,062 car miles per employee in 2024.

Union Pacific (NYSE: ) today reported 2024 fourth quarter net income of $1.8 billion, or $2.91 per diluted share. — Union Pacific (@UnionPacific)

Jim Vena, CEO of Union Pacific, said in an interview that he’s optimistic about the future of the U.S. economy, despite the threat of��tariffs��under President Donald Trump.��

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“The president has talked about tariffs and we’re planning for it,” he said. “But I also think that it’s a negotiating position and we’ll see how that works out for us.”��

“He’s talked about changing the corporate tax rate,” Vena said. “He’s also talked about regulation changes. So if you put all of that in the mix, we’re pretty bullish about what will happen with the economy.”

Union Pacific said its 2025��projections��from its September investor day still hold, despite uncertainties over coal demand and the economy overall. It expects a three-year compound annual growth rate in the high single to low double digits.��

The company plans to follow last year’s shares repurchases of $1.5 billion with $4 billion to $4.5 billion in buybacks this year.