Union Pacific profits up 15 percent in 3rd quarter
OMAHA, Neb. (AP) — Union Pacific says its third-quarter profit soared 15 percent as price increases and more automotive and chemical shipments helped the railroad offset a 12 percent drop in coal shipments.
The railroad reported $1 billion in net income, or $2.19 per share. That's up from $904 million, or $1.85 per share, a year ago.
Union Pacific, based in Omaha, said Thursday that revenue grew 5 percent to $5.34 billion from last year's $5.1 billion.
Analysts surveyed by FactSet expected Union Pacific to report earnings per share of $2.18 on sales of $5.38 billion.
Declining coal volumes has been a challenge for the major freight railroads all year. Union Pacific says its total shipment volume declined only slightly because of increases in automotive, chemical and intermodal shipments.
Copyright 2012 The Associated Press.