Union Pacific’s 1Q Income Rises 24%
Freight rail line Union Pacific Corp. said Wednesday its first-quarter profit rose 24% from a year ago on higher volume.
Net income rose to $639 million, or $1.29 per share, from $516 million, or $1.01, UP said in a statement. Revenue rose 13% to $4.49 billion.
Intermodal freight revenue rose 15%in the quarter.
About 820 Union Pacific employees remained furloughed in mid-April, down from 2,800 a year ago and 4,500 in 2009, as it has been gradually hiring back employees as shipping volumes improved, the Associated Press reported.
Union Pacific, which operates west of the Mississippi River, is the largest U.S. freight railroad by revenue.
