Union Pacific’s 2Q Income Rises 10%

Freight rail line Union Pacific Corp. said Thursday its second-quarter profit rose 10% from a year ago on higher volume despite severe flooding in the Midwest.

Net income rose to $785 million, or $1.59 per share, from $711 million, or $1.40, UP said in a statement. Revenue climbed 16% to $4.86 billion.

Intermodal freight revenue rose 13% in the quarter to $909 million.

In the statement, CEO Jim Young said he expects stronger performance in the second half of the year despite economic uncertainties and ongoing flood challenges.

Union Pacific, which operates west of the Mississippi River, is the largest U.S. freight railroad by revenue.