Union Pacific’s Third-Quarter Profit Rises 10%
Union Pacific Corp. said Oct. 17 its third-quarter profit rose 10% despite lower coal and grain carloads in the quarter.
Net income rose to $1.15 billion, or $2.48 per share, from $1 billion, or $2.19, a year ago.
Revenue rose 4% to $5.57 billion, the Omaha, Neb-based freight railroad said in a statement.
Intermodal freight revenue was flat at $1 billion, and automotive revenue jumped 17% to $512 million
Lost revenue and increased costs because of the flooding in Colorado negatively affected operating income by about $10 million, according to the company.
“Despite the challenges of lower coal and grain volumes, in addition to disruptions caused by the Colorado flooding, we managed our network efficiently and continued to benefit from the strength of our diverse franchise,” Union Pacific CEO Jack Koraleski said in a statement.
