Union Pacific Q3 profit up 23% even with flat volume
OMAHA, Neb. (AP) — Union Pacific hauled in 23% more profit in the third quarter even though the total number of shipments it delivered remained flat overall.
The Omaha, Nebraska-based railroad said Thursday that it made $1.67 billion, or $2.57 per share in the quarter. That’s up from $1.36 billion, or $2.01 per share, a year ago when the economy was surging back from the worst of the coronavirus pandemic.
The results beat Wall Street expectations. The railroad said its revenue grew 13% to $5.57 billion in the quarter as it generated more money in most freight categories except automotive where that industry has been struggling to maintain production amid the ongoing chip shortages.