OMAHA, Neb. — Union Pacific Corp. closed the sale of 175 miles of track, land, operating rights and facilities to Utah Transit Authority for $185 million, according to Dow Jones Newswire.
In a press release Friday, the company projected the sale will add $88 million to third-quarter net income. According to a company spokesman, that translates to about 32 cents a diluted share, based on 275 million average shares outstanding.
An additional $16 million in pretax income was deferred pending arrangements to relocate various existing facilities.
Thomson First Call projects third-quarter earnings of $1.38 a share.
Union Pacific earned $267.0 million, or $1.04 a diluted share, on revenue of $ 3.03 billion in the third quarter ended Sept. 30, 2001.
Union Pacific’s New York Stock Exchange-listed shares recently traded at $ 58.73, up 38 cents, or 0.7%, on composite volume of 684,100 shares. Average daily volume is 1.2 million shares.