(Reuters circulated the following article by Nick Carey on April 20.)
CHICAGO — Union Pacific Corp., the largest U.S. railroad, said on Thursday first-quarter more than doubled on record growth and improved efficiency, beating market expectations.
The Omaha, Nebraska-based company reported quarterly net profit of $311 million, or $1.16 a share, compared with $128 million, or 49 cents a share, a year earlier.
Wall Street had expected earnings per share of $1.08 a share on average, according to Reuters Estimates.
The company reported revenue for the quarter of $3.7 billion compared with $3.2 billion a year earlier. Analysts had expected revenue of $3.66 billion, according to Reuters Estimates.
“We experienced record growth in our business, moved these volumes more efficiently and improved our bottom-line results,” Chief Executive Officer Jim Young said in a statement.
The company posted growth in all its segments, with its automotive, industrial products and intermodal divisions all posting annual growth of 23 percent.