Jul 22, 2021 2:45 PM

Union Pacific Q2 profit jumps 59% as volume grows 22%

Posted Jul 22, 2021 2:45 PM

OMAHA, Neb. (AP) — Union Pacific’s second-quarter profit jumped 59% as the railroad hauled 22% more cargo than a year ago when shipments fell to the lowest levels of the coronavirus pandemic.

The Omaha, Nebraska-based railroad said Thursday that it earned $1.8 billion, or $2.72 per share during the quarter.

That’s up from $1.13 billion, or $1.67 per share, a year ago.

The results surpassed Wall Street expectations.

The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.55 per share.

Union Pacific CEO Lance Fritz said the railroad delivered strong results despite the ongoing congestion issues in West Coast ports and at the key rail hub of Chicago.