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.