Union Pacific quarterly profit up 10pc, though revenue slips 1pc
BIGGEST American railway, the Union Pacific reported a 10 per cent second quarter year-on-year operating profit increase to US$2
BIGGEST American railway, the Union Pacific reported a 10 per cent second quarter year-on-year operating profit increase to US$2.3 million, drawn on revenues of $5.1 billion, down one per cent.
'We delivered record second quarter financial results driven by exceptional operating performance,' said Union Pacific chairman, president and CEO Lance Fritz.
'These results are a testament to the dedication of the men and women of Union Pacific, who are embracing Unified Plan 2020 and who worked closely with our customers to overcome numerous weather challenges,' Mr Fritz said.
Second quarter business volumes decreased four per cent compared to 2018. Growth in industrial volumes were more than offset by flat agricultural products shipments as well as declines in energy and premium. In addition.
Quarterly freight revenue declined two per cent compared to second quarter 2018, as core pricing gains were offset by lower volumes.
Quarterly freight car velocity was 195 daily miles per car, a four per cent improvement compared to the second quarter 2018.