Union Pacific delivered 3% more freight as economy recovered
OMAHA, Neb. (AP) — Union Pacific’s fourth-quarter profit chugged ahead as shipping volume improved for the first time since before the coronavirus pandemic slowed the economy to a crawl last year.
The Omaha, Nebraska-based railroad said Thursday that it earned $1.38 billion, or $2.05 per share, in the quarter, but the results were weighed down by a one-time charge of $278 million. The results beat Wall Street expectations.
The railroad said it delivered 3% more shipments as the economy continued to recover from the worst of the pandemic.
In last year’s second quarter, volume plummeted more than 20% as many businesses and factories shut down.