Union Pacific Corp. (UNP) reported 2013 first quarter net income of $957 million or $2.03 per share, up from $863 million, or $1.79 per share, in the first quarter 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $1.96 per share for the quarter. Analysts' estimates typically exclude special items.
Despite lower carloadings, operating revenue increased about 3 percent in the first quarter 2013 to $5.29 billion versus $5.11 billion in the first quarter 2012. Twenty one analysts had consensus revenue estimate of $5.22 billion for the quarter.
First quarter business volumes, as measured by total revenue carloads, decreased 2 percent compared to 2012. Volume declines in coal and agricultural products more than offset growth in chemicals, intermodal and automotive shipments. Volumes for industrial products were flat versus 2012 driven by a reduction in hazardous waste shipments.
"While there is still much uncertainty in the year ahead, our diverse franchise supports our continued focus on profitable growth and business development opportunities," said Jack Koraleski, chief executive officer.
For comments and feedback: editorial@rttnews.com