Union Pacific railroad's 4Q profit rises 7 percent

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Associated Press

Posted on January 24, 2013 at 8:00 AM

Updated Thursday, Jan 24 at 9:01 AM

OMAHA, Neb. (AP) — Union Pacific says its fourth-quarter profit chugged ahead 7 percent because it raised shipping rates on the railroad and collected more fuel surcharges.

The company says it earned $1.04 billion, or $2.19 per share, during the quarter. That's up from net income of $964 million, or $1.99 per share, a year earlier.

The railroad says total shipping volume fell 2 percent. Declines in coal and agricultural shipments couldn't be overcome in other areas of the railroad's business.

Revenue at the Omaha, Neb.-based company grew 3 percent to $5.25 billion.

The railroad's earnings exceeded Wall Street estimates but its revenue fell short of expectations. Analysts surveyed by FactSet expected UP to report earnings of $2.15 per share on revenue of $5.30 billion.

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