Union Pacific Q2 profit jumps 59% as volume grows 22%

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

OMAHA, Neb. -- 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 as demand for imported products surged. Some of those problems are likely to linger through the rest of the year because of a shortage of trucks to haul shipping containers out of the ports and rail terminals.