OMAHA, Neb. (AP) — Union Pacific says its third-quarter profit improved 10 percent as higher shipping rates helped the railroad offset flat volume overall and last month's flooding in Colorado that disrupted traffic.
The results released Thursday were roughly in line with the reduced forecast Union Pacific issued this month and Wall Street expectations.
The Omaha-based railroad reported net income of $1.15 billion, or $2.48 per share, in the quarter ended Sept. 30. That's up from $1.04 billion, or $2.19 per share, a year ago.
Union Pacific Corp. 1ays its revenue grew 4 percent to $5.6 billion.
Analysts expected earnings of $2.48 per share on revenue of $5.61 billion.
The railroad repurchased nearly 3.7 million shares for $575 million reducing the number of shares outstanding by 2 percent.