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Union Pacific reported higher profit and revenue in the second quarter, boosted in part by volume growth.
The freight company on Thursday posted a profit of $1.99 billion, or $3.36 a share, for the quarter ended June 30. That compares with a profit of $1.88 billion, or $3.15 a share, a year earlier.
Stripping out one-time costs, earnings came in at $3.41 a share. Analysts polled by FactSet expected adjusted earnings of $3.24 a share.
Revenue climbed 12% to $6.86 billion, ahead of Wall Street models for $6.71 billion.
Chief Executive Jim Vena attributed the recent quarterly results to strong execution and volume growth. “Looking ahead, we are prepared to meet increasing customer demand with best-in-class safety, service and operational excellence,” he added.
For the year, Union Pacific now expects per-share earnings growth in the high-single-digit range, compared with a prior outlook for mid-single-digit growth.
The readout came a day after Union Pacific reached a deal with Canadian National Railway, giving the Montreal railroad further access in the Midwest in exchange for ending its opposition to Union Pacific’s $71.5 billion merger with Norfolk Southern.
“We are ready to move forward in the regulatory process and deliver the benefits of America’s first transcontinental railroad,” Vena said Thursday.
Write to Connor Hart at [email protected]