Union Pacific Corp. (UNP) reported 2014 third quarter net income of $1.4 billion, or $1.53 per share, up from $1.15 billion, or $1.24 per share, in the third quarter 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $1.52 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenue increased 11 percent in the third quarter 2014 to $6.2 billion, versus $5.6 billion in the third quarter 2013. Wall Street expected revenues of $6.09 billion for the quarter.
Third quarter business volumes, as measured by total revenue carloads, increased 7 percent compared to 2013. Volume increased in agricultural products, industrial products, intermodal, automotive and chemicals. Coal volumes were flat versus 2013.
"We are optimistic about the remainder of the year. Assuming the economy and weather cooperate, we are well positioned to finish up the year with record results. We continue to see tremendous opportunity across our diverse franchise and remain focused on improving our network velocity and fluidity so that we can leverage these opportunities by safely providing our customers with excellent service and our shareholders with strong returns," said Jack Koraleski, Union Pacific chief executive officer.
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