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OMAHA, Neb. Union Pacific’s second-quarter income increased by 7 %, despite the number of shipping it hauled remaining essentially unchanged because it was able to keep streamlining its operations.
The Omaha, Neb., railroad said July 25 that it earned$ 1.67 billion, or$ 2.74 per share, in the quarter. That’s up from last year’s$ 1.57 billion,$ 2.57, before CEO Jim Vena took over after a hedge fund pressured Union Pacific to improve its profitability.
This provides additional evidence that our goal of maintaining the highest standards for safety, assistance, and operational excellence will result in success, Vena said. The whole Union Pacific team wants to win, and is motivated by this strategy.
The researchers surveyed by FactSet Research predicted earnings of$ 2.72 per share, which was above the forecast.
No. 1 is Union Pacific. 18th place among the top international transport companies in Transport Topics.
Union Pacific Corporation ($ UNP ) reports 2024 second quarter net income of$ 1.7 billion, or$ 2.74 per diluted share. This compares to 2023 second quarter net income of$ 1.6 billion, or$ 2.57 per diluted share. — Union Pacific ( @ UnionPacific ) July 25, 2024
Vena told people in a email to them reflecting on his first year on the work that he is proud of the way they have handled the” challenges that come with operating the largest rail in North America” as he anticipates more and more of them.
” I said from day one I would question a lot of you, and require even more from myself”, Vena said.
Because of a significant decline in coal and metals shipments and lower fuel surcharge revenue, Union Pacific reported a 1 % increase in revenue to reach$ 6 billion in the quarter. That was just behind the$ 6.05 billion that analysts predicted.
Overall volume increased slightly, and Union Pacific was able to continue increasing the average maximum length of its trains by 2 % to 9, 544 feet, and productivity increased by 5 % to 1, 031 car miles per employee, despite the company’s ongoing decline in coal shipments, which were down 22 % in the quarter.
In the northern half of the nation, Union Pacific runs trains through 23 state.
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