Two of the largest U.S. freight railroads reported third-quarter results, with intermodal revenue rising at both companies.
Union Pacific Corp. said Thursday its net income rose to $1 billion, or $2.19 a share, from $904 million, or $1.85, a year ago.
Revenue rose 5% to $5.3 billion, the Western freight railroad said. Intermodal revenue rose 8% to $1 billion.
Volume growth at four of its six business groups — automotive, chemicals, industrial products and intermodal — was offset by declines in shipments of coal and agricultural products.
CSX Corp.’s profit slipped to $455 million, or 44 cents per share, from $464 million, or 43 cents, a year earlier.
Revenue fell 2% at $2.89 billion, although intermodal revenue jumped 10% to $399 million, the Eastern freight railroad said.