UP's Earnings Decline; Railroad Reported to Seek Rate Increase
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The railroad’s first-quarter revenue grew 9% over last year, to $3.2 billion, UP said. Union Pacific operates west of the Mississippi River.
nion Pacific Corp. reported lower income for the first quarter, as its net income dropped to $128 million or 48 cents a share, compared with $165 million or 63 cents last year.
And UP’s Chief Executive Officer Dick Davidson told Bloomberg News in an interview Thursday that the railroad — the largest U.S. freight rail line — will try to raise prices as fuel costs and demand increase.
UP pinned the earnings decline on bad weather on the West Coast and increased diesel fuel prices, although the results beat analysts’ estimates, the Associated Press reported.
