Union Pacific’s 3Q Income Rises 16%

Union Pacific Corp.’s third-quarter profit increased 16% from a year ago as higher prices offset slower growth in shipments and fuel costs.

Net income rose to $904 million or $1.85 per share, up from $778 million, or $1.56, a year ago, the freight railroad said Thursday.

Revenue rose 16% to $5.1 billion, a third quarter record, which included $4.8 billion in freight revenue.

Total freight carloads rose 1%. Intermodal volume slipped, but revenue rose 8% to $948 million.

Union Pacific, which operates west of the Mississippi River, is the largest U.S. freight railroad by revenue.