April 20, 2006 10:45 AM, EDT

Union Pacific’s First-Quarter Profit More Than Doubles

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reight railroad Union Pacific Corp. said Thursday that its first-quarter profit more than doubled, to $311 million or $1.15 per share, from $128 million or 48 cents a year earlier.

The earnings exceeded the railroad’s forecast issued in March of a range of $1 to $1.10 per share, from an earlier 80- to 90-cent projection. (Click here for previous coverage.)

UP raised its 2006 forecast by 20 cents a share, to $5 to $5.20 a share.

Sales rose 18% to $3.71 billion as rates rose an average of 13% and shipments rose 4%.

The railroad has raised its profit and rates for four straight quarters, Bloomberg reported.

Consumer-goods shipments rose 11%, leading the 4% rise for all cargo, more than triple the fourth-quarter rate, Bloomberg said.

Union Pacific is the largest U.S. freight railroad by revenue.