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April 26 (Reuters) – Union Pacific Corp reported a better-than-expected quarterly profit on Thursday, as the No. 1 U.S. railroad gained from higher freight revenue.
Overall freight revenue rose 6.8 percent in the first quarter, led by a 14.6 percent jump from its energy segment, the company said.
Overall volumes, as measured by total revenue carloads, increased 1.8 percent in the quarter, compared with a year earlier.
“With the economy favoring a number of our market segments, we are well positioned to benefit from another year of positive volume growth and solid core pricing gains,” Chief Executive Officer Lance Fritz said in the earnings statement.
Net income rose to $1.31 billion, or $1.68 per share, in the latest quarter from $1.07 billion, or $1.32 per share, a year earlier.
Total operating revenue rose 6.7 percent to $5.48 billion.
Analysts on average had expected profit of $1.66 per share, according to Thomson Reuters I/B/E/S.
Shares of the Omaha, Nebraska-based company were marginally up before the bell. (Reporting by Sanjana Shivdas and Eric Johnson; Editing by Anil D’Silva and Shailesh Kuber)
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