Union Pacific delivered 3% more freight as economy improved

Union Pacific’s fourth-quarter profit chugged ahead as shipping volume improved for the first time since before the coronavirus pandemic slowed the economy to a crawl last year.

The Omaha-based railroad said Thursday that volume grew 3% as the economy continued to recover from the worst of the pandemic.

The railroad earned $1.38 billion, or $2.05 per share, in the quarter. That was roughly in line with last year’s $1.4 billion, or $2.02 per share, but this year’s results were weighed down by a one-time $278 million charge. Without that charge, Union Pacific said it would have reported $1.6 billion net income, or $2.36 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.25 per share.

The railroad posted revenue of $5.14 billion in the period, which met Street forecasts.