Union Pacific: Record Profit Despite Drop In Coal

Reuters reported Union Pacific Corp announced higher than estimated profits for the quarter, as well as record forecast for full-year earnings, destpite the 9% drop in the last quarter.

As quoted in the press release:

Revenue rose in all businesses except coal, which fell 9 percent, as a mild winter and low natural gas prices sapped demand from utilities. Auto-related shipping revenue led with a 25 percent increase in the quarter.

Chief Executive of Union Pacific, Jack Koraleski, commented:

Looking ahead to the second half of the year, the global economic outlook has become more uncertain and coal volumes remain a challenge.

Click here to read the full Reuters report.