Story published by reuters.com
July 22 (Reuters) – Top U.S. railroad operator Union Pacific Corp (UNP.N) reported a 59% jump in its quarterly profit on Thursday, as it shipped more industrial chemicals, metals, petroleum, and liquefied petroleum gas.
The company’s net income for the second quarter, that ended on June 30, rose to $1.798 billion from $1.13 billion a year ago.
U.S. railroad companies have benefited from a pickup in economic activity across North America as COVID-19 restrictions ease, with CSX Corp (CSX.O) and Kansas City Southern (KSU.N) also reporting higher revenue. read more
Union Pacific, the largest U.S. railroad operator by market value, also said its second-quarter volumes increased 22%.
The company’s revenue rose 29.7% to $5.504 billion from $4.24 billion a year ago, while operating ratio — a key profitability metric — improved to 55.1% from 61%.
Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Anshuman Daga and Uttaresh.V