Union Pacific profits fall 28% as virus hits carload volume

Union Pacific’s second-quarter profit fell 28% from a year ago as carload revenue tumbled 20% because of the coronavirus pandemic

OMAHA, Neb. —
Union Pacific’s second-quarter profit fell 28% from a year ago as carload revenue tumbled 20% because of the coronavirus pandemic.

But the railroad company expects improvement in the second half with full-year carload volumes to be down around 10% compared with 2019.

The company said Thursday it made $1.13 billion from April through June, or $1.67 per share, beating Wall Street estimates. Analysts polled by FactSet expected earnings of $1.56 per share. Revenue of $4.24 billion was down 24% for the period, slightly below analysts’ estimates of $4.4 billion.

The Omaha, Nebraska-based company operates 32,400 miles of track in 23 Western states.