Union Pacific Reports $1.1 Billion Net Q1 Income

Union Pacific Corp. today reported 2014 first quarter net income of $1.1 billion, or $2.38 per diluted share, compared to $957 million, or $2.03 per diluted share, in the first quarter 2013.

“Union Pacific achieved record first quarter financial results, leveraging the strengths of our diverse franchise in the face of challenging weather conditions,” Jack Koraleski, Union Pacific chief executive officer, said in a statement. “We’re proud of the efforts of the men and women of Union Pacific, who worked tirelessly to serve our customers despite these weather challenges and helped us achieve such a solid start to the year.”

Operating revenue increased 7 percent in the first quarter 2014 to $5.6 billion, versus $5.3 billion in the first quarter 2013. First quarter business volumes, as measured by total revenue carloads, increased 5 percent compared to 2013. Volume increased in agricultural products, industrial products, coal, intermodal and automotive. Chemicals volumes were flat versus 2013 as growth in base chemicals was offset by a reduction in crude oil shipments.