Monday, October 27, 2014
Union Pacific Q3 profits best expectations
U.S. railroad Union Pacific posted a third-quarter profit that bested analyst predictions on a bumper grain crop and a rebound in consumer demand.
Profits rose 19 percent to $1.37 billion or $1.53 a share, from $1.24 a year earlier, the railway said Thursday. The average forecast among 25 analysts polled by Bloomberg was for earnings of $1.51 a share.
"Assuming the economy and weather cooperate, we are well positioned to finish up the year with record results," chief executive officer Jack Koraleski said in the statement.
UP freight volumes climbed 7 percent while BNSF Railway Co. had a 1 percent drop, according to Association of American Railroads data compiled by Bascome Majors, a Susquehanna Financial Group analyst in New York. BNSF, UP’s main rival in the western U.S., is struggling with a congested network due mainly to the U.S. shale gas boom.
For more of the Globe and Mail story: www.theglobeandmail.com
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