Union Pacific Predicts 25% Drop in Volume Because of Virus
OMAHA, Neb. (AP) — Union Pacific’s first-quarter profit improved 6%, but the railroad expects shipping volume to plummet 25% in the second quarter because of the ongoing coronavirus outbreak.
The railroad said Thursday it earned $1.47 billion, or $2.15 per share, in the first quarter.
That’s up from $1.39 billion, or $1.93 per share, a year ago.
The results topped Wall Street expectations.
Union Pacific said the number of carloads of freight it delivered in the first quarter fell 7%, but volume has declined sharply since then as automakers closed their plants and other manufacturers slowed production because of the virus outbreak.