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Union Pacific quarterly profit up 21pc to US$1.32 billion, revenue rises 6pc
THE US railway that dominates the western states declared a 21 per cent first quarter year on year net profit increase to US$1.32 billion, drawn on revenues $5.1 billion, up six per cent.
The Omaha-based railway said it increased volumes of coal, agricultural products and industrial products that offset declines in chemical and automotive volumes.
Intermodal volumes remained flat, as increases in international intermodal offset declines in domestic shipments.
The first quarter of 2017 saw freight revenues increase by six per cent due to volumes growth, higher fuel surcharge revenues and core pricing gains.
In summary, freight revenues saw automotive and chemical go down one per cent each with intermodal up three per cent, agricultural products up seven per cent, industrial products up nine per cent and coal up 25 per cent.
"With a solid first quarter performance behind us, we will continue to press ahead with our volume, pricing, and productivity initiatives through the remainder of the year," said Union Pacific chairman, president and CEO Lance Fritz.
"Our six-track value strategy will keep us intensely focused on effectively leveraging volume growth, while providing customers an excellent experience and our shareholders a solid return on investment," he said.
The Omaha-based railway said it increased volumes of coal, agricultural products and industrial products that offset declines in chemical and automotive volumes.
Intermodal volumes remained flat, as increases in international intermodal offset declines in domestic shipments.
The first quarter of 2017 saw freight revenues increase by six per cent due to volumes growth, higher fuel surcharge revenues and core pricing gains.
In summary, freight revenues saw automotive and chemical go down one per cent each with intermodal up three per cent, agricultural products up seven per cent, industrial products up nine per cent and coal up 25 per cent.
"With a solid first quarter performance behind us, we will continue to press ahead with our volume, pricing, and productivity initiatives through the remainder of the year," said Union Pacific chairman, president and CEO Lance Fritz.
"Our six-track value strategy will keep us intensely focused on effectively leveraging volume growth, while providing customers an excellent experience and our shareholders a solid return on investment," he said.
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