OMAHA, Neb. – 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. The seven analysts surveyed by Zacks Investment Research expected earnings of $1.86 per share, on average.
The railroad's revenue declined 3% to $5.23 billion. Four analysts surveyed by Zacks expected $5.11 billion. Union Pacific said the number of carloads of freight it delivered in the first quarter fell 7%, but the volume has declined sharply since then as