Union Pacific Corp. reported a 24 percent jump in first-quarter net income this week as revenue rose 4 percent for the largest U.S. railroad. Much of the increase was due to strong improvement in revenue for shipping chemical and agricultural products. Revenue grew 9 percent for chemicals and 8 percent for agricultural products.
UP said it earned $386 million, or $1.41 per share, during the quarter ending March 31. That's up from the same time a year ago when the railroad made $311 million, or $1.15 per share.
Officials of the railroad predict 10 percent to 15 percent earnings growth in the second quarter and per share earnings of $1.44. For the entire year, the UP predicts a 4- to 6 percent growth in revenue.