Union Pacific Q3 profit up 23% even with flat volume

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Union Pacific hauled in 23% more profit in the third quarter even though the total number of shipments it delivered remained flat overall. The Omaha, Nebraska-based railroad said Thursday that it made $1.67 billion, or $2.57 per share in the quarter. That’s up from $1.36 billion, or $2.01 per share, a year ago when the economy was surging back from the worst of the coronavirus pandemic. The results beat Wall Street expectations. Revenue grew 13% to $5.57 billion but auto production continued to struggle with chip shortages and the railroad said the supply chain remains clogged thanks to a shortage of truck drivers.