UPDATE: Union Pacific Posts Higher Q2 Earnings

Union Pacific

reported a 17% gain in its second-quarter earnings. The Omaha, Nebraska-based company posted a quarterly profit of $1.3 billion, or $1.43 per share, versus a year-ago profit of $1.11 billion, or $1.18 per share. Its operating revenue rose 10% to $6.02 billion. However, analysts were projecting a profit of $1.42 per share on revenue of $5.98 billion. Revenue from agricultural products climbed 19%, while revenue from coal increased 1%. Agricultural shipments rose 16%, while automotive shipment climbed 6%. Industrial products volume surged 12%, while intermodal volume also climbed 12%. Average revenue per car increased 1.5% in the quarter. Jack Koraleski, Union Pacific chief executive officer said, "Union Pacific achieved record quarterly financial results, leveraging the strengths of our diverse franchise to handle strong demand in the face of challenging operating conditions." Union Pacific shares fell 0.66% to $101.83 at 11:00 a.m. ET.