(Reuters) -Union Pacific Corp on Thursday reported a 23% rise in quarterly profit as the railroad operator shipped more chemicals, metals, minerals, paper and plastics to meet U.S. industrial demand.
A rise in U.S. industrial production during the first two months of the quarter and a jump in crude prices has benefited Union Pacific’s industrial shipments, which made up for 34% of its third-quarter revenue.
Revenue carloads, or business volumes, were flat during the quarter at 2.04 million, as supply chain disruptions and a bridge outage in California took a toll.
The Omaha, Nebraska-based company’s total operating revenue rose 13% to $5.57 billion.
Union Pacific’s net income rose to $1.67 billion, or $2.57 per share, for the quarter ended Sept. 30, from $1.36 billion, or $2.01 per share, a year ago.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shailesh Kuber)
