Union Pacific Corp. reports first-quarter earnings of $133 million, up 4 percent, despite the economic slowdown.
The earnings, which amounted to $1.32 per share, compared with net income of $128 million or $1.27 per share in the first quarter of 1990.Revenues rose 5.5 percent, to $1.743 billion from $1.652 billion.
Union Pacific said its main railroad subsidiary saw a 1 percent increase in net income as carloading rose 5 percent. The company reported an increase in coal, food products and intermodal traffic, although those gains were partially offset by a decrease in loadings of automotive and forest products.
Two other subsidiaries, Union Pacific Resources and Overnight Transportation, reported flat earnings for the quarter.
"We were encouraged by our first-quarter results," said Drew Lewis, chief executive officer. "Our operating companies have performed well in a difficult economic environment. As the economy begins to firm we should be able to maintain this positive momentum throughout the remainder of the year."