Union Pacific reports lower Q1 profits

Posted at 12:58 PM, Apr 21, 2016
and last updated 2016-04-21 14:20:00-04
Omaha based Union Pacific railroad says it's profits fell 15 percent during the first quarter of this year.
The railroad says the amount of freight it carries is also down 8 percent due to weak energy and commodity prices. Coal shipments fell 34 percent in the quarter, due to weak demand as utilities switch from coal to natural gas because of lower cost and environmental regulations.
UP said Thursday that it earned $979 million, or $1.16 per share. That's down from last year's $1.15 billion, or $1.30 per share. Per-share earnings topped the $1.10 analysts had projected, according to a survey by FactSet. Yet revenue, which slumped 14 percent to $4.83 billion, was a bit short.