Union Pacific Profit Down on Waning Coal Volumes

No. 1 U.S. railroad Union Pacific Corp on Thursday reported a lower quarterly net profit due to a 6 percent drop in freight volumes led by a sharp decline in coal shipments.

The Omaha, Nebraska-based company reported second-quarter net income of $1.2 billion or $1.38 per share, down 8 percent from $1.3 billion or $1.43 per share a year earlier.

Analysts had expected earnings per share for the quarter of $1.35. (Reporting By Nick Carey