Union Pacific today reported its net income in the first quarter of 2013 was $957 million, rising 11 percent from $863 million in the first quarter of 2012.
Total revenue in the first quarter was $5.29 billion, increasing 3 percent from $5.11 billion in the same quarter last year. Of that total, freight revenue accounted for $4.98 billion, up 3 percent year-over-year, and other revenue accounted for $306 million, up 6 percent.
Gains in chemicals, intermodal and automotive shipments helped offset drops in coal and agricultural product volumes, but total revenue carloads fell 2 percent compared with 2012. However, the Class I railroad’s operating ratio of 69.1 percent was a first quarter record, 1.4 points better than the first quarter of 2012.
“Union Pacific achieved record first quarter financial results, leveraging the strengths of our diverse franchise despite significantly weaker coal and grain markets,” said Jack Koraleski, UP’s CEO, in a written statement.
“While there is still much uncertainty in the year ahead, our diverse franchise supports our continued focus on profitable growth and business development opportunities,” he added.