Thursday, July 24, 2014

UP 2Q results beat the Street

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Union Pacific said Thursday, July 24, 2014 its second-quarter net earnings rose 17%, to $1.29 billion, or $1.43 per share, measured against $1.11 billion, or $1.18 per share, in the comparable quarter of a year ago.

The results exceeded Wall Street consensus analyst estimates of $1.42 per share.

UP said its earnings per share were aided by its purchase of 8.3 million shares of its own stock for $806 million during the quarter.

Second-quarter revenue rose 10% to $6.02 billion from $5.47 billion in the 2013 quarter, also beating Street expectations.

Strong demand for grain destined for export to Mexico and China, and a rise in coal shipments, contributed to the revenue stream, UP said.

"We are optimistic about the second half of the year," UP CEO Jack Koraleski said in a statement .