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 .