By Matt Grossman

 

Union Pacific Corp. on Thursday logged higher earnings and revenue in the latest quarter, despite no growth in freight volumes.

The Omaha, Neb.-based railroad company logged earnings of $2.57 a share, up from $2.01 a share in last year's third quarter. Analysts had been forecasting earnings of $2.51 a share, per FactSet.

Net income rose to $1.67 billion, from $1.36 billion in the year-ago quarter.

Union Pacific's revenue rose 13% to $5.57 billion. Analysts had expected revenue of $5.41 billion.

Volumes as measured by revenue carloads were flat. As energy prices rose, Union Pacific's average fuel price per gallon consumed was up by 74% to $2.37 in the quarter. But the company's fuel-consumption rate was its lowest ever, Chairman and Chief Executive Lance Fritz said.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

October 21, 2021 08:30 ET (12:30 GMT)

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