OMAHA, Neb. (AP) — Union Pacific delivered 7% growth in its second-quarter profit even though the number of shipments it hauled remained essentially flat because it was able to continue streamlining its operations.
The Omaha, Nebraska, railroad said Thursday that it earned $1.67 billion, or $2.74 per share, in the quarter. That's up from last year's $1.57 billion, or $2.57 per share, before CEO Jim Vena took over after a hedge fund pressured Union Pacific to improve its profitability.
“This provides further proof that our strategy to be the best in safety, service, and operational excellence will drive success," Vena said. “The entire Union Pacific team is energized behind this strategy and wants to win.”
The results topped the prediction for earnings of $2.72 per share from the analysts surveyed by FactSet Research.
Vena said in a letter to employees reflecting on his first year on the job that he’s proud of the way employees have responded to the “challenges that come with operating the largest railroad in North America” as he expects more and more of them.
“I said from day one I would ask a lot of you, and demand even more from myself,” Vena said.
Union Pacific said its revenue grew 1% to top $6 billion in the quarter as it was able to continue raising its rates enough to offset a steep drop in coal and metals shipments and lower fuel surcharge revenue. That was just behind the $6.05 billion that analysts predicted.
Coal shipments that have been steadily declining for years were down 22% in the quarter and metals shipments fell off 12%, but overall volume was up slightly and Union Pacific was able to continue increasing the average maximum length of its trains 2% to 9,544 feet and productivity improved 5% to 1,031 car miles per employee.
Union Pacific operates trains across 23 states in the western half of the country.
FILE - The Union Pacific Railroad logo appears on a locomotive in the Jackson, Miss., terminal rail yard, April 20, 2022. Union Pacific reports earnings on Thursday, July 25, 2024. (AP Photo/Rogelio V. Solis, File)
SAN BERNARDINO, Calif. (AP) — Evacuations were ordered Saturday as a wildfire scorched the foothills of a national forest east of Los Angeles, amid a days-long heat wave that pushed temperatures into the triple digits across the region.
The so-called Line Fire was burning uncontrolled along the edge of the San Bernardino National Forest, about 65 miles (105 kilometers) east of LA. As of Saturday afternoon, the blaze charred about 11 square miles (28 square km) of grass and chaparral, leaving a thick cloud of dark smoke blanketing the area.
The fire began Thursday evening, and the cause is under investigation.
About 500 firefighters were battling the blaze, supported by water-dropping helicopters that hovered over homes and hillsides, along with aircraft.
Firefighters said the blaze had the “potential for large fire growth” in the next 12 hours.
No injuries were reported, and no homes or other structures had been damaged or destroyed.
The National Weather Service said downtown Los Angeles hit a high of 112 degrees Fahrenheit (44 Celsius) Friday, which marked the third time since 1877 that a high of 112 degrees or more has been reached there.
Fire crews monitor the Line Fire, Saturday, Sept. 7, 2024, in Running Springs, Calif. (AP Photo/Eric Thayer)
Smoke rises from the Line Fire over the mountains Saturday, Sept. 7, 2024, in Running Springs, Calif. (AP Photo/Eric Thayer)
Smoke rises from the Line Fire over the mountains Saturday, Sept. 7, 2024, in Running Springs, Calif. (AP Photo/Eric Thayer)
Smoke from the Line Fire fills the air Saturday, Sept. 7, 2024, in Running Springs, Calif. (AP Photo/Eric Thayer)
Fire crews monitor the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
Fire crews monitor the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
A water dropping helicopter hovers over a neighborhood as crews battle the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
A cloud of smoke from the Line Fire rises over the mountains Saturday, Sept. 7, 2024, in Running Springs, Calif. (AP Photo/Eric Thayer)
Fire crews monitor the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
Fire crews monitor the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
Evacuations ordered as wildfire burns in foothills of national forest east of LA
Evacuations ordered as wildfire burns in foothills of national forest east of LA
A helicopter drops water onto the Line Fire Saturday, Sept. 7, 2024, in Highland, Calif. (AP Photo/Eric Thayer)
