The Union Pacific Railroad hauled in 23% more profit in the third quarter of this year even though the total number of shipments it delivered remained flat overall.
Omaha-based U-P says overall revenue grew 13% to $5.57-billion dollars, but profit jumped $301-million to a total of $1.67-billion or $2.57 per – up from $2.01 per share, a year ago when the economy was surging back from the worst of the COVID pandemic.
The results beat Wall Street expectations as auto production continued to struggle with chip shortages and the overall supply chain remained clogged thanks to a shortage of truck drivers.