Union Pacific Posts Record Earnings (UNP)

Union Pacific UNP said this morning that its second quarter net income rose to $711 million, or $1.40 a share, up from $465 million, or 92 cents a share, in the year-ago period. Analysts were looking for earnings of $1.21 per share. Revenues rose 26.2% year-over-year to $4.18 billion versus the $4.08 billion consensus estimate. Total carloads grew 18% in the second quarter versus the prior year's recession-impacted levels. Management said this is the first time in six years that all six Union Pacific business groups reported volume growth in the same quarter. CEO Jim Young said, "While the pace and direction of the economic recovery is uncertain, we expect and are prepared to handle continued volume growth on our network, in 2010 and beyond."