OMAHA, Neb. (AP) – Union Pacific’s second-quarter profit fell 19 percent as the railroad hauled 11 percent less freight.
CEO Lance Fritz said Thursday that volumes are likely to remain weak through the rest of the year because of the soft global economy, strong U.S. dollar and weak consumer demand.
Its shares fell more than 3 percent in premarket trading.
The Omaha, Nebraska-based company reported net income of $979 million, or $1.17 per share. That’s down from $1.2 billion, or $1.38 per share, a year ago.
The 14 analysts surveyed by Zacks Investment Research predicted earnings of $1.17 per share on average.