HUTCHINSON, Kan. — It wasn’t as bad a predicted but the pandemic still took a large bite out of Union Pacific’s second quarter earnings which were released before the bell Thursday.
The nation’s largest railroad reported net income of $1.1 billion, or $1.67 per diluted share compared to $1.6 billion, or $2.22 per diluted share, in the second quarter of 2019.
Operating revenue was $4.2 billion, down 24 percent in the second quarter. Carloads decreased by 20% and freight revenue fell by 24%. All were attributed to the slowdown in the economy due to the pandemic.
Union Pacific operates an average of 25 trains per day in Reno County and caries a total valuation in the county of more than $7.5-million.
The earnings session continues for local companies when Siemens/ Gamesa and ADM release their earnings numbers on July 30.