Union Pacific Reports 7% Higher Profits Amid Norfolk Southern Merger Talks
Union Pacific delivered a 7% growth in its third-quarter earnings, with a reported $1.79 billion, or $3.01 per share, in the quarter.
This is up from $1.67 billion, or $2.75 per share, a year ago, beating Wall Street estimates of $2.97 per share. Excluding $41 million in merger costs, the railroad would have made $3.08 per share.
The company's CEO is making the case for a potential $85 billion merger with Norfolk Southern, which would create the first transcontinental railroad.
The $85 billion merger would create the first transcontinental railroad.
The deal is currently under review by the U.S. Surface Transportation Board, which must approve the merger before Union Pacific's western network can be combined with Norfolk Southern's eastern operations.
Author's summary: Union Pacific's profits rise 7% amid merger talks.
- Earnings: $1.79 billion, or $3.01 per share
- Merger costs: $41 million
- Potential merger value: $85 billion