Union Pacific, Overnite post 1Q gains

Rail giant Union Pacific (UP) and its LTL subsidiary, Overnite Holding, both posted solid gains for the first quarter of 2002, with the railroad posting a 19% increase in earnings and Overnite gaining a little less than 1%. Omaha, NE-based UP's first quarter net income totaled $222 million, compared to net income of $181 million in the same period last year. Automotive and intermodal revenue were

Rail giant Union Pacific (UP) and its LTL subsidiary, Overnite Holding, both posted solid gains for the first quarter of 2002, with the railroad posting a 19% increase in earnings and Overnite gaining a little less than 1%.

Omaha, NE-based UP's first quarter net income totaled $222 million, compared to net income of $181 million in the same period last year. Automotive and intermodal revenue were up 2% and 1%, respectively, while UP's agricultural and industrial shipments were flat. Other commodities experienced slight revenue declines during this quarter, with coal shipments down 2% and chemicals down 1%

Richmond, VA-based Overnite Holding said its net income for the quarter increased to $9 million on revenue of $304.9 million, compared to $8 million on revenue of $313.2 million in the same period last year. Overnite noted that its results are on a pro forma basis as it assumes its acquisition of Motor Cargo Industries occurred on January 1.

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