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.