Union Pacific rate hikes push railroad’s Q1 profit up 22%

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Union Pacific hauled in 22% more profit during the first quarter because it charged more and delivered 4% more shipments even as it struggled to clear up congestion along its rail network. The Omaha, Nebraska, railroad said Thursday it earned $1.6 billion, or $2.57 per share. That beat Wall Street expectations. Union Pacific CEO Lance Fritz said the railroad delivered solid financial results but failed to meet customer expectations for service. Federal regulators plan to hold a hearing next week after several groups of shippers complained about delayed deliveries that disrupted their business.