Union Pacific quarterly profit plunges 28% on lower shipment volumes

(Reuters) – Union Pacific Corp on Thursday reported a 28% decline in quarterly profit, hurt by lower shipment volumes as the COVID-19 pandemic disrupted global supply chains.

The Omaha, Nebraska-based railroad operator’s net income fell to $1.13 billion, or $1.67 per share, in the second quarter ended June 30, from $1.57 billion, or $2.22 per share, a year earlier.

Total operating revenue fell to $4.2 billion from $5.6 billion.

(Reporting by Rachit Vats in Bengaluru; Editing by Shinjini Ganguli)