UP net profits soar 47%

UP net profits soar 47% Union Pacific Corp. Thursday reported double-digit increases for net income, operating income and operating revenues thanks to greater business demand.
   Second quarter net income rose 47 percent to $233 million, compared to $158 million in the same quarter last year. Operating income was up 30 percent at $468 million from $359 million. Operating revenue increased 10 percent to a record $3.3 billion, from $3 billion in the second quarter 2004.
   “We continue to see strong demand for our services and we are improving our ability to handle the increased volumes more efficiently,' said Dick Davidson, UP’s chairman and chief executive officer.
   'Today our company has more business demand than we are able to fulfill. We are encouraged by the changes we see in our day-to-day operations and firmly believe that the long-term future of this great Railroad has never been brighter,' Davidson added.
   For the year-to-date, UP’s net income increased 12 percent to $361 million. Operating income was $781 million, up 16 percent compared to $673 million recorded in the first half 2004. Operating revenue was up 10 percent to $6.5 billion from $5.9 billion.