Last year, Union Pacific experienced a 11-percent rise in net income, year over year, finishing 2013 at $4.4 billion. During the fourth quarter, the railroad saw net income tick up $200 million over the same period in 2012.
Revenue ticked up 7 percent from the fourth quarter of 2012, finishing the 2013 period at $5.6 billion.
The railroad said profit rose due to higher corn shipments, and reported that last year’s corn crop was 13.9 billion bushels, up 30 percent from 2012.
Agriculture activity soared during the quarter, finishing the period up 13 percent compared to the fourth quarter of 2012. Automotive activity rose 10 percent over the same time period, while industrial product volume increased by 9 percent. Coal declined by 10 percent, and chemical volume fell by 1 percent, compared to the fourth quarter of 2012.
“Agriculture was a welcome relief after the previous year’s drought,” UP's Chief Executive Jack Koraleski stated. “After grain is stored, there is the possibility we might ship it again, either for export or domestic use.”
Union Pacific said prices charged to shippers during the quarter rose about 3.25 percent, and the volume of goods shipped increased by 2 percent.