Shareholders of Union Pacific and Norfolk Southern backed the railroads’ proposed $85 billion merger to create the nation’s first coast-to-coast rail network.
Both Union Pacific and Norfolk Southern delivered solid profits Thursday as the railroads continued to make the case for their proposed merger.
The nation’s largest railroad union endorsed Union Pacific’s proposed $85 billion acquisition of Norfolk Southern Monday after securing promises to protect jobs.
Union Pacific is seeking to buy Norfolk Southern in a $85 billion deal that would create the first transcontinental railroad in the U.
Union Pacific and Norfolk Southern are in merger talks to create the largest railroad in North America that would connect the East and West Coasts.
Both Union Pacific and CSX delivered solid results in the fourth quarter as the railroads prepared to deal with whatever challenges President Donald Trump's administration or the economy might present this year.
Union Pacific’s third-quarter profit grew 9% as West Coast imports surged and drove the railroad’s total volume up 6%.
Union Pacific delivered 7% growth in its second-quarter profit even though the number of shipments it hauled remained essentially flat because it was able to continue streamlining its operations.
Union Pacific's first-quarter profit crept 1% higher and topped Wall Street expectations as the railroad tightened up on expenses even though it delivered slightly less freight.
Union Pacific's fourth-quarter profit crept up 1% as the railroad delivered more fertilizer, imported goods and chemicals.
Union Pacific's third-quarter profit fell 19% as the railroad hauled about 3% fewer shipments and costs remained high, but the average speed of its trains improved 5% as new CEO Jim Vena began to tweak the operations.