Union Pacific reported Thursday that its adjusted profit grew to $1.8 billion in the second quarter as merger rumors to swirl around the nation’s largest railroad.
The Omaha, Nebraska, per-share earnings rose rose to $3.03, beating Wall Street expectations and easily topping the $2.71 per-share profit it reported in the same period last year. Analysts were expecting profit of $2.91 per share for the recent quarter.
Operating revenue grew 2% over last year, to $6.2 billion, the company said.
Sources told The Associated Press last week that Union Pacific and Norfolk Southern are in merger talks that would create the a railroad in North America that essentially connects the East and West Coasts.
Neither company has commented on the negotiations.
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