Summary Box: UP 1Q net income up 24 percent

AP News
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Posted: Apr 20, 2011 6:34 PM
Summary Box: UP 1Q net income up 24 percent

SHIPPING SUCCESS: Union Pacific reported $639 million net income, or $1.29 per share, during the first quarter. The freight railroad's profit fell short of the $1.31 per share that analysts were expecting, but it was 24 percent higher than the $516 million net income Union Pacific reported last year.

THE ECONOMY THAT COULD: Union Pacific CEO Jim Young says it looks like the economy will continue growing slowly throughout 2011, but he worries that consumer spending might decline if gas prices remain high.

RAMPING UP: Union Pacific plans to hire about 4,500 people this year, mostly because of attrition. If the economy keeps growing all the railroad's furloughed workers should be back on the job this fall.