Union Pacific profit grows 7% as the railroad continues to get more efficient under CEO Jim Vena

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. The railroad said it earned $1.67 billion, or $2.74 per share, during the quarter, topping Wall Street estimates. The results show the continued steady improvement Union Pacific has reported ever since CEO Jim Vena took over nearly a year ago after a hedge fund pressured the railroad to improve its profitability. Union Pacific said its revenue grew 1% to top $6 billion as it was able to continue raising its rates enough to offset a steep drop in coal and metals shipments and lower fuel-surcharge revenue.