Union Pacific 2Q profit falls 19 percent as volume slows

The railroad said Thursday that full-year volumes are likely to fall 6 percent to 8 percent because of the soft global economy, strong U.S. dollar and weak consumer demand.

The Omaha, Nebraska-based company reported net income of $979 million, or $1.17 per share.

The 14 analysts surveyed by Zacks Investment Research predicted earnings of $1.17 per share on average.

Union Pacific said shipments slowed in every category except agricultural goods.

Union Pacific CEO Lance Fritz said consumer behavior remains puzzling because there are mixed signals of low unemployment and strong car sales contrasting with slow housing construction and weak spending.