By Micah Maidenberg

Union Pacific Corp. reported weaker demand in the first quarter and warned shipments may fall even further in the second quarter.

Union Pacific on Thursday said profit rose to $1.47 billion, or $2.15 a share, from $1.39 billion, or $1.93 a share, the year earlier.

Analysts polled by FactSet expected the company to earn $1.89 a share, or $1.90 a share following adjustments.

Lower fuel prices helped results. Union Pacific said its average price for diesel was down 10% compared with the first quarter last year.

Union Pacific said it generated revenue of $5.23 billion for the first quarter, down 3% compared with the year earlier. Analysts expected revenue of $5.11 billion for the latest period.

The railroad on Thursday said volumes, as measured by revenue carloads, fell 7% for the quarter.

For the second quarter, the company expects carload volumes to drop around 25%.

"Although the situation is fluid and highly uncertain, the Company fully expects to maintain sufficient liquidity to sustain an extended period of lower volumes," Union Pacific said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 23, 2020 08:36 ET (12:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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