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Higher rates lift Union Pacific 2Q profit 10 pct

OMAHA, Neb. (AP) -- Union Pacific Corp. says rate increases helped lift its second-quarter profit by 10 percent, even though the number of carloads the railroad hauled slipped 1 percent.

The Omaha, Neb.-based railroad said Thursday that it generated $1.11 billion in net income, or $2.37 per share, in the quarter that ended June 30. That's up from profit of $1 billion, or $2.10 per share, in the same months last year.

Revenue rose 5 percent, to $5.47 billion.

Analysts surveyed by FactSet predicted Union Pacific would report earnings of $2.35 per share on $5.5 billion in revenue.

Union Pacific CEO Jack Koraleski says he's hopeful the economy will improve in the months ahead, but the outlook remains uncertain.