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News Summary: Union Pacific 1Q profit up 11 pct

The Associated Press

TOP-RATE RESULTS: Union Pacific said rate increases helped offset a significant drop in coal volumes in the first quarter. The railroad's net income grew 11 percent to $957 million, or $2.03 per share.

OPTIMISTIC OUTLOOK: Union Pacific officials expect shipping volume to improve over 2013 as long as the economy keeps improving and normal weather patterns prevail.

SUCCESSFUL SHARES: UP's stock soared to new heights Thursday after its strong results. The stock gained $5.52, or 4 percent, to set a new closing record of $142.46.