Union Pacific (NYSE:UNP) said Thursday its third-quarter net income rose to $778 million, or $1.56 a share, from $514 million, or $1.01 a share, in the year-ago period. Revenue increased by 20% to $4.4 billion, from $3.7 billion. The Omaha, Neb. railroad giant was expected to earn $1.46 a share on revenue of $4.35 billion, according to a survey of Wall Street analysts by FactSet Research. “Strong volume growth, pricing gains and operating efficiency combined to produce another record quarter for our company,” said Jim Young, Union Pacific chairman and chief executive officer. Automotive freight led the quarter with a rise of 36%, followed by a 25% rise in industrial products. –MarketWatch
United Parcel Service (NYSE:UPS) reported an 80% jump in third-quarter net income on higher revenue and margins. The world’s largest package delivery company easily exceeded Wall Street estimates and raised its full-year earnings outlook. UPS said third-quarter profit rose to $991 million, or 99 cents a share, from $549 million, or 55 cents, a year ago. On an adjusted basis, UPS earnings came to 93 cents a share, which beat analysts’ average estimate by a nickel, according to data from Thomson Reuters. Revenue for the three months ended Sept. 30 increased 9% to $12.19 billion from $11.15 billion in last year’s third quarter. The top-line number was shy of analysts’ forecast for revenue of $12.37 billion. U.S. domestic package revenue gained 6%, while the international business grew 11%. The company’s supply chain and freight division enjoyed a 19% jump in revenue. –Daily Finance
McDonald’s (NYSE:MCD) reported net income of $1.29 a share, beating the consensus by 4 cents a share. The American icon says October is strong and that global sales continue to show solid mid-single-digit gains. –The Wall Street Journal
Chevron (NYSE:CVX) said Thursday it has sanctioned the $7.5 billion development of the Jack/St. Malo project, the oil major’s first operated drilling plan in the Lower Tertiary area in the deepwater Gulf of Mexico. The Jack and St. Malo fields are located within 25 miles of each other approximately 280 miles south of New Orleans in water depths of 7,000 feet. The Jack and St. Malo fields are estimated to contain combined total recoverable resources of more than 500 million oil-equivalent barrels. Seven exploration and appraisal wells have been drilled at these fields since 2003. -MarketWatch
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