Union Pacific's first-quarter profit creeps up 1% as railroad limits expenses

Union Pacific's first-quarter profit crept 1% higher and topped Wall Street expectations as the railroad tightened up on expenses even though it delivered slightly less freight. The Omaha, Nebraska-based railroad said Thursday it made $1.64 billion, or $2.69 per share. That's higher than the $2.51 per share analysts expected. CEO Jim Vena said the railroad is building on the momentum it established at the end of last year. The railroad's revenue was slightly lower than last year because fuel surcharge revenue fell on lower fuel prices. Union Pacific said the results have it feeling more optimistic about profit growth this year, so it will restart stock repurchases in the second quarter.