Union Pacific beats estimates for fourth quarter

Railroad firm Union Pacific Corporation reported its fourth quarter results on Thursday before markets opened, beating analysts' estimates and sending its share price up 5% in early trading.

Union said net income for the final quarter of 2016 was $1.14bn, or $1.39 per share, compared with $1.12bn, or $1.31 per share a year previously.

Analysts had expected earnings per share of $1.33, and the earnings beat sent the stock higher.

Representatives for the company said during a conference call that it was optimistic about 2017 being a positive one for the company.

"Looking to 2017, we are fairly optimistic about some of the macro-economic indicators that drive our core business," Chief Executive Lance Fritz said in a statement.

"Higher energy prices, favorable agricultural markets and improving business and consumer confidence all support a return to positive volume growth this year."