Union Pacific Corporation on Friday reported earnings of $1.15 per diluted share, or net income of $311 million.

This compares to $0.48 per diluted share, or net income of $128 million in the first quarter of 2005, which included the estimated $34 million net income impact of the January West Coast storm. This was the best first quarter earnings ever posted by the company.

"This quarter was positive for us in many ways," said Jim Young, president and chief executive officer. "We experienced record growth in our business, moved these volumes more efficiently and improved our bottom-line results. Most importantly, we provided better service to our customers."

Union Pacific Corporation reported record operating revenue of $3.7 billion in the first quarter of 2006 compared to last year