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Union Pacific Corp. net income slipped 13% to $1.13 billion, or $1.36 per share, hurt by lower intermodal and other freight volume and weaker pricing.

Union Pacific Corp. and Canadian Pacific Railway Ltd. this week reported second-quarter net income fell 19% and 16% respectively in a weak rail freight market, while smaller carrier Kansas City Southern raised net income 7% with help from a tax credit.

Union Pacific Corp. reported first-quarter earnings higher than analysts’ expectations as the railroad cut costs and boosted prices to mitigate a steep drop in cargo demand, pushing shares to their highest value in five months.

Union Pacific Corp. selected CEO Lance Fritz to become its chairman Oct. 1 when Jack Koraleski retires from the post after 43 years at the railroad.

Union Pacific Corp., the largest U.S. railroad, posted first-quarter profit and sales below estimates as West Coast port congestion and slack coal demand caused carloads to decline.

Mechanics at the Con-way Freight facility in Gary/Hammond, Indiana, rejected a vote to be represented by the International Association of Machinists and Aerospace Workers union.

Canadian National Railway and the Unifor union said they have negotiated a tentative labor agreement, averting a lockout of 4,800 workers.

Royal Dutch Shell Plc and the United Steelworkers, which represents 30,000 U.S. oil workers, are said to be planning to restart talks this week to resolve a labor dispute as more workers joined in the nation’s biggest refinery strike since 1980.

Union Pacific announced that it has promoted Lance Fritz to CEO from chief operating officer, succeeding John Koraleski, who was named executive chairman.