Union Pacific experienced a 9% increase in profits during the third quarter, attributed to a 6% rise in freight transportation, alongside successful pricing strategies and operational efficiencies.

In monetary terms, the railroad generated a profit of $1.67 billion, translating to earnings of $2.75 per share. This marks an increase from the previous year’s figures, where the company reported earnings of $1.53 billion, or $2.51 per share. However, the results fell slightly short of analysts’ projections.

According to a survey conducted by FactSet Research, experts had anticipated that the railroad’s earnings per share would reach $2.79. Following the announcement of these figures, shares of Union Pacific dropped by more than 3% in premarket trading.