OMAHA, Neb. (January 24, 2013)--Union Pacific reported Thursday that its fourth-quarter profit chugged ahead 7 percent because it raised shipping rates on the railroad and collected more fuel surcharges.

The company said it earned $1.04 billion, or $2.19 per share, during the quarter, up from net income of $964 million, or $1.99 per share, a year earlier.

The railroad says total shipping volume fell 2 percent.

Declines in coal and agricultural shipments couldn't be overcome in other areas of the railroad's business.

Revenue at the Omaha, Neb.-based company grew 3 percent to $5.25 billion.

The railroad's earnings exceeded Wall Street estimates but its revenue fell short of expectations.

Analysts surveyed by FactSet expected UP to report earnings of $2.15 per share on revenue of $5.30 billion.