'We are seeing the e-commerce demand flow through to our rail business,' Union Pacific CEO Lance Fritz told CNBC's Jim Cramer.
"Our parcel business is up strong double digits right now," he said. "We are seeing the e-commerce demand flow through to our rail business."
A Union Pacific employee closes the entry door on a rail car at the company's facility at the Port of Oakland in Oakland, California.Shares of Omaha, Nebraska-based Union Pacific closed Wednesday's session up slightly at $171.17 each. The stock hit its coronavirus-driven low of $105.08 on March 18, having risen nearly 63% since then as of Wednesday's close. Overall for the year, the company's shares are down about 5%.
Due to that decrease, Fritz said, Union Pacific has had to furlough employees in roles such as train operators and car maintenance. Fritz said in an effort to share the burden across the company, management employees are required to take one unpaid week of absence per month for May, June, July and August. Executives and the board have taken a 25% pay cut, Fritz said.
"The whole idea was to make sure we maintain the flexibility to have the workforce we need when the economy comes back, but be prudent and react to be down 25% on volume," Fritz said.
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