HOUSTON, Sept 6 (Reuters) - Catastrophic flooding brought by Hurricane Harvey to Houston late last month should shave around 5 cents per share off Union Pacific Corp’s third-quarter earnings but pent-up demand in the region should boost the No. 1 U.S. railroad’s business in the fourth quarter, the company’s top executive said on Wednesday.
In an interview with Reuters during a visit to Houston to inspect repairs to damage the storm wrought on the railroad’s network, Chief Executive Officer Lance Fritz said with the exception of one damaged rail bridge that will take longer to fix, the company’s operations will be back to normal within a week or two. Fritz said the railroad will have to pay out tens of millions of dollars in storm damage, as its catastrophic insurance will not cover the entire bill. (Reporting by Nick Carey; Editing by James Dalgleish)