BNSF 1ST-QUARTER EARNINGS DOWN 45%
Burlington Northern Santa Fe said Tuesday that its first-quarter net income fell 44.9 percent to $134 million, including $40 million of non-recurring losses related to non-rail investments.
Operating income was down $91 million to $419 million for the quarter, while operating ratio increased to 81.5 percent, from 77.3 percent in the year-earlier period.
Freight revenue improved 4 percent to $2.26 billion. However operating expenses increased $119 million to $1.87 billion for the quarter. Fuel expenses increased $46 percent, as the average cost of diesel fuel rose 14 cents.
Agricultural commodities improved 11 percent to $361 million. Consumer revenues rose 1 percent to $807 million as new truckload business and higher intermodal volumes offset sagging automotive traffic. Coal revenue fell 1 percent to $526 million, while industrial revenues fell 3 percent to $569 million.