BNSF SEES DIP IN 4TH-QUARTER, FULL YEAR RESULTS
Burlington Northern Santa Fe Corp. said reduced traffic from a slowing economy and early winter weather in the Midwest led to a 19.0-percent decline in fourth quarter net income to $255 million, compared to the same quarter in 1999.
The Fort Worth, Texas railroad said fourth-quarter revenue was $2.34 billion, down 2 percent, while operating income fell 9.8 percent to $544 million, principally due to a $75-million increase in fuel expenses, the company said.
Intermodal revenues for the quarter increased 3 percent to $692 million, reflecting higher international volumes and new truckload business, BNSF said. Carload revenues declined 4 percent to $620 million, due to weak chemicals and forest products revenues. Coal revenues declined 5 percent to $528 million, due largely to customer stockpiles accumulated from 1999. Agricultural commodities declined 4 percent to $347 million.
For the calendar year, net income was down 10.1 percent to $1.02 billion, on revenue of $9.21 billion, up $16 million from the year earlier. Operating income for the year fell 4 percent to $2.15 billion. The railroad's operating ratio increased slightly to 76.4 percent, compared to 75.4 percent a year earlier.