BNSF expects improvement
Burlington Northern Santa Fe reported lower earnings and revenues in the fourth quarter of 2009 when compared to the same 2008 period, but Matthew K. Rose, chairman, president and chief executive officer, said 'we have seen some improvement in volumes during the second half of 2009 and expect this gradual improvement to continue.”
BNSF reported profit of $536 million in the fourth quarter, 13 percent less than in the same 2008 period. Revenue was $3.7 billion, down 16 percent. Loads handled were down 12 percent.
Rose said the company “will continue to position itself to meet demand consistent with the pace of the economic recovery,” and he said the company was looking forward to its merger with Berkshire Hathaway, pending shareholder approval in February.
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The company said coal revenue decreased 17 percent because of soft demand primarily due to economic conditions, low seasonal burn and weather-related challenges, partially offset by about $30 million for contract settlements and adjustments with specific customers. Agricultural products revenues were down 2 percent. Improved unit volumes, primarily driven by strong soybean exports, and improved yields were offset by a decrease in fuel surcharges.
The company said industrial products revenue was off 21 percent, primarily because of lower demand for construction and building products, while consumer products revenues declined 20 percent on lower volumes due to economic conditions.
