BNSF’s 1st-quarter net income drops 15%

BNSF’s 1st-quarter net income drops 15% Burlington Northern Santa Fe Corp., parent company of the second-largest U.S. railroad BNSF Railway Co., reported a 14.9 percent drop in first quarter net income to $349 million, compared to $410 million in the same quarter 2005.
   Quarterly operating income declined 12.5 percent to $694 million, from $793 million a year ago. BNSF’s operating revenue increased 5.3 percent to a first quarter record $3.65 billion, from $2.46 billion in the same period last year.
   “Improved yields from our well-balanced portfolio allowed us to achieve record first-quarter revenues despite flat volumes on a year-over-year basis. In addition, we continue to drive operating expense efficiencies and improve velocity, delivering our best on-time performance since 2004,” said Matthew K. Rose, BNSF’s chairman, president and chief executive officer.