BNSFÆS SECOND-QUARTER EARNINGS DIP
Burlington Northern Santa Fe Corp. said Tuesday its second-quarter net income dipped slightly, to $194 million.
The second-quarter net income is down $1 million from the $195 million reported in the year-earlier period. The results were 'impacted by continued softness in most of our product sectors,' said Matthew K. Rose, BNSF chairman, president and chief executive officer.
Operating income fell 5.4 percent to $405 million. Freight revenues for the quarter were down 3 percent to $2.18 billion. Consumer products revenues increased slightly to $848 million, reflecting increased intermodal volumes in the international and truckload business, BNSF said. That increase was offset by decreased automotive shipments and lower traffic levels in other intermodal sectors. Industrial products fell $1 million to $535 million. Coal revenues were off 8 percent, to $488 million. Agricultural products declined 5 percent to $312 million, due to weak wheat and corn exports.
The Fort Worth, Texas-based railroad's operating ratio increased to 81.4 percent for the second quarter, compared to 80.9 percent for the year-earlier period.
For the first six months of 2002, net income improved 11.2 percent to $366 million. Operating income declined 8.7 percent to $773 million, on revenue of $4.37 billion, down 4.2 percent.