BNSF earnings rise on higher volume and revenue
BNSF earnings grew this quarter due to more shipments and higher fees, parent company Berkshire Hathaway reported. The post BNSF earnings rise on higher volume and revenue appeared first on FreightWaves.
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BNSF Railway reported higher second-quarter, pre-tax earnings thanks to a combination of volume growth and higher revenue per load, parent company Berkshire Hathaway (NYSE: BRK-B) reported on Saturday. BNSF’s pre-tax earnings rose 13. 9%, to $2. 06 billion, as revenue increased 14. 6%, to $6. 56 billion. The railway’s operating expenses increased 15.
6% compared to a year ago, as fuel costs surged 68%. BNSF’s operating ratio was 65. 4%, an 0. 6-point increase. Quarterly volume rose 6. 5%, while average revenue per unit increased 7. 6%, primarily from higher fuel surcharge revenue. Consumer products volume, which includes intermodal and automotive traffic, grew 9. 3%.
Berkshire said the volume growth was due to “higher intermodal shipments resulting from higher West Coast imports, market share gains, and tightening truck capacity.” window. googletag = window. googletag || {cmd: []}; googletag. cmd. push(function() {googletag.
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push(function() {googletag. display('div-gpt-ad-1709668545404-0'); }); Agricultural and energy products traffic was up 11. 5% for the quarter. “The volume increases were primarily due to higher grain exports, petroleum fuels and oilseeds and meals,” Berkshire reported. Industrial products volume increased 3.
1%, which Berkshire attributed to higher steel, aggregates, and cement shipments. Coal volume declined 7. 9%, “primarily due to plant retirements and lower demand, attributable to lower natural gas prices,” Berkshire said. Subscribe to FreightWaves’ Rail e-newsletter and get the latest insights on rail freight right in your inbox. Read more: window.
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display('div-gpt-ad-1665767553440-0'); }); AAR launches freight rail research consortium Rail merger a failure on first sight, shippers protest These two industrial categories paced another strong week for rail freight CPKC income higher as revenue sets new second-quarter record Industrial products spark rail freight gains window. googletag = window.
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collapseEmptyDivs(); googletag. enableServices(); }); googletag. cmd. push(function() {googletag. display('div-gpt-ad-1709668086344-0'); }); The post BNSF earnings rise on higher volume and revenue appeared first on FreightWaves.
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