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This excerpt taken from the BNI 8-K filed Jul 26, 2005. Record Quarterly Revenue and EPS
FORT WORTH, Texas, July 26, 2005 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported all-time record earnings of $0.96 per diluted share, a 43 percent increase over second-quarter 2004 earnings of $0.67 per diluted share.
Commenting on BNSF’s second-quarter results, Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer said, “The second quarter of 2005 was our thirteenth consecutive quarter of year-over-year volume increases and the Company’s sixth consecutive quarter of double-digit freight revenue growth. Also, we were able to continue lowering our operating ratio, compared to the same prior-year period, a trend we have been able to maintain for seven consecutive quarters.”
Second-quarter 2005 freight revenues increased $406 million, or 15 percent, to a quarterly record of $3.04 billion compared with 2004 second-quarter freight revenues of $2.64 billion. Revenue for the second quarter of 2005 included fuel surcharges of $234 million compared with $65 million in the second quarter of 2004.
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Consumer Products revenues increased $201 million, or 19 percent, partially as a result of double-digit volume increases in international, truckload, automotive, and perishable sectors. Industrial Products revenues increased $98 million, or 16 percent, to $718 million reflecting strong demand in the building products, petroleum products, and construction products sectors. Agricultural Products revenues were up $69 million, or 16 percent, to $493 million, which included strong corn, soybean and wheat export moves to the Pacific Rim countries. Coal revenues rose $38 million, or 7 percent, to $591 million despite operational and maintenance disruptions caused by adverse weather conditions in the Powder River Basin.
Operating expenses for the second quarter of 2005 of $2.43 billion were $251 million, or 12 percent, higher than the same period in 2004, primarily driven by a 4-percent increase in gross ton-miles and 37 percent higher fuel prices after hedge benefit.
BNSF continues to leverage strong customer demands with operating a fluid rail network. In the second-quarter of 2005 this resulted in operating income of $710 million, a $202 million, or 40 percent, increase over the second quarter of 2004. In addition, the Company’s operating ratio decreased four percentage points to 76.7 percent from 80.7 percent in the same quarter of the prior year.
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