BNSF posts higher revenue, net income in Q3
November 11, 2024 - ProgressiveRailroading.com -
BNSF Railway Co. reported its total revenue in third-quarter 2024 rose 1% to $5.9 billion while net income climbed 13% to $1.4 billion compared to revenue and net income in third-quarter 2023.
Average revenue per car/unit in Q3 2024 declined 5% in the quarter compared to a year ago, resulting from lower fuel surcharge revenue and business mix changes, according to a financial statement posted on BNSF's website. Volume climbed 8% in the quarter to nearly 2.5 million units.
BNSF posted an operating ratio of 65.1% in Q3, down from 68.4% in Q3 2023.
BNSF revenue changes during Q3 also resulted from the following:
• Consumer products volume increased 17% in Q3 due to higher intermodal shipments from West Coast imports and volume from a new intermodal customer;
• Agricultural products volume rose 15% due to higher grain shipments;
• Industrial products volume was up 2% due to lower aggregates, taconite, minerals and waste shipments, partially offset by higher volumes in petroleum products;
• Coal volumes fell 13% due to lower natural gas prices; and
• Other revenue fell 37% due to the sale of the brokerage operations of BNSF's subsidiary, BNSF Logistics LLC, during Q3 2023.
Photo credit: BNSF Railway