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Fourth-quarter 2004 earnings were an all-time record of $0.91 per share, or 49 percent higher, than fourth-quarter 2003 earnings of $0.61 per share.
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Freight revenues rose 19 percent, year-over-year, to an all-time quarterly record of $2.92 billion with double-digit growth in all four business groups.
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All-time record operating income of $668 million increased $191 million, or 40 percent, compared with the same period in 2003.
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Quarterly operating ratio decreased three and one-half percentage points to 77.1 percent from 80.6 percent in the prior year.
Burlington Northern Santa Fe Corporation (NYSE: BNI) (BNSF) reports all-time record quarterly earnings of $0.91 per share, a 49 percent increase over fourth- quarter 2003 earnings of $0.61 per share. "For the third consecutive quarter, BNSF experienced unprecedented market demand from its customers. As a result, BNSF achieved all-time record volumes and revenues," said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. "This performance coupled with our continuing focus on expense control produced all-time record quarterly earnings. I want to congratulate our employees for successfully handling the historic volumes we moved during 2004."
Fourth-quarter 2004 freight revenues increased $464 million, or 19 percent, to an all-time quarterly record of $2.92 billion compared with 2003 fourth-quarter revenues of $2.46 billion. Consumer Products revenues increased $212 million, or 22 percent, to an all-time quarterly record of $1.18 billion as a result of double-digit increases in the international intermodal, truckload, and perishables sectors. Industrial Products revenues increased $89 million, or 16 percent, to $631 million reflecting strong demand in the building products, petroleum products, and construction products sectors. Coal revenues rose $90 million, or 17 percent, to $615 million resulting from record haulage of 66 million tons for utility customers. Agricultural Products revenues were up $73 million, or 17 percent, to $492 million driven by strong export moves to the Pacific Northwest.
Operating expenses of $2.31 billion were $295 million, or 15 percent, higher than the same period in 2003, primarily driven by a 10-percent increase in gross ton-miles and higher fuel prices. Fourth-quarter operating income increased $191 million, or 40 percent, year-over-year to $668 million. BNSF's operating ratio decreased three and one-half percentage points to 77.1 percent from 80.6 percent in the prior year.