Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI)
-- Quarterly earnings were $1.55 per diluted share, which included a tax
benefit of $0.25 per share related to a fourth-quarter donation.
-- Compared to fourth-quarter 2008 earnings of $1.78 per diluted share
-- Quarterly freight revenues were $3.57 billion, which included a
decrease in fuel surcharges of $388 million.
-- Compared to fourth-quarter 2008 freight revenues of $4.25 billion
-- Loads handled decreased 12 percent
-- Quarterly operating expenses were $2.79 billion, which included a
decrease of $138 million related to lower fuel prices.
-- Compared to fourth-quarter 2008 operating expenses of $3.26 billion
-- Strong cost controls
-- Decreased unit volumes
-- Full-year 2009 earnings per diluted share were $5.01.
-- Compared to full-year 2008 earnings of $6.06 per diluted share
Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI)
today reported quarterly earnings of $1.55 per diluted share, which
included a tax benefit of $0.25 per share related to the
fourth-quarter donation of a portion of a line segment located in
Washington State. This compared to fourth-quarter 2008 earnings of
$1.78 per diluted share, which included a fuel surcharge lag
benefit of about $200 million.
"We have seen some improvement in volumes during the second half
of 2009 and expect this gradual improvement to continue," said
Matthew K. Rose, BNSF Chairman, President and Chief Executive
Officer. "BNSF will continue to position itself to meet demand
consistent with the pace of the economic recovery. And as we look
forward into 2010, we are preparing to become part of the Berkshire
Hathaway family, pending shareholder approval in February."
Fourth-quarter 2009 freight revenues decreased $675 million, or
16 percent, to $3.57 billion compared with $4.25 billion in the
prior year. The 16-percent decrease in revenues included a decrease
in fuel surcharges of $388 million primarily driven by the
unfavorable change in the fuel surcharge lag effect. The remaining
variance was due to unit volumes, which were 12 percent lower as a
result of the economic downturn, partially offset by improved
yields.
Coal revenues decreased $181 million, or 17 percent, to $886
million on lower unit volumes driven by soft demand primarily due
to economic conditions, low seasonal burn and weather-related
challenges, partially offset by approximately $30 million for
contract settlements and adjustments with specific customers.
Agricultural Products revenues of $822 million were down $16
million, or 2 percent. Improved unit volumes, primarily driven by
strong soybean exports, and improved yields were more than offset
by a decrease in fuel surcharges. Industrial Products revenues fell
$197 million, or 21 percent, to $722 million, which included a
decline in unit volumes driven primarily by lower demand for
construction and building products, partially offset by improved
yields. Consumer Products revenues declined $281 million, or 20
percent, to $1.14 billion, on lower volumes due to economic
conditions, partially offset by improved yields. Lower fuel
surcharges impacted revenues in each of the business units.
Operating expenses for the fourth quarter of 2009 were $2.79
billion, a 14-percent reduction compared with fourth-quarter 2008
operating expenses of $3.26 billion. The $471 million decrease in
operating expenses was principally due to strong cost controls,
decreased unit volumes and lower fuel prices.
Full-year 2009 operating revenues were $14.0 billion compared to
$18.0 billion for 2008. The decrease in operating revenues included
lower fuel surcharges of $2.0 billion. Operating expenses for 2009
declined $3.4 billion, or 24 percent, over the prior year to $10.8
billion. Approximately half of the $3.4 billion reduction was due
to lower fuel prices. The remaining decrease was due to strong cost
controls and lower unit volumes.
Subsequent Event
On January 11, 2010, BNSF transferred operations which completed
the sale of a line segment in the State of Washington, which will
result in a gain of $74 million, or $0.13 per diluted share in the
first quarter of 2010.
Burlington Northern Santa Fe Corporation's subsidiary BNSF
Railway Company operates one of the largest North American rail
networks, with about 32,000 route miles in 28 states and two
Canadian provinces. BNSF Railway Company is among the world's top
transporters of intermodal traffic, moves more grain than any other
American railroad, carries the components of many of the products
we depend on daily, and hauls enough low-sulfur coal to generate
about ten percent of the electricity produced in the United States.
BNSF Railway Company is an industry leader in Web-enabling a
variety of customer transactions at www.bnsf.com.
BNSF will not be conducting a fourth quarter earnings conference
call.
Financial information follows:
Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(Dollars in millions, except per share data)
Three Months
Ended December 31, Year Ended December 31,
---------------- --------------------------------
2009 2008 2009 2008 2007
------- ------- ----------- -------- --------
Operating revenues
Freight revenues $ 3,570 $ 4,245 $ 13,588(a)$ 17,503 $ 15,349
Other revenues 111 128 428 515 453
------- ------- ----------- -------- --------
Total operating
revenues 3,681 4,373 14,016 18,018 15,802
------- ------- ----------- -------- --------
Operating expenses
Compensation and
benefits 917 937 3,481 3,884 3,773
Fuel 643 955 2,372 4,640 3,327
Purchased services 477 533 1,873 2,133 2,023
Depreciation and
amortization 402 358 1,537 1,397 1,293
Equipment rents 186 219 777 901 942
Materials and other 161 255 714 1,151(b) 958(c)
------- ------- ----------- -------- --------
Total operating
expenses 2,786 3,257 10,754 14,106 12,316
------- ------- ----------- -------- --------
Operating income 895 1,116 3,262 3,912 3,486
Interest expense 151 137 613(d) 533 511
Other expense, net 3 - 8 11 18
------- ------- ----------- -------- --------
Income before income
taxes 741 979 2,641 3,368 2,957
Income tax expense (e) 205 364 920 1,253 1,128
------- ------- ----------- -------- --------
Net income $ 536 $ 615 $ 1,721 $ 2,115 $ 1,829
======= ======= =========== ======== ========
Diluted earnings per
share $ 1.55 $ 1.78 $ 5.01 $ 6.06 $ 5.06
======= ======= =========== ======== ========
Operating ratio (f) 74.9% 73.7% 76.0% 77.6% 77.3%
======= ======= =========== ======== ========
* Certain comparative prior period amounts have been adjusted to conform
to the current period presentation.
(a) 2009 includes a $66 million charge related to an unfavorable coal rate
case decision.
(b) Second quarter 2008 includes a $175 million increase in expense
related to environmental matters in Montana.
(c) 2007 includes a first-quarter charge of $81 million for additional
environmental expenses and a technology system write-off.
(d) 2009 includes a net $32 million loss on interest rate hedges and $8
million related to an unfavorable coal rate case decision.
(e) Fourth quarter 2009 includes a $0.25 per diluted share tax benefit
related to a donation.
(f) Calculated as total operating expenses less other revenues divided by
freight revenues.
Burlington Northern Santa Fe Corporation
Consolidated Income Information 2009 *
(Dollars in millions, except per share data)
1st 2nd 3rd 4th 2009
Quarter Quarter Quarter Quarter Full Year
-------- -------- -------- -------- --------
Operating revenues
Freight revenues (a) $ 3,312 $ 3,217 $ 3,489 $ 3,570 $ 13,588
Other revenues 112 99 106 111 428
-------- -------- -------- -------- --------
Total operating
revenues 3,424 3,316 3,595 3,681 14,016
-------- -------- -------- -------- --------
Operating expenses
Compensation and
benefits 868 824 872 917 3,481
Fuel 614 509 606 643 2,372
Purchased services 477 466 453 477 1,873
Depreciation and
amortization 370 379 386 402 1,537
Equipment rents 201 196 194 186 777
Materials and other 225 145 183 161 714
-------- -------- -------- -------- --------
Total operating
expenses 2,755 2,519 2,694 2,786 10,754
-------- -------- -------- -------- --------
Operating income 669 797 901 895 3,262
Interest expense (b) 198 137 127 151 613
Other expense, net 3 1 1 3 8
-------- -------- -------- -------- --------
Income before income
taxes 468 659 773 741 2,641
Income tax expense (c) 175 255 285 205 920
-------- -------- -------- -------- --------
Net income $ 293 $ 404 $ 488 $ 536 $ 1,721
======== ======== ======== ======== ========
Diluted earnings per
share $ 0.86 $ 1.18 $ 1.42 $ 1.55 $ 5.01
======== ======== ======== ======== ========
Operating ratio (d) 79.8% 75.2% 74.2% 74.9% 76.0%
======== ======== ======== ======== ========
* Certain interim period amounts have been reclassified to conform to the
current period presentation.
(a) First quarter includes a $96 million charge related to an unfavorable
coal rate case decision. Third quarter includes a $30 million
favorable adjustment to the charge taken in the first quarter related
to the unfavorable coal rate case decision.
(b) First quarter includes a $42 million loss on interest rate hedges and
$9 million related to an unfavorable coal rate case decision. Second
quarter includes a $10 million gain on interest rate hedges and third
quarter includes a $1 million favorable adjustment related to the
charge taken in the first quarter related to the unfavorable coal rate
case decision.
(c) Fourth quarter 2009 includes a $0.25 per diluted share tax benefit
related to a donation.
(d) Calculated as total operating expenses less other revenues divided by
freight revenues.
Burlington Northern Santa Fe Corporation
Consolidated Income Information 2008 *
(Dollars in millions, except per share data)
1st 2nd 3rd 4th 2008
Quarter Quarter Quarter Quarter Full Year
-------- -------- -------- -------- --------
Operating revenues
Freight revenues $ 4,143 $ 4,349 $ 4,766 $ 4,245 $ 17,503
Other revenues 118 129 140 128 515
-------- -------- -------- -------- --------
Total operating
revenues 4,261 4,478 4,906 4,373 18,018
-------- -------- -------- -------- --------
Operating expenses
Compensation and
benefits 983 951 1,013 937 3,884
Fuel 1,045 1,291 1,349 955 4,640
Purchased services 524 539 537 533 2,133
Depreciation and
amortization 341 349 349 358 1,397
Equipment rents 230 223 229 219 901
Materials and other (a) 263 411 222 255 1,151
-------- -------- -------- -------- --------
Total operating
expenses 3,386 3,764 3,699 3,257 14,106
-------- -------- -------- -------- --------
Operating income 875 714 1,207 1,116 3,912
Interest expense 134 140 122 137 533
Other expense, net - 5 6 - 11
-------- -------- -------- -------- --------
Income before income
taxes 741 569 1,079 979 3,368
Income tax expense 286 219 384 364 1,253
-------- -------- -------- -------- --------
Net income $ 455 $ 350 $ 695 $ 615 $ 2,115
======== ======== ======== ======== ========
Diluted earnings per
share $ 1.29 $ 1.00 $ 1.99 $ 1.78 $ 6.06
======== ======== ======== ======== ========
Operating ratio (b) 78.9% 83.6% 74.7% 73.7% 77.6%
======== ======== ======== ======== ========
* Certain comparative prior period amounts have been adjusted to conform
to the current period presentation.
(a) Second quarter includes a $175 million increase in expense related to
environmental matters in Montana.
(b) Calculated as total operating expenses less other revenues divided by
freight revenues.
Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information *
(Dollars in millions, except per share amounts)
December 31,
------------------
2009 2008
-------- --------
Assets
Current assets:
Cash and cash equivalents $ 1,269 $ 633
Accounts receivable, net 787 847
Materials and supplies 633 525
Current portion of deferred income taxes 290 442
Other current assets 277 218
-------- --------
Total current assets 3,256 2,665
Property and equipment, net 32,294 30,847
Other assets 3,125 2,891
-------- --------
Total assets $ 38,675 $ 36,403
======== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities $ 2,695 $ 3,190
Long-term debt due within one year 644 456
-------- --------
Total current liabilities 3,339 3,646
Long-term debt 9,691 9,099
Deferred income taxes 9,322 8,590
Casualty and environmental liabilities 899 959
Pension and retiree health and welfare liability 783 1,047
Other liabilities 1,843 1,931
-------- --------
Total liabilities 25,877 25,272
-------- --------
Stockholders' equity:
Common stock and additional paid-in capital 7,781 7,636
Retained earnings 13,941 12,764
Treasury stock and other (8,924) (9,269)
-------- --------
Total stockholders' equity 12,798 11,131
-------- --------
Total liabilities and stockholders' equity $ 38,675 $ 36,403
======== ========
Book value per share $ 37.56 $ 32.82
======== ========
Common shares outstanding (in millions) 340.7 339.2
======== ========
* Certain comparative prior period amounts have been adjusted to conform
to the current period presentation
Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information *
(in millions)
Three Months
Ended December 31, Year Ended December 31,
---------------- -------------------------
2009 2008 2009 2008 2007
------- ------- ------- ------- -------
Operating activities
Net income $ 536 $ 615 $ 1,721 $ 2,115 $ 1,829
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 402 358 1,537 1,397 1,293
Deferred income taxes 154 169 612 417 280
Long-term casualty and
environmental
liabilities, net (59) (31) (90) 150 26
Other, net (226) 27 (210) 66 162
Changes in accounts
receivable sales program - (528) (50) (250) -
Other changes in working
capital (32) 64 (107) 82 (98)
------- ------- ------- ------- -------
Net cash provided by operating
activities 775 674 3,413 3,977 3,492
------- ------- ------- ------- -------
Investing activities
Capital expenditures
excluding equipment (322) (463) (1,991) (2,167) (2,248)
Acquisition of equipment (118) (273) (733) (949) (745)
Proceeds from sale of
equipment financed - 158 368 348 778
Construction costs for
facility financing
obligation (1) (26) (37) (64) (37)
Other, net (77) (88) (244) (241) (163)
------- ------- ------- ------- -------
Net cash used for investing
activities (518) (692) (2,637) (3,073) (2,415)
------- ------- ------- ------- -------
Financing activities
Net (payments) borrowings (56) 557 296 772 234
Dividends paid (137) (137) (546) (471) (380)
Purchase of BNSF common
stock (1) (269) (16) (1,147) (1,265)
Proceeds from stock options
exercised 33 4 59 91 142
Proceeds from facility
financing obligation - 18 51 68 41
Other, net 12 2 16 86 106
------- ------- ------- ------- -------
Net cash (used for) provided
by financing activities (149) 175 (140) (601) (1,122)
------- ------- ------- ------- -------
Increase (decrease) in cash
and cash equivalents 108 157 636 303 (45)
Cash and cash equivalents:
Beginning of period 1,161 476 633 330 375
------- ------- ------- ------- -------
End of period $ 1,269 $ 633 $ 1,269 $ 633 $ 330
======= ======= ======= ======= =======
* Certain comparative prior period amounts have been adjusted to conform to
the current period presentation.
Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information
(in millions)
1st 2nd 3rd 4th 2009
Quarter Quarter Quarter Quarter Full Year
------- ------- ------- ------- -------
Operating activities
Net income $ 293 $ 404 $ 488 $ 536 $ 1,721
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 370 379 386 402 1,537
Deferred income taxes 90 168 200 154 612
Long-term casualty and
environmental
liabilities, net (1) (29) (1) (59) (90)
Other, net 49 (34) 1 (226) (210)
Changes in accounts
receivable sales program (50) - - - (50)
Other changes in working
capital (17) (100) 42 (32) (107)
------- ------- ------- ------- -------
Net cash provided by operating
activities 734 788 1,116 775 3,413
------- ------- ------- ------- -------
Investing activities
Capital expenditures
excluding equipment (462) (620) (587) (322) (1,991)
Acquisition of equipment (286) (170) (159) (118) (733)
Proceeds from sale of
equipment financed 368 - - - 368
Construction costs for
facility financing
obligation (13) (18) (5) (1) (37)
Other, net 2 (98) (71) (77) (244)
------- ------- ------- ------- -------
Net cash used for investing
activities (391) (906) (822) (518) (2,637)
------- ------- ------- ------- -------
Financing activities
Net (payments) borrowings (251) 96 507 (56) 296
Dividends paid (136) (137) (136) (137) (546)
Purchase of BNSF common
stock (4) (8) (3) (1) (16)
Proceeds from stock options
exercised 8 4 14 33 59
Proceeds from facility
financing obligation 15 36 - - 51
Other, net 2 1 1 12 16
------- ------- ------- ------- -------
Net cash (used for) provided
by financing activities (366) (8) 383 (149) (140)
------- ------- ------- ------- -------
(Decrease) increase in cash
and cash equivalents (23) (126) 677 108 636
Cash and cash equivalents:
Beginning of period 633 610 484 1,161 633
------- ------- ------- ------- -------
End of period $ 610 $ 484 $ 1,161 $ 1,269 $ 1,269
======= ======= ======= ======= =======
Burlington Northern Santa Fe Corporation
Operating Statistics *
Three Months
Ended December 31, Year Ended December 31,
----------------- ---------------------------------------
2009 2008 2009 2008 2007
-------- -------- ------------- ------------ ------------
Revenue
Statistics
Cars / units
(in
thousands) 2,112 2,409 8,418 9,994 10,318
Average
revenue per
car / unit $ 1,690 $ 1,762 $ 1,622 (a) $ 1,751 $ 1,488
Average length
of haul
(miles) 1,128 1,097 1,108 1,090 1,079
Revenue ton
miles (in
millions) 150,047 161,941 593,573 664,384 657,572
Freight
revenue /
thousand GTM $ 14.31 $ 15.65 $ 13.87 (a) $ 15.63 $ 13.69
Freight
revenue /
thousand RTM $ 23.79 $ 26.21 $ 23.00 (a) $ 26.34 $ 23.34
Operating /
Productivity
Statistics
Operating
Expense
Gross ton
miles (in
millions) 249,476 271,252 984,120 1,119,616 1,121,255
Operating
expense /
thousand GTM $ 11.17 $ 12.01 $ 10.93 $ 12.60 (b) $ 10.98 (c)
Thousand GTM /
average
employee 6,948 6,660 26,339 27,360 27,058
Compensation
Average
employees 35,908 40,729 37,363 40,922 41,439
Compensation
and benefits /
average
employee $ 25,542 $ 23,025 $ 93,153 $ 94,923 $ 91,054
Compensation
and benefits /
thousand
GTM $ 3.68 $ 3.45 $ 3.54 $ 3.47 $ 3.36
Fuel (d)
GTM / gallon
of fuel 837 782 821 791 778
Gallons of
fuel used (in
millions) 298 347 1,198 1,415 1,442
Average price
per gallon of
fuel (e) $ 2.07 $ 2.63 $ 1.89 $ 3.16 $ 2.22
Velocity
Locomotive
miles per day 311.1 292.6 307.9 296.6 299.5
Car miles per
day 231.3 219.7 230.0 207.1 198.2
* Certain comparative prior period amounts have been adjusted to conform
to the current period presentation.
(a) Coal revenues on a GAAP basis were $3,564 million for the year ended
December 31, 2009. However, for comparative purposes the table above
excludes (from coal revenues and from the computation of amounts
derived therefrom) a $66 million unfavorable impact related to a coal
rate case decision for the year ended December 31, 2009.
(b) Second quarter 2008 includes a $175 million increase in expense related
to environmental matters in Montana.
(c) 2007 includes a first-quarter charge of $81 million for additional
environmental expenses and a technology system write-off.
(d) Fuel statistics are based on locomotive diesel fuel.
(e) Includes handling, taxes and hedge effect.
Burlington Northern Santa Fe Corporation
Operating Statistics
2009
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
-------- -------- -------- -------- --------
Revenue Statistics
Cars / units (in thousands) 2,128 2,041 2,137 2,112 8,418
Average revenue per car /
unit (a) $ 1,602 $ 1,576 $ 1,619 $ 1,690 $ 1,622
Average length of haul
(miles) 1,099 1,110 1,096 1,128 1,108
Revenue ton miles (in
millions) 149,148 143,703 150,675 150,047 593,573
Freight revenue / thousand
GTM (a) $ 13.80 $ 13.50 $ 13.88 $ 14.31 $ 13.87
Freight revenue / thousand
RTM (a) $ 22.85 $ 22.39 $ 22.96 $ 23.79 $ 23.00
Operating / Productivity
Statistics
Operating Expense
Gross ton miles (in
millions) 247,008 238,376 249,260 249,476 984,120
Operating expense /
thousand GTM $ 11.15 $ 10.57 $ 10.81 $ 11.17 $ 10.93
Thousand GTM / average
employee 6,421 6,320 6,672 6,948 26,339
Compensation
Average employees 38,468 37,715 37,359 35,908 37,363
Compensation and benefits /
average employee $ 22,561 $ 21,848 $ 23,326 $ 25,542 $ 93,153
Compensation and benefits
/ thousand GTM $ 3.51 $ 3.46 $ 3.49 $ 3.68 $ 3.54
Fuel (b)
GTM / gallon of fuel 777 816 860 837 821
Gallons of fuel used (in
millions) 318 292 290 298 1,198
Average price per gallon of
fuel (c) $ 1.85 $ 1.65 $ 1.99 $ 2.07 $ 1.89
Velocity
Locomotive miles per day 298.6 310.9 312.1 311.1 307.9
Car miles per day 224.0 236.1 229.2 231.3 230.0
(a) Coal revenues on a GAAP basis were $863 million and $940 million for
the three month periods ended March 31, 2009 and September 30, 2009,
respectively. However, for comparative purposes the table above
excludes (from coal revenues and from the computation of amounts
derived therefrom) a $96 million unfavorable and $30 million favorable
impact related to a coal rate case decision for the three month periods
ended March 31, 2009 and September 30, 2009, respectively.
(b) Fuel statistics are based on locomotive diesel fuel.
(c) Includes handling, taxes and hedge effect.
Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
Three Months
Revenues Ended December 31, Year Ended December 31, 08-09
(in ----------------- Percent -------------------------- Percent
millions) 2009 2008 Change 2009 2008 2007 Change
-------- -------- ------ -------- -------- -------- ------
Domestic
Intermodal $ 557 $ 681 (18.2)% $ 2,110 $ 2,830 $ 2,541 (25.4)%
International
Intermodal 486 626 (22.4) 1,869 2,721 2,627 (31.3)
Automotive 97 114 (14.9) 337 513 496 (34.3)
-------- -------- ------ -------- -------- -------- ------
Total
Consumer
Products 1,140 1,421 (19.8) 4,316 6,064 5,664 (28.8)
Coal (a) 886 1,067 (17.0) 3,630 3,970 3,279 (8.6)
Industrial
Products 722 919 (21.4) 2,874 4,028 3,684 (28.6)
Agricultural
Products 822 838 (1.9) 2,834 3,441 2,722 (17.6)
-------- -------- ------ -------- -------- -------- ------
Total
freight
revenue 3,570 4,245 (15.9) 13,654 17,503 15,349 (22.0)
Other
revenue 111 128 (13.3) 428 515 453 (16.9)
-------- -------- ------ -------- -------- -------- ------
Total
revenues $ 3,681 $ 4,373 (15.8)% $ 14,082 $ 18,018 $ 15,802 (21.8)%
======== ======== ====== ======== ======== ======== ======
Cars/units
(in
thousands)
Domestic
Intermodal 478 534 (10.5)% 1,859 2,132 2,097 (12.8)%
International
Intermodal 493 599 (17.7) 1,954 2,542 2,886 (23.1)
Automotive 28 30 (6.7) 98 144 166 (31.9)
-------- -------- ------ -------- -------- -------- ------
Total
Consumer
Products 999 1,163 (14.1) 3,911 4,818 5,149 (18.8)
Coal 570 648 (12.0) 2,390 2,516 2,472 (5.0)
Industrial
Products 284 353 (19.5) 1,172 1,598 1,664 (26.7)
Agricultural
Products 259 245 5.7 945 1,062 1,033 (11.0)
-------- -------- ------ -------- -------- -------- ------
Total
cars/units 2,112 2,409 (12.3)% 8,418 9,994 10,318 (15.8)%
======== ======== ====== ======== ======== ======== ======
Average
revenue per
car/unit
Domestic
Intermodal $ 1,165 $ 1,275 (8.6)% $ 1,135 $ 1,327 $ 1,212 (14.5)%
International
Intermodal 986 1,045 (5.6) 956 1,070 910 (10.7)
Automotive 3,464 3,800 (8.8) 3,439 3,563 2,988 (3.5)
-------- -------- ------ -------- -------- -------- ------
Total
Consumer
Products 1,141 1,222 (6.6) 1,104 1,259 1,100 (12.3)
Coal (a) 1,554 1,647 (5.6) 1,519 1,578 1,326 (3.7)
Industrial
Products 2,542 2,603 (2.3) 2,452 2,521 2,214 (2.7)
Agricultural
Products 3,174 3,420 (7.2) 2,999 3,240 2,635 (7.4)
-------- -------- ------ -------- -------- -------- ------
Average
revenue per
car/unit $ 1,690 $ 1,762 (4.1)% $ 1,622 $ 1,751 $ 1,488 (7.4)%
======== ======== ====== ======== ======== ======== ======
Revenue ton
miles (in
millions)
Domestic
Intermodal 12,374 13,604 (9.0)% 48,520 54,555 52,492 (11.1)%
International
Intermodal 15,665 16,748 (6.5) 60,489 74,942 82,526 (19.3)
Automotive 1,040 1,068 (2.6) 3,733 5,304 6,123 (29.6)
-------- -------- ------ -------- -------- -------- ------
Total
Consumer
Products 29,079 31,420 (7.5) 112,742 134,801 141,141 (16.4)
Coal 66,314 75,943 (12.7) 280,287 291,513 280,365 (3.9)
Industrial
Products 21,893 25,069 (12.7) 87,206 113,125 117,338 (22.9)
Agricultural
Products 32,761 29,509 11.0 113,338 124,945 118,728 (9.3)
-------- -------- ------ -------- -------- -------- ------
Total
revenue ton
miles 150,047 161,941 (7.3)% 593,573 664,384 657,572 (10.7)%
======== ======== ====== ======== ======== ======== ======
Freight
revenue per
thousand
ton miles
Domestic
Intermodal $ 45.01 $ 50.06 (10.1)% $ 43.49 $ 51.87 $ 48.41 (16.2)%
International
Intermodal 31.02 37.38 (17.0) 30.90 36.31 31.83 (14.9)
Automotive 93.27 106.74 (12.6) 90.28 96.72 81.01 (6.7)
-------- -------- ------ -------- -------- -------- ------
Total
Consumer
Products 39.20 45.23 (13.3) 38.28 44.98 40.13 (14.9)
Coal (a) 13.36 14.05 (4.9) 12.95 13.62 11.70 (4.9)
Industrial
Products 32.98 36.66 (10.0) 32.96 35.61 31.40 (7.4)
Agricultural
Products 25.09 28.40 (11.7) 25.00 27.54 22.93 (9.2)
-------- -------- ------ -------- -------- -------- ------
Freight
revenue per
thousand
ton miles $ 23.79 $ 26.21 (9.2)% $ 23.00 $ 26.34 $ 23.34 (12.7)%
======== ======== ====== ======== ======== ======== ======
(a) Coal revenues on a GAAP basis were $3,564 million for the year ended
December 31, 2009. For comparative purposes, the table above excludes
the impact related to the coal rate decision (see note (a) on
comparative three year "Operating Statistics" table).
Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
1st 2nd 3rd 4th 2009
Revenues (in millions) Quarter Quarter Quarter Quarter Full Year
-------- -------- -------- -------- --------
Domestic Intermodal $ 515 $ 512 $ 526 $ 557 $ 2,110
International Intermodal 462 444 477 486 1,869
Automotive 74 82 84 97 337
-------- -------- -------- -------- --------
Total Consumer Products 1,051 1,038 1,087 1,140 4,316
Coal (a) 959 875 910 886 3,630
Industrial Products 719 686 747 722 2,874
Agricultural Products 679 618 715 822 2,834
-------- -------- -------- -------- --------
Total freight revenue 3,408 3,217 3,459 3,570 13,654
Other revenue 112 99 106 111 428
-------- -------- -------- -------- --------
Total revenues $ 3,520 $ 3,316 $ 3,565 $ 3,681 $ 14,082
======== ======== ======== ======== ========
Cars/units (in thousands)
Domestic Intermodal 458 460 463 478 1,859
International Intermodal 497 474 490 493 1,954
Automotive 21 24 25 28 98
-------- -------- -------- -------- --------
Total Consumer Products 976 958 978 999 3,911
Coal 627 589 604 570 2,390
Industrial Products 298 282 308 284 1,172
Agricultural Products 227 212 247 259 945
-------- -------- -------- -------- --------
Total cars/units 2,128 2,041 2,137 2,112 8,418
======== ======== ======== ======== ========
Average revenue per car/unit
Domestic Intermodal $ 1,124 $ 1,113 $ 1,136 $ 1,165 $ 1,135
International Intermodal 930 937 973 986 956
Automotive 3,524 3,417 3,360 3,464 3,439
-------- -------- -------- -------- --------
Total Consumer Products 1,077 1,084 1,111 1,141 1,104
Coal (a) 1,530 1,486 1,507 1,554 1,519
Industrial Products 2,413 2,433 2,425 2,542 2,452
Agricultural Products 2,991 2,915 2,895 3,174 2,999
-------- -------- -------- -------- --------
Average revenue per car/unit $ 1,602 $ 1,576 $ 1,619 $ 1,690 $ 1,622
======== ======== ======== ======== ========
Revenue ton miles (in
millions)
Domestic Intermodal 11,867 12,125 12,154 12,374 48,520
International Intermodal 14,700 14,959 15,165 15,665 60,489
Automotive 793 940 960 1,040 3,733
-------- -------- -------- -------- --------
Total Consumer Products 27,360 28,024 28,279 29,079 112,742
Coal 73,245 69,475 71,253 66,314 280,287
Industrial Products 21,301 21,060 22,952 21,893 87,206
Agricultural Products 27,242 25,144 28,191 32,761 113,338
-------- -------- -------- -------- --------
Total revenue ton miles 149,148 143,703 150,675 150,047 593,573
======== ======== ======== ======== ========
Freight revenue per thousand
ton miles
Domestic Intermodal $ 43.40 $ 42.23 $ 43.28 $ 45.01 $ 43.49
International Intermodal 31.43 29.68 31.45 31.02 30.90
Automotive 93.32 87.23 87.50 93.27 90.28
-------- -------- -------- -------- --------
Total Consumer Products 38.41 37.04 38.44 39.20 38.28
Coal (a) 13.09 12.59 12.77 13.36 12.95
Industrial Products 33.75 32.57 32.55 32.98 32.96
Agricultural Products 24.92 24.58 25.36 25.09 25.00
-------- -------- -------- -------- --------
Freight revenue per thousand
ton miles $ 22.85 $ 22.39 $ 22.96 $ 23.79 $ 23.00
======== ======== ======== ======== ========
(a) Coal revenues on a GAAP basis were $863 million and $940 million for
the three month periods ended March 31, 2009 and September 30, 2009,
respectively. However, for comparative purposes the table above
excludes (from coal revenues and from the computation of amounts
derived therefrom) a $96 million unfavorable and $30 million favorable
impact related to a coal rate case decision for the three month
periods ended March 31, 2009 and September 30, 2009, respectively.
Burlington Northern Santa Fe Corporation
Capital Expenditures *
Three Months
Ended Year Ended
December 31, December 31,
--------------- -----------------------
2009 2008 2009 2008 2007
------- ------- ------- ------- -------
Capital expenditures excluding
equipment (in millions)
Engineering
Rail $ 34 $ 89 $ 416 $ 429 $ 376
Ties 36 69 391 358 316
Surfacing 50 45 252 230 235
Other 127 138 546 544 432
------- ------- ------- ------- -------
Total engineering 247 341 1,605 1,561 1,359
Mechanical 21 52 107 168 141
Other 22 46 110 133 105
------- ------- ------- ------- -------
Total replacement capital 290 439 1,822 1,862 1,605
------- ------- ------- ------- -------
Information services 24 12 83 83 75
Terminal and line expansion 8 12 86 222 568
------- ------- ------- ------- -------
Total capital expenditures
excluding equipment $ 322 $ 463 $ 1,991 $ 2,167 $ 2,248
======= ======= ======= ======= =======
Acquisition of equipment $ 118 $ 273 $ 733 $ 949 $ 745
======= ======= ======= ======= =======
Track miles of rail laid
Replacement capital 54 186 904 885 773
Expansion projects 2 5 19 48 183
------- ------- ------- ------- -------
Total 56 191 923 933 956
======= ======= ======= ======= =======
Cross ties inserted (thousands)
Replacement capital 182 651 3,284 3,038 2,708
Expansion projects 4 9 26 129 418
------- ------- ------- ------- -------
Total 186 660 3,310 3,167 3,126
======= ======= ======= ======= =======
Track resurfaced (miles) 2,833 2,397 15,456 13,005 11,687
======= ======= ======= ======= =======
* Certain comparative prior period amounts have been adjusted to conform
to the current period presentation.
Burlington Northern Santa Fe Corporation
Capital Expenditures *
2009
1st 2nd 3rd 4th Full
Quarter Quarter Quarter Quarter Year
------- ------- ------- ------- -------
Capital expenditures excluding
equipment
(in millions)
Engineering
Rail $ 110 $ 138 $ 134 $ 34 $ 416
Ties 87 144 124 36 391
Surfacing 42 78 82 50 252
Other 108 157 154 127 546
------- ------- ------- ------- -------
Total engineering 347 517 494 247 1,605
Mechanical 37 25 24 21 107
Other 28 30 30 22 110
------- ------- ------- ------- -------
Total replacement capital 412 572 548 290 1,822
------- ------- ------- ------- -------
Information services 19 24 16 24 83
Terminal and line expansion 31 24 23 8 86
------- ------- ------- ------- -------
Total capital expenditures
excluding equipment $ 462 $ 620 $ 587 $ 322 $ 1,991
======= ======= ======= ======= =======
Acquisition of equipment $ 286 $ 170 $ 159 $ 118 $ 733
Track miles of rail laid
Replacement capital 205 318 327 54 904
Expansion projects 12 - 5 2 19
------- ------- ------- ------- -------
Total 217 318 332 56 923
======= ======= ======= ======= =======
Cross ties inserted (thousands)
Replacement capital 769 1,223 1,110 182 3,284
Expansion projects 10 3 9 4 26
------- ------- ------- ------- -------
Total 779 1,226 1,119 186 3,310
======= ======= ======= ======= =======
Track resurfaced (miles) 2,351 5,015 5,257 2,833 15,456
======= ======= ======= ======= =======
* Certain interim period amounts have been reclassified to conform to the
current period presentation.
Burlington Northern Santa Fe Corporation
Outstanding Debt
(Dollars in millions)
December 31,
----------------
2009 2008
------- -------
Notes and debentures, weighted average rate of 6.0
percent, due 2010 to 2097 * $ 8,095 $ 7,593
Equipment obligations, weighted average rate of 6.2
percent, due 2010 to 2027 271 244
Capitalized lease obligations, weighted average rate of
5.5 percent, due 2010 to 2028 1,589 1,281
Mortgage bonds, weighted average rate of 5.9 percent, due
2010 to 2047 94 97
Financing obligations, weighted average rate of 6.2
percent, due 2010 to 2028 323 278
Commercial paper - 100
Unamortized discount and other, net (37) (38)
------- -------
Total outstanding debt 10,335 9,555
Less: current portion of long-term debt (644) (456)
------- -------
Long-term debt $ 9,691 $ 9,099
* Notes and debentures include a fair value adjustment increase for hedges
of $26 million and $73 million at December 31, 2009 and 2008,
respectively.
Image Available:
http://www2.marketwire.com/mw/frame_mw?attachid=1158858 Image
Available: http://www2.marketwire.com/mw/frame_mw?attachid=1158861
Image Available:
http://www2.marketwire.com/mw/frame_mw?attachid=1158874 Image
Available:
http://www2.marketwire.com/mw/frame_mw?attachid=1158867
Investor Contact: Linda Hurt (817) 352-6452 Media Contact: John
Ambler (817) 867-6407
bnsf (NYSE:BNI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
bnsf (NYSE:BNI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
