HUTCHINSON, Kan. — BNSF saw major drops across all facets of its transportation network and it showed in the third quarter earnings report released Monday.
The nation’s second-largest railroad reported net earnings of $2.01 billion, a drop of 8%. Total revenue also fell by 14% to $5.1 billion.
Car loadings fell in every category with coal volumes falling another 25% year-over-year and 23% in industrial products as the pandemic slowed volumes. For the first nine months of the year, car loadings have fallen 11%.
The railroad was able to offset the downturn in shipping with lower fuel costs along with cuts in expenses to increase in operating ratio compared to last year. Operating expenses fell by more than 18% during the period.
BNSF operates about 10 trains per day along with Amtrak three times per week and is the second-largest property tax payer in the county.