Declining grain exports and competition from lower spot rates in the trucking market were among the factors that led BNSF to post a 15% decline in net profits for the third quarter of 2023.
The Western U.S. Class I railroad, which is owned by Berkshire Hathaway (NYSE: BRK-B), reported net income of $1.22 billion for the third quarter of 2023, compared with $1.44 billion for the third quarter of 2022.
Freight revenues slipped 12% year over year (y/y) to $5.59 billion amid lower volumes, while...
https://www.freightwaves.com/news/bnsfs-q3-net-income-drops-15-on-lower-revenues