BNSF released its quarterly results March 1, reports Railway Age.
Total revenues for the fourth quarter ($5.67 billion) and full-year 2020 ($20.87 billion) decreased 3% and 11%, respectively, vs. the same periods in 2019. According to the Class I railroad, the changes were primarily due to a 3% increase and 7% decrease in unit volume, respectively, in the corresponding periods.
BNSF attributed the full-year volume decrease to the COVID-19 pandemic, which severely impacted the first half of 2020. However, volumes “sequentially improved from earlier periods and recovered overall to pre-pandemic levels by the end of the year,” it noted.
Despite a 7% decline in volume, BNSF’s profit margin increased by 2.9 percentage points in 2020, Warren Buffet, Chairman of the Board for parent company Berkshire Hathaway, told shareholders.
