(The Associated Press circulated the following story on July 27.)
DALLAS — Freight railroad Burlington Northern Santa Fe Corp. said Tuesday that profit rose nearly 25 percent in the April-June period on record shipments and higher prices.
The company said it earned $249 million in the quarter, or 67 cents per share, compared to $200 million, or 54 cents per share, a year earlier.
Analysts surveyed by Thomson First Call had forecast 64 cents per share.
Revenue rose to $2.69 billion from $2.29 billion a year earlier, topping analysts’ forecast of $2.61 billion in sales.
Chairman and chief executive Matthew K. Rose said the company was helped by record volumes and a 2 percent increase in average rates charged to shippers.
Operating costs, however, jumped 16 percent, to $2.18 billion. The company said the increase was due to a 13 percent rise in gross ton-miles, higher fuel prices, and $30 million on environmental improvements at two facilities.
For the first six months of the year, the company earned $442 million, or $1.18 per share, compared to $387 million, or $1.04 per share, a year ago. Revenue increased to $5.18 billion from $4.53 billion.
The company’s Burlington Northern and Santa Fe Railway Co. subsidiary operates 32,500 miles of track in the United States and Canada.
Shares of Fort Worth-based Burlington Northern closed Monday at $34.68 on the New York Stock Exchange. They hit a 52-week high of $35.49 earlier this month.