(Source: Freight Waves, May 2, 2022)
BNSF’s first-quarter 2022 net profit rose 10% despite a 3% decline in volumes, the company reported Monday. First-quarter 2022 net income was $1.37 billion, compared with $1.25 billion in the first quarter of 2021. BNSF is a privately held company whose parent is Berkshire Hathaway. Total revenues grew 10% to nearly $5.97 billion amid a 14% gain in average revenue per unit, which in turn was supported by higher fuel surcharge revenue. Some protesters gathered outside this year’s meeting. Members of the Brotherhood of Locomotive Engineers and Trainmen and the International Association of Sheet Metal, Air, Rail and Transportation Workers — Transportation Division (SMART-TD) were protesting BNSF’s new attendance policy, which went into effect on Feb. 1. The unions say the policy is overly restrictive and discourages workers from taking days off.
Full story: Freight Waves