(Source: Fort Worth Star-Telegram, February 29, 2016)
FORT WORTH, Texas — Warren Buffett had nice things to say about Fort Worth-based BNSF Railway in his annual letter to shareholders, even as the railroad’s profits are declining. Berkshire Hathaway said BNSF’s profit sank 9.2 percent in the last three months of 2015 to $1.08 billion, pressured by lower demand for coal. Volumes may fall this year as low fuel prices limit shipments of petroleum products and material used for extracting oil, the company said.
For all of 2015, net earnings at BNSF increased nearly 10 percent to $4.25 billion, despite a 5.5 percent decline in revenues to $21.98 billion. Buffett, Berkshire’s chairman and CEO, said he expects lower earnings at BNSF in 2016.
Full story: Fort Worth Star-Telegram