BNSF "reported" earnings via Berkshire Hathaway over the weekend, with BNSF itself posting data yesterday. BNSF followed the Q2/22 US pattern - labor/service challenges, OR degradation, growth in yield and revenues but not, save for some green shoots, in volumes. It's remarkable how close their results matched that of their big yet now slightly smaller western competitor, Union Pacific (the revenue splits are 47/53 in revenues and 45/55% in volumes, favoring Fort Worth over Omaha).
By Business Unit, and (compared to UP):
- Consumer Products (intermodal/auto, called "Premium" at UP, where it's a third of the revenue base vs. 37% at BNSF - though UP's auto business is bigger, so the IM gap therefore even wider): Revenues up 18% (19%), volumes down 7% (-5%) - both cited international IM
- Coal revenues up 30% (16%) on a 3% decline in volumes (+3%) - is the big difference a sign of exports?
- Industrial Products revenues up 8% (+12%) on 4% decline in volumes (+6%); its 22% of BNSF revenues vs 36% at UP
- Ag revenues up 9% (8%) on 3% lower vols (-1%); BNSF's Ag revenues are ~5% higher, and represent 21% of the total versus 23% at UP