NEW YORK (Standard & Poor's) July 23, 2003--Burlington Northern Santa Fe (BNSF; BBB+/Negative/A-2) yesterday reported year-over-year quarterly revenue growth for the second consecutive quarter, with strong international volumes driving the increase. However, operating income declined, compared with the second quarter of 2002, primarily due to increased fuel expense. Standard & Poor's Ratings Services said the announcement has no impact on its ratings or outlook on BNSF. Freight revenues in the quarter totaled $2.26 billion, a 3.7% increase compared with the second quarter of 2002. Operating income totaled $412 million, down from $421 million in the second quarter of 2002. Fuel surcharges contributed $24 million to the year-over-year revenue increase while operating expenses were adversely affected by a $56 million year-over-year...
Companies mentioned in this report are: Burlington Northern Santa Fe LLC
Action: S&P Event
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