LINCOLN, Neb. -- Directors of Burlington Northern Santa Fe Corporation voted to raise BNSF's next quarterly dividend by 25 percent, or 8 cents per share, to 40 cents per share on outstanding common stock. This represents an annualized $1.60 per share dividend.
The dividend of 40 cents per share on common stock will be paid Oct. 1 to shareholders of record Sept. 10.
Common shares outstanding on June 30, 2008, totaled approximately 344 million.
Burlington Northern Santa Fe Corporation's subsidiary BNSF Railway Company operates one of the largest railroad networks in North America, with about 32,000 route miles in 28 states and two Canadian provinces.
(The preceding article was published July 24, 2008, by The Lincoln Journal Star.)
(The following story by Bob Cox appeared on the Fort Worth Star Telegram website on July 25.)
FORT WORTH, Texas Burlington Northern Santa Fe, the Fort Worth-based railroad company, said that its second-quarter profit declined 19 percent, largely because of one-time charges for costs of an environmental cleanup in Montana.
Burlington Northern reported a profit of $350 million, or $1 a share, compared with $433 million, or $1.20 a share, a year earlier. Revenue rose 17 percent to $4.48 billion.
The company said it was raising its quarterly dividend by 25 percent to 40 cents a share.
Analysts had projected that BNSF would earn $1.30 a share on revenue of $4.43 billion.
"We experienced a number of challenges during the second quarter," Chief Executive Matthew Rose said in a statement.
BNSF has fully restored rail service that was disrupted by flooding.
Second-quarter freight revenue increased $613 million to $4.35 billion compared with $3.74 billion a year earlier. The 16 percent increase was primarily attributable to improved yields and an increase in fuel surcharges of about $400 million driven by higher fuel prices.
The quarterly results included charges of 31 cents a share in cleanup costs, and 3 cents a share resulting from a fatal grade-crossing accident.
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The outfit's still bringin' in the cash. No matter what they tell us! BNSF Earnings Report
BNSF revenues rise, capex will increase
BNSF Railway's second-quarter revenues rose 16%, though damage-related costs from Midwestern floods, high fuel prices, a soft economy, and one-time charges related to an environmental matter and personal injury accruals caused earnings and income to slip below those of the prior-year period. The railroad, however, said its planned capital commitments for 2008 will be increased. Freight revenues increased $613 million to $4.35 billion, 16% higher than second-quarter 2007s $3.74 billion. Operating income was $714 million, compared to second-quarter 2007 operating income of $841 million.
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