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On Oct. 21, Burlington Northern Santa Fe reported record third-quarter revenue of $2.37 billion, which increased 4 percent compared with the same 2002 period. But quarterly fuel expenses — which rose 21 percent to $45 million — and continued softening in U.S. manufacturing helped increase operating expenses 4 percent to $1.97 billion and the railroad's operating ratio 0.2 points to 81.8.

"Strong volumes in international and truckload intermodal coupled with an increasing export demand for wheat and growing demand for paper, construction products and building products contributed to record third-quarter revenues," said Matthew Rose, BNSF chairman, president and
chief executive officer, in a prepared statement.

BNSF's quarterly operating income rose 3 percent to $430 million and net income increased 6 percent to $203 million compared with the same 2002 period.

During 2003's first nine months, the railroad recorded total operating revenue of $6.9 billion, total operating expenses of $5.7 billion and net income of $590 million compared with $6.7 billion, $5.4 billion and $558 million, respectively, during the same 2002 period. BNSF's nine-month operating ratio of 82.6 worsened 1.1 points compared with last year's 81.5.