Burlington Northern to Cut Jobs
Oct. 23, 2001
FORT WORTH, Texas (AP) _ Freight railroad Burlington Northern Santa Fe Corp. said Tuesday that it will cut some 400 jobs, about 1 percent of its work force.
The announcement came as the Fort Worth company said its net income was $225 million, or 58 cents per share, compared to $259 million, or 64 cents per share, a year earlier. Revenues were $2.34 billion, even with a year ago.
Burlington Northern, the nation's second-largest railroad after Union Pacific Corp., said revenue from consumer goods and agricultural commodities rose 3 percent, but revenue from shipping coal fell 5 percent despite higher demand for coal used to fire power plants, and industrial products slipped 1 percent.
In trading Tuesday, Burlington Northern shares rose 25 cents to close at $27.