Katie Farmer, incoming CEO of BNSF Railway, told CNBC on Friday that her industry has clearly been impacted economically by the coronavirus pandemic, but there’s optimism on the horizon.
“We have seen the economy start to pick up relative to rail loadings,” Farmer told “Squawk Box.”
While BNSF, owned by Warren Buffett-led Berkshire Hathaway, anticipates a rebound, Farmer noted this year has been different from the past.
“We basically say that if we’re handling 200,000 units of wheat, that indicates we’re a busy railroad,” she explained. “In 2018, we handled over 200,000 units of wheat, 41 times that year. Fast forward to 2020 and with the impact of the pandemic, we haven’t hit 200,000 units on our railroads yet.”
“In the depth of the pandemic, our rail loadings were actually down to about 150,000 units a week. Now, we have seen that continue to come back. And we anticipate this