Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Nov. 15--Fort Worth-based BNSF Railway continues to be a top performer for Warren Buffett'sBerkshire Hathaway.
BNSF's net earnings in the third quarter totaled $937 million, up 22 percent from the same period in 2011, according to Omaha-Neb.-based Berkshire's 10-Q report filed with the SEC on Nov. 2. Revenue increased by 8 percent, to $5.3 billion, as shipped volume of industrial products, including shale oil, soared 14 percent.
For the first nine months, BNSF earned $2.44 billion, amounting to about a quarter of Berkshire's profits and nearly as much as the conglomerate took in from investment income on its core insurance business.
No wonder Buffett has been singing the railroad's praises ever since he bought it in 2010.
On another Fort Worth note, "bolt-on" acquisitions helped electronics distributor TTI boost revenue for the Berkshire group that encompasses service businesses. But the filing noted that "TTI's earnings for the first nine months of 2012 declined 16 percent versus 2011 due primarily to weaker customer demand and intensifying price competition over the past year."
-- Steve Kaskovich
Leaving the west side
Fort Worth Bolt & Tool Co. has found a new home on the near south side and will be moving in 2013 from the West Seventh Street corridor where it's been for more than 60 years.
The company has bought a 46,500-square-foot building at 500 S. Jennings Ave. from Southwest Bank, administrator of the Roger Williams Sr. Estate, according to Gary Vasseur and Chris Stewart, real estate brokers with Coldwell Banker Commercial Searcy Vasseur Group, who represented the seller.
In August, Fort Worth Bolt & Tool sold its property at 2800 Bledsoe St., three red-brick buildings totaling 25,000 square feet, to a partnership of TLC Urban and Fort Worth's Kostohryz family, which plans to renovate the buildings into modern office space.
In September, the company sold a 12,900-square-foot building at 920 Foch St. that had been used for its FWB Rental business to Tailwind Real Estate Equities in Fort Worth. The new owner also plans an office renovation.
The company, which sells fasteners, hand tools and portable power tools, has been on the west side since its founding in 1949. The Russell family has owned the business and property since 1976. The once industrial area is changing to a hip shopping and residential neighborhood.
Sandra Baker, 817-390-7727
Jim Fuquay, 817-390-7552
Barry Shlachter, 817-390-7718
(c)2012 the Fort Worth Star-Telegram
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