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12/14/2021
Amtrak today reported a $1.08 billion loss in adjusted operating earnings during fiscal-year 2021, a reflection of the pandemic's toll on the national intercity passenger railroad.
Although preliminary results indicate a financial loss for the year that ended Sept. 30, Amtrak's bottom line was "$400 million ahead of plan due to strong ridership gains driven by new approaches to marketing and pricing that helped attract new riders," Amtrak officials said in a press release.
Other preliminary results for FY2021 show that Amtrak:• advanced $2.2 billion in capital spending, including major milestones such as the Hudson Tunnel Project property acquisition and new multi-powered trainsets;• provided 12.2 million customer trips, with more than half of those trips taking place in the second half of the year, and growth of 4 million over the 2020 rate and a 42% increase over the railroad's FY21 goal; and• required its employees to become vaccinated against COVID-19, resulting in about 97% of employees with at least one vaccination dose.
Business is now at about 70% of pre-COVID levels, up from 25% at this time in FY20. Based on the current forecast, ridership and revenue are expected to improve to about 80% of pre-COVID levels by the end of FY2022, Amtrak officials said.
"Our customers trust Amtrak’s commitment to safety and are responding positively to the investments and improvements we are making," said Amtrak CEO Bill Flynn. "We will continue to prioritize offering a modern, safe and reliable customer experience and preparing for what should be a monumental fiscal year 2022."
To read more about Amtrak's preliminary year-end report, click here.