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Rail News: Financials
7/29/2011
Rail News: Financials
RailAmerica rings up more revenue, income
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Despite severe weather and high fuel prices, RailAmerica Inc. registered encouraging second-quarter financial results.
Total revenue climbed 17 percent to $139.2 million, freight revenue increased 7 percent to $105.6 million even though carloads declined 3 percent to 212,095 units, non-freight revenue jumped 59 percent to $33.6 million and operating income rose 16 percent to $28.7 million compared with second-quarter 2010 figures. In addition, RailAmerica reported income from continuing operations of $8.7 million, or 17 cents per diluted share, vs. a loss from continuing operations of $4.2 million, or 8 cents per diluted share, in second-quarter 2010.
“Our financial performance was strong despite persistent weather challenges, low coal volumes and fuel price pressures,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement. “By controlling costs and capitalizing on non-freight revenue and pricing opportunities, we increased operating income, excluding the impact of [short-line tax] credits, asset sales and impairments. This represents a record second quarter for RailAmerica.”
The company, which owns 43 regionals and short lines in the United States and Canada, also reported an operating ratio of 79.4 compared with a reported ratio of 80.7 in second-quarter 2010. Excluding short-line tax credit benefits, asset sales and impairments, the operating ratio stood at 80.8 vs. 80.7 in the year-ago period.
Primarily because fuel costs increased on a year-over-year basis from $10.5 million to $14.6 million, total operating expenses rose 15 percent to $110.5 million.
Total revenue climbed 17 percent to $139.2 million, freight revenue increased 7 percent to $105.6 million even though carloads declined 3 percent to 212,095 units, non-freight revenue jumped 59 percent to $33.6 million and operating income rose 16 percent to $28.7 million compared with second-quarter 2010 figures. In addition, RailAmerica reported income from continuing operations of $8.7 million, or 17 cents per diluted share, vs. a loss from continuing operations of $4.2 million, or 8 cents per diluted share, in second-quarter 2010.
“Our financial performance was strong despite persistent weather challenges, low coal volumes and fuel price pressures,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement. “By controlling costs and capitalizing on non-freight revenue and pricing opportunities, we increased operating income, excluding the impact of [short-line tax] credits, asset sales and impairments. This represents a record second quarter for RailAmerica.”
The company, which owns 43 regionals and short lines in the United States and Canada, also reported an operating ratio of 79.4 compared with a reported ratio of 80.7 in second-quarter 2010. Excluding short-line tax credit benefits, asset sales and impairments, the operating ratio stood at 80.8 vs. 80.7 in the year-ago period.
Primarily because fuel costs increased on a year-over-year basis from $10.5 million to $14.6 million, total operating expenses rose 15 percent to $110.5 million.
