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Rail News: Financials

3Q financials: Metal products, intermodal help drive Providence and Worcester revenue increase

Providence and Worcester Railroad Co. (P&W) has joined the growing cadre of railroads posting solid third-quarter financials.

For the quarter ended Sept. 30, P&W had operating revenues of $7 million, a 5.4 percent compared with the $6.7 million recorded during the same period last year. P&W officials attribute the increase in part to a boost in carloadings of metal products and other commodities, as well as an increase in intermodal containers handled, according to a prepared statement.

For the quarter, P&W recorded net income of $1.3 million, an 87.3 percent increase compared with $694,000 for the same 2003 period. Other income includes a gain of $948,000, which P&W realized on the disposal of a portion of an inactive branch line acquired by the Commonwealth of Massachusetts.

Contact Progressive Railroading editorial staff.

More News from 11/15/2004