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Rail News: Financials

Florida East Coast Railway boosts first-quarter revenue and profits

Similar to the Class Is, Florida East Coast Railway L.L.C. (FECR) had a banner first quarter. The 351-mile regional’s revenue rose 19 percent to $67.1 million, operating profit increased 26 percent to $18.8 million and operating ratio improved 1.6 points to 71.9 compared with first-quarter 2005.

Total carload revenue increased 15.7 percent and intermodal revenue went up 20.7 percent. Quarterly revenue also included $5.3 million from fuel surcharges compared with $2.1 million in first-quarter 2005.

“The railway had stronger-than-expected results, driven by robust aggregate and intermodal revenues,” said Adolfo Henriques, chairman, president and chief executive officer of FECR parent Florida East Coast Industries, in a prepared statement. “And operating profit benefited from a restructuring of our fuel policy to more accurately match rising fuel prices with fuel surcharges.”

For the remainder of 2006, FECR’s revenue is projected to range between $260 million and $270 million, an increase of between 9 percent and 14 percent compared with 2005. Operating profit is expected to range between $72 million and $75 million and capital expenditures, between $48 million and $53 million.

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More News from 4/27/2006