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Rail News Home Financials

7/29/2005



Rail News: Financials

Florida East Coast posts double-digit percentage growth in revenue, operating profit


Florida East Coast Industries Inc.’s (FECI) railway subsidiary contributed mightily to the company’s strong second-quarter earnings showing.

FECI recorded double-digit percentage growth in revenue and operating profit compared with second-quarter 2004. And all of the carload commodities that Florida East Coast Railway L.L.C. (FECR) moves “enjoyed higher revenues and volumes, with the bulk of the growth continuing to come from the railway’s movement of crushed stone,” said FECI Chairman, President and Chief Executive Officer Adolfo Henriques in a prepared statement.

FECR recorded revenue of $58.9 million, a 17.5 percent increase compared with the same period last year. “Improved pricing” and “robust customer demand” drove the increase, FECI says. Carload revenue grew 17.6 percent, primarily due to a 16.1 percent increase in aggregate revenue. Intermodal wasn’t too shabby, either. Intermodal revenue increased 16.7 percent compared with the same 2004 period, marking the eighth-consecutive quarter FECR recorded an intermodal revenue increase.

Perhaps best of all, the railway’s operating profit of $15.9 million represented a 25.7 percent increase compared with second-quarter 2004’s total. FECR’s operating ratio of 73.0 represented a 1.7 percentage-point improvement compared with the same period a year earlier.





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