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Rail News Home Financials

11/15/2005



Rail News: Financials

Providence and Worcester's revenue up, income down in the third quarter



Yesterday, Providence and Worcester Railroad Co. (PWRR) announced it earned third-quarter net income of $702,000, a 46 percent decrease compared with third-quarter 2004. However, operating revenue rose 5.9 percent to $7.4 million.

PWRR officials attribute the revenue increase to a 5.6 percent rise in traffic volume and “modest” rate increases, including fuel surcharges, according to a prepared statement.

The 545-mile regional’s quarterly operating expenses of $6.5 million rose 4.6 percent compared with third-quarter 2004 primarily because of a $264,000 fuel cost increase.

During 2005’s first nine months, PWRR’s revenue totaled $20.2 million, a 1 percent increase compared with the same 2004 period. But net income fell 40 percent to $654,000 and operating expenses rose 4.5 percent to $19.1 million.

Formed in 1973, PWRR moves traffic over lines in New York, Connecticut, Massachusetts and Rhode Island, and operates two intermodal yards in Worcester, Mass.


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