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Providence and Worcester earns more income, generates less revenue

Providence and Worcester Railroad Co.’s (P&W) net income inched up in the second quarter. Yesterday, the 545-mile regional reported net income of $322,000 vs. $320,000 in second-quarter 2008.

Diluted income per common share remained flat at seven cents. However, operating revenue fell 24.5 percent year over year to $6.1 million primarily because of steep drops in carload and container traffic.

“As a result of national and international economic conditions, shipments of most commodities continued to decline during the quarter,” P&W officials said in a prepared statement.

Quarterly operating expenses decreased 13.7 percent to $6.7 million compared with second-quarter 2008 expenses, driven by a $758,000 drop in fuel costs.

Formed in 1973, P&W operates lines in Connecticut, Massachusetts, New York and Rhode Island, and intermodal facilities in Worcester, Mass.

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More News from 8/14/2009