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Rail News: Financials

Providence and Worcester's traffic, revenue plummet in first quarter

Providence and Worcester Railroad Co.’s (PWRR) traffic dropped 28.5 percent in the first quarter. As a result, the 545-mile regional’s operating revenue declined 17.1 percent to $5.2 million compared with the same 2006 period.

“The company experienced significant declines in the volumes of coal, steel ingots and contaminated soil handled during the quarter,” according to a PWRR statement. “Volumes of these commodities hauled were particularly high during the first quarter of 2006, and the significant declines of all three during 2007 appear to be largely coincidental.”

The railroad also reported a first-quarter net loss of $1.2 million compared with a first-quarter 2006 net loss of $269,000. However, PWRR’s quarterly operating expenses decreased slightly from $7.18 million a year ago to $7.10 million.

Formed in 1973, PWRR operates lines in Massachusetts, Rhode Island, Connecticut and New York.

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More News from 5/16/2007