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Rail News: Financials

RailAmerica reports strong Q1 results, assigns Lewis as CCO


Yesterday, RailAmerica Inc. reported first-quarter revenue of $143.4 million, up 15 percent compared with first-quarter 2011 results. Freight revenue rose 10 percent to $107.8 million, non-freight revenue jumped 30 percent to $35.6 million and carloads ratcheted up 3 percent to 215,741 units.

In addition, operating income climbed 32 percent to $31.9 million and the reported operating ratio improved 2.8 points to 77.8.

"Our positive momentum continues to build as reflected in our record first-quarter revenue and operating income, excluding 45G benefits and asset sales,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement. “We remain active in the corporate development area, closing on the Wellsboro & Corning and its affiliated transload operations, TransRail North America, investment in early April. We expect to close on the Marquette Railroad acquisition in May, and our pipeline of additional opportunities remains promising.”

However, RailAmerica reported a first-quarter net loss of $40.2 million compared with net income of $4.1 million in the year-ago period, and operating expenses climbed from $100.7 million in first-quarter 2011 to $111.6 million. Labor and benefits costs jumped 31.8 percent and fuel costs rose 9.4 percent.

RailAmerica Inc. also announced that it named Gary Lewis senior vice president and chief commercial officer.
He most recently was vice president of industrial development. Prior to joining RailAmerica in 2009, Lewis was director of sales and marketing at Kinder Morgan Terminals and held various commercial leadership roles during an 18-year stint at CSX Transportation.