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Rail News: Financials

RailAmerica posts second-quarter gains in net income, revenue

RailAmerica Inc. posted solid second-quarter financial results, with net income totaling $11.4 million compared with second-quarter 2011’s $8.7 million and revenue jumping 12 percent to $156.1 million.

Operating income rose 19 percent to $34.2 million. However, expenses increased 9 percent to $121.9 million, primarily due to costs incurred from acquisitions and additional engineering services activity, according to a press release.

For the year’s first half, RailAmerica’s operating revenue increased 13.4 percent to $299.5 million and expenses rose 10.5 percent to $233.5 million. The company also recorded a net loss of $28.8 million.

RailAmerica owns and operates 45 regionals and short lines in the United States and Canada. On Monday, the holding company announced it had entered into an agreement with Genesee & Wyoming Inc. (GWI) through which GWI would acquire RailAmerica for $27.50 per share in cash. To read more about the planned acquisition, click here.

Contact Progressive Railroading editorial staff.

More News from 7/25/2012