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Rail News: Financials

3Q financials: Coal, containers propel net income at Providence and Worcester

Providence and Worcester Railroad Co. (PWRR) posted strong net income growth during its third fiscal quarter, thanks to increased operating revenues from coal and intermodal container shipments.

For the quarter ended Sept. 30, PWRR had net income of $694,000, a 27.8 percent increase compared with $543,000 for the same 2002 period. The railroad recorded operating revenues of $6.67 million, a 5.7 percent increase compared with $6.31 million for the same 2002 period.

Operating expenses, too, were up — by 4.1 percent, to $5.86 million, compared with third-quarter 2002's $5.63 million.

For 2003's first nine months, PWRR recorded net income of $577,000 compared with a net loss of $88,000 for 2002's first nine months. Last year's net loss was due to the impact of an Amtrak rate arbitration decision rendered in June 2002, according to a Nov. 14 PWRR statement.

Contact Progressive Railroading editorial staff.

More News from 11/17/2003