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Rail News: Financials

Providence and Worcester's first-quarter revenue rises, but so do expenses

Yesterday, Providence and Worcester Railroad Co. (PWRR) reported first-quarter operating revenue of $5.6 million, an 11.3 percent increase compared with first-quarter 2004.

Although year-over-year carload volume was virtually flat, the regional’s average revenue per carload rose because of a shift toward higher-priced commodity traffic and certain rate increases, including fuel surcharges, PWRR officials said in a prepared statement. The railroad also increased intermodal revenue because of higher container volume and contractual rate increases.

However, PWRR’s quarterly operating expenses of $6.2 million rose 5.6 percent compared with first-quarter 2004 primarily due to a $100,000 increase in diesel costs and $142,000 rise in car hire expenses.

The regional reported a quarterly net loss of $255,000 compared with a net loss of $462,000 in first-quarter 2004.

Formed in 1973, the 545-mile PWRR operates lines in New York, Connecticut, Massachusetts and Rhode Island.

Contact Progressive Railroading editorial staff.

More News from 5/13/2005