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Rail News: Financials

Providence and Worcester posts promising 2003 financial results

During 2003, Providence and Worcester Railroad Co. (PWRR) increased net income 3,000 percent to $668,000 compared with $22,000 in 2002, according to annual financial results released March 26.

Operating revenue of $24 million rose 4.8 percent compared with 2002's $22.9 million. The 545-mile regional increased annual freight and container revenue $676,000 (3.5 percent) and $547,000 (27.7 percent), respectively, which partially offset a $130,000 (9.7 percent) decrease in revenue from transportation-related services.

The railroad's average revenue per carload and per container rose 3.5 percent and 11.3 percent, respectively. Carloads were flat — showing gains in coal and metal product traffic, but losses in construction aggregates moves — but container traffic rose 10.3 percent compared with 2002.

PWRR's annual operating expenses of $23.6 million dropped $144,000 or 0.6 percent compared with 2002. The regional was able to balance increases in profit sharing, maintenance and utility costs, and the impact of a 2002 Amtrak arbitration decision.

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More News from 3/29/2004