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Rail News: Financials

Providence and Worcester's revenue up, income down in the third quarter


Yesterday, Providence and Worcester Railroad Co. (PWRR) announced it earned third-quarter net income of $702,000, a 46 percent decrease compared with third-quarter 2004. However, operating revenue rose 5.9 percent to $7.4 million.

PWRR officials attribute the revenue increase to a 5.6 percent rise in traffic volume and “modest” rate increases, including fuel surcharges, according to a prepared statement.

The 545-mile regional’s quarterly operating expenses of $6.5 million rose 4.6 percent compared with third-quarter 2004 primarily because of a $264,000 fuel cost increase.

During 2005’s first nine months, PWRR’s revenue totaled $20.2 million, a 1 percent increase compared with the same 2004 period. But net income fell 40 percent to $654,000 and operating expenses rose 4.5 percent to $19.1 million.

Formed in 1973, PWRR moves traffic over lines in New York, Connecticut, Massachusetts and Rhode Island, and operates two intermodal yards in Worcester, Mass.

Contact Progressive Railroading editorial staff.

More News from 11/15/2005