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Rail News: Financials

Providence & Worcester registers rise in annual revenue, income

Rising carloads helped Providence & Worcester Railroad Co. (PWRR) increase 2004 operating revenue 4.1 percent to $24.9 million compared with 2003 despite a slight container traffic decrease. Yesterday, the 545-mile regional released its year-over-year financial results, which included a 5 percent rise in 2004 net income to $1 million.

The railroad increased “other” income by disposing of a portion of an inactive branch line, which was acquired by Massachusetts through eminent domain.

However, annual operating expenses rose 5.5 percent to $24.8 million compared with 2003 primarily because of a $425,000 provision for casualty losses ($208,000 of which was used to settle a lawsuit) and $95,000 in profit-sharing expenses.

Formed in 1973, PWRR operates lines in Massachusetts, Rhode Island, Connecticut and New York. The regional’s customers include The Dow Chemical Co., Exxon/Mobil, Frito-Lay Inc., General Dynamics Corp., International Paper Co. and Smurfit Stone Container Corp.

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More News from 3/29/2005