Media Kit » Try RailPrime™ Today! »
Progressive Railroading
Newsletter Sign Up
Stay updated on news, articles and information for the rail industry



This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.




railPrime
View Current Digital Issue »


RAIL EMPLOYMENT & NOTICES



Rail News Home Financials

4/30/2004



Rail News: Financials

First-quarter financial scorecard: FECR raises revenue, lowers operating ratio


advertisement

Yesterday, Florida East Coast Industries Inc. (FECI) reported $48.6 million in first-quarter revenue from Florida East Coast Railway (FECR), a 10 percent increase compared with the same 2003 period.

The 351-mile regional's operating profit and operating profit before depreciation rose 26 percent to $11.1 million and 18 percent to $16.1 million, respectively. Increasing revenue and income, and decreasing costs enabled FECR to lower its quarterly operating ratio 3 points to 77.1 compared with first-quarter 2003.

"The railway's first-quarter revenue growth was stronger than we had expected," said FECI Chairman, President and Chief Executive Officer Robert Anestis in a prepared statement, adding that aggregate and intermodal carloads — benefiting from an improved economy and new marketing initiatives — increased 7.7 percent and 12.8 percent, respectively. "As a result we are increasing our 2004 full year outlook for the railway's revenues and operating profit growth from the low-single digits, to mid- to upper-single digits."

On a consolidated basis, FECI posted quarterly revenue of $71.6 million, a 5.5 percent decrease compared with the same 2003 period. Income from continuing operations dropped 15 percent to $5.9 million but net income rose 20 percent to $8.3 million. Quarterly operating expenses of $60.9 million decreased 2.3 percent compared with first-quarter 2003's $62.4 million.


Contact Progressive Railroading editorial staff.

More News from 4/30/2004