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Rail News: Financials

Providence and Worcester's revenue, income climb in third quarter


All in all, the third quarter was a good one for Providence and Worcester Railroad Co. (PWRR). Today, the 545-mile regional reported quarterly operating revenue of $7.8 million, a 4.5 percent increase compared with similar 2005 data.

PWRR officials attribute the gain to increases in average revenue per carload and container, container volume and diesel fuel surcharges.

In addition, third-quarter net income totaled $927,000, a 32 percent increase compared with the same 2005 period. The railroad also reported a $500,000 gain in other income from the sale of surplus property.

However, quarterly operating expenses rose 9.7 percent to $7.1 million compared with third-quarter 2005 primarily because of increased track and equipment maintenance costs, and higher track usage fees, PWRR said.

During 2006’s first nine months, the railroad’s operating revenue rose about 11 percent to $21.7 million and net income increased more than 40 percent to $952,000 compared with similar 2005 data. Operating expenses went up nearly 12 percent to $21.3 million.

Formed in 1973, PWRR operates lines in Massachusetts, Rhode Island, Connecticut and New York.

Contact Progressive Railroading editorial staff.

More News from 11/14/2006