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2/24/2011



Rail News: Rail Industry Trends

RailAmerica registers revenue, income gains


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Yesterday, RailAmerica Inc. reported fourth-quarter revenue of $127.6 million and freight revenue of $98 million, up 17 percent and 13 percent, respectively, compared with fourth-quarter 2009 totals. Carloads rose 4 percent to 215,454 units and non-freight revenue climbed 34 percent to $29.6 million.

The company — which owns 40 U.S. and Canadian regionals and short lines — also generated income from continuing operations of $17.9 million, or 33 cents per diluted share, compared with a net loss of $6.9 million, or 13 cents per diluted share, in fourth-quarter 2009. In addition, the quarterly unadjusted operating ratio improved 2.7 points to 79.9. However, quarterly operating expenses totaled $83.9 million vs. $65.9 million a year earlier.

“We had a strong finish to 2010 and are well positioned for further progress,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement. “We intend to build on this solid base during 2011 as we continue to leverage a slow, but improving economy, continuous improvements in productivity, and the effective deployment of capital.”

For the full year, the company reported operating revenue of $490.3 million, up 15 percent compared with 2009. Income from continuing operations reached $19.1 million, or 35 cents per diluted share, vs. income of $2.9 million, or seven cents per diluted share, in 2009. The full-year unadjusted operating ratio improved 1 point to 80.7, but operating expenses increased from $311.6 million in 2009 to $375.8 million in 2010.

RailAmerica also announced that its board authorized the repurchase of up to $50 million worth of the company's common stock.


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