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RailAmerica earns record third-quarter income


On Oct. 29, RailAmerica Inc. reported record third-quarter income from continuing operations, which increased 41 percent to $7.3 million compared with third-quarter 2001's $5.2 million. Net income of $5.9 million also hit an all-time quarterly high.

And the short-line holding company's third-quarter revenue of $113.9 million rose 22 percent and operating income of $19.8 million increased 4 percent compared with last year.

"These solid results were driven by … our new copper contract in Chile, lower fuel costs, reduced interest expense and stringent cost controls," said Gary Marino, RailAmerica chairman, president and chief executive officer, in a prepared statement.

The company was able to overcome a weak North American economy and severe Australian drought that affected grain moves, he added.

The company's quarterly North American revenue increased 38 percent to $84.8 million, helped by ParkSierra Rail Group and StatesRail short lines that RailAmerica acquired in January 2002.

Contact Progressive Railroading editorial staff.

More News from 10/29/2002