RailAmerica’s net income soars 142%
RailAmerica Inc., a holding company for 42 short-line railroads operating on about 7,800 track miles in the United States and Canada, posted first quarter net income of $15 million, up a massive 142 percent compared to $6.2 million in the same quarter 2005.
The Boca Raton, Fla.-based railroad reported operating income for the quarter of $14.3 million, up 45 percent from $9.9 million in the year earlier period. Revenue jumped 13 percent to $115 million, from $101.7 million.
RailAmerica’s total carloads for the quarter were flat at 327,993 from 329,878.
“We are very pleased with our results this quarter. Our “same railroad” revenue growth was led by improving yields related to pricing and commodity mix. Additionally, the railroads that were acquired from Alcoa continue to produce strong results,” said Charles Swinburn, RailAmerica’s chief executive officer.
RailAmerica’s net income soars 142%
