FEC revenues offset lower volumes
Florida East Coast Industries reported third quarter results Thursday, including gains in revenues for the Florida East Coast Railway in spite of a decrease in volumes.
Third quarter revenues for railway operations increased 5.8 percent to $63.4 million. The company attributed the revenue gains to improved pricing and fuel surcharges. The railway segment's operating profit, which included $5.8 million of net insurance recoveries, increased 33.7 percent to $22.1 million.
The company said intermodal revenues, which include truck drayage, increased 9 percent. Those gains came in spite of a decrease in international volumes, which experienced a one-time spike during the third quarter last year when cargo was being diverted to Port Everglades from the Port of New Orleans during the hurricane season.
Company officials said the gains were the result of improved freight rates, and increased local business from motor carriers and retail businesses.