RailAmerica’s profit down 10% in 3rd quarter
RailAmerica, a holding company for 42 short-line railroads operating on about 7,800 track miles in the United States and Canada, posted third quarter net income of $6.9 million, down 10.4 percent compared to $7.7 million in the same quarter 2005.
The Boca Raton, Fla.-based railroad reported operating income for the quarter of $13.5 million, an increase of 5.5 percent from $12.8 million in the year earlier period. Revenue jumped 12 percent to $117.3 million, from $105.1 million.
RailAmerica’s total carloads for the quarter were up by 0.7 percent to 307,949.
“We are pleased with our results this quarter,” said Charles Swinburn, RailAmerica’s chief executive officer. “Despite the declines in our carloads, caused in significant part by the slowdown in the housing market, which resulted in a 12 percent decline in our lumber carloads compared to the third quarter of 2005, and the continued work stoppage at a paper facility in Nova Scotia, coupled with the expense of a single personal injury during the quarter, we continued to improve our operating results.”
For the year to date, RailAmerica’s net income was up 28 percent to $29.7 million, from $23.2 million after nine months last year. Operating income was flat at $36.9 million while revenue increased 13 percent to $348.5 million.
RailAmerica’s profit down 10% in 3rd quarter
