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May 15, 2008

Railroad reports first-quarter loss

Providence and Worcester Railroad Company (PWX:NASDAQ) yesterday reported a first-quarter loss of $922,000, or 19 cents a share, compared to a net loss of $1.2 million, or 26 cents a share in last year's first quarter.

Operating revenues increased $811,000, or 15.6 percent, to $6.0 million from $5.2 million in the first quarter of 2007. This increase is the result of a 26 percent increase in conventional freight revenues partially offset by a 52 percent decline in container freight revenues.

Shipments of ethanol and automobiles, as well as increased shipments of coal and steel ingots account for the increase in conventional freight revenues. Those increase were somewhat offset by decreases in shipments of construction aggregates, chemicals, building products and other commodities, largely attributable to the economic slowdown.

The sharp decrease in container revenue results from a continuing decline in container traffic volume which began midway through 2007. Diesel fuel expense for the quarter increased by $241,000, or 52 percent, from the first quarter of 2007, largely as a result of sharply increased prices for petroleum products.

Posted by John Kostrzewa  at 8:55 AM | Permalink

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