John D. Boyd | Feb 23, 2011 4:59PM EST
Short line operator RailAmerica had a fourth-quarter profit of $17.9 million, up from a $6.9 million loss in the final period of 2009.
John Giles, president and CEO, said operating income rose 35 percent. That was separate from the financial effects of tax credits Congress extended in December that lifted the company’s results, plus some onetime factors of stock offering costs and an asset sale from late 2009 that affected year-over-year comparisons.
“We intend to build on this solid base during 2011 as we continue to leverage a slow, but improving economy, continuous improvements in productivity, and the effective deployment of capital,” Giles said.
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By The Numbers: U.S. Rail Cargo
RailAmerica owns and operates 40 small railroads with about 7,300 track miles in 27 U.S. states and three Canadian provinces.
For all of 2010, net income of $19.1 million was up 21 percent, while revenue rose 15 percent to $490 million. Its bulk-hauling short lines had average revenue per carload of $455 in the final 2010 period, up from $421a year earlier.
-- Contact John D. Boyd at jboyd@joc.com.