Mark Szakonyi, Associate Editor | Jul 25, 2012 12:07PM EDT
RailAmerica, a short-line and regional holding company subject to an acquisition by Genesee & Wyoming, saw its profit jump 28.7 percent on 3.6 percent volume increase.
The Jacksonville, Fla.-based company’s revenue rose 12 percent year-over-year to $156.1 million. GWI’s plans to buy RailAmerica, the operator of 45 rail lines, for $1.4 billion, combining the two largest short and regional line operators in North America.
“Exceptional execution by our team drove another strong quarter with operating income on a comparable basis up 28 percent. We remain well positioned for continued progress in the months ahead,” said RailAmerica President and CEO John Giles.
The company’s freight revenue rose 8 percent year-over-year to $113.6 million, while non-freight revenue from its railroad construction and dispatching firms jumped 26 percent to $42.5 million in the same period. The average revenue per carload, a key measure of pricing, increased 3.8 percent compared to the same period in 2011.
Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @szakonyi_joc.