More Shipments Lift P&W Railroad's Revenue, Earnings
Increased freight activity led to 11-percent revenue growth for Providence & Worcester Railroad in the third quarter, and net income of $593,000 after a third-quarter 2012 loss of $381,000.
Operating revenue was $8.8 million in the third quarter, which ended Sept. 30, compared to $7.9 million in 2012, according to the Worcester-based carrier’s latest earnings report. Revenue for the first nine months of the year increased from $23.1 million in 2012 to $24.5 million.
According to the report, increased quarterly and annual revenue and earnings were driven by a jump in traffic volumes due to increased stone shipments by its freight customers. Year-over-year traffic volumes increased 27.1 percent in the third quarter and 19.4 percent from January through September, according to the report.
Providence & Worcester transports a wide variety of commodities for roughly 140 customers in Massachusetts, Rhode Island, Connecticut and New York, according to the company.
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