JACKSONVILLE – RailAmerica, Inc. (NYSE: RA) on July 27 reported second quarter 2011 revenue increased 17 percent to $139.2 million from $119.5 million in the second quarter of 2010. Freight revenue increased 7 percent to $105.6 million with average revenue per car up 11 percent and carloads down 3 percent.
The shortline operator also operates the Florida East Coast Ry. for owner Fortress Investment Group of New York.
Non-freight revenue increased 59 percent to $33.6 million. Excluding acquisitions, non-freight revenue increased 21 percent versus second quarter 2010.
RailAmerica President and CEO John Giles, said “Our second quarter financial performance was strong despite persistent weather challenges, low coal volumes and fuel price pressures. By controlling costs and capitalizing on non-freight revenue and pricing opportunities, we increased operating income 16 percent excluding the impact of 45G credits, asset sales and impairments. This represents a record second quarter for RailAmerica.”
He noted, “On the strategic front, I continue to be optimistic about our growing pipeline of acquisition and industrial development opportunities.”
RailAmerica reported second quarter 2011 income from continuing operations of $8.7 million, or 17 cents per diluted share. This compares to a loss from continuing operations of $4.2 million, or 8 cents per diluted share in the second quarter of 2010.