Written by: Ben Vient, Managing Editor Amtrak reported on November 17 "exceptionally strong unaudited financial results for the fiscal year, which ended on September 30, 2016 (FY 2016), including an all-time unaudited ticket revenue record of $2.14 billion, a $12 million increase over Fiscal Year 2015." Amtrak reports the increased ticket revenue was fueled by a record 31.3 million passengers on America’s Railroad® – nearly 400,000 more than the previous year. This is the sixth consecutive year Amtrak has carried more than 30 million customers. Amtrak calculates it covered 94% of its operating costs with ticket sales and other revenues, up from 92% the year before. Unaudited total revenue was a record $3.2 billion for FY 2016. In addition, Amtrak reported an unaudited operating loss of $227 million, a reduction of $78 million over last year, and the lowest operating loss since 1973. Amtrak says this helped to make a net reduction in long-term debt of $71.4 million. “The results demonstrate the value we deliver to our customers and the vital role Amtrak plays in our nation’s transportation system,” said Amtrak Chairman of the Board Anthony Coscia. “We are off to another strong start for the new fiscal year and will provide a great travel experience for customers who choose Amtrak in the upcoming holiday season.” Several Amtrak services had record years in both ridership and revenue including the Northeast Regional (Boston-New York-Washington/Virginia), Pacific Surfliner (San Luis Obispo-San Diego), Capitol Corridor (San Jose-Sacramento/Auburn), Keystone (New York-Philadelphia-Harrisburg) and Hiawatha (Milwaukee-Chicago) state-sponsored corridors, along with the California Zephyr (Chicago-Denver-San Francisco Bay). To boost ridership, Amtrak added cars to high-demand or sold-out trains. Amtrak reports it also improved its on-time performance of trains and customer satisfaction scores, and offered new services such as allowing pets and bikes on trains. “More and more customers recognize Amtrak as a smarter way to travel,” said Amtrak President and CEO Wick Moorman. “We will continue to enhance the customer experience and strengthen our market position through investments such as next-generation high-speed rail for the Northeast Corridor, while at the same time remaining focused on running an efficient and effective company.” Continue reading...
