Posts Tagged ‘Amtrak financial results’

Amtrak Lost $801M in FY2020

November 24, 2020

Amtrak warned yet again on Monday that further service cuts are possible unless Congress increases its federal funding for the passenger carrier in fiscal year 2021.

Funding for Amtrak and other federally-funded programs is currently being provided under a continuing resolution approved by Congress in late September that expires on Dec. 11.

That resolution calls for interim funding in FY2021 to be at the same levels as FY2020, which ended on Sept. 30.

“If the current level of funding is extended in a continuing resolution beyond Dec. 11 . . . and supplemental funding isn’t provided we’re going to be unable to avoid taking fairly difficult actions that could have long-lasting effects on our Northeast Corridor infrastructure and the national rail system,” said Amtrak CEO William Flynn.

Flynn said the carrier needs additional emergency funding for the remainder of the fiscal year.

If Amtrak funding continues at its current levels, Flynn said as many as 1,600 workers operating state-supported trains could be furloughed.

Amtrak Senior Executive Vice President Stephen Gardner said decisions on job and service cuts will be made based on how long the uncertainty remains.

In a news release, Amtrak said during FY2020 its operating revenue, including payments from state-supported routes, decreased 31.9 percent to $2.3 billion when compared with FY 2019.

Ticket revenue was down $1.24 billion or 47.3 percent.

During FY2020 Amtrak posted an unaudited operating loss of $801.1 million, which it attributed largely to lost ridership during the pandemic.

The carrier also reported advancing $1.9 billion in infrastructure and fleet work.

Amtrak Board Chairman Anthony Coscia said the passenger carrier projects that under current trends and future projections, ridership and revenue are expected to be down 63 percent by the end of fiscal 2021.

That would be worse than the 50 percent decline Amtrak management had predicted earlier when it announced its plans to reduce the operating frequency of most long-distance trains to tri-weekly.

Coscia said Amtrak intends to move forward on $2 billion in critical infrastructure work “that includes safety and reliability measures that we believe will permit the company to come through the pandemic with a railroad that was playing and will play in the nation’s economic recovery.”

He said Amtrak has more than $5 billion of additional investments that could contribute to recovery following the pandemic.

Amtrak said it provided 16.8 million customer trips in FY 2020, down 47.4 percent with a year-over-year decline of 15.2 million riders.

In recent months, ridership has dipped by 20 to 25 percent of pre-COVID levels.

Amtrak Ridership up 1.5% in FY2017; Operating Loss Was Lowest it’s Been in Decades

November 16, 2017

Amtrak recorded its lowest operating loss in decades this year the carrier said on Thursday. The national passenger carrier said it broke passenger and revenue records for the year ending Sept. 30, helping to narrow its operating loss to $194 million.

During the period Amtrak recorded 31.7 million passenger trips, a 1.5 percent increase over FY2016 and had total revenue of $3.2 billion, an increase of 1.1 percent over FY 2016.

In breaking out ridership by service type, Amtrak said it carried 12 million in the Northeast Corridor, up 1 percent, which set a record.

State-supported trains carried 15 million passengers, a 2.1 percent increase, while the long-distance routes carried 4.6 million riders, an increase of 0.9 percent

Amtrak also set a record for cost recovery, covering 94.7 percent of its operating costs with ticket sales and other revenues.

“Over the next several years, we’re aiming to cover total operating costs from ticket and other revenues by strengthening our services and continuing to drive efficiency,” said Amtrak Board Chair Tony Coscia in a statement. “To do this, we are making investments in tracks and stations, on our trains, and in the delivery of customer service so that we can serve more customers with a better experience.”

Amtrak said it cuts its debt from $3.3 billion on Sept. 30, 2007, to $1.2 billion on Sept. 30, 2017, a reduction of 64 percent over the 10-year period.

Other notable milestones for Amtrak in FY2017 included a 19 percent increase in membership in its Amtrak Guest Rewards program and launching a national partnership with ride-sharing service Lyft.