P&W Railroad posts 1Q loss of $1.16M

WORCESTER – For the quarter ended March 31, the Providence and Worcester Railroad Co. (AMEX: PWX) this week said its loss widened to $1.16 million or 26 cents per common share, more than four times its loss of $269,000 or 6 cents per share in the first quarter of 2006.
Operating revenue decreased by 17.1 percent to $5.2 million as a 28.5-percent decline in conventional traffic volume was partially offset by an increase in average revenue per carloading. “An overall decline in carloadings of conventional freight is consistent with the experience of the railroad industry in North America during the first quarter,” P&W said in its report.
The company also saw declines in volume handled for coal, steel ingots and contaminated soil, commodities it said have historically varied throughout the year. The volumes handled in April for these and other commodities “have returned to levels more consistent with prior years,” P&W said.
The first quarter historically has seen the lowest operating revenue and income of the year, the company added.
Providence and Worcester Railroad Co. is a class II regional freight railroad serving Massachusetts, Rhode Island, Connecticut and New York. Additional information is available at www.pwrr.com.