Amtrak Sets Records!
Thursday, December 1, 2016 2:29 PM
Posted by Gary Lanman
It was a strong year for Amtrak, as the nation's passenger railroad set records for ticket revenue and number of riders, while posting its lowest operating loss in more than 40 years.
Amtrak said Thursday that its ticket revenue for fiscal 2016, which ended Sept. 30, reached $2.14 billion, up $12 million over fiscal 2015. Amtrak served 31.3 million passengers for the year, up more than 400,000 from fiscal 2015 and the sixth straight year the railroad has served more than 30 million customers.
“The results demonstrate the value we deliver to our customers and the vital role Amtrak plays in our nation’s transportation system,” board Chairman Anthony Coscia said in a prepared statement. “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.”
Amtrak said its ticket sales and other revenues covered 94 percent of operating costs, up from 92 percent in fiscal 2015. Total revenue came in at a record $3.2 billion, while the operating loss of $227 million was $78 million smaller than the year before and the lowest operating loss since 1973.
Amtrak also reduced its long-term debt by $71.4 million during the fiscal year.
Among the Amtrak services that saw record ridership and revenue were the Northeast Regional and Keystone lines, which both serve the New York region.
“More and more customers recognize Amtrak as a smarter way to travel,” CEO and President Wick Moorman said in a statement. “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.”
Amtrak also said it will be investing in improvements that include the creation of the Moynihan Station in New York City, as well as other major investments and developments in Philadelphia and elsewhere.
The fiscal 2016 figures are unaudited, the railroad said.
Coscia, also a partner with the law firm Windels Marx Lane & Mittendorf LLP, which has offices in New Brunswick and Madison, has been chairman of the Amtrak board since 2013, and a director since 2010.