Today, Amtrak reported unaudited record revenue totaling approximately $3.2 billion for the fiscal year ending Sept. 30, 2014, representing the fifth consecutive year of revenue growth, and the eighth out of the past nine years.
In FY 2014, America’s Railroad® covered 93 percent of its operating costs with ticket sales and other revenues, up from 89 percent the year before. In addition, Amtrak’s unaudited federally funded operating loss of approximately $227 million was the lowest level since 1973, representing a 37 percent decrease from the prior year and 52 percent lower than in FY 2007.
As a result of the company’s strong operating performance, long-term debt reductions of approximately 61 percent over the past seven years to $1.3 billion, and other contributing factors, Moody’s Investor Service confirmed Amtrak’s A1/Stable debt rating on Nov. 12, 2014.
“Our financial performance over the past year is the clearest indication yet that Amtrak’s investments, operating efficiencies and focus on its customers is paying off,” said Amtrak Chairman of the Board Tony Coscia. “Under the leadership of Amtrak’s Board and management,the company is transforming how it does business. We are delighted with our latest financial results and committed to making further progress in the years ahead. As we continue to make improvements in our operating and financial performance, we call upon the federal government and our stakeholders to support the capital investments necessary to keep moving Amtrak forward.”
“Our efforts to operate a more financially sound railroad for our stakeholders continues to exceed expectations,” said Amtrak President and CEO Joe Boardman. “Amtrak’s customer value proposition improves each year as seen by our continued ridership and revenue growth for the better part of the past decade.”
Amtrak’s corporate restructuring has resulted in a strong emphasis on increased financial transparency, a de-leveraged balance sheet, and providing an improved product to its existing customer base while attracting new passengers. This has resulted in consistently strong ridership and revenue growth, and less reliance on federal operating grant support.