Amtrak released it fiscal year 2014 revenue numbers Tuesday, Nov. 25, 2014, citing continued financial performance that drew grudging coverage even from media adversaries of the national passenger railroad.
For Fiscal Year 2014, which ended Sept. 30, 2014, 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."
Amtrak said its revenue-to-cost operations recovery ratio was 93%, up from 89% in FY13, a ratio much higher than many other, more respected national rail systems worldwide.
Amtrak noted its "unaudited federally funded operating loss of approximately $227 million was the lowest level since 1973, representing a 37% decrease from the prior year and 52% lower than in FY 2007." That reduced level drew notice from those often highly critical of Amtrak, including The Wall Street Journal.
"As a result of the company's strong operating performance, long-term debt reductions of approximately 61% 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," Amtrak said, continuing a relatively recent emphasis on fiscal stability aimed to secure congressional support for future funding.
"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."
Boardman focused on Amtrak's need to meet anticipated ridership growth through federal capital investment, in order to improve, expand, and replace aging rail infrastructure.