Amtrak reported unaudited record revenue totaling approximately $3.2 billion for the fiscal year ending Sept. 30, representing the fifth consecutive year of revenue growth, and the eighth out of the past nine years.
In FY 2014, Amtrak covered 93% of its operating costs with ticket sales and other revenues, up from 89% 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% decrease from the prior year and 52% lower than in FY 2007.
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.
“Our efforts to operate a more financially sound railroad for our stakeholders continues to exceed expectations,” said Amtrak President/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, according to the railroad.