Investment in infrastructure critical for future growth of passenger rail
WASHINGTON – Amtrak ridership and ticket revenue remained steady in its Fiscal Year ended Sept. 30, 2015, reflecting continued demand for passenger rail; however, significant and predictable investment is needed to ensure that intercity passenger rail will continue to deliver nationwide benefits including providing safe and reliable mobility and advancing America’s economy.
For Fiscal Year 2015, unaudited ticket revenues reached $2.185 billion, 0.1 percent below the prior year and ridership was more than 30.8 million, also 0.1 percent below the previous year, primarily due to service disruptions on the Northeast Corridor, significant weather events and lower gas prices.
Unaudited total revenue for the company was approximately $3.2 billion for Fiscal Year 2015, 1 percent below the previous year. Operating cost recovery remained strong; Amtrak covered 91.1 percent of operating costs with ticket sales and other revenues.
In addition, Amtrak’s unaudited adjusted operating loss was at $306.5 million which was higher than the previous year.
“We continue to make smart investments and advancements to critical infrastructure and significant improvements to the passenger experience so that the company can continue providing mobility to more passengers and make the best use of our limited resources,” said Amtrak Chairman of the Board Tony Coscia. “This year’s financial results show the resiliency of a company that faced a range of challenges and underscored the loyalty of our customers even during a period of low gas prices. Amtrak’s Board and management remain committed to moving the company forward and providing vital transportation for the country’s future.”
“This past year we continued to take America to where it needs to go, providing transportation to more than 30.8 million customers, which reflects continued strong demand and the value of our services,” said Amtrak President & CEO Joe Boardman. “We have now carried more than 30 million passengers for five straight years, which is a testament to the value we bring to intercity travelers. However, critical investment is needed to ensure future growth of intercity passenger rail.”
With ridership of 11.7 million, the Northeast Corridor (NEC) had its highest ridership year ever in Fiscal Year 2015, up 0.5 percent from the prior year, led by Northeast Regional service that saw a 1.5 percent increase and set a new ridership record with more than 8.2 million trips.
To ensure continued reliable transportation on the Northeast Corridor, Amtrak, in partnership with New York, New Jersey and the Port Authority is looking forward to forming the Gateway Development Corporation to start work on the critical Gateway Program.
In addition, Amtrak formed the Blue Ribbon Panel to address the Chicago rail gridlock that is causing major delays for passengers and for freight shipments.