financetom
Business
financetom
/
Business
/
US railroad Amtrak sets passenger record in 2024
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US railroad Amtrak sets passenger record in 2024
Dec 3, 2024 9:38 AM

WASHINGTON (Reuters) - U.S. passenger railroad Amtrak said on Tuesday ridership topped 2019 pre-COVID levels for the first time in 2024 and reached a record high even with less capacity.

Ridership increased 15% over 2023 to a record 32.8 million customer trips, as passenger revenue hit $2.5 billion, up 9% over the prior year, while total operating revenue was $3.6 billion, up 7%. Amtrak reported an adjusted operating loss of $705 million for the 12 months ending Sept. 30, down 9% over 2023.

Amtrak's prior record was 32.3 million passengers in 2019, which was up 45% from 2003.

Amtrak in March said it was boosting passenger services on the East Coast as it aims to double ridership nationwide by 2040 to 66 million passengers and faces issues to expand service.

Amtrak said in June it had fewer seats because of a number of factors including delays in starting service while awaiting new train cars.

Congress approved $66 billion in funding for rail projects as part of a massive infrastructure bill in 2021, with $22 billion dedicated to Amtrak and $36 billion made available for grants.

Amtrak's future funding is uncertain. President-elect Donald Trump during his first term repeatedly sought to cut funding to Amtrak, which received about $2.4 billion in annual federal support this year.

In November 2023, the White House announced $16.4 billion in new funding for 25 passenger rail projects on Amtrak's Northeast Corridor, which is the busiest U.S. rail corridor with 800,000 daily trips in a region that represents 20% of the U.S. economy. Many bridges, tunnels and other parts of the corridor are in serious need of repairs.

Amtrak has suffered a series of service disruptions over the last six months. Last month, the railroad was forced to temporarily suspend all train service between New York and Washington for several hours due to overhead power issues in Philadelphia, disrupting the travel plans of thousands of riders.

Just over 14 million passengers traveled in the 12 months ending Sept. 30 on the busy northeast corridor including Washington and Boston. Amtrak transports about five times as many passengers between New York and Washington as airlines.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Market Chatter: Brookfield Attracts Four Bidders for Saeta Yield
Market Chatter: Brookfield Attracts Four Bidders for Saeta Yield
Jun 28, 2024
08:30 AM EDT, 06/28/2024 (MT Newswires) -- Brookfield (BN) has attracted four bidders for its Spanish renewables company Saeta Yield, Reuters reported Friday, citing a Cinco Dias report. Bidders expected to file final offers include China Three Gorges, UAE's Masdar, and French energy companies Engie and TotalEnergies (TTE), according to the report Brookfield, which bought Saeta Yield for 1 billion...
FAA to investigate Southwest flight that departed from closed runway in Maine
FAA to investigate Southwest flight that departed from closed runway in Maine
Jun 28, 2024
June 28 (Reuters) - The Federal Aviation Administration said on Friday it will investigate a Southwest Airlines ( LUV ) flight that departed from a temporarily closed runway in Maine earlier this week. The FAA said on Tuesday an airport vehicle exited the runway before Southwest Flight 4805, a Boeing 737, began its takeoff roll and departed around 5:45 a.m....
GR Silver Mining to Sell Subsidiary Marlin Gold
GR Silver Mining to Sell Subsidiary Marlin Gold
Jun 28, 2024
08:30 AM EDT, 06/28/2024 (MT Newswires) -- GR Silver Mining ( GRSLF ) on Friday said it will sell its subsidiary Marlin Gold to a privately-held Canadian company. The transaction, which will close in a month, eliminates most of GR Silver's working capital deficit without diminishing its resource inventory, the company said. Marlin is a private British Columbia-based company, which...
Polestar reports decline in 2023 revenue as EV maker grapples with slowing demand
Polestar reports decline in 2023 revenue as EV maker grapples with slowing demand
Jun 28, 2024
(Reuters) - Swedish EV-maker Polestar said on Friday, after months of delays in turning in its financial reports, that its 2023 revenue fell about 3% and its losses widened as it grappled with slowing demand for its higher-priced models. U.S.-listed shares of the company fell more than 5% in premarket trading. The stock has slumped more than 63% as of...
Copyright 2023-2026 - www.financetom.com All Rights Reserved