AMTRAK predicts that revenue at the end of the 2022 fiscal year will be about 80% of pre-Covid-19 levels, after reporting figures of about 70% at the end of the 2021 fiscal year, which ended on September 30 2021. These were up from 25% at the end of the 2020 fiscal year.
“Our customers trust Amtrak’s commitment to safety and are responding positively to the investments and improvements we are making,” says Mr Bill Flynn, Amtrak CEO, who will leave his role in mid-January.
In what was its 50th year as a company, Amtrak’s preliminary results for the 2021 fiscal year, include:
- 12.2 million passenger journeys, with more than half of those taking place in the second half of the year and representing a 42% increased on the company’s FY21 goal
- investing $US 2.2bn in capital spending including the Hudson Tunnel Project property acquisition and new trains
- 97% of employees receiving at least one Covid-19 vaccination dose, and
- adjusted operating earnings of $US 1.08bn and $US 400m ahead of the plan due to strong passenger numbers which Amtrak says was driven by new approaches to marketing and pricing.
Amtrak also highlighted that during the 2021 fiscal year the company launched its vision for more frequent, reliable and sustainable inter-city passenger rail services with an economic benefit of $US 8bn annually by 2035.
The operator also began a process before the Surface Transportation Board (STB) to require Class 1s CSX Transportation and Norfolk Southern to permit the operation of two daily Amtrak services between New Orleans and Mobile. Amtrak says it has a legal right to use this route and that there is $US 66m in federal and state funding to support necessary improvements for the introduction of the new services.
In addition, Amtrak highlighted the upgraded customer facilities at Moynihan Train Hall station in New York City, plans to enhance the Baltimore & Potomac Tunnel Replacement Program, improving the on-board catering offering and train refurbishments.
The September 2021 edition of IRJ includes an in-depth interview with Flynn who outlined Amtrak’s investment ambitions. Website subscribers can read it here.
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