BOCA RATON, Fla. — RailAmerica Inc. expects third-quarter revenue of $114 million, but said results will be hurt by lower grain harvests in Australia, as well as weak Canadian bridge traffic, reports a wire service.
In a press release Wednesday, the short-line and regional railroad company said revenue in the third quarter ending Sept. 30 will be reduced by $3.5 million to $5 million as a result of a drought in grain-growing regions served by the company in Austrailia.
Continued weak Canadian bridge traffic will reduce revenue by a further $1 million in the third quarter.
Earnings in the year-ago third quarter were $4.9 million, or 20 cents a share, on revenue of $93.2 million.
For the 2002 third quarter, analysts are expecting earnings of 27 cents a share, according to mean results of a survey by Thomson First Call.
The Australian Wheat Board has stockpiled grain from last year’s harvest for potential domestic and if that stored grain is released as expected, and there is a resurgence in Canadian bridge traffic, RailAmerica expects that revenues may be $116 million to $118 million in the fourth quarter of 2002.
Fourth-quarter earnings a year ago were $5.2 million, or 19 cents a share, on revenue of $91 million. Analysts expect fourth-quarter 2002 earnings of 20 cents a share, according to First Call.
RailAmerica continues to expect 2002 revenue at $460 million. Earnings in 2001 were $16.7 million, or 72 cents a share, on revenue of $369.6 million.
Analysts expect earnings of 86 cents a share for 2002, according to First Call.