For RailAmerica, a record second quarter

RailAmerica, Inc. second-quarter results include income from continuing operations of $8.7 million, or 17 cents per diluted share, compared with a loss from continuing operations of $4.2 million, or 8 cents per diluted share, in the second quarter of 2010. RailAmerica President and Chief Executive Officer John Giles called it “a record second quarter.”

Total revenue increased 17% to $139.2 million from $119.5 million. Freight revenue increased 7% to $105.6 million, with average revenue per car up 11% and carloads down 3%. Non-freight revenue increased 59% to $33.6 million. Excluding acquisitions, non-freight revenue increased 21% versus second-quarter 2010.

Giles commented: “Our second-quarter financial performance was strong despite persistent weather challenges, low coal volumes, and fuel price pressures. By controlling costs and capitalizing on non-freight revenue and pricing opportunities, we increased operating income 16%, excluding the impact of 45G credits, asset sales, and impairments. On the strategic front, I continue to be optimistic about our growing pipeline of acquisition and industrial development opportunities.”