Amtrak Continues To Move Forward At Full-Speed In 50th Anniversary Fiscal Year
Amtrak successfully advanced its COVID-19 recovery efforts throughout its 50th Anniversary fiscal year, through continued safety measures for customers and employees, increased train service levels in line with growing demand, and continued building a strong foundation for modernization and growth.
Photo Insert: The company continued prioritizing infrastructure, safety, and customer experience while recovering service levels and ridership
With announcements of our largest order for new trains in decades, the opening of new stations, the addition of new customer services and amenities, and our proposals for new corridor service in up to 160 communities, Amtrak put in motion key initiatives to support an enhanced national rail network capable of serving more people in more places with better service.
"Our customers trust Amtrak's commitment to safety and are responding positively to the investments and improvements we are making," said Amtrak CEO Bill Flynn. "We will continue to prioritize offering a modern, safe and reliable customer experience and preparing for what should be a monumental fiscal year 2022."
Business is now at about 70% of pre-COVID levels, up from 25% at this time in FY20, and based on the current forecast, ridership and revenue is expected to improve to about 80% of pre-COVID levels by the end of fiscal year 2022.
"Our 50th year as a company is certainly a milestone, and we launched several hallmark initiatives as we embark on a new era for passenger rail," said Amtrak Board Chair Tony Coscia.
"The Bipartisan Infrastructure Law enacted by the Biden Administration and Congress is a historic investment that will benefit customers and communities and prove that Amtrak is an important part of a larger solution to help America tackle the climate crisis, create economic opportunity and expand mobility."
Since the COVID-19 vaccine offers the best way to keep its employees and customers safe, Amtrak required employees to get vaccinated, resulting in 97% of our employees with at least one vaccination dose, excluding employees who are on leave of absence or have an approved accommodation.
Meanwhile, advanced $2.2 billion in capital spending, including major milestones such as the Hudson Tunnel Project property acquisition and new multi-powered trainsets.
The company also provided 12.2 million customer trips, with more than half of those trips taking place in the second half of the year, and growth of 4 million over the 2020 rate and a 42% increase over our FY21 goal.
Lastly, unaudited adjusted operating earnings of ($1.08 billion) and $400 million were ahead of plan due to strong ridership gains driven by new approaches to marketing and pricing that helped attract new riders. This report was originally released through PR Newswire.