Amtrak's fiscal year 2020 total operating revenue dropped almost 32% year over year to $2.3 billion, and total customer trips fell by more than 15 million to 16.8 million, the rail service announced. Amtrak's fiscal year ended Sept. 30.
Amtrak attributed the drop in demand to pandemic-related travel restrictions. Current revenue is about 25% of its pre-Covid levels, according to Amtrak.
"Our dedicated employees continue to work tirelessly through the pandemic to keep this country moving, advance critical infrastructure and update technology and services, and provide safe transportation to customers," said Amtrak president and CEO Bill Flynn in a statement. "However, without additional funding for 2021, we will be forced to further reduce service, defer critical capital projects and make more job reductions despite this important progress."
In April, Amtrak was granted over $1 billion in federal CARES Act aid from on condition of not furloughing employees until Sept. 30.
Amtrak projects fiscal year 2021 ridership and revenue will total about 37% of pre-Covid levels.
For the 2020 fiscal year, operating earnings totaled $801.1 million, and capital investment totaled $1.9 billion for infrastructure and fleet work.
Source: Business Travel News