Despite Trade War, Port of Longview Beats Revenue Predictions
The Port of Longview reports that despite trade turbulence in the agricultural sector, its 2019 revenues exceeded budget predictions. Global market conditions were less than favorable for some of the port's grain products, but imports of wind energy components, foreign steel and soda ash exports saw marked increases and combined to help the port exceed the budget projections.
Year-end financial results showed operating revenue of $38.5 million – a $2.5 million increase above the expected budget of $36 million. Net income from operations also exceeded the expected budget and came in at $7.5 million, or $3.5 million more than the budgeted amount of $4 million.
“Considering the challenging market conditions for grains last year, my fellow commissioners and I are obviously very pleased that profits exceeded what we had budgeted for in 2019,” said Allan Erickson, President of the Port of Longview Board of Commissioners.
The Port’s expenses last year also were well within its 2019 budget projections. While overall tonnage came in lower than anticipated, a diverse cargo mix helped offset the reduction in tonnage at its grain terminal. Turbine blades and nacelles are a big part of the port's business, as Longview's rail connections are ideal for shipping oversize components to inland markets.