Business, Freight News, Sea

Port of Longview exceeds 2019 budget projections

[ March 20, 2020   //   ]

Port of Longview Commissioners report that revenues exceeded 2019 budget projections. The budget projected lower revenue resulting from global market conditions that had adversely affected several grain products. However, 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 presented to commissioners at their February meeting showed operating revenue of $38.5 million – a $2.5 million increase above the expected budget of $36 million. Actual 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. The increases of the past year solidify the Port’s impressive standing as the fourth largest port in Washington State when measured by operating revenue (the amount received prior to paying expenses).
“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. And, while overall tonnage came in lower than anticipated, a diverse cargo mix helped offset the reduction in tonnage at the Export Grain Terminal (EGT) at Berth 9.