By Mark Edward Nero
While total operating revenues essentially met budget at the Port of Seattle in 2014, expenses were nearly five percent below budget and as a result, net operating income at the port was six percent above budget, according to newly-released data.
Including both operating and non-operating revenues, the Port of Seattle’s overall 2014 total revenues were $742.4 million, which was $11.9 million higher than the budget and $8.2 million higher than the 2013 actual.
Year 2014 total expenses were $611 million; $41.7 million lower than the budget and $11.8 million lower than 2013 actual. The port’s bottom line net income for the year was $131.5 million, up $20 million, or 18 percent, from 2013.
Most lines of business showed strong overall financial performance at Seattle, something that the port says puts it in a strong financial position for 2015.
Seaport net operating income exceeded budget by $1 million. Even though TEU volume dropped 11 percent from 2013, grain volumes were up 168 percent from the previous year, at 3,618 metric tons, and 64 percent over 2014 budget.
Also, the port’s cruise industry showed another strong year, with more than 800,000 revenue passengers for the seventh year in a row.
The port’s real estate division showed a net operating income that exceeded budget by nearly $2 million, with port commercial properties at 93 percent occupancy, above the year-end 2014 Seattle market average of 92 percent. Recreational marinas were at target occupancy of 96 percent, according to data.
“Since joining the commission, it has been my goal to ensure that this organization demonstrate strong financial health,” Port of Seattle Commission Co-President Stephanie Bowman said in a prepared statement. “I am pleased that these numbers put us on a strong footing for 2015.”
