Seattle Reports Solid 2012 Financial Performance

The Port of Seattle reports its 2012 financial results show revenue growth that exceeded expectations and costs lower than predicted. 

Total operating revenues for 2012 were $521.6 million, $4.8 million above budget. Aeronautical revenues were $233.1 million, $3.1 million below budget. Other operating revenues were $288.5 million, $7.9 million higher than budget primarily due to higher revenues from rental cars, concessions, container, cruise and seaport industrial properties, partially offset by lower revenues from public parking, grains and third-party management. 

Total operating expenses were $298.0 million, $11.9 million below budget mainly due to delay hiring, vacant positions, delays and savings of outside contracted services, and delay in airline terminal realignment. Operating income before depreciation was $233.7 million, $16.6 million above budget. Operating income after depreciation was $56.4 million, $7.8 million higher than budget. Port-wide capital spending was $117.8 million for 2012, $52.1 million below the budgeted $169.9 million.

Sea-Tac airport served more than 33 million passengers in 2012, and the seaport hosted a record 202 cruise ship visits during last summer’s tourist season. For 2013, the port is expecting continued strong performance in both areas.

The port collected $73 million through the King County property tax levy, roughly the same as in 2011. Tax revenues are used for environmental cleanup projects around the port, freight mobility infrastructure improvements that benefit regional transportation, and to support operations at Fishermen’s Terminal.

Additional Port of Seattle budget information can be found on the port’s website.

American Association of Port Authorities
Asociación Americana de Autoridades Portuarias
1201 Maryland Ave SW, Suite 860, Washington, D.C. 20024
E: info@aapa-ports.org
W: www.aapa-ports.org