The agency reported $1.5 billion in gross operating revenue was earned in the first three months of 2023 — 15% higher than same period in 2022, said Elizabeth McCarthy, Port Authority chief financial officer. The agency earned $597 million in net revenue after operating expenses of $902 million were deducted. That was $123 million more than earned in the first quarter of 2022.
Aviation, which is forecasted to be the authority’s top revenue earner after expenses for the year, hit a record for highest passenger volumes in the Authority’s 102-year-history, officials said. This year, passenger volume records were set at Newark and LaGuardia airports, he said. Airport volume was at 103% of 2019 levels and 4% higher than budget projections, McCarthy said.
In 2023, aviation is projected to earn $1.524 million in net revenue after operating expenses, making it the agency’s top revenue earner according to 2023 budget documents, followed by Terminals, Bridges and Tunnels with a $1.349 million net revenue forecast.