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Rail News: Financials

Genesee & Wyoming registers revenue, income gains

Despite a "difficult freight environment," Genesee & Wyoming Inc. boosted revenue and income in the third quarter.

Revenue increased 8.4 percent to $131.2 million compared with third-quarter 2006's total primarily because a 9.8 percent rise in average revenue per carload offset a 6.1 percent decrease in carloads.

Operating income rose 22 percent to $29.7 million and GWI earned net income of $16.2 million compared with a $12.1 million net loss in third-quarter 2006. In addition, the company — which owns and operates regionals and short lines in the United States, Canada and Australia, and owns a minority interest in a Bolivian railroad — improved its operating ratio by 3.5 points to 77.4.

Operating expenses rose 3.5 percent year over year to $101.5 million primarily because of costs associated with discontinuing Ferrocarriles Chiapas-Mayab S.A. de C.V.'s operations in Mexico during the quarter.

"Shipments of lumber and paper products in North America and grain in Australia remain weak," said GWI Chief Executive Officer John Hellmann in a prepared statement. "However, the rest of our business is solid and we have been making necessary cost reductions."

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