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Rail News: Financials

Genesee & Wyoming generates more revenue, income in 2006


Despite drops in paper, forest products and coal traffic, Genesee & Wyoming Inc. (GWI) boosted revenue and income in the fourth quarter. Revenue increased 20 percent to $124 million and net income rose 32.5 percent to $14.3 million compared with fourth-quarter 2005’s financial results.

The short-line holding company gained $20.1 million in revenue from acquisitions, primarily Genesee & Wyoming Australia Pty Ltd., and $1.4 million from same-railroad revenue in the United States and Canada. In Mexico, revenue decreased by $900,000 compared with fourth-quarter 2005.

GWI also boosted quarterly operating income 8.4 percent to $18 million. However, operating expenses jumped more than 20 percent to $106 million and the company’s operating ratio worsened 1.5 points to 85.5 compared with fourth-quarter 2005.

For the year, GWI nearly tripled net income to $134 million compared with 2005. Excluding a net gain from the sale of its half interest in western Australia operations and certain other Australian Railroad Group assets, and other non-cash transactions, GWI's adjusted net income totaled $59.3 million. In addition, revenue increased 24 percent to $479 million.

But operating expenses rose 38 percent to $435 million and the company’s operating ratio worsened 9.2 points to 90.8 compared with 2005.

GWI owns and operates regionals and short lines in the United States, Canada, Mexico, Australia and Bolivia.

Contact Progressive Railroading editorial staff.

More News from 2/13/2007