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Rail News: Financials

Genesee & Wyoming overcomes severe winter weather to post promising first-quarter financial figures


Today, Genesee & Wyoming Inc. (GWI) reported first-quarter net income of $9.5 million, a 71.1 percent increase compared with first-quarter 2003. The company's quarterly earnings per share increased 66.7 percent to 35 cents.

Quarterly North American revenue and operating income rose 23 percent to $72.4 million and 44.7 percent to $11.6 million, respectively. Also, GWI's quarterly North American operating ratio improved 2.4 points to 84 compared with the same 2003 period.

"Despite severe winter weather that created difficult operating environments for our Canada, New York-Pennsylvania and Oregon regions, we achieved excellent first-quarter results due to a general improvement in economic conditions," said GWI Chairman and Chief Executive Officer Mortimer Fuller III in a prepared statement.

Metals and automotive moves in the New York-Pennsylvania region, and traffic on three former Georgia-Pacific Corp. short lines — which GWI acquired in December — exceeded expectations, said Fuller.

In Australia, GWI's quarterly revenue and operating income increased 54.3 percent to $82.4 million and 46.3 percent to $17.6 million, respectively, compared with first-quarter 2003. However, the Australian Railroad Group's quarterly operating ratio worsened 1.2 points to 78.6.

"Grain shipments in Australia have been moving smoothly and we expect continued strength in the coming months," said Fuller. "With our first-quarter Australian earnings increasing 86 percent and North American earnings increasing 49 percent, we are pleased with the balanced growth in our business and remain optimistic in our 2004 outlook."

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