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Today, Genesee & Wyoming Inc. (GWI) reported fourth-quarter 2013 revenue of $391.7 million, up 72.3 percent compared with fourth-quarter 2012. Same-railroad operating revenue, which excludes former RailAmerica railroads, increased 9.2 percent and combined company operating revenue rose 5 percent.Same-railroad freight revenue increased from $165.4 million in fourth-quarter 2012 to $178.5 million in fourth-quarter 2013, while non-freight revenue dipped from $61.9 million to $60.3 million.GWI also reported that adjusted income from operations jumped 65.6 percent to $95.7 million, adjusted diluted earnings per share climbed 19 percent to $1.07, combined company carloads rose 7.5 percent to 471,906 and the reported operating ratio increased 1 point to 75.6."The overall trajectory of our business continues to be positive. However, [our] fourth-quarter financial results were weaker than we expected," said GWI President and Chief Executive Officer Jack Hellmann in a press release. "While carload levels were consistent with our expectations, with the exception of delayed movements in Australian grain, our operating income was lower than projected."He cited three main reasons for the income drop: the strengthening of the U.S. dollar, which reduced income translation from Australia and Canada; costly derailments that occurred in Alabama in November and in Australia's Northern Territory in December; and unusually high diesel fuel consumption due to extremely cold temperatures in the United States and Canada.Operating expenses in the quarter totaled $296.8 million compared with $193.7 million in fourth-quarter 2012. The company's results include $1 million in RailAmerica integration and acquisition-related costs, and $1.2 million in business development and financing costs associated with the pending acquisition of the Dakota, Minnesota & Eastern Railroad western end line from Canadian Pacific.For the full year, GWI reported operating revenue of $1.5 billion and operating expenses of $1.2 billion compared with $875 million and $685 million, respectively, in 2012. Adjusted net income climbed from $129.7 million in the prior year to $242 million and adjusted diluted earnings per share rose from $2.53 to $4.26."For the year, our results were uniformly strong. We expect our positive momentum to continue in 2014, although the year is starting slowly due to extreme winter weather in North America," said Hellmann. "Our Australian business continues to perform well, we have completed necessary management changes following the RailAmerica acquisition and we have enhanced our North American commercial capabilities."
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