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Rail News: Financials

Genesee & Wyoming sets income, revenue and operating ratio records


Today, Genesee & Wyoming Inc. (GWI) reported third-quarter net income of $32.9 million and diluted earnings per share of 77 cents, up 33 percent and 30 percent, respectively, compared with third-quarter 2010 results.

Income from continuing operations jumped 49 percent to $33 million, operating income soared 45.5 percent to a record $56 million, operating revenue climbed 38.8 percent to an all-time-high $217.2 million, same-railroad freight revenue rose 20.7 percent to $115.7 million and carloads escalated 17.3 percent to 256,190 (same-railroad carloads increased 6.9 percent).

GWI’s operating ratio in North America and Europe improved 1.2 points to 74.2 — another company record — and the company’s operating ratio in Australia clocked in at 74.7, said GWI President and Chief Executive Officer Jack Hellmann in a prepared statement.

“Our business continues to perform well. We remain pleased with the performance of our recent acquisitions and investments,” he said. “In addition, we remain actively engaged in several other potential acquisitions and investments particularly related to the natural resources sector in both North America and Australia.”

However, total third-quarter operating expenses ballooned 37 percent to $161.2 million primarily because fuel costs more than doubled, and labor/benefits and purchased services costs climbed significantly.

GWI owns and operates 64 regionals and short lines in the United States, Australia, Canada, Netherlands and Belgium.

Contact Progressive Railroading editorial staff.

More News from 11/1/2011