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Rail News: Financials

Global Railway registers quarterly, first-half revenue gains


Strong demand for freight- and passenger-rail track and car components drove up Global Railway Industries Ltd.’s revenue in the second quarter.

Revenue increased 6.1 percent to $9.2 million compared with second-quarter 2006. However, net earnings were flat at $1.1 million.

“Collectively, Global’s three subsidiaries delivered record sales, gross margins and pretax profits for the second quarter … when measured in their local currencies on a combined basis,” said Global Railway Chairman, President and Chief Executive Officer Terry McManaman in a prepared statement. “But the dramatic strengthening of the Canadian dollar resulted in a foreign exchange loss of $231,000 compared with a foreign exchange gain of $94,000 during the same period last year.”

During 2007’s first six months, the company’s revenue totaled $18.7 million, a 13.3 percent increase compared with the same 2006 period. Global Railway anticipates similar revenue gains in the second half.

“The outlook for the remainder of 2007 continues to be very encouraging,” said McManaman. “Capital spending by the major North American Class Is continues to be strong and increased customer demand for freight transportation continues to exert pressure on current rail infrastructure capacity.”

Through subsidiaries G&B Specialties Inc., Bach-Simpson Corp. and Prime Railway Services, Global Railway supplies event recorder monitoring/control systems, train speedometers, track and signal components, rail-car doors and replacement parts, and rail gear.

Contact Progressive Railroading editorial staff.

More News from 8/14/2007