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Rail News: Financials

Revenue, operating ratio rose for Genesee & Wyoming in 3Q


Yesterday, Genesee & Wyoming inc. (GWI) announced that its third-quarter revenue rose 2.5 percent to $222.7 million even though volume fell 5.2 percent to 242,783 carloads compared with third-quarter 2011 levels. The quarterly financial results don't include data from RailAmerica Inc., which GWI acquired on Oct. 1.

Same-railroad revenue was essentially flat at $154.6 million and same-railroad traffic declined 8 percent.

In addition, operating income decreased about 4 percent to $52.9 million, operating expenses rose 5 percent to $169.9 million and GWI's adjusted operating ratio increased 1.1 points to 75. The reported operating ratio went up 2.1 points to 76.3 primarily because of RailAmerica acquisition and financing-related expenses.

"Despite continued weakness in our coal and overhead coal traffic, as well as lower salt shipments due to last year's mild winter, we are managing our costs well," said GWI President and Chief Executive Officer Jack Hellmann in a prepared statement.

GWI owns and operates 66 regionals and short lines in United States, Australia, Canada, Netherlands and Belgium. The company will formally assume ownership of RailAmerica's 45 regionals and short lines in the United States and Canada after the Surface Transportation Board issues its final decision on the transaction, perhaps in the fourth quarter or in first-quarter 2013.

Contact Progressive Railroading editorial staff.

More News from 11/6/2012