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RAIL EMPLOYMENT

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11/2/2010



Rail News: Rail Industry Trends

Genesee & Wyoming posts revenue, income gains


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Today, Genesee & Wyoming Inc. (GWI) reported third-quarter net income of $24.8 million, up 14 percent compared with third-quarter 2009’s total. Diluted earnings per share rose 11 percent to 59 cents, income from continuing operations increased 12 percent to $22.1 million, total revenue climbed 14.7 percent to $156.5 million, freight revenue jumped 15.3 percent to $95.9 million and traffic rose 10.3 percent to 217,390 carloads.

Excluding the appreciation of the Australian and Canadian dollars vs. the U.S. dollar, GWI’s third-quarter revenue rose 13.3 percent, according to the company, which owns and operates 62 regionals and short lines in the United States, Canada, Australia and the Netherlands.

Average freight revenue per carload rose 4.5 percent and GWI’s operating ratio dropped 1.8 points to 75.4. However, quarterly operating expenses increased 12 percent to $118 million.

“GWI’s financial results for the third quarter were strong. Our adjusted operating income increased 29 percent and we have now generated a company record $99 million of free cash flow over the first nine months of 2010,” said GWI President and Chief Executive Officer John Hellmann in a prepared statement. “For the past seven months, our traffic has been generally stable, a trend that we expect to continue in our same-railroad operations through year end.”


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