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Genesee & Wyoming Inc.'s (G&W) net income fell to $63.4 million in third-quarter 2015 compared with $72.7 million during the same period a year ago, the company announced today.Adjusted diluted earnings per share fell 9.9 percent to $1.09; reported diluted earnings per share decreased 13.4 percent to $1.10. About half of the decline in the adjusted diluted earnings was caused by weak industrial and commodity shipments, company officials said in a press release."Nevertheless, our third-quarter adjusted diluted earnings per share were 17 percent higher than the second quarter of 2015, with stronger than expected performance from each of our three business segments," said G&W President and Chief Executive Officer Jack Hellmann.Q3 2015 results included business development and other costs related to the integration of Freightliner Group Ltd., a net gain on the sale of assets and a tax benefit.Other Q3 2015 highlights, compared with Q3 2014, included:• Operating revenue rose 26.3 percent to $546.3 million from $432 million.• Same railroad operating revenue, excluding a $23.6 million negative impact of foreign currency depreciation, declined 10.8 percent due primarily to weakness in iron ore, coal and metal shipments.• Adjusted operating income decreased 3.5 percent to $118.3 million, and reported operating income decreased 4.5 percent to $117.6 million.G&W's third-quarter 2015 revenue from North American operations decreased 8.8 percent to $314.6 million from $345.1 million a year ago, as the company faced declines in coal and metal shipments. North American traffic decreased 9.3 percent to 419,571 carloads in the quarter compared with the year-ago period, but same railroad traffic during the quarter was down 11.1 percent. Same-railroad traffic was affected primarily by decreases in coal, coke, metals and other commodities.Income from North American operations in the quarter declined to $90.6 million from $100.9 million in Q3 2014. The operating ratio for North American operations rose to 71.2 percent in Q3 2015, compared with 70.7 percent a year ago."Our outlook for the second half of 2015 remains unchanged from August, with third-quarter results stronger than planned and fourth-quarter outlook expected to be weaker than planned," said Hellmann. "As we finish the year and look ahead to 2016, our management team is concentrated on optimizing the strong free cash flow that underpins the value of our 120 railroads. In addition, we continue to evaluate potential acquisitions and investments worldwide."
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