Railroad operator Genesee & Wyoming Inc. reported its first-quarter was roughly flat with a year ago.
The company reported a net income of $22.2 million, or 52 cents a diluted share, compared with $22.1 million, or 52 cents a diluted share, in the first quarter 2011.
Total revenues for the quarter were $207.4 million, up 8.1 percent from $191.9 million a year ago. Traffic was 222,178 carloads, down 9.2 percent. The company said the decrease was due to weak coal shipments in the United States.
GWI president and CEO Jack Hellmann said he expects both the company’s non-coal and coal business to pick up this year.
“In North America, our non-coal traffic continues to grow and our newly acquired Arizona Eastern Railway and Hilton & Albany Railroad are performing well,” he said. “Although our U.S. coal traffic is weak, primarily due to warm winter weather and low natural gas prices, we expect some improvement in the second quarter as shipments resume at two power plants.”
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