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Net income, revenues climb at Genesee & Wyoming

Rochester Business Journal
November 8, 2013

Genesee & Wyoming Inc. net income and earnings per share soared in the third quarter, but missed Street estimates.

G&W reported adjusted net income of $68.4 million, compared with $32 million a year ago. Adjusted earnings per share were $1.19, compared with 72 cents in the third quarter last year.

The company reported an 80 percent increase in revenues to $401.4 million in the third quarter from $222.7 million a year ago.

Analysts had expected diluted earnings per share of $1.22 on revenues of $403.7 million.

“The third quarter of 2013 was the third reporting period in which G&W’s consolidated results included the former RailAmerica railroads,” President and CEO Jack Hellmann said in a statement. “The combined business continued to perform well with combined company adjusted operating revenues up 11 percent, corporate overhead cost synergies now fully achieved and G&W’s adjusted diluted earnings per share up 49 percent in the third quarter.”

G&W acquired RailAmerica railroads last year for $1.4 billion.

Hellmann said G&W began hiring and training new crews at several former RailAmerica railroads to support traffic growth, which was up nearly 7 percent in the third quarter. The railroad operator also has elected to upgrade facilities, equipment and track at many of the same railroads.

Connecticut-based G&W (NYSE: GWR), which has its administrative base in Rochester, owns and operates short-line and regional freight railroads in the U.S., Canada, the Netherlands and Australia.

The company reported its results Nov. 1.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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