G&W reports financial results for Spring 2017

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GW
DARIEN, Conn. — The recent purchases of short line railroads and logistics operations helped contribute to a 7.8-percent increase in operating revenues for Genesee & Wyoming’s second quarter ending June 30.

The shortline and regional railroad parent company attributes the revenue gains to the recent purchase of Atlantic Western Transportation Inc., the parent company of the Heart of Georgia Railroad, and the purchase of Pentalver Transport Limited, a United Kingdom-based container terminal and logistics company.

For the quarter, operating revenues were up to $540.4 million from $501.4 million compared to the same quarter in 2016.

G&W’s North American operating revenues increased 3.6 percent to $315.7 million from $304.6 million, largely in part to $8.7 million in new operations as well as increased in agricultural products and minerals and stone revenues. Reporting operating income from G&W’s North American operations increased 0.7 percent to $79.6 million for the quarter.

The company’s Australian operations saw favorable gains in the most recent quarter, as well. Operating revenues increased 38.9 percent to $76.8 million from $55.3 million due to new operations as well as an increase in metallic ores revenues. Reported operating income from the company’s Australian rail operations increased to $20.3 million from $9.4 million for the quarter.

For G&W’s United Kingdom and European railroad and facilities, operating revenues were up 4.5 percent to $148 million from $141.5 million. Excluding $25.5 million from new operations and a decrease of $11.8 million from foreign current depreciation, the company’s European operating revenues decreased $7.3 million primarily due to restructuring. Reported income from European rail ops increased to $1.5 million with an operating loss of $1.2 million.

See the news release online.

NEWSWIRETrains News Wire

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