Genesee & Wyoming Reports Results For The Second Quarter Of 2012
Genesee & Wyoming Inc. (GWI) (NYSE: GWR) reported net income in the second quarter of 2012 of $36.4 million, compared with net income of $31.1 million in the second quarter of 2011. GWI's diluted earnings per share (EPS) in the second quarter of 2012 were $0.84 with 43.2 million weighted average shares outstanding, compared with diluted EPS of $0.73 with 42.8 million weighted average shares outstanding in the second quarter of 2011.
GWI’s effective tax rate was 33.6% in the second quarter of 2012 compared with 26.8% in the second quarter of 2011. The higher tax rate in the second quarter of the current year was driven primarily by the expiration of the U.S. short line tax credit on December 31, 2011.
In the second quarter of 2012 and 2011, GWI's results included certain significant items that are set forth in the following table ($ in millions, except per share amounts).
| IncomeBefore TaxesImpact | After-TaxNet IncomeImpact | Diluted EPSImpact | ||||||||||||||||||||||
| Q2 2012 | ||||||||||||||||||||||||
| Net Gain on Sale of Assets | $ | 6.2 | $ | 5.2 | $ | 0.12 | ||||||||||||||||||
| Gain on Insurance Recoveries | $ | 5.2 | $ | 3.6 | $ | 0.08 | ||||||||||||||||||
| Business/Corporate Development Expenses | $ | (1.9 | ) | $ | (1.2 | ) | $ | (0.03 | ) | |||||||||||||||
| Impact of Canadian Pacific Railway Strike | $ | (0.5 | ) | $ | (0.4 | ) | $ | (0.01 | ) | |||||||||||||||
| Q2 2011 | ||||||||||||||||||||||||
| Net Gain on Sale of Assets | $ | 1.1 | $ | 0.9 | $ | 0.02 | ||||||||||||||||||
| Gain on Insurance Recoveries | $ | 1.0 | $ | 0.7 | $ | 0.02 | ||||||||||||||||||
| Gain on Sale of Investment | $ | 0.6 | $ | 0.6 | $ | 0.01 | ||||||||||||||||||
| Business/Corporate Development Expenses | $ | (0.4 | ) | $ | (0.3 | ) | $ | (0.01 | ) | |||||||||||||||
Jack Hellmann, President and CEO of GWI commented, “GWI’s business continued to perform well in the second quarter of 2012, as revenues were in line with our expectations at $217 million and our adjusted operating ratio improved by 0.9 percentage points to 75.5%. In our North American & European Operations, despite weakness in our U.S. coal traffic, we maintained an adjusted operating ratio of 75.8%. In our Australian Operations, the reopening of the Edith River Bridge significantly improved traffic flow to Darwin and our second quarter adjusted operating ratio improved to 74.9%.” (1)
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
