This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genesee & Wyoming Reports Results For The Second Quarter Of 2012

Average same railroad freight revenues per carload increased 10.2% in the second quarter of 2012. A change in the mix of commodities and higher fuel surcharges increased average same railroad freight revenues per carload by 4.5% and 0.3%, respectively, partially offset by the depreciation of the Australian and Canadian dollars versus the U.S. dollar, which decreased average same railroad freight revenues per carload by 2.3%. Other than these factors, average same railroad freight revenues per carload increased 7.7%. Average same railroad freight revenues per carload were impacted by changes in the mix of customers within certain commodity groups, primarily other commodities and metals.

GWI’s same railroad non-freight revenues in the second quarter of 2012 were $62.8 million, equal to same railroad non-freight revenues in the second quarter of 2011. Excluding a $1.4 million decrease from the net impact from foreign currency depreciation, GWI’s same railroad non-freight revenues increased by $1.4 million, or 2.2%, primarily due to higher railcar switching revenues in the United States.

GWI's operating income in the second quarter of 2012 was $62.5 million, an increase of $11.3 million, compared with $51.2 million in the second quarter of 2011. GWI’s operating ratio in the second quarter of 2012 was 71.3%, compared with an operating ratio of 75.6% in the second quarter of 2011. Operating income in the second quarter of 2012 included gains on the sale of assets of $6.2 million and insurance recoveries of $5.2 million primarily related to a business interruption claim associated with lost profits incurred in the first quarter as a result of the Edith River Bridge derailment. This recovery represents a partial payment of our total expected business interruption claim. Additional recovery for business interruption losses is expected in the fourth quarter of 2012. Operating income in the second quarter of 2012 was negatively impacted by $1.9 million of business/corporate development costs and $0.5 million of lost income due to the 9-day strike of Canadian Pacific’s railroad engineers in May 2012. Operating income in the second quarter of 2011 included $1.1 million in gains on the sale of assets and $1.0 million in insurance recoveries, partially offset by $0.4 million of business/corporate development expenses. Excluding these items, GWI’s adjusted operating ratio was 75.5% in the second quarter of 2012, compared with 76.4% in the second quarter of 2011. (1)

3 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs