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Genesee & Wyoming Reports Results For The Third Quarter Of 2012

Stocks in this article: GWR

GWI’s same railroad non-freight revenues in the third quarter of 2012 were $61.8 million, compared with same railroad non-freight revenues in the third quarter of 2011 of $62.6 million. Excluding a $0.7 million decrease from the impact of foreign currency depreciation, GWI’s same railroad non-freight revenues decreased by $0.2 million, or 0.3%, primarily due to a $2.6 million decrease in third party fuel sales, partially offset by a $2.0 million increase in railcar switching.

GWI's operating income in the third quarter of 2012 was $52.9 million, a decrease of $3.1 million, compared with $56.0 million in the third quarter of 2011. GWI’s operating ratio in the third quarter of 2012 was 76.3%, compared with an operating ratio of 74.2% in the third quarter of 2011. Operating income in the third quarter of 2012 included $5.8 million of acquisition-related expenses, primarily associated with the RailAmerica acquisition, partially offset by $3.0 million of net gains on the sale of assets. Operating income in the third quarter of 2011 included $1.2 million of acquisition and financing-related expenses, partially offset by $0.6 million of net gains on the sale of assets. Excluding these items, GWI’s adjusted operating ratio was 75.0% in the third quarter of 2012, compared with 73.9% in the third quarter of 2011 (2).

Free Cash Flow from Continuing Operations (4)

(in millions) Nine Months Ended

September 30,

  2012     2011
Net cash provided by operating activities $ 169.5 $ 125.6
Net cash used in investing activities, excluding
Australian new business investments (52.1 ) (125.4 )
Net cash paid/(received) for acquisitions/divestitures (a) 0.8 88.6
Australian stamp duty (b)   -     13.0  
Free cash flow before Australian new
business investments 118.3 101.8
Australian new business investments   (80.3 )   (46.7 )
Free cash flow (4) $ 38.0   $ 55.1  

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