Genesee & Wyoming Inc. (G&W) (NYSE: GWR)
Second Quarter Highlights
- Reported diluted earnings per share (EPS) of $1.14 as well as adjusted EPS of $1.14, a 35.7% increase in reported EPS, a 70.1% increase in adjusted EPS, and a 50.7% increase in adjusted EPS normalizing for the impact of the 2013 short line tax credit. (1)
- Total operating revenues increased 84.3% to $400.7 million.
- Combined Company same railroad adjusted operating revenues increased 10.0%. (2)
- To provide comparative context for 2013 consolidated revenues and traffic volumes, G&W is providing “Combined Company” comparisons as though the RailAmerica railroads were owned by G&W during 2012. In doing so, G&W has reclassified RailAmerica’s 2012 information to conform with G&W’s presentation.
- Same railroad operating revenues and traffic exclude the revenues and traffic of railroads that were not owned or operated by either G&W or RailAmerica for the full comparable periods.
- Adjusted income from operations increased 103.2% to $107.6 million; Reported operating income of $107.4 million. (3)
- Adjusted operating ratio improved 250 basis points to 73.2% (adjusted primarily to exclude RailAmerica integration costs and net gain on the sale of assets); Reported operating ratio of 73.2% (74.1% North American & European Operations; 69.7% Australian Operations). (3)
Jack Hellmann, President and CEO of G&W commented, “The second quarter of 2013 was the second reporting period in which G&W’s consolidated results included the former RailAmerica railroads. We are pleased to report continued strength in our financial results, with adjusted earnings per share up more than 50%. Our Combined Company same railroad adjusted revenues increased 10% in the second quarter of 2013, led by iron ore in Australia, petroleum products in North America and improving steam coal shipments in the United States. In addition, each of our eleven operating regions effectively managed its costs. As a result, in North America, our adjusted operating ratio improved 2.1 percentage points to 74% and in Australia our adjusted operating ratio improved 4.8 percentage points to 70%.” (3)