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Genesee & Wyoming Reports Results For The Third Quarter Of 2013

Genesee & Wyoming Inc. (G&W) (NYSE:GWR)

Third Quarter Highlights
  • Reported diluted earnings per common share (EPS) of $1.16; adjusted diluted EPS of $1.19, a 65.3% increase in adjusted diluted EPS and a 48.6% increase in adjusted diluted EPS normalizing for the impact of the 2013 short line tax credit. (1)
  • Total operating revenues increased 80.2% to $401.4 million.
  • Combined Company adjusted operating revenues, excluding revenues from fuel sales to third parties and the net impact from foreign currency depreciation, increased 10.7%. (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.
  • Adjusted income from operations increased 89.2% to $105.2 million; Reported income from operations increased 92.4% to $101.7 million. (3)
  • Adjusted operating ratio improved 120 basis points to 73.8% (excluding the depreciation and amortization expense adjustment related to the six months ended June 30, 2013 resulting from the finalization of G&W's allocation of fair values to RailAmerica's assets and liabilities, RailAmerica integration costs, expense related to the 2011 Edith River derailment, gain on insurance recoveries associated with the Edith River derailment and net gain on the sale of assets); Reported operating ratio increased 160 basis points to 74.7% (75.9% North American & European Operations; 70.0% Australian Operations). (3)

Jack Hellmann, President and CEO of G&W commented, "The third quarter of 2013 was the third reporting period in which G&W’s consolidated results included the former RailAmerica railroads. The combined business continued to perform well with Combined Company adjusted operating revenues up 11%, corporate overhead cost synergies now fully achieved, and G&W's adjusted diluted earnings per share up 49% in the third quarter.”

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