Six Month Consolidated Results - Continuing Operations

For the six months ended June 30, 2012, GWI reported income from continuing operations of $58.6 million, a 10.1% increase over $53.3 million for the six months ended June 30, 2011. GWI's diluted earnings per share from continuing operations were $1.36 for the six months ended June 30, 2012 with 43.1 million weighted average shares outstanding, an 8.8% increase over $1.25 for the six months ended June 30, 2011 with 42.7 million weighted average shares outstanding. For the six months ended June 30, 2012, GWI's operating revenues increased $23.4 million, or 5.8%, to $424.9 million, compared with $401.5 million in the six months ended June 30, 2011. GWI's income from operations for the six months ended June 30, 2012 increased $13.4 million, or 14.8%, from $90.4 million for the six months ended June 30, 2011 to $103.8 million for six months ended June 30, 2012.

GWI's 2011 results include a tax benefit of $4.7 million ($0.11 per diluted share) associated with the short line tax credit, which expired in December 2011.
       

Free Cash Flow from Continuing Operations (2)
 
(in millions) Six Months Ended

June 30,
    2012               2011  
Net cash provided by operating activities $ 90.9 $ 52.0
Net cash used in investing activities, excluding
Australian new business investments

(26.4
) (23.7 )
Net cash paid/(received) for acquisitions/divestitures 0.8 (0.9 )
Cash paid for acquisition-related expenses (a)   -     13.0  
Free cash flow before Australian new
business investments

65.3
40.4
Australian new business investments  

(54.5
)   (22.6 )
Free cash flow (2) $ 10.7   $ 17.8  
 
 

(a) The 2011 period represented the payment of Australian stamp duty related to the acquisition of FreightLink in Australia, which was accrued as of December 31, 2010, but paid in 2011.

If you liked this article you might like

Stronger Dollar Will Benefit Small and Mid-Cap Stocks, Says Mizuho Equities Head

'Mad Money' Lightning Round: I Can't Recommend Gilead

Jim Cramer's 'Mad Money' Recap: Markets Make This Economy, Not the Fed

Analysts on CNBC Discuss Stocks With Potential to Gain 50% in the Next Year

Today's Top Performers In Transportation