Genesee & Wyoming Q2 results

Genesee & Wyoming Inc. (G&W) has released details of its second financial results and highlight activities.

During the period the company has completed the acquisition of Pentalver Transport Limited (Pentalver), a U.K. based maritime container terminal and transportation business; completed the acquisition of Atlantic Western Transportation, Inc., parent company of Heart of Georgia Railroad, Inc. (HOG); operating revenues have  increased 7.8% to $540.4m from $501.4m and reported operating income increased 16.2% to $101.3m.

Segment highlights include: Operating revenues from G&W’s North American Operations increased 3.6% to $315.7m; operating revenues from G&W’s 51.1% owned Australian Operations increased 38.9% to $76.8m; in U.K. and Europe operating revenues increased 4.5% to $148.0m

Chairman, President and CEO of G&W, Jack Hellmann said: “In the second quarter of 2017, we closed on the acquisitions of the Heart of Georgia Railroad in the United States and Pentalver in the United Kingdom, we completed the restructuring of ERS in Continental Europe, and we reported financial results that were modestly stronger than expected, with reported diluted EPS of $0.74 and adjusted diluted EPS of $0.80. In North America, same railroad revenues remained flat overall while we maintained an operating ratio of approximately 75%. In Australia, our 51%-owned business performed well in the second full quarter since the acquisition of Glencore Rail, with higher same railroad shipments of iron ore and manganese and an operating ratio of approximately 74%. In the U.K./Europe, the turn-around in our financial performance became increasingly visible, a trend that we expect to continue through 2017 and beyond.”

For more information visit www.gwrr.com

15th Aug 2017