G&W Operating Revenue, Income Falls

Genesee & Wyoming reported that its 2016 third quarter operating revenue fell 8.3 percent to $501 million while operating income dropped nearly 22 percent to $91.9 in comparison to the third quarter of 2015.

G&WReported diluted earnings per share declined 10.9 percent to 98 cents.

G&W said it had net income of $56.8 million, compared with net income of $63.4 million in the third quarter of 2015.

In a news release, G&W President and CEO Jack Hellman said that these results were consistent with expectations with a diluted EPS of 98 cents and adjusted diluted EPS of 95 cents.

“In North America, better than expected steam coal shipments combined with strong cost controls yielded a better than expected operating ratio of 71.9 percent,” Hellmann said.

G&W said it will continue to seek to maximize cost efficiency in North America.

“In addition, we continue to be active with a significant pipeline of acquisition opportunities in multiple geographies for which we are maintaining close working relationships with potential financial partners,” he said. “The broad reach of our global rail footprint is yielding an increasing number of contiguous or adjacent investment opportunities.”

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