G&W 3rd Quarter Net Income $69.6M

Genesee & Wyoming reported third-quarter net income of $69.6 million, or $1.16 per diluted common share, compared with net income of $50.2 million, or 80 cents per share, in the same quarter of 2017.

In a news release, G&W said operating revenue rose 4.6 percent to $603.3 million; operating income increased 16.4 percent to $127.8 million; and adjusted operating income jumped 14.3 percent to $130.5 million compared with the third quarter of 2017.

Adjusted diluted earnings per share rose 51.9 percent to $1.23.

G&W CEO Jack Hellman described the financial results as strong.

“Our North American financial results (approximately 80 percent of operating income) were uniformly positive led by 11.5 percent revenue growth, an operating ratio that improved around 300 basis points to 71.2 percent and a 25 percent increase in operating income,” he said.

Hellman said G&W’s commercial outlook remains positive in all three geographic segments but the company expects fourth-quarter results to be adversely affected by three issues.

In North America that include the effect of  Hurricane Michael, which struck the Bay Line Railroad and customer facilities in Panama City, Florida.

In mid-October, G&W completed a previously announced $300 million share repurchase program, and the board recently approved a share repurchase program for an additional $500 million of common stock.

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