Posts Tagged ‘Genesee & Wyoming’

G&W Net Income Down in First Quarter

May 6, 2017

Genesee & Wyoming said its first quarter 2017 operating revenue rose 7.6 percent to $519.1 million from $482.6 million, while operating income increased nearly 36 percent to $77.5 million compared with results in the first quarter of 2016.

Adjusted operating income rose 8.6 percent to $86.6 million compared with $79.8 million in 2016. However, net income fell to $26.2 million in the quarter from $27 million a year ago.

Excluding the net impact of certain items affecting comparisons between the quarters, G&W’s adjusted net income in the first quarter of 2017 was $32.9 million, compared with $38.6 million in the first quarter of 2016.

G&W posted adjusted diluted earnings per share were 53 cents compared with 67 cents in the year-ago quarter.

“ . . . our first quarter financial results were weaker than expected as North American same railroad carload growth of 3 percent was at the low end of our outlook and our operating ratio was a bit higher than plan, primarily due to track washout and derailment expenses,” said G&W President and Chief Executive Officer Jack Hellman in a statement.

G&W said its 2017 outlook remains unchanged.

“In North America, we continue to see modest carload growth with several customer projects starting up later in the year,” Hellman said. “ . . . we continue to generate strong free cash flow and to evaluate a range of acquisition and investment opportunities across our global footprint of railroads.”

G&W Traffic Up 27% in January

February 16, 2017

The acquisition of the Providence & Worcester Railroad last year has helped Genesee & Wyoming railroads post a 27 percent overall traffic increase in January 2017 when compared with the same month in 2016.

G&WThe P&W acquisition was completed last November. G&W railroads handled more than 138,500 railcars in January 2017, an increase of 11 percent over the 124,400 railcars it handled in 2016.

G&W also reported increased traffic on other railroads due to increased shipments of coal, coke, agricultural products and minerals and stone traffic.

Its best performing commodity in January was coal and coke with its railroads carrying more than 22,400 carloads of coal in January 2017, compared with 18,400 carloads in the same month in 2016.

G&W Chairman Fuller to Retire in May

February 4, 2017

Genesee & Wyoming Chairman Mortimer Fuller III has announced that he will retire after 40 years in the short line railroad industry.

G&WThe retirement will become effective after the company’s annual meeting in May. Fuller will be succeeded by Chief Executive Officer Jack Hellman.

Fuller became the head of G&W in 1977, with the titles of CEO, president and chairman, after purchasing a controlling interest in G&W’s corporate predecessor, the original Genesee and Wyoming Railroad

His grandfather was a founder of the original G&W in 1899. Fuller III has served as G&W CEO for 30 years and chairman for 40 years.

On his watch, Fuller oversaw the transformation of G&W in 1996 into a public company and expansion into the Australian and Canadian rail markets in 1997.

G&W’s acquisitions have continued in those markets and recently expanded to the United Kingdom and Europe.

G&W Traffic Up in December, 4th Quarter

January 17, 2017

Genesee & Wyoming reported that its December 2016 traffic was up 26 percent to 270,543 carloads when compared with December 2015.

G&WG&W’s same-railroad traffic in December was 232,144 carloads, an increase of 8.3 percent over the same figures for December 2015.

For the fourth quarter of 2016, G&W said traffic increased 7.9 percent to 766,550 carloads compared with fourth-quarter 2015’s total. G&W’s same-railroad traffic in the quarter totaled 724,958 carloads, up 2 percent year over year.

G&W is the parent company of the Ohio Central System.

 

G&W Operating Revenue, Income Falls

November 2, 2016

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.”

B&P MOW, Signals Workers Vote for Union

September 7, 2016

Maintenance of way and signal workers at the Buffalo & Pittsburgh have voted to affiliate with the SMART Transportation Division.

SMARTThe National Mediation Board certified the election results on Aug. 30, which will affect 36 MOW workers and 10 signalmen.

B&P engineers, conductors and brakemen are already represented by Local 377 of that union.

Owned by Genesee & Wyoming, the B&P has 411 miles of track in New York and Pennsylvania, primarily operating between Buffalo, New York, and Eidenau, Pennsylvania.

Historic Florida Railroad Still Rolling ’em

August 25, 2016

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Here are some photographs from Fernandina Beach, Florida, and the First Coast Railroad, a Genesee & Wyoming property.

The 1810 is former AD&N. The 437 with that picture window front is former Chattahoochee and is lettered for the Golden Isles Terminal Railroad, another G&W property.

First Coast serves the port of Fernandina Beach. There is lots of paper off loaded into ships there. All of the track was originally Seaboard Air Line and branched off the main at Yulee, north of Jacksonville. The Fernandina Beach rail line was part of the first cross-state Atlantic to the Gulf railroad operation.

Article and Photographs by Roger Durfee

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Ohio Short Line Railroad Finds New Business

August 25, 2016

The Mahoning Valley Railway Company has landed a new business line hauling diesel exhaust fluid from a new terminal in Struthers, Ohio.

G&WThe MVR will serve a terminal owned by Pilot/Flying J that will produce diesel exhaust fluid at the terminal and transload it to trucks for area distribution.

Owned by Genesee & Wyoming, the MVR operates six miles of track between Youngstown and Lowellville.

It interchanges with CSX, Norfolk Southern, and two short line and industrial railroads.

Couple Encounters With Michigan Shore Railroad

July 31, 2016
A Michigan Shore Railroad train crosses Jackson Avenue in Grand Haven, Michigan

A Michigan Shore Railroad train crosses Jackson Avenue in Grand Haven, Michigan

We were driving to Grand Haven, Michigan, during a vacation trip to the Lake Michigan shore of Western Michigan.

Railfanning was not on my agenda on this day, but I did notice there was a railroad track running parallel to U.S. 31.

Somewhere along the way I noticed the headlight a train stopped at a rural grade crossing, so I swung over there and photographed a short manifest freight of the Michigan Shore Railroad, a Genesee & Wyoming property.

Some quick research found that this is a former Pere Marquette line. The railroad’s website showed that the MS operates between Fremont and Port Sheldon, Michigan, via Muskegon and Grand Haven. It interchanges with CSX in Holland.

The railroad’s website said that its primary commodities handled include sand and chemicals.

The train I saw turned out to be the Z627 and there was a G&W pickup truck parked trackside. It is driven by the conductor so that he can get ahead of the train as it leaves Muskegon and open the swing bridge at Grand Haven.

The train then parks at Fillmore Road, which is near the end of the MSR property, and waits for CSX to give the crew clearance to come into Waverly Yard in Holland to interchange traffic.  I was able to get a few images and continued on to Grand Haven.

It turned out I was not yet done with the Michigan Shore Railroad. After spending some time at a beach in Grand Haven and photographing a pair of lighthouses, I then sought to find the former Pere Marquette passenger station, which is now a professional office building.

As I was photographing the depot, Mary Ann said she heard a train horn in the distance.

A few minutes later the same set of motive power I had seen earlier in the day showed up with the same GP38 leading. The train turns on a wye in Holland while on CSX so that the engineer doesn’t have to trade locomotives.

I am guessing that this train interchanged with CSX. The consist of my second sighting of the Michigan Shore train is similar to the first with tank cars and boxcars although fewer of them.

After recording the train going away, we left and this time I was done with railfanning for the day.

Article and Photographs by Craig Sanders

The next three images were all made at Fillmore Street along U.S. 31 south of Grand Haven.

The next three images were all made at Fillmore Street along U.S. 31 south of Grand Haven.

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Approaching Jackson Avenue and the former Pere Marquette station in Grand Haven.

Approaching Jackson Avenue and the former Pere Marquette station in Grand Haven.

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North East, Pa., Museum Gets GE Switcher

July 27, 2016

The Lake Shore Railway Museum in North East, Pennsylvania, has received a GE 80-ton switcher that was built in 1944 for the Genesee & Wyoming Railroad and also has an Ohio connection.

Lake Shore Railway MuseumThe locomotive was transported to the museum by flat car.

Once owned by a Lordstown steel company, the locomotive was later given to the Youngstown Steel Heritage Foundation.

The Youngstown museum traded it to the Pennsylvania museum.

It was the first diesel-electric locomotive owned by G&W and also served as an industrial switcher for the Kinzua Dam project on the Allegheny River near Warren, Pennsylvania.