Posts Tagged ‘Genesee & Wyoming’

G&W Reports Increases in Second Quarter Income

August 3, 2017

Genesee & Wyoming reported this week that its second quarter 2017 operating revenue rose 7.8 percent to $540.4 million, while operating income increased 16.2 percent to $101.3 million when compared with the same quarter in 2016.

In a news release, G&W said that its adjusted operating income in the quarter rose 13.3 percent to $107.4 million compared with $94.7 million in the second quarter of 2016.

G&W’s reported net income for the quarter was $46 million, compared with reported net income of $48.4 million in the same period a year ago.

Excluding the net impact of certain items that affect comparability between the quarters, G&W’s adjusted net income in the second quarter of 2017 was $49.9 million compared with $47.0 million in the second quarter of 2016.

The company posted a second quarter diluted earnings per share of 74 cents, compared with reported diluted EPS of 83 cents in the second quarter of 2016. Adjusted diluted EPS for the quarter was 80 cents per share versus 81 cents a year ago.

G&W Carload Traffic Fell in 2nd Quarter

July 17, 2017

Genesee & Wyoming reported a decrease of 0.1 percent in carload traffic in the second quarter of 2017. However, total traffic was up by 14.6 percent worldwide.

G&W’s same-railroad second quarter traffic was 705,940 carloads, a decline of 976 carloads when compared with the second quarter of 2016.

Total traffic was 810,082 carloads, an increase of 103,166 carloads in the second quarter, which included operations in North America, Australia and Europe.

Across its U.S. operations, G&W saw major losses with metallic ore traffic dropping 30.6 percent. Petroleum products fell by 6.1 percent, metals by 3.3 percent, and pulp and paper by 3.2 percent.

Traffic increases came in waste, 24.9 percent; autos and auto parts, 12.7 percent; and minerals and stone, 9.4 percent.

G&W’s same-railroad traffic in June 2017 was 242,763 carloads, a decline of 1,434 carloads (0.6 percent) compared with June 2016.

In the past year, G&W has acquired two short-line railroad companies, the Providence & Worcester and the Heart of Georgia, the latter having been acquired on May 31, 2017.

BLET Members OK Pact with I&O

June 24, 2017

Members of the Brotherhood of Locomotive Engineers and Trainmen have approved a new contract with the Indiana & Ohio Railway.

The union said more than 80 percent of those voting favored ratifying the five-year pact, which covers wages, work rules, and health and welfare benefits for 50 engineers, conductors and trainees.

BLET said the contract calls for a pay hike of 28.6 percent over the life of the contract, which ends Dec. 31, 2020.

The contract also upgrades vacation leave with members receiving an additional vacation day when reaching five-, 10- and 15-year work anniversaries with the company.

Members will receive 10 paid holidays and five flex days. There is also language pertaining to holiday and jury duty pay, as well as bereavement leave.

In a news release, BLET said I&O members are part of the Genesee & Wyoming’s Midwest Region health and welfare plan. The agreement changes the membership’s 401k plan and provides a voucher for two pairs of boots per year.

The contract also outlines procedures for disciplinary hearings and specifies a grievance and arbitration process.

G&W Names Hellman Board Chairman

May 31, 2017

John Hellman has been appointed chairman of the board of directors of Genesee &Wyoming.

Hellman is currently the company’s president and CEO and will succeed Mortimer Fuller III, who is retiring.

In a news release, G&W said that Hellmann will continue in his current positions.

He has served on the board since 2006 and succeeded Fuller as CEO in 2007. Hellman served as chief financial officer in 2000 and was named president in 2005.

Fuller had served as board chairman since 1977 and is a great-grandson of Edward Fuller, the founder of the Genesee and Wyoming Railroad in 1899.

G&W said that during its annual meeting held on May 24 that stockholders elected as directors Albert Neupaver, Joseph Pyne, Hunter Smith and Hellmann for terms that expire in 2020.

Directors whose terms on the board continued after the annual meeting are Richard Allert, Hans Michael Norkus, Ann Reese, Richard Bott, Oivind Lorentzen III and Mark Scudder.

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.