Thursday, April 11, 2013

GWI 1Q traffic gains

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Genesee & Wyoming Inc. Thursday reported results for March and first-quarter traffic, in part based on comparing its current numbers to 2012 results as if its acquisition of RailAmerica were in place during the first quarter of 2012.

GWI in actuality completed its acquisition of RailAmerica on Oct. 1, 2012. GWI noted it has amended RailAmerica's 2012 carload information to conform with GWI's reporting methodology.

Under those parameters, GWI's first-quarter traffic rose 4.5% measured against the first quarter of 2012 pro forma for the RA acquisition. March traffic rose 3.5% using the same formula.

Treating GWI as a standalone company making an acquisition, first-quarter traffic rose 102.7% compared with the first quarter of 2012, while March traffic rose 100% measured against GWI's results in the year-ago month.

GWI's traffic in the first quarter of 2013 was 450,304 carloads, an increase of 228,126 carloads, or 102.7%, compared to G&W's traffic in the first quarter of 2012, and an increase of 19,387 carloads, or 4.5%, compared to total first quarter of 2012, effectively showing that the acquisition of RailAmerica has doubled the Greenwich, Conn.-based company's volume.

GWI’s acquisition of RailAmerica made it the world’s largest operator of Class II and III railroads, and the only such publicly traded entity.