Wednesday, February 08, 2012

GWI reports 4Q, full-year earnings gain

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Greenwich, Conn.-based Genesee & Wyoming Inc. on Wednesday reported fourth-quarter net income $33.3 million, compared with net income of $19.9 million in the fourth quarter of 2010. GWI's diluted earnings per share (EPS) in the fourth quarter of 2011 were 77 cents with 42.9 million weighted average shares outstanding, compared with diluted EPS of 47 cents with 42.3 million weighted average shares outstanding in the fourth quarter of 2010.

GWI’s fourth-quarter operating income was $45.4 million, resulting in an operating ratio of 78.4% for the quarter. For the full year, operating income of $191.8 million contributed to an operating ratio of 76.9%.

President and CEO Jack Hellman, in a statement, said, "Our fourth-quarter revenues increased 24% to $210 million and our adjusted operating income increased 22% to $45 million, with an adjusted operating ratio of 78.6%. Our diluted earnings per share of 77 cents were a company-record for the fourth quarter. Nevertheless, our operating results in both North America and Australia were lower than our expectations.

"Our 2011 results were good,” Hellman continued. “First, we completed the year with a reportable injury index of 0.53 per 200,000 man hours, which made our consolidated results the safest in the railroad industry for the third consecutive year. Second, our revenue increased 32% to $829 million, our adjusted operating income increased 35% to $191 million and our adjusted operating ratio was 77.0%, all Company records. Finally, our reported earnings per share increased more than 40%."