Genesee & Wyoming Inc. Thursday said its first-quarter net was $16.0 million, up 15% from $13.9 million recorded in the first quarter of 2009. GWI's diluted earnings per share of 39 cents was up one penny from the year-ago quarter.
Revenue of $145.6 million was up $7.1 million, or 5.1%, compared with $138.5 million in the year-ago period, though the company noted appreciation of the Australian and Canadian dollars, as well as the euro, versus the U.S. dollar increased revenue by $8.4 million. Excluding foreign currency appreciation revenue fell declined $1.3 million, or 0.9%.
GWI noted that carload traffic increased significantly in March, up 5.0% compared with March 2009 and up 17.8% from February 2010. Total carload traffic for the quarter still lagged the 2009 period by 5.6%. But the company’s operating ratio was 79.3% in the quarter, a 1.8 percentage point improvement over the 81.1% operating ratio in the first quarter of 2009.
Said GWI President and CEO John C. Hellmann, “Our first-quarter financial results were a good start to 2010. In late February, our traffic began to strengthen in several commodity groups including steel and grain, and we continued to control our costs. The result was an operatingratio of 79.3%, which is a first-quarter record in the history of GWI. We are focused on sustaining this level of operating efficiency for the remainder of the year, regardless of the pace of improvement in the economy.”