Monday, February 08, 2010

Genesee & Wyoming reports 4Q earnings decline

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Greenwich, Conn.-based Genesee & Wyoming Monday said its net income during the fourth quarter of 2009 was $18.3 million, down roughly 28% from $25.3 million in the comparable 2008 quarter. The company’s earnings per share for the quarter were 44 cents, based on 41.3 million average shares outstanding, compared with 70 cents per share in the 2008 quarter based on an average 36.45 million shares.

The company said its quarterly results included “gains on the sale of assets of $0.8 million ($0.5 million after-tax, or $0.01 per diluted share).  Fourth-quarter results also included a tax benefit of approximately $1.0 million, or $0.03 per diluted share, as a result of applying GWI's full-year effective income tax rate to results for the first nine months of 2009."

At the close of trading Monday on the New York Stock Exchange, shares of Genesee & Wyoming had fallen 22 cents, or 0.8%, to $29.10, giving back gains the stock had notched earlier in the day.