Genesee & Wyoming Inc. Tuesday reported third-quarternet income of $21.7 million, up from $21.2 million in the third quarter of 2008. The company’s third-quarter diluted earnings per share slipped to $0.53 with 41.2 million weighted average shares outstanding, compared with diluted EPS of $0.58 with 36.6 million weighted average shares outstanding in theyear-ago quarter.
The results factored in GWI’s sale during the quarter of both its Mexican operations and Bolivian investment, which netted $2.2 million ($2.4 million after-tax, or $0.06 per diluted share) in discontinued operations.
Total revenue fell $23.0 million, or 14.4%, to $136.4 million, compared with $159.4 million in the third quarter of 2008. But the company's operating ratio held firm at 79%.
GWI President and CEO John C. Hellmann said, "Despite an extremely weak economic environment, we continue to manage our costs well and to generate strong free cash flow. In the third quarter, we maintained an operating ratio of 79% despite significant volume declines, and we are focused on ensuring that our productivity improvements remain intact when the economy improves. Meanwhile, we believe that the 5% increase in our revenues from the second quarter to the third quarter is indicative of a growing degree of economic stability."