Genesee & Wyoming (G&W) recently reported its 2019 first-quarter results, which show year-over-year declines in operating revenues, operating income and diluted EPS.
Genesee and Wyoming
The Louisville & Indiana Railroad (LIRC) and the Rapid City Pierre & Eastern accepted Railway Age’s annual Short Line & Regional Railroads of the Year Awards at the American Short Line and Regional Railroad Association (ASLRRA) CONNECTIONS Convention in Orlando, Fla., on April 9.
Genesee & Wyoming is considering a major change to its financial structure and ownership, and is exploring either taking on a strategic investment partner or an outright sale, according to a report from Bloomberg.
Strong financials in Genesee & Wyoming’s North American Operations unit a more than offset weaker performance in the company’s Australian and U.K./European Operations. As well, the company expects to increase its capital program this year.
Genesee & Wyoming Inc. (GWI) has implemented multiple organizational changes, including the promotion of Michael Miller to president, North America, effective immediately.
Genesee & Wyoming’s second-quarter 2018 adjusted EPS (earnings per share) of $0.94 “was at the high end of guidance and just ahead of our and consensus expectations,” according to Cowen and Co. Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl. “The company enjoyed freight demand improvement in all geographies, something that should begin to translate into operating leverage in the second half. Full-year guidance was largely in line with that provided last quarter. We’re raising our estimates and target and maintaining our Outperform rating.”
Expansion projects at the Port of Virginia to accommodate larger ships and increased container traffic are on schedule.
First-quarter profit increased at the largest U.S. short line operator despite service issues with connecting Class I railroads.
Genesee & Wyoming Inc. Chairman, President and CEO John C. “Jack” Hellmann, the 55th recipient of Railway Age’s Railroader of the Year Award, was honored on March 13 at the traditional annual dinner of the Western Railway Club at the Union League Club of Chicago.
Short line operator Genesee & Wyoming said North America operating revenues in the fourth quarter decreased 0.6% to $320.2 million from $322.2 million for the year-ago period, as freight-related revenues declined $11.5 million, partially offset by an increase of $9.3 million in freight revenues.