Genesee & Wyoming (GWR) Reports 4.6% Drop in May Carloads; 6.4% Lower After Adjustment
Tweet Send to a FriendGet Alerts GWR Hot Sheet
Up)
Trade GWR Now!
Genesee & Wyoming Inc. (GWI) (NYSE: GWR) reported traffic volumes for May 2012.
GWI’s traffic in May 2012 was 78,536 carloads, a decrease of 3,783 carloads, or 4.6 percent, compared with May 2011. GWI’s traffic in the second quarter of 2012 through May was 156,162 carloads, a decrease of 8,347 carloads, or 5.1 percent, compared to the second quarter of 2011 through May.
Excluding 1,327 carloads from the Arizona Eastern Railway (AZER) acquisition, which closed September 1, 2011, and 155 carloads from the Hilton & Albany Railroad, Inc. (HAL), which commenced operations on January 1, 2012, same-railroad traffic in May 2012 decreased 5,265 carloads, or 6.4 percent, compared with May 2011. GWI’s other commodity group traffic decreased 4,418 carloads primarily due to no overhead coal shipments in GWI’s Ohio Region in May 2012. Farm & food products traffic decreased 1,924 carloads primarily due to decreased shipments in GWI’s Illinois and Australia Regions. The shipment decline in the Illinois Region was primarily due to elevated traffic in 2011 associated with carloads diverted around flooding in the Midwest. Coal & coke traffic decreased 1,811 carloads primarily due to lower shipments in GWI’s New York/Pennsylvania, Mountain West and Ohio Regions. These decreases were partially offset by a 1,092 carload increase in metals traffic primarily due to increased steel and scrap shipments in GWI’s Southern Region. All remaining traffic increased by a net 1,796 carloads.
Excluding 2,601 carloads from AZER and 351 carloads from HAL, same-railroad traffic in the second quarter of 2012 through May decreased 11,299 carloads, or 6.9 percent, compared with the second quarter of 2011 through May. The traffic decrease was principally due to decreases of 8,445 carloads of other commodity group traffic and 5,645 carloads of coal & coke traffic. All remaining traffic increased by a net 2,791 carloads.
Carload Reporting for Metallic Ores Traffic
Effective January 1, 2012, a portion of GWI’s metallic ores commodity group includes intermodal containers as a result of a change in rail logistics and equipment for a customer in GWI’s Australia Region. The impact of this change increased traffic by 653 carloads in May 2012 and 1,255 carloads in the second quarter of 2012 through May.
Historically, GWI has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income. Car movements related to railcar switching, including activities at port terminals, are excluded from our carload information as the resulting revenues are classified as non-freight.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
GWI’s traffic in May 2012 was 78,536 carloads, a decrease of 3,783 carloads, or 4.6 percent, compared with May 2011. GWI’s traffic in the second quarter of 2012 through May was 156,162 carloads, a decrease of 8,347 carloads, or 5.1 percent, compared to the second quarter of 2011 through May.
Excluding 1,327 carloads from the Arizona Eastern Railway (AZER) acquisition, which closed September 1, 2011, and 155 carloads from the Hilton & Albany Railroad, Inc. (HAL), which commenced operations on January 1, 2012, same-railroad traffic in May 2012 decreased 5,265 carloads, or 6.4 percent, compared with May 2011. GWI’s other commodity group traffic decreased 4,418 carloads primarily due to no overhead coal shipments in GWI’s Ohio Region in May 2012. Farm & food products traffic decreased 1,924 carloads primarily due to decreased shipments in GWI’s Illinois and Australia Regions. The shipment decline in the Illinois Region was primarily due to elevated traffic in 2011 associated with carloads diverted around flooding in the Midwest. Coal & coke traffic decreased 1,811 carloads primarily due to lower shipments in GWI’s New York/Pennsylvania, Mountain West and Ohio Regions. These decreases were partially offset by a 1,092 carload increase in metals traffic primarily due to increased steel and scrap shipments in GWI’s Southern Region. All remaining traffic increased by a net 1,796 carloads.
Excluding 2,601 carloads from AZER and 351 carloads from HAL, same-railroad traffic in the second quarter of 2012 through May decreased 11,299 carloads, or 6.9 percent, compared with the second quarter of 2011 through May. The traffic decrease was principally due to decreases of 8,445 carloads of other commodity group traffic and 5,645 carloads of coal & coke traffic. All remaining traffic increased by a net 2,791 carloads.
Carload Reporting for Metallic Ores Traffic
Effective January 1, 2012, a portion of GWI’s metallic ores commodity group includes intermodal containers as a result of a change in rail logistics and equipment for a customer in GWI’s Australia Region. The impact of this change increased traffic by 653 carloads in May 2012 and 1,255 carloads in the second quarter of 2012 through May.
Historically, GWI has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income. Car movements related to railcar switching, including activities at port terminals, are excluded from our carload information as the resulting revenues are classified as non-freight.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Sprint (S), SoftBank Receive Final State Regulatory Approval in Proposed Deal
- Marathon Oil (MRO) Terminates Athabasca Oil Sale
- AK Steel (AKS) to Increase Carbon Flat-Rolled Steel Prices by $50+/Ton
Create E-mail Alert Related Categories
Corporate News
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
