Genesee & Wyoming (GWR) Nov. Traffic Declines 4.4%
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Genesee & Wyoming Inc. (G&W) (NYSE: GWR) today reported traffic volumes for November 2018.
G&W’s total traffic in November 2018 was 259,900 carloads, a decrease of 12,012 carloads, or 4.4%, compared with November 2017. G&W’s same railroad traffic in November 2018 decreased 576 carloads, or 0.2%, compared with G&W’s traffic in November 2017, excluding carloads from G&W’s former Continental European intermodal business (ERS), which was sold in June 2018, and short line lease expirations in Canada (SOR and GEXR) in the fourth quarter of 2018.
G&W’s traffic in the fourth quarter of 2018 through November was 546,080 carloads, a decrease of 1,149 carloads, or 0.2%, compared with the fourth quarter of 2017 through November. G&W’s same railroad traffic in the fourth quarter of 2018 through November increased 18,582 carloads, or 3.5%, compared with the fourth quarter of 2017 through November.
The table below sets forth summary total carloads by segment.
| Segment | November | November | Change | % | |||||||||
| North American Operations | 133,604 | 130,630 | 2,974 | 2.3% | |||||||||
| Australian Operations(1) | 39,813 | 42,767 | (2,954) | (6.9%) | |||||||||
| U.K./European Operations | 86,483 | 98,515 | (12,032) | (12.2%) | |||||||||
| Total G&W Operations | 259,900 | 271,912 | (12,012) | (4.4%) | |||||||||
| Carloads From Divested Operations(2) | - | 11,436 | (11,436) | NM | |||||||||
| Same Railroad Carloads | 259,900 | 260,476 | (576) | (0.2%) |
| (1) 51.1% owned by G&W. |
| (2) Includes 10,844 carloads from ERS, which was sold in June 2018, and 592 carloads from short line lease expirations in the fourth quarter of 2018. |
Highlights by Segment
- North American Operations: Traffic in November 2018 was 133,604 carloads, an increase of 2.3% compared with November 2017. Excluding traffic from short line lease expirations in Canada, traffic in November 2018 increased 2.7% compared with same railroad traffic in November 2017, primarily due to increased petroleum products and metals traffic, partially offset by decreased minerals & stone traffic.
- Australian Operations: Traffic in November 2018 was 39,813 carloads, a decrease of 6.9% compared with November 2017, primarily due to decreased coal & coke and agricultural products traffic. Carload information for G&W’s 51.1% owned Australian Operations is presented on a 100% basis.
- U.K./European Operations: Traffic in November 2018 was 86,483 carloads, a decrease of 12.2% compared with November 2017. Excluding traffic from ERS, traffic in November 2018 decreased 1.4% compared with same railroad traffic in November 2017, primarily due to decreased intermodal traffic in the U.K.
The table below sets forth North American Operations carload information by commodity group.
| North American Operations: | November | November | Change | % Change | |||||||||
| Agricultural Products | 16,244 | 16,930 | (686) | (4.1%) | |||||||||
| Autos & Auto Parts | 2,927 | 3,103 | (176) | (5.7%) | |||||||||
| Chemicals & Plastics | 14,174 | 14,672 | (498) | (3.4%) | |||||||||
| Coal & Coke | 17,780 | 17,240 | 540 | 3.1% | |||||||||
| Food & Kindred Products | 4,856 | 5,205 | (349) | (6.7%) | |||||||||
| Intermodal | 1,372 | 819 | 553 | 67.5% | |||||||||
| Lumber & Forest Products | 11,207 | 11,993 | (786) | (6.6%) | |||||||||
| Metallic Ores | 1,428 | 1,280 | 148 | 11.6% | |||||||||
| Metals | 12,251 | 10,529 | 1,722 | 16.4% | |||||||||
| Minerals & Stone | 16,159 | 17,730 | (1,571) | (8.9%) | |||||||||
| Petroleum Products | 10,280 | 8,545 | 1,735 | 20.3% | |||||||||
| Pulp & Paper | 14,235 | 13,109 | 1,126 | 8.6% | |||||||||
| Waste | 4,691 | 4,238 | 453 | 10.7% | |||||||||
| Other | 6,000 | 5,237 | 763 | 14.6% | |||||||||
| Total Carloads | 133,604 | 130,630 | 2,974 | 2.3% | |||||||||
| Carloads From Divested Operations(1) | - | 592 | (592) | NM | |||||||||
| Same Railroad Carloads | 133,604 | 130,038 | 3,566 | 2.7% |
| (1) Total carloads from short line leases in Canada (GEXR and SOR) that expired in the fourth quarter of 2018. |
The following highlights relate to North American same railroad traffic:
- Petroleum products traffic increased 1,770 carloads, or 20.8%, primarily due to increased shipments in G&W’s Canada and Northeast regions.
- Metals traffic increased 1,753 carloads, or 16.7%, primarily due to increased scrap steel and finished steel shipments in G&W’s Northeast and Midwest regions.
- Minerals & stone traffic decreased 1,384 carloads, or 7.9%, primarily due to decreased aggregates shipments in G&W’s Central Region.
- All remaining traffic increased by a net 1,427 carloads.
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations by commodity group.
| Australian Operations(1): | November | November | Change | % | |||||||||
| Agricultural Products | 1,108 | 2,647 | (1,539) | (58.1%) | |||||||||
| Coal & Coke | 26,024 | 27,762 | (1,738) | (6.3%) | |||||||||
| Intermodal | 4,733 | 4,785 | (52) | (1.1%) | |||||||||
| Metallic Ores | 2,275 | 1,870 | 405 | 21.7% | |||||||||
| Minerals & Stone | 5,660 | 5,683 | (23) | (0.4%) | |||||||||
| Petroleum Products | 13 | 20 | (7) | (35.0%) | |||||||||
| Total Carloads | 39,813 | 42,767 | (2,954) | (6.9%) |
| (1) 51.1% owned by G&W. |
- Coal & coke traffic decreased 1,738, or 6.3%, primarily due to decreased shipments in the Hunter Valley.
- Agricultural products traffic decreased 1,539 carloads, or 58.1%, primarily due to a delayed start to the 2018-2019 South Australia grain harvest.
- All remaining traffic increased by a net 323 carloads.
The table below sets forth U.K./European Operations carload information by commodity group.
| U.K./European Operations: | November | November | Change | % | |||||||||
| Agricultural Products | 390 | 516 | (126) | (24.4%) | |||||||||
| Coal & Coke | 1,484 | 1,490 | (6) | (0.4%) | |||||||||
| Intermodal | 66,971 | 78,930 | (11,959) | (15.2%) | |||||||||
| Minerals & Stone | 16,811 | 17,579 | (768) | (4.4%) | |||||||||
| Petroleum Products | 827 | - | 827 | NM | |||||||||
| Total Carloads | 86,483 | 98,515 | (12,032) | (12.2%) | |||||||||
| Carloads From Divested Operations(1) | - | 10,844 | (10,844) | NM | |||||||||
| Same Railroad Carloads | 86,483 | 87,671 | (1,188) | (1.4%) |
| (1) Total carloads from ERS, which was sold in June 2018. |
The following highlights relate to U.K./European same railroad traffic.
- Intermodal traffic in the U.K. decreased 1,115 carloads, or 1.6%.
- All remaining traffic decreased by a net 73 carloads.
Fourth Quarter of 2018 Through November
The table below sets forth summary total carloads by segment.
| Segment | QTD | QTD | Change | % | |||||||||
| North American Operations | 281,591 | 267,518 | 14,073 | 5.3% | |||||||||
| Australian Operations(1) | 89,035 | 85,534 | 3,501 | 4.1% | |||||||||
| U.K./European Operations | 175,454 | 194,177 | (18,723) | (9.6%) | |||||||||
| Total G&W Operations | 546,080 | 547,229 | (1,149) | (0.2%) | |||||||||
| Carloads From Divested Operations(2) | - | 19,731 | (19,731) | NM | |||||||||
| Same Railroad Carloads | 546,080 | 527,498 | 18,582 | 3.5% |
| (1) 51.1% owned by G&W. |
| (2) Includes 19,014 carloads from ERS, which was sold in June 2018, and 717 carloads from short line lease expirations in the fourth quarter of 2018. |
The table below sets forth North American Operations carload information by commodity group.
| North American Operations: | QTD | QTD | Change | % | |||||||||
| Agricultural Products | 35,234 | 34,526 | 708 | 2.1% | |||||||||
| Autos & Auto Parts | 5,073 | 6,754 | (1,681) | (24.9%) | |||||||||
| Chemicals & Plastics | 29,463 | 29,401 | 62 | 0.2% | |||||||||
| Coal & Coke | 40,284 | 35,179 | 5,105 | 14.5% | |||||||||
| Food & Kindred Products | 10,466 | 10,345 | 121 | 1.2% | |||||||||
| Intermodal | 2,949 | 1,710 | 1,239 | 72.5% | |||||||||
| Lumber & Forest Products | 23,278 | 24,113 | (835) | (3.5%) | |||||||||
| Metallic Ores | 2,936 | 2,835 | 101 | 3.6% | |||||||||
| Metals | 25,672 | 21,825 | 3,847 | 17.6% | |||||||||
| Minerals & Stone | 36,136 | 38,623 | (2,487) | (6.4%) | |||||||||
| Petroleum Products | 19,337 | 15,900 | 3,437 | 21.6% | |||||||||
| Pulp & Paper | 28,192 | 26,957 | 1,235 | 4.6% | |||||||||
| Waste | 10,426 | 8,762 | 1,664 | 19.0% | |||||||||
| Other | 12,145 | 10,588 | 1,557 | 14.7% | |||||||||
| Total Carloads | 281,591 | 267,518 | 14,073 | 5.3% | |||||||||
| Carloads From Divested Operations(1) | - | 717 | (717) | NM | |||||||||
| Same Railroad Carloads | 281,591 | 266,801 | 14,790 | 5.5% |
| (1) Total carloads from short line leases in Canada (GEXR and SOR) that expired in the fourth quarter of 2018. |
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations by commodity group.
| Australian Operations(1): | QTD | QTD | Change | % | |||||||||
| Agricultural Products | 1,465 | 4,871 | (3,406) | (69.9%) | |||||||||
| Coal & Coke | 61,704 | 56,366 | 5,338 | 9.5% | |||||||||
| Intermodal | 9,700 | 9,619 | 81 | 0.8% | |||||||||
| Metallic Ores | 4,746 | 3,592 | 1,154 | 32.1% | |||||||||
| Minerals & Stone | 11,382 | 11,037 | 345 | 3.1% | |||||||||
| Petroleum Products | 38 | 49 | (11) | (22.4%) | |||||||||
| Total Carloads | 89,035 | 85,534 | 3,501 | 4.1% |
| (1) 51.1% owned by G&W. |
The table below sets forth U.K./European Operations carload information by commodity group.
| U.K./European Operations: | QTD | QTD | Change | % | |||||||||
| Agricultural Products | 856 | 969 | (113) | (11.7%) | |||||||||
| Coal & Coke | 3,258 | 2,627 | 631 | 24.0% | |||||||||
| Intermodal | 135,205 | 157,469 | (22,264) | (14.1%) | |||||||||
| Minerals & Stone | 34,545 | 33,112 | 1,433 | 4.3% | |||||||||
| Petroleum Products | 1,590 | - | 1,590 | NM | |||||||||
| Total Carloads | 175,454 | 194,177 | (18,723) | (9.6%) | |||||||||
| Carloads From Divested Operations(1) | - | 19,014 | (19,014) | NM | |||||||||
| Same Railroad Carloads | 175,454 | 175,163 | 291 | 0.2% |
| (1) Total carloads from ERS, which was sold in June 2018. |
Other
The term carload represents physical railcars and estimated railcar equivalents of commodities for which G&W is paid on a metric ton or other measure to move freight, as well as intermodal units.
Historically, G&W has found that traffic information may be indicative of freight revenues on its railroads. Freight revenues are revenues for which G&W is paid on a per car, per container or per metric ton basis to move freight. Activities such as railcar switching, port terminal shunting, traction services and other similar freight-related services are excluded from our traffic information as the resulting revenues are not classified as freight revenue. Traffic information may not be indicative of total operating revenues, operating expenses, operating income or net income. Please refer to the documents G&W files from time to time with the Securities and Exchange Commission, such as its Form 10-Q and 10-K, which contain additional information on G&W’s freight traffic and segment reporting.
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