Genesee & Wyoming Reports Traffic for October 2018
DARIEN, Conn.--(BUSINESS WIRE)--Nov 13, 2018--Genesee & Wyoming Inc. (G&W) (NYSE:GWR) today reported traffic volumes for October 2018.
G&W’s total traffic in October 2018 was 286,180 carloads, an increase of 10,863 carloads, or 3.9%, compared with October 2017. G&W’s same railroad traffic in October 2018 increased 19,033 carloads, or 7.1%, compared with G&W’s traffic in October 2017, excluding carloads from G&W’s former Continental European intermodal business (ERS), which was sold in June 2018.
The table below sets forth summary total carloads by segment.
Highlights by SegmentNorth American Operations: Traffic in October 2018 was 147,987 carloads, an increase of 8.1% compared with October 2017, primarily due to increases across most commodity groups, including coal & coke, metals and petroleum products. Australian Operations: Traffic in October 2018 was 49,222 carloads, an increase of 15.1% compared with October 2017, primarily due to increased coal & coke traffic, partially offset by decreased 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 October 2018 was 88,971 carloads, a decrease of 7.0% compared with October 2017. Excluding traffic from ERS, same railroad traffic in October 2018 was 88,971 carloads, an increase of 1.7% compared with same railroad traffic in October 2017 of 87,492 carloads, primarily due to increased minerals & stone traffic in Poland and the U.K., partially offset by decreased intermodal traffic in the U.K.
The table below sets forth North American Operations carload information by commodity group.Coal & coke traffic increased 4,565 carloads, or 25.4%, primarily due to increased shipments of steam coal in G&W’s Midwest Region. Metals traffic increased 2,125 carloads, or 18.8%, primarily due to increased finished steel and scrap steel shipments in G&W’s Southern, Midwest and Canada regions. Petroleum products traffic increased 1,702 carloads, or 23.1%, primarily due to increased shipments in G&W’s Canada, Northeast and Southern regions. Autos & auto parts traffic decreased 1,505 carloads, or 41.2%, primarily due to decreased shipments in G&W’s Western and Midwest regions. All remaining traffic increased by a net 4,212 carloads.
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations by commodity group.Coal & coke traffic increased 7,076, or 24.7%, primarily as traffic from August 2017 through December 2017 was negatively impacted by industrial action at Hunter Valley coal mines. Agricultural products traffic decreased 1,867 carloads, or 83.9%, primarily due to a weaker 2017-2018 harvest in South Australia. All remaining traffic increased by a net 1,246 carloads.
The table below sets forth U.K./European Operations carload information by commodity group.
The following highlights relate to U.K./European same railroad traffic.Minerals & stone traffic increased 2,201 carloads, or 14.2%, primarily due to increased aggregates shipments in Poland and the U.K. Intermodal traffic in the U.K. decreased 2,135 carloads, or 3.0%, primarily due to service cancellations resulting from near-term driver shortages. All remaining traffic increased by a net 1,413 carloads.
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.
G&W owns or leases 121 freight railroads organized in nine locally managed operating regions with 8,000 employees serving 3,000 customers.G&W’s seven North American regions serve 41 U.S. states and four Canadian provinces and include 115 short line and regional freight railroads with more than 13,000 track-miles. G&W’s Australia Region serves New South Wales, the Northern Territory and South Australia and operates the 1,400-mile Tarcoola-to-Darwin rail line. The Australia Region is 51.1% owned by G&W and 48.9% owned by a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets. G&W’s UK/Europe Region includes the U.K.’s largest rail maritime intermodal operator and second-largest freight rail provider, as well as regional rail services in Continental Europe.
G&W subsidiaries and joint ventures also provide rail service at more than 40 major ports, rail-ferry service between the U.S. Southeast and Mexico, transload services, contract coal loading, and industrial railcar switching and repair.
For more information, visit gwrr.com.
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CONTACT: Genesee & Wyoming Inc.
Thomas D. Savage, 1-203-202-8900
Senior Vice President – Corporate Development & Treasurer
KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT
INDUSTRY KEYWORD: TRANSPORT RAIL OTHER TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT NATURAL RESOURCES MINING/MINERALS PROFESSIONAL SERVICES FINANCE
SOURCE: Genesee & Wyoming Inc.
Copyright Business Wire 2018.
PUB: 11/13/2018 06:30 AM/DISC: 11/13/2018 06:30 AM