Connecticut-based railroad operator reports Q4 results

Monday, 08 February 2010 00:08:33 (GMT+2)

Connecticut- based short line and regional freight railroad owner and operator, Genesee & Wyoming Inc. (GWI), Monday reported net income in the fourth quarter of 2009 of $18.3 million, compared with net income of $25.3 million in the fourth quarter of 2008.

GWI's total revenues decreased 6.2 percent from $149.2 million in the fourth quarter of 2008 to $139.9 million in the fourth quarter of 2009.

Despite the company's fourth quarter year-over-year decrease, John C. Hellmann, President and CEO of GWI remains optimistic about the company's forecast. "In 2009, we generated $75 million of free cash flow, which was the second best performance in Company history. In the context of the recession, we think this is an important accomplishment. With $106 million of cash on our balance sheet and an undrawn revolving credit facility, we continue to actively evaluate acquisition and investment opportunities in both North America and Australia," Mr. Hellmann stated.

GWI has operations in the United States, Canada, Australia and the Netherlands which include 62 railroads organized in nine regions, with approximately 6,000 miles of owned and leased track and approximately 3,400 additional miles under track access arrangements. GWI provides rail service at 16 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers.

 previous article  /  next article