GWI 3Q earnings rise

Genesee & Wyoming Inc. on Tuesday reported third-quarter net income of $32.9 million, compared with net income of $24.8 million in the third quarter of 2010. GWI recorded diluted earnings per share of 77 cents in the quarter, compared with 59 cents diluted earnings per share in the comparable 2010 quarter.

GWI President and CEO Jack Hellman said, “Our business continues to perform well, as third-quarter operating revenues increased 39% to $217 million and third-quarter operating income increased 46% to $56 million, both company records. Our operating ratio was 74.0% in North America and Europe, another company record, and our operating ratio in Australia was 74.7%.”

“We remain pleased with the performance of our recent acquisitions and investments,” Hellman said. “In the United States, the first month of operations of the Arizona Eastern Railway was in-line with our acquisition plan. In Canada, we are experiencing additional growth in iron ore shipments under our new contracts in the Labrador Trough. In Australia, shipments on the Alice Springs to Darwin rail line are strong and we expect that the recently completed acquisition of iron ore assets of WPG Resources by OneSteel will drive a significant increase in our iron ore traffic in South Australia starting in 2012. “