Genesee & Wyoming Inc. on Tuesday, Feb. 10, 2015 reported improved fourth-quarter earnings and revenue, helping the company's full-year results recover from what it called a "slow start to 2014 due to severe winter weather."
Darien, Conn.-based G&W reported operating income of $113.4 million in the fourth-quarter, up 18.4% from the comparable quarter in 2013. Adjusted diluted earnings per common share (EPS) of $1.12 was up 19.1% from the year-ago quarter.
Revenue for the quarter rose 6.1% to $415.6 million. G&W's adjusted operating ratio improved 2.9 percentage point to 72.7%, the company said.
Said G&W President and CEO Jack Hellmann, "Our financial results for the fourth quarter of 2014 were solid, as our North American operations performed well thanks to a good U.S. economy, which more than offset weakness in our Australian operations.
"In North America, our operating income increased 28% in the fourth quarter despite weaker than expected petroleum products shipments, and our North American operating ratio improved 3.4 percentage points to 74%," Hellman said. "In Australia, our operating income declined 4% due to weaker shipments from both iron ore and intermodal customers, although effective cost controls resulted in an Australian operating ratio of 67%."
Hellman said the company during 2014 benefitted from "the relative strength of the U.S. economy and the successful integration of the Rapid City, Pierre & Eastern Railroad (RCP&E)."