GREENWICH, Conn.--(BUSINESS WIRE)--Genesee & Wyoming Inc. (GWI) (NYSE: GWR) today reported traffic volumes for February 2011.
GWI’s traffic in February 2011 was 72,687 carloads, an increase of 7,819 carloads, or 12.1 percent, compared with February 2010. GWI’s traffic in the first quarter of 2011 through February was 155,422 carloads, an increase of 25,398 carloads, or 19.5 percent, compared to the first quarter of 2010 through February.
GWI’s traffic in February 2011 was negatively impacted by winter weather in North America and flooding in Australia. In Australia, Cyclone Carlos temporarily washed out a section of track at the northern end of the Adelaide to Darwin rail line resulting in a track closure for 8 days. The railroad reopened in late February.
The table below sets forth consolidated carloading information for February 2011 and February 2010. Additional carload information for our North American and Australian operations is included as an exhibit to this press release.
| Genesee & Wyoming Inc. | |||||||||||||
| by Commodity Group | February | February | |||||||||||
| 2011 | 2010 | % Change | |||||||||||
| Consolidated: | |||||||||||||
| Coal & Coke | 15,525 | 17,424 | -10.9% | ||||||||||
| Farm & Food Products | 10,230 | 7,464 | 37.1% | ||||||||||
| Minerals & Stone | 9,311 | 9,227 | 0.9% | ||||||||||
| Pulp & Paper | 7,275 | 6,641 | 9.5% | ||||||||||
| Metals | 6,653 | 6,317 | 5.3% | ||||||||||
| Lumber & Forest Products | 4,602 | 4,729 | -2.7% | ||||||||||
| Chemicals & Plastics | 4,301 | 3,946 | 9.0% | ||||||||||
| Intermodal* | 3,611 | 105 | NM | ||||||||||
| Petroleum Products | 2,352 | 2,623 | -10.3% | ||||||||||
| Metallic Ores | 1,963 | 793 | 147.5% | ||||||||||
| Autos & Auto Parts | 881 | 818 | 7.7% | ||||||||||
| Other | 5,983 | 4,781 | 25.1% | ||||||||||
| Total carloads | 72,687 | 64,868 | 12.1% | ||||||||||
| * - Represents intermodal units | |||||||||||||
Excluding 4,485 carloads from the FreightLink Acquisition(1), which closed December 1, 2010, same-railroad traffic in February 2011 increased 3,334 carloads, or 5.1 percent, compared with February 2010. The increase was principally due to a 2,766 carload increase in farm & food products, primarily in GWI’s Australia Region, and a 1,202 carload increase in GWI’s other commodity group, primarily in GWI’s New York/Ohio/Pennsylvania Region. These increases were partially offset by a 1,899 carload decrease in coal & coke traffic primarily in GWI’s Illinois Region, where a planned maintenance outage at a power plant reduced shipment volumes. All remaining traffic increased by a net 1,265 carloads.
The table below sets forth consolidated carloading information for the first quarter of 2011 through February and the first quarter of 2010 through February. Additional carload information for our North American and Australian operations is included as an exhibit to this press release.
| Genesee & Wyoming Inc. | |||||||||||||
| by Commodity Group | QTD Feb | QTD Feb | |||||||||||
| 2011 | 2010 | % Change | |||||||||||
| Consolidated: | |||||||||||||
| Coal & Coke | 34,388 | 33,793 | 1.8% | ||||||||||
| Farm & Food Products | 20,025 | 14,184 | 41.2% | ||||||||||
| Minerals & Stone | 19,275 | 18,564 | 3.8% | ||||||||||
| Pulp & Paper | 15,895 | 13,619 | 16.7% | ||||||||||
| Metals | 13,989 | 12,330 | 13.5% | ||||||||||
| Lumber & Forest Products | 9,802 | 9,482 | 3.4% | ||||||||||
| Chemicals & Plastics | 9,167 | 8,186 | 12.0% | ||||||||||
| Intermodal* | 8,284 | 290 | NM | ||||||||||
| Petroleum Products | 5,204 | 5,498 | -5.3% | ||||||||||
| Metallic Ores | 4,207 | 1,613 | 160.8% | ||||||||||
| Autos & Auto Parts | 1,758 | 1,626 | 8.1% | ||||||||||
| Other | 13,428 | 10,839 | 23.9% | ||||||||||
| Total carloads | 155,422 | 130,024 | 19.5% | ||||||||||
| * - Represents intermodal units | |||||||||||||
Excluding 10,311 carloads from the FreightLink Acquisition(1), same-railroad traffic in the first quarter of 2011 through February increased 15,087 carloads, or 11.6 percent, compared with the first quarter of 2010 through February. The traffic increase was principally due to increases of 5,841 carloads of farm & food products traffic, 2,589 carloads of other commodity group traffic, and 2,276 carloads of pulp & paper traffic. All remaining traffic increased by a net 4,381 carloads.
Carload Reporting for Huron Central Railway
The carloads in this press release include traffic from the Huron Central Railway (HCRY) as follows: 811 carloads in February 2011, 1,194 carloads in February 2010, 2,186 carloads in the first quarter of 2011 through February and 2,356 carloads in the first quarter of 2010 through February. On June 15, 2009, GWI announced its intent to discontinue operations of HCRY. After negotiations with certain customers and government entities, HCRY entered into an interim agreement to continue operations. Because of the nature of the temporary agreement, during this interim period, which lasted from August 15, 2009 through December 31, 2010, GWI did not include HCRY’s carloads in its monthly carloading press release. On January 1, 2011 HCRY started operating under a new agreement with certain customers and GWI has resumed including HCRY traffic in its monthly carloading press release. To facilitate comparison to the prior year in this press release, GWI has included HCRY carloads from February 2010 and the first quarter of 2010 through February which were not previously included in the press release for the same period in 2010.
Carload Reporting After FreightLink Acquisition
Since acquiring FreightLink, GWI is reporting two new commodity groups, Intermodal and Metallic Ores. Intermodal units included in freight revenues are reported consistent with the Association of American Railroads (AAR) convention. Previously, Intermodal traffic was reported on a carload basis and included in the Other commodity group. The change in reporting intermodal traffic on a unit basis rather than on a carload basis increases previously reported February 2010 volume by an additional 91 carloads and the first quarter of 2010 through February by an additional 223 carloads. Metallic Ores traffic had previously been included in three commodity groups: Coal, Coke & Ores, Minerals & Stone and Metals commodity groups.
Historically, GWI has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income. Car movements related to railcar switching, including activities at port terminals, are excluded from our carload information as the resulting revenues are classified as non-freight.
GWI owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands. In addition, we operate the Tarcoola to Darwin rail line which links the Port of Darwin with the Australian interstate rail network in South Australia. Operations currently include 63 railroads organized in nine regions, with approximately 7,400 miles of owned and leased track and approximately 1,400 additional miles under track access arrangements. We provide rail service at 16 ports in North America and Europe and perform contract coal loading and railcar switching for industrial customers.
| (1) | On December 1, 2010 GWI purchased certain assets from FreightLink Pty Ltd | |
| (receivers and managers appointed) (FL), Asia Pacific Transport Pty Ltd (receivers | ||
| and managers appointed) (APT) and the other APT joint venture sellers (together | ||
| with FL and APT, “FreightLink Acquisition” or "FreightLink") |
Exhibit
The table below sets forth North American carloading information for February 2011 and February 2010:
| February | February | ||||||||||||
| 2011 | 2010 | % Change | |||||||||||
| North American Operations: | |||||||||||||
| Coal & Coke | 15,525 | 17,424 | -10.9% | ||||||||||
| Pulp & Paper | 7,275 | 6,641 | 9.5% | ||||||||||
| Metals | 6,653 | 6,317 | 5.3% | ||||||||||
| Farm & Food Products | 4,730 | 3,622 | 30.6% | ||||||||||
| Lumber & Forest Products | 4,602 | 4,729 | -2.7% | ||||||||||
| Chemicals & Plastics | 4,301 | 3,946 | 9.0% | ||||||||||
| Minerals & Stone | 4,173 | 4,146 | 0.7% | ||||||||||
| Petroleum Products | 2,326 | 2,623 | -11.3% | ||||||||||
| Autos & Auto Parts | 881 | 818 | 7.7% | ||||||||||
| Metallic Ores | 825 | 793 | 4.0% | ||||||||||
| Intermodal* | 290 | 105 | 176.2% | ||||||||||
| Other | 5,983 | 4,781 | 25.1% | ||||||||||
| Total carloads | 57,564 | 55,945 | 2.9% | ||||||||||
| * - Represents intermodal units | |||||||||||||
The table below sets forth North American carloading information for the first quarter of 2011 through February and the first quarter of 2010 through February:
| QTD Feb | QTD Feb | ||||||||||||
| 2011 | 2010 | % Change | |||||||||||
| North American Operations: | |||||||||||||
| Coal & Coke | 34,388 | 33,793 | 1.8% | ||||||||||
| Pulp & Paper | 15,895 | 13,619 | 16.7% | ||||||||||
| Metals | 13,989 | 12,330 | 13.5% | ||||||||||
| Lumber & Forest Products | 9,802 | 9,482 | 3.4% | ||||||||||
| Farm & Food Products | 9,450 | 8,147 | 16.0% | ||||||||||
| Chemicals & Plastics | 9,167 | 8,186 | 12.0% | ||||||||||
| Minerals & Stone | 8,304 | 8,218 | 1.0% | ||||||||||
| Petroleum Products | 5,153 | 5,498 | -6.3% | ||||||||||
| Autos & Auto Parts | 1,758 | 1,626 | 8.1% | ||||||||||
| Metallic Ores | 1,755 | 1,613 | 8.8% | ||||||||||
| Intermodal* | 476 | 290 | 64.1% | ||||||||||
| Other | 13,428 | 10,839 | 23.9% | ||||||||||
| Total carloads | 123,565 | 113,641 | 8.7% | ||||||||||
| * - Represents intermodal units | |||||||||||||
The table below sets forth Australian carloading information for February 2011 and February 2010:
| February | February | ||||||||||||
| 2011 | 2010 | % Change | |||||||||||
| Australian Operations: | |||||||||||||
| Farm & Food Products | 5,500 | 3,842 | 43.2% | ||||||||||
| Minerals & Stone | 5,138 | 5,081 | 1.1% | ||||||||||
| Intermodal* | 3,321 | - | NM | ||||||||||
| Metallic Ores | 1,138 | - | NM | ||||||||||
| Petroleum Products | 26 | - | NM | ||||||||||
| Total carloads | 15,123 | 8,923 | 69.5% | ||||||||||
| * - Represents intermodal units | |||||||||||||
The table below sets forth Australian carloading information for the first quarter of 2011 through February and the first quarter of 2010 through February:
| QTD Feb | QTD Feb | ||||||||||||
| 2011 | 2010 | % Change | |||||||||||
| Australian Operations: | |||||||||||||
| Minerals & Stone | 10,971 | 10,346 | 6.0% | ||||||||||
| Farm & Food Products | 10,575 | 6,037 | 75.2% | ||||||||||
| Intermodal* | 7,808 | - | NM | ||||||||||
| Metallic Ores | 2,452 | - | NM | ||||||||||
| Petroleum Products | 51 | - | NM | ||||||||||
| Total carloads | 31,857 | 16,383 | 94.5% | ||||||||||
| * - Represents intermodal units | |||||||||||||