GREENWICH, Conn.--(BUSINESS WIRE)--Genesee & Wyoming Inc. (GWI) (NYSE: GWR) today reported traffic volumes for October 2011.
GWI’s traffic in October 2011 was 84,331 carloads, an increase of 10,464 carloads, or 14.2 percent, compared with October 2010.
The table below sets forth consolidated carloading information for October 2011 and October 2010. Additional carload information for GWI’s North American and Australian operations is included as an exhibit to this press release.
| Genesee & Wyoming Inc. | |||||||||||
| by Commodity Group | October | October | |||||||||
| 2011 | 2010 | % Change | |||||||||
| Consolidated: | |||||||||||
| Coal & Coke | 17,127 | 18,809 | -8.9% | ||||||||
| Minerals & Stone | 12,084 | 10,437 | 15.8% | ||||||||
| Farm & Food Products | 9,309 | 8,321 | 11.9% | ||||||||
| Metals | 8,254 | 6,408 | 28.8% | ||||||||
| Pulp & Paper | 7,732 | 8,067 | -4.2% | ||||||||
| Intermodal* | 5,767 | 272 | NM | ||||||||
| Lumber & Forest Products | 5,541 | 5,382 | 3.0% | ||||||||
| Chemicals & Plastics | 5,236 | 4,820 | 8.6% | ||||||||
| Metallic Ores | 3,044 | 910 | NM | ||||||||
| Petroleum Products | 2,579 | 2,748 | -6.1% | ||||||||
| Autos & Auto Parts | 812 | 963 | -15.7% | ||||||||
| Other | 6,846 | 6,730 | 1.7% | ||||||||
| Total carloads | 84,331 | 73,867 | 14.2% | ||||||||
| * - Represents intermodal units | |||||||||||
Excluding 7,483 carloads from the FreightLink Acquisition(1), which closed December 1, 2010, and 1,213 carloads from the Arizona Eastern Railway (AZER), which closed September 1, 2011, same-railroad traffic in October 2011 increased 1,768 carloads, or 2.4 percent, compared with October 2010. The increase was principally due to a 1,625 carload increase in minerals & stone traffic, primarily due to salt shipments in GWI’s New York/Pennsylvania Region and construction aggregates in GWI’s Ohio Region, as well as a 1,527 carload increase in metals traffic due to steel and scrap shipments in GWI’s Southern Region. These increases were partially offset by a 1,682 carload decrease in coal & coke traffic primarily in GWI’s New York/Pennsylvania and Illinois Regions. All remaining traffic increased by a net 298 carloads.
Carload Reporting for Huron Central Railway
The carloads in this press release include 1,328 carloads in October 2011 and 1,418 carloads in October 2010 from the Huron Central Railway (HCRY). 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 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 October 2010 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 October 2010 volume by an additional 203 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 and provides railcar switching services in the United States, Australia, Canada, the Netherlands and Belgium. 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 64 railroads organized in 10 regions, with more than 7,500 miles of owned and leased track and approximately 1,400 additional miles under track access arrangements. We provide rail service at 17 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 October 2011 and October 2010:
| October | October | ||||||||||
| 2011 | 2010 | % Change | |||||||||
| North America Operations: | |||||||||||
| Coal & Coke | 17,127 | 18,809 | -8.9% | ||||||||
| Metals | 8,254 | 6,408 | 28.8% | ||||||||
| Pulp & Paper | 7,732 | 8,067 | -4.2% | ||||||||
| Minerals & Stone | 7,439 | 4,919 | 51.2% | ||||||||
| Lumber & Forest Products | 5,541 | 5,382 | 3.0% | ||||||||
| Chemicals & Plastics | 5,236 | 4,820 | 8.6% | ||||||||
| Farm & Food Products | 3,748 | 4,349 | -13.8% | ||||||||
| Petroleum Products | 2,538 | 2,748 | -7.6% | ||||||||
| Metallic Ores | 1,083 | 910 | 19.0% | ||||||||
| Autos & Auto Parts | 812 | 963 | -15.7% | ||||||||
| Intermodal* | 286 | 272 | 5.1% | ||||||||
| Other | 6,846 | 6,730 | 1.7% | ||||||||
| Total carloads | 66,642 | 64,377 | 3.5% | ||||||||
| * - Represents intermodal units |
The table below sets forth Australian carloading information for October 2011 and October 2010:
| October | October | ||||||||||
| 2011 | 2010 | % Change | |||||||||
| Australian Operations: | |||||||||||
| Farm & Food Products | 5,561 | 3,972 | 40.0% | ||||||||
| Intermodal* | 5,481 | - | NM | ||||||||
| Minerals & Stone | 4,645 | 5,518 | -15.8% | ||||||||
| Metallic Ores | 1,961 | - | NM | ||||||||
| Petroleum Products | 41 | - | NM | ||||||||
| Total carloads | 17,689 | 9,490 | 86.4% | ||||||||
| * - Represents intermodal units |