Genesee & Wyoming posts 3Q profit

Geneseee & Wyoming reports 3Q profit; adjusted results, revenue miss analysts' estimates

Associated Press

NEWS: Genesee & Wyoming Inc. returned to a profit in its third quarter helped fewer charges as traffic improved.

But its adjusted results and revenue fell short of Wall Street's view.

DETAILS: The railroad company said Friday that quarterly traffic rose 6.8 percent on a combined company basis, which adjusts figures as though RailAmerica railroads were owned by Genesee & Wyoming last year. The company announced in July 2012 that it was buying RailAmerica for about $1.4 billion.

NUMBERS: For the three months ended Sept. 30, Genesee & Wyoming earned $65.7 million, or $1.16 per share. That compares with a loss of $19.6 million, or 47 cents per share, a year ago.

The prior-year period was weighed down by costs tied to the RailAmerica acquisition and certain expenses.

Removing RailAmerica-related costs and other items, earnings were $1.19 per share in the current quarter.

Operating revenue climbed 80 percent to $401.4 million from $222.7 million.

Analysts polled by FactSet expected earnings of $1.22 per share on revenue of $403.1 million.

STOCK: The shares closed at $99.84 on Thursday. The stock is up 31 percent for the year to date.

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