Genesee & Wyoming April Traffic Falls 8.6%
Genesee & Wyoming Inc. (NYSE: GWR) revealed traffic volumes for the month of April. According to it, traffic witnessed 229,972 carloads representing a drop of 21,725 carloads or 8.6 percent from the previous year month.
Genesee & Wyoming said that in North American operations, traffic dropped 12.8 percent to 124,869 carloads in April compared to the previous year month. The company attributed the fall to reduced shipments of coal & coke, agricultural products, minerals & stone and pulp & paper traffic.
Similarly, in its Australian operations, traffic was 15,079 carloads in April, a fall of 19.8 percent over the year-ago month. The company blamed it on reduced metallic ores shipments from previously announced closures of customer iron ore and manganese mines in 2015, and reduced agricultural products traffic.
However, in U.K./European Operations, traffic rose by 0.3 percent to 90,024 carloads from the preceding year month. The increase was attributed to higher intermodal traffic, partly compensated by the drop in coal & coke and minerals & stone traffic. Genesee & Wyoming said that the traffic in this segment included carloads from Freightliner that was acquired by it in March last year.
Shares of the company traded 1.92 percent down on Wednesday.
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
