(Dow Jones Newswires circulated the following on August 3, 2010.)
GREENWICH, Conn. Genesee & Wyoming Inc.'s (GWR) second-quarter profit more than doubled following prior-year charges, as higher shipments gave revenue a lift.
Results beat Wall Street's expectations and come as railroad operators and other shippers have posted improved recent results as volume has recovered along with the broader economy from last year's woeful levels. Genesee & Wyoming, which operates short-line and regional freight railroads in the U.S., Canada, Australia and the Netherlands, saw monthly volume grow in March for the first time in over a year.
The company posted a profit of $20.6 million, or 49 cents a share, up from $7.4 million, or 20 cents a share, a year earlier, which included a 15-cent write-down on shuttered operations. Revenue jumped 22% to $158.5 million.
Analysts polled by Thomson Reuters most recently forecast earnings of 44 cents on $153 million in revenue.
Average freight revenue per carload increased 9.6%. Traffic surged 15% amid growth in shipments of metals, farm and food products and those classified as "other."
Shares closed Monday at $40.80 and were inactive premarket. The stock is up 25% this year.
