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Genesee & Wyoming Reports Rise in July Traffic Statistics
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Genesee & Wyoming, Inc. reported a substantial rise in July traffic volumes. Traffic in the month was 284,754 carloads, reflecting a 2.7% increase year over year. Moreover, the same railroad traffic climbed 6.8% excluding carloads from the Continental European intermodal business, sold in June 2018.
Segmental Traffic
Traffic in the company’s North American operations expanded 11.9% from the year-ago figure owing to impressive growth across most of its commodity groups. Notably, traffic at the metals group surged 47.7% year over year.
Australian operations traffic improved 5.8% year over year on the back of traffic growth at the coal & coke and minerals & stone groups. Traffic at the coal & coke group ascended 15.5% while that in the minerals & stone rose 25.6%.
Meanwhile, U.K./European operations traffic declined 12.4% from the last July-level, mainly due to a 15% decrease in the segment’s intermodal traffic.
The impressive traffic numbers come close on the heels of Genesee & Wyoming’s outperformance in the second quarter of 2018. The company’s earnings of 94 cents per share surpassed the Zacks Consensus Estimate by 2 cents. The bottom line also improved 17.5% on a year-over-year basis. Results were aided by higher revenues and a lower effective tax rate.
Last month, railroad bigwigs like Norfolk Southern Corporation (NSC - Free Report) , CSX Corporation (CSX - Free Report) and Union Pacific Corporation (UNP - Free Report) also reported earnings numbers for the second quarter. Each of the companies surpassed on earnings and revenues in the period.
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Genesee & Wyoming Reports Rise in July Traffic Statistics
Genesee & Wyoming, Inc. reported a substantial rise in July traffic volumes. Traffic in the month was 284,754 carloads, reflecting a 2.7% increase year over year. Moreover, the same railroad traffic climbed 6.8% excluding carloads from the Continental European intermodal business, sold in June 2018.
Segmental Traffic
Traffic in the company’s North American operations expanded 11.9% from the year-ago figure owing to impressive growth across most of its commodity groups. Notably, traffic at the metals group surged 47.7% year over year.
Australian operations traffic improved 5.8% year over year on the back of traffic growth at the coal & coke and minerals & stone groups. Traffic at the coal & coke group ascended 15.5% while that in the minerals & stone rose 25.6%.
Meanwhile, U.K./European operations traffic declined 12.4% from the last July-level, mainly due to a 15% decrease in the segment’s intermodal traffic.
The impressive traffic numbers come close on the heels of Genesee & Wyoming’s outperformance in the second quarter of 2018. The company’s earnings of 94 cents per share surpassed the Zacks Consensus Estimate by 2 cents. The bottom line also improved 17.5% on a year-over-year basis. Results were aided by higher revenues and a lower effective tax rate.
Operating revenues of $595 million also outpaced the Zacks Consensus Estimate of $588.2 million and were up 10.1% year over year. (Read more: Genesee & Wyoming Q2 Earnings Beat Estimates, Up Y/Y)
Last month, railroad bigwigs like Norfolk Southern Corporation (NSC - Free Report) , CSX Corporation (CSX - Free Report) and Union Pacific Corporation (UNP - Free Report) also reported earnings numbers for the second quarter. Each of the companies surpassed on earnings and revenues in the period.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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