Genesee & Wyoming Inc. (G&W) (NYSE:GWR) today reported traffic volumes for December 2016 and the fourth quarter of 2016.
G&W’s traffic in December 2016 was 270,543 carloads, an increase of 56,233 carloads, or 26.2%, compared with December 2015. G&W’s same-railroad traffic in December 2016 was 232,144 carloads, an increase of 17,834 carloads, or 8.3%, compared with December 2015.
G&W’s traffic in the fourth quarter of 2016 was 766,550 carloads, an increase of 56,417 carloads, or 7.9%, compared with the fourth quarter of 2015. G&W’s same-railroad traffic in the fourth quarter of 2016 was 724,958 carloads, an increase of 14,825 carloads, or 2.1%, compared with the fourth quarter of 2015.
The table below sets forth summary total carloads by segment for December 2016 and December 2015.
Segment | December | December | Change | % | |||||||||
North American Operations | 131,118 | 126,376 | 4,742 | 3.8% | |||||||||
Australian Operations(1) | 53,200 | 16,257 | 36,943 | NM | |||||||||
U.K./European Operations | 86,225 | 71,677 | 14,548 | 20.3% | |||||||||
Total G&W Operations | 270,543 | 214,310 | 56,233 | 26.2% | |||||||||
Carloads from New Railroads | 38,399 | ||||||||||||
Same-railroad carloads | 232,144 | 214,310 | 17,834 | 8.3% |
(1) 51% owned by G&W as of December 1, 2016. |
December 2016 Highlights by Segment
- North American Operations: Traffic in December 2016 was 131,118 carloads, an increase of 3.8% compared with December 2015, including carloads from the Providence and Worcester Railroad Company (P&W) acquisition, which closed on November 1, 2016. On a same-railroad basis, North American traffic increased 1.2% primarily due to increased coal & coke and metals traffic, partially offset by decreased minerals & stone traffic.
- Australian Operations: Traffic in December 2016 was 53,200 carloads, including carloads from the Glencore Rail (GRail) acquisition, which closed on December 1, 2016. On a same-railroad basis, Australian traffic increased 10.7% primarily due to increased agricultural products and metallic ores traffic. Please note, simultaneous with the GRail acquisition, G&W issued a 49% equity stake in its Australian Operations to Macquarie Infrastructure and Real Assets. Carload information for the Australian Operations is presented on a 100% basis.
- U.K./European Operations: Traffic in December 2016 was 86,225 carloads, an increase of 20.3% compared with December 2015 due to increased intermodal and minerals & stone traffic, partially offset by decreased coal & coke traffic. Please note an adjustment was recorded in December 2015 to reflect a reduction of approximately 7,000 carloads for the difference between U.K./European Operations’ estimated versus actual traffic for the period from March 25, 2015 (the Freightliner acquisition date) through December 31, 2015.
The table below sets forth North American Operations carload information for December 2016 and December 2015 by commodity group.
North American Operations: | December | December | Change | % Change | |||||||||
Agricultural Products | 18,408 | 17,510 | 898 | 5.1% | |||||||||
Autos & Auto Parts | 2,902 | 2,238 | 664 | 29.7% | |||||||||
Chemicals & Plastics | 14,170 | 13,947 | 223 | 1.6% | |||||||||
Coal & Coke | 20,666 | 16,677 | 3,989 | 23.9% | |||||||||
Food & Kindred Products | 5,077 | 5,081 | (4) | (0.1%) | |||||||||
Intermodal | 652 | 6 | 646 | NM | |||||||||
Lumber & Forest Products | 10,821 | 11,583 | (762) | (6.6%) | |||||||||
Metallic Ores | 1,591 | 2,160 | (569) | (26.3%) | |||||||||
Metals | 12,089 | 10,202 | 1,887 | 18.5% | |||||||||
Minerals & Stone | 13,780 | 14,503 | (723) | (5.0%) | |||||||||
Petroleum Products | 8,339 | 9,087 | (748) | (8.2%) | |||||||||
Pulp & Paper | 13,865 | 14,770 | (905) | (6.1%) | |||||||||
Waste | 3,606 | 3,038 | 568 | 18.7% | |||||||||
Other | 5,152 | 5,574 | (422) | (7.6%) | |||||||||
Total carloads | 131,118 | 126,376 | 4,742 | 3.8% | |||||||||
Carloads from New Railroads(1) | 3,196 | ||||||||||||
Same-railroad carloads | 127,922 | 126,376 | 1,546 | 1.2% |
(1) Total carloads from P&W, which was acquired on November 1, 2016 and contributed 778 carloads of minerals & stone traffic, 652 carloads of intermodal traffic, 456 carloads of autos & auto parts traffic, 418 carloads of chemicals & plastics traffic, 194 carloads of metals traffic and 698 carloads from all other commodities. |
The following highlights relate to North American same-railroad traffic, excluding traffic from P&W, which was acquired on November 1, 2016.
- Coal & Coke traffic increased 3,989 carloads, or 23.9%, primarily due to increased shipments of utility coal in G&W’s Midwest and Central regions.
- Metals traffic increased 1,693 carloads, or 16.6%, primarily due to increased shipments in G&W’s Northeast Region.
- Minerals & stone traffic decreased 1,501 carloads, or 10.3%, primarily due to decreased shipments of construction aggregates in G&W’s Coastal, Central, Midwest and Northeast regions.
- All remaining traffic decreased by a net 2,635 carloads.
The table below sets forth carload information for G&W’s 51% owned Australian Operations for December 2016 and December 2015 by commodity group.
Australian Operations:(1) | December | December | Change | % Change | |||||||||
Agricultural Products | 5,625 | 4,484 | 1,141 | 25.4% | |||||||||
Coal & Coke | 35,203 | - | 35,203 | NM | |||||||||
Intermodal | 5,200 | 5,388 | (188) | (3.5%) | |||||||||
Metallic Ores | 1,796 | 716 | 1,080 | NM | |||||||||
Minerals & Stone | 5,359 | 5,645 | (286) | (5.1%) | |||||||||
Petroleum Products | 17 | 24 | (7) | (29.2%) | |||||||||
Total carloads | 53,200 | 16,257 | 36,943 | NM | |||||||||
Carloads from New Railroads(2) | 35,203 | ||||||||||||
Same-railroad carloads | 17,997 | 16,257 | 1,740 | 10.7% |
(1) 51% owned by G&W as of December 1, 2016. |
(2) Total carloads from GRail, which was acquired on December 1, 2016 and contributed 35,203 carloads of coal & coke traffic. |
The following highlights relate to Australian same-railroad traffic, excluding traffic from GRail, which was acquired on December 1, 2016.
- Agricultural products traffic increased 1,141 carloads, or 25.4%, primarily due to the start of the 2016/2017 harvest.
- Metallic ores traffic increased 1,080 carloads, or 150.8%, primarily due to the short-term re-opening of an iron ore mine in 2016.
- All remaining traffic decreased by a net 481 carloads.
The table below sets forth U.K./European Operations carload information for December 2016 and December 2015 by commodity group.
U.K./European Operations: | December | December | Change | % | |||||||||
Agricultural Products | 501 | 157 | 344 | NM | |||||||||
Coal & Coke | 4,747 | 7,084 | (2,337) | (33.0%) | |||||||||
Intermodal | 69,379 | 54,628 | 14,751 | 27.0% | |||||||||
Minerals & Stone | 11,598 | 9,808 | 1,790 | 18.3% | |||||||||
Total carloads | 86,225 | 71,677 | 14,548 | 20.3% | |||||||||
- Intermodal traffic increased by 14,751 carloads, or 27.0%, primarily in the U.K. and continental Europe. Please note an adjustment was recorded in December 2015 to reflect a reduction of approximately 8,000 carloads for the difference between U.K./European Operations’ estimated versus actual intermodal traffic for the period from March 25, 2015 through December 31, 2015.
- Minerals & stone traffic increased by 1,790 carloads, or 18.3%, primarily in Poland.
- Coal & coke traffic decreased 2,337 carloads, or 33.0%. Please note an adjustment was recorded in December 2015 to reflect an increase of approximately 1,000 carloads for the difference between U.K./European Operations’ estimated versus actual coal traffic for the period from March 25, 2015 through December 31, 2015.
Fourth Quarter of 2016 Traffic
The table below sets forth summary total carloads by segment for the fourth quarter of 2016 and the fourth quarter of 2015.
Segment | Q4 2016 | Q4 2015 | Change | % | |||||||||
North American Operations | 402,939 | 388,228 | 14,711 | 3.8% | |||||||||
Australian Operations(1) | 82,389 | 46,245 | 36,144 | 78.2% | |||||||||
U.K./European Operations | 281,222 | 275,660 | 5,562 | 2.0% | |||||||||
Total G&W Operations | 766,550 | 710,133 | 56,417 | 7.9% | |||||||||
Carloads from New Railroads | 41,592 | ||||||||||||
Same-railroad carloads | 724,958 | 710,133 | 14,825 | 2.1% |
(1) 51% owned by G&W as of December 1, 2016. |
The table below sets forth North American Operations carload information for the fourth quarter of 2016 and the fourth quarter of 2015 by commodity group.
North American Operations: | Q4 2016 | Q4 2015 | Change | % Change | |||||||||
Agricultural Products | 57,669 | 53,463 | 4,206 | 7.9% | |||||||||
Autos & Auto Parts | 8,321 | 6,068 | 2,253 | 37.1% | |||||||||
Chemicals & Plastics | 43,680 | 43,493 | 187 | 0.4% | |||||||||
Coal & Coke | 63,058 | 53,004 | 10,054 | 19.0% | |||||||||
Food & Kindred Products | 15,905 | 15,270 | 635 | 4.2% | |||||||||
Intermodal | 1,246 | 29 | 1,217 | NM | |||||||||
Lumber & Forest Products | 33,450 | 34,684 | (1,234) | (3.6%) | |||||||||
Metallic Ores | 4,814 | 6,042 | (1,228) | (20.3%) | |||||||||
Metals | 34,134 | 29,683 | 4,451 | 15.0% | |||||||||
Minerals & Stone | 48,756 | 49,724 | (968) | (1.9%) | |||||||||
Petroleum Products | 26,308 | 26,605 | (297) | (1.1%) | |||||||||
Pulp & Paper | 39,578 | 43,206 | (3,628) | (8.4%) | |||||||||
Waste | 11,696 | 9,957 | 1,739 | 17.5% | |||||||||
Other | 14,324 | 17,000 | (2,676) | (15.7%) | |||||||||
Total carloads | 402,939 | 388,228 | 14,711 | 3.8% | |||||||||
Carloads from New Railroads(1) | 6,389 | ||||||||||||
Same-railroad carloads | 396,550 | 388,228 | 8,322 | 2.1% |
(1) Total carloads from P&W, which was acquired on November 1, 2016 and contributed 2,052 carloads of minerals & stone traffic, 1,210 carloads of intermodal traffic, 752 carloads of autos & auto parts traffic, 726 carloads of chemicals & plastics traffic, 305 carloads of metals traffic and 1,344 carloads from all other commodities. North American Operations carload information for November 2016, inclusive of P&W is included in an appendix to this press release. |
The table below sets forth carload information for G&W’s 51% owned Australian Operations for the fourth quarter of 2016 and the fourth quarter of 2015 by commodity group.
Australian Operations:(1) | Q4 2016 | Q4 2015 | Change | % Change | |||||||||
Agricultural Products | 10,661 | 10,680 | (19) | (0.2%) | |||||||||
Coal & Coke | 35,203 | - | 35,203 | NM | |||||||||
Intermodal | 15,328 | 15,608 | (280) | (1.8%) | |||||||||
Metallic Ores | 4,625 | 3,308 | 1,317 | 39.8% | |||||||||
Minerals & Stone | 16,508 | 16,572 | (64) | (0.4%) | |||||||||
Petroleum Products | 64 | 77 | (13) | (16.9%) | |||||||||
Total carloads | 82,389 | 46,245 | 36,144 | 78.2% | |||||||||
Carloads from New Railroads(2) | 35,203 | ||||||||||||
Same-railroad carloads | 47,186 | 46,245 | 941 | 2.0% |
(1) 51% owned by G&W as of December 1, 2016. |
(2) Total carloads from GRail, which was acquired on December 1, 2016 and contributed 35,203 carloads of coal & coke traffic. |
The table below sets forth U.K./European Operations carload information for the fourth quarter of 2016 and the fourth quarter of 2015 by commodity group.
U.K./European Operations: | Q4 2016 | Q4 2015 | Change | % | |||||||||
Agricultural Products | 1,058 | 234 | 824 | NM | |||||||||
Coal & Coke | 13,528 | 17,711 | (4,183) | (23.6%) | |||||||||
Intermodal | 225,090 | 215,644 | 9,446 | 4.4% | |||||||||
Lumber & Forest Products | 158 | - | 158 | NM | |||||||||
Metallic Ores | 108 | - | 108 | NM | |||||||||
Minerals & Stone | 41,280 | 42,071 | (791) | (1.9%) | |||||||||
Total carloads | 281,222 | 275,660 | 5,562 | 2.0% | |||||||||
Other
The term carload represents physical railcars and estimated railcar equivalents of commodities for which G&W is paid on a metric ton or other measure to move freight, as well as intermodal units.
Historically, G&W has found that traffic information may be indicative of freight revenues on its railroads. Freight revenues are revenues for which G&W is paid on a per car, per container or per metric ton basis to move freight. Activities such as railcar switching, port terminal shunting, traction services and other similar freight-related services are excluded from our traffic information as the resulting revenues are not classified as freight revenue. Traffic information may not be indicative of total operating revenues, operating expenses, income from operations or net income. Please refer to the documents G&W files from time to time with the Securities and Exchange Commission, such as its Form 10-Q and 10-K, which contain additional information on G&W’s freight traffic and segment reporting.
About G&W
Genesee & Wyoming owns or leases 122 freight railroads worldwide that are organized in 10 operating regions with approximately 7,400 employees and 3,000 customers.
- G&W’s eight North American regions serve 41 U.S. states and four Canadian provinces and include 115 short line and regional freight railroads with more than 13,000 track-miles.
- G&W’s Australia Region provides rail freight services in New South Wales, including in the Hunter Valley coal supply chain, the Northern Territory and South Australia, including operating the 1,400-mile Tarcoola-to-Darwin rail line. The Australia Region is 51.1% owned by G&W.
- G&W’s U.K./Europe Region is led by Freightliner, the U.K.’s largest rail maritime intermodal operator and second-largest rail freight company. Operations also include heavy-haul freight operations in Poland and Germany and cross-border intermodal services connecting Northern European seaports with key industrial regions throughout the continent.
G&W subsidiaries provide rail service at more than 40 major ports in North America, Australia and Europe and perform contract coal loading and railcar switching for industrial customers.
For more information, visit gwrr.com.
Appendix A
North American Operations carload information for November 2016, inclusive of P&W
North American Operations: | November | November | Change | % Change | |||||||||
Agricultural Products | 19,171 | 16,863 | 2,308 | 13.7% | |||||||||
Autos & Auto Parts | 2,735 | 1,974 | 761 | 38.6% | |||||||||
Chemicals & Plastics | 14,882 | 14,454 | 428 | 3.0% | |||||||||
Coal & Coke | 21,655 | 17,004 | 4,651 | 27.4% | |||||||||
Food & Kindred Products | 5,167 | 4,753 | 414 | 8.7% | |||||||||
Intermodal | 558 | - | 558 | NM | |||||||||
Lumber & Forest Products | 11,161 | 10,839 | 322 | 3.0% | |||||||||
Metallic Ores | 1,632 | 1,943 | (311) | (16.0%) | |||||||||
Metals | 11,375 | 9,541 | 1,834 | 19.2% | |||||||||
Minerals & Stone | 17,556 | 15,509 | 2,047 | 13.2% | |||||||||
Petroleum Products | 9,382 | 8,928 | 454 | 5.1% | |||||||||
Pulp & Paper | 13,070 | 14,306 | (1,236) | (8.6%) | |||||||||
Waste | 4,058 | 3,275 | 783 | 23.9% | |||||||||
Other | 4,480 | 4,831 | (351) | (7.3%) | |||||||||
Total carloads | 136,882 | 124,220 | 12,662 | 10.2% | |||||||||
Carloads from New Railroads(1) | 3,193 | ||||||||||||
Same-railroad carloads | 133,689 | 124,220 | 9,469 | 7.6% |
(1) Total carloads from P&W, which was acquired on November 1, 2016 and contributed 1,274 carloads of minerals & stone traffic, 558 carloads of intermodal traffic, 296 carloads of autos & auto parts traffic, 308 carloads of chemicals & plastics traffic, 111 carloads of metals traffic and 646 carloads from all other commodities. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170113005090/en/
Contacts:
Thomas D. Savage, 1-203-202-8900
Vice
President – Corporate Development & Treasurer
http://www.gwrr.com