Genesee & Wyoming Inc. (G&W) (NYSE:GWR) today reported traffic volumes for March 2017 and the first quarter of 2017.
G&W’s traffic in March 2017 was 290,752 carloads, an increase of 52,455 carloads, or 22.0%, compared with March 2016. G&W’s same-railroad traffic in March 2017 was 251,490 carloads, an increase of 13,193 carloads, or 5.5%, compared with March 2016.
G&W’s traffic in the first quarter of 2017 was 821,248 carloads, an increase of 139,864 carloads, or 20.5%, compared with the first quarter of 2016. G&W’s same-railroad traffic in the first quarter of 2017 was 715,656 carloads, an increase of 34,272 carloads, or 5.0%, compared with the first quarter of 2016.
The table below sets forth summary total carloads by segment for March 2017 and March 2016.
| Segment | March | March | Change | % | |||||||||
| North American Operations | 137,977 | 133,300 | 4,677 | 3.5% | |||||||||
| Australian Operations(1) | 55,388 | 15,637 | 39,751 | NM | |||||||||
| U.K./European Operations | 97,387 | 89,360 | 8,027 | 9.0% | |||||||||
| Total G&W Operations | 290,752 | 238,297 | 52,455 | 22.0% | |||||||||
| Carloads from New Railroads | 39,262 | ||||||||||||
| Same-railroad carloads | 251,490 | 238,297 | 13,193 | 5.5% |
| (1) 51.1% owned by G&W as of December 1, 2016. |
March 2017 Highlights by Segment
- North American Operations: Traffic in March 2017 was 137,977 carloads, an increase of 3.5% compared with March 2016, 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 1.4%, primarily due to increased coal & coke traffic.
- Australian Operations: Traffic in March 2017 was 55,388 carloads, including carloads from the Glencore Rail (GRail) acquisition, which closed on December 1, 2016. On a same-railroad basis, Australian traffic increased 21.3%, primarily due to increased metallic ores traffic. Please note, simultaneous with the GRail acquisition, G&W issued a 48.9% 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 March 2017 was 97,387 carloads, an increase of 9.0% compared with March 2016, primarily due to increased intermodal and coal & coke traffic.
The table below sets forth North American Operations carload information for March 2017 and March 2016 by commodity group.
| North American Operations: | March | March | Change | % Change | |||||||||
| Agricultural Products | 19,653 | 19,654 | (1) | (0.0%) | |||||||||
| Autos & Auto Parts | 3,514 | 2,814 | 700 | 24.9% | |||||||||
| Chemicals & Plastics | 16,166 | 15,745 | 421 | 2.7% | |||||||||
| Coal & Coke | 19,602 | 13,884 | 5,718 | 41.2% | |||||||||
| Food & Kindred Products | 5,383 | 5,180 | 203 | 3.9% | |||||||||
| Intermodal | 628 | 12 | 616 | NM | |||||||||
| Lumber & Forest Products | 12,219 | 12,780 | (561) | (4.4%) | |||||||||
| Metallic Ores | 1,848 | 2,103 | (255) | (12.1%) | |||||||||
| Metals | 12,559 | 13,043 | (484) | (3.7%) | |||||||||
| Minerals & Stone | 16,811 | 16,679 | 132 | 0.8% | |||||||||
| Petroleum Products | 8,079 | 8,524 | (445) | (5.2%) | |||||||||
| Pulp & Paper | 12,757 | 13,442 | (685) | (5.1%) | |||||||||
| Waste | 3,596 | 3,215 | 381 | 11.9% | |||||||||
| Other | 5,162 | 6,225 | (1,063) | (17.1%) | |||||||||
| Total carloads | 137,977 | 133,300 | 4,677 | 3.5% | |||||||||
| Carloads from New Railroads(1) | 2,842 | ||||||||||||
| Same-railroad carloads | 135,135 | 133,300 | 1,835 | 1.4% |
| (1) Total carloads from P&W, which was acquired on November 1, 2016 and contributed 416 carloads of autos & auto parts traffic, 659 carloads of chemicals & plastics traffic, 622 carloads of intermodal traffic, 190 carloads of metals traffic, 316 carloads of minerals & stone traffic and 639 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 5,718 carloads, or 41.2%, primarily due to increased shipments of utility coal in G&W’s Midwest and Northeast regions, partially offset by decreased shipments in G&W’s Central Region.
- Other commodity group traffic decreased 1,120 carloads, or 18.0%, primarily due to decreased Class 1 haulage traffic in G&W’s Southern Region.
- All remaining traffic decreased by a net 2,763 carloads.
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations for March 2017 and March 2016 by commodity group.
| Australian Operations(1): | March | March | Change | % Change | |||||||||
| Agricultural Products | 5,195 | 4,579 | 616 | 13.5% | |||||||||
| Coal & Coke | 36,420 | - | 36,420 | NM | |||||||||
| Intermodal | 4,820 | 4,683 | 137 | 2.9% | |||||||||
| Metallic Ores | 3,136 | 718 | 2,418 | NM | |||||||||
| Minerals & Stone | 5,787 | 5,632 | 155 | 2.8% | |||||||||
| Petroleum Products | 30 | 25 | 5 | 20.0% | |||||||||
| Total carloads | 55,388 | 15,637 | 39,751 | NM | |||||||||
| Carloads from New Railroads(2) | 36,420 | ||||||||||||
| Same-railroad carloads | 18,968 | 15,637 | 3,331 | 21.3% |
| (1) 51.1% owned by G&W as of December 1, 2016. |
| (2) Total carloads from GRail, which was acquired on December 1, 2016 and contributed 36,420 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.
- Metallic ores traffic increased 2,418 carloads primarily due to the re-opening of a manganese mine in March 2017 and the re-opening of an iron ore mine in July 2016.
- All remaining traffic increased by a net 913 carloads.
The table below sets forth U.K./European Operations carload information for March 2017 and March 2016 by commodity group.
| U.K./European Operations: | March | March | Change | % | |||||||||
| Agricultural Products | 463 | 143 | 320 | NM | |||||||||
| Coal & Coke | 3,096 | 651 | 2,445 | NM | |||||||||
| Intermodal | 80,115 | 75,343 | 4,772 | 6.3% | |||||||||
| Lumber & Forest Products | - | 45 | (45) | NM | |||||||||
| Minerals & Stone | 13,713 | 13,178 | 535 | 4.1% | |||||||||
| Total carloads | 97,387 | 89,360 | 8,027 | 9.0% | |||||||||
- Intermodal traffic increased by 4,772 carloads, or 6.3%, primarily due to increased shipments in the U.K.
- Coal & coke traffic increased 2,445 carloads primarily due to increased shipments in the U.K. and Poland.
- All remaining traffic increased by a net 810 carloads.
First Quarter of 2017 Traffic
The table below sets forth summary total carloads by segment for the first quarter of 2017 and the first quarter of 2016.
| Segment | Q1 2017 | Q1 2016 | Change | % | |||||||||
| North American Operations | 403,016 | 383,192 | 19,824 | 5.2% | |||||||||
| Australian Operations | 149,416 | 46,223 | 103,193 | NM | |||||||||
| U.K./European Operations | 268,816 | 251,969 | 16,847 | 6.7% | |||||||||
| Total G&W Operations | 821,248 | 681,384 | 139,864 | 20.5% | |||||||||
| Carloads from New Railroads | 105,592 | ||||||||||||
| Same-railroad carloads | 715,656 | 681,384 | 34,272 | 5.0% | |||||||||
The table below sets forth North American Operations carload information for the first quarter of 2017 and the first quarter of 2016 by commodity group.
| North American Operations: | Q1 2017 | Q1 2016 | Change | % Change | |||||||||
| Agricultural Products | 57,251 | 56,015 | 1,236 | 2.2% | |||||||||
| Autos & Auto Parts | 8,793 | 6,806 | 1,987 | 29.2% | |||||||||
| Chemicals & Plastics | 46,008 | 44,359 | 1,649 | 3.7% | |||||||||
| Coal & Coke | 63,299 | 48,678 | 14,621 | 30.0% | |||||||||
| Food & Kindred Products | 14,870 | 14,964 | (94) | (0.6%) | |||||||||
| Intermodal | 1,801 | 12 | 1,789 | NM | |||||||||
| Lumber & Forest Products | 33,555 | 34,832 | (1,277) | (3.7%) | |||||||||
| Metallic Ores | 4,924 | 6,225 | (1,301) | (20.9%) | |||||||||
| Metals | 35,798 | 35,905 | (107) | (0.3%) | |||||||||
| Minerals & Stone | 47,045 | 43,681 | 3,364 | 7.7% | |||||||||
| Petroleum Products | 25,137 | 25,989 | (852) | (3.3%) | |||||||||
| Pulp & Paper | 38,774 | 41,168 | (2,394) | (5.8%) | |||||||||
| Waste | 10,744 | 8,286 | 2,458 | 29.7% | |||||||||
| Other | 15,017 | 16,272 | (1,255) | (7.7%) | |||||||||
| Total carloads | 403,016 | 383,192 | 19,824 | 5.2% | |||||||||
| Carloads from New Railroads(1) | 7,908 | ||||||||||||
| Same-railroad carloads | 395,108 | 383,192 | 11,916 | 3.1% |
| (1) Total carloads from P&W, which was acquired on November 1, 2016 and contributed 1,184 carloads of autos & auto parts traffic, 1,468 carloads of chemicals & plastics traffic, 1,795 carloads of intermodal traffic, 595 carloads of metals traffic, 988 carloads of minerals & stone traffic, and 1,878 carloads from all other commodities. |
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations for the first quarter of 2017 and the first quarter of 2016 by commodity group.
| Australian Operations(1): | Q1 2017 | Q1 2016 | Change | % Change | |||||||||
| Agricultural Products | 15,266 | 13,573 | 1,693 | 12.5% | |||||||||
| Coal & Coke | 97,684 | - | 97,684 | NM | |||||||||
| Intermodal | 13,578 | 13,623 | (45) | (0.3%) | |||||||||
| Metallic Ores | 6,906 | 2,318 | 4,588 | NM | |||||||||
| Minerals & Stone | 15,928 | 16,648 | (720) | (4.3%) | |||||||||
| Petroleum Products | 54 | 61 | (7) | (11.5%) | |||||||||
| Total carloads | 149,416 | 46,223 | 103,193 | NM | |||||||||
| Carloads from New Railroads(2) | 97,684 | ||||||||||||
| Same-railroad carloads | 51,732 | 46,223 | 5,509 | 11.9% |
| (1) 51.1% owned by G&W as of December 1, 2016. |
| (2) Total carloads from GRail, which was acquired on December 1, 2016 and contributed 97,684 carloads of coal & coke traffic. |
The table below sets forth U.K./European Operations carload information for the first quarter of 2017 and the first quarter of 2016 by commodity group.
| U.K./European Operations: | Q1 2017 | Q1 2016 | Change | % | |||||||||
| Agricultural Products | 1,513 | 394 | 1,119 | NM | |||||||||
| Coal & Coke | 10,561 | 8,063 | 2,498 | 31.0% | |||||||||
| Intermodal | 223,813 | 212,095 | 11,718 | 5.5% | |||||||||
| Lumber & Forest Products | - | 180 | (180) | NM | |||||||||
| Minerals & Stone | 32,929 | 31,237 | 1,692 | 5.4% | |||||||||
| Total carloads | 268,816 | 251,969 | 16,847 | 6.7% | |||||||||
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 7,300 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 and 48.9% owned by a consortium of funds and clients managed by Macquarie Infrastructure and Real Assets.
- 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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005277/en/
Contacts:
Thomas D. Savage, 1-203-202-8900
Senior
Vice President – Corporate Development & Treasurer
Web Site: http://www.gwrr.com
