Genesee & Wyoming Inc. (G&W) (NYSE: GWR) today reported
traffic volumes for February 2019.
G&W’s total traffic in February 2019 was 237,072 carloads, a
decrease of 17,198 carloads, or 6.8%, compared with February 2018.
G&W’s same railroad traffic in February 2019 decreased 4,429
carloads, or 1.8%, compared with G&W’s traffic in February
2018, excluding carloads from G&W’s former Continental European
intermodal business (ERS), which was sold in June 2018, and short
line lease expirations in Canada (Goderich-Exeter Railway (GEXR)
and Southern Ontario Railway (SOR)) in the fourth quarter of
2018.
G&W’s traffic in the first quarter of 2019 through February
was 504,866 carloads, a decrease of 26,535 carloads, or 5.0%,
compared with the first quarter of 2018 through February. G&W’s
same railroad traffic in the first quarter of 2019 through February
decreased 1,250 carloads, or 0.2%, compared with the first quarter
of 2018 through February, excluding carloads from ERS, which was
sold in June 2018, and short line lease expirations in Canada (GEXR
and SOR) in the fourth quarter of 2018.
The table below sets forth summary total carloads by
segment.
Segment
February2019
February2018
TotalChange
Total %Change
SameRailroad
%Change(1)
North American Operations 121,261 127,344 (6,083) (4.8%) (3.1%)
Australian Operations(2) 43,043 43,338 (295) (0.7%) (0.7%)
U.K./European Operations 72,768 83,588 (10,820) (12.9%) (0.4%)
Total G&W Operations 237,072 254,270 (17,198) (6.8%) (1.8%)
(1) Excludes 2,213 carloads in February 2018 from short line
leases in Canada (GEXR and SOR), which expired in the fourth
quarter of 2018 and 10,556 carloads in February 2018 from ERS,
which was sold in June 2018. (2) 51.1% owned by G&W.
Highlights by Segment
- North American Operations: Traffic in
February 2019 was 121,261 carloads, a decrease of 4.8% compared
with February 2018. Same railroad traffic in February 2019
decreased 3.1% compared with February 2018, excluding short line
lease expirations in Canada, primarily due to decreased coal &
coke and lumber & forest products traffic. North American
shipments were adversely impacted by severe winter weather events
that affected G&W’s railroads, customers and connecting Class I
carriers in G&W’s Canada, Midwest and Western Regions.
- Australian Operations: Traffic in
February 2019 was 43,043 carloads, a decrease of 0.7% compared with
February 2018, primarily due to decreased agricultural products
traffic, partially offset by increased coal & coke traffic.
Carload information for G&W’s 51.1% owned Australian Operations
is presented on a 100% basis.
- U.K./European Operations: Traffic in
February 2019 was 72,768 carloads, a decrease of 12.9% compared
with February 2018. Same railroad traffic in February 2019
decreased 0.4% compared with February 2018, excluding traffic from
ERS, primarily due to decreased minerals & stone traffic in
Poland, partially offset by increased petroleum products traffic in
the U.K. and coal & coke traffic in Poland.
The table below sets forth North American Operations carload
information by commodity group.
North American Operations:
February2019
February2018
TotalChange
Total %Change
SameRailroad
%Change(1)
Agricultural Products 16,304 16,264 40 0.2% 3.1% Autos & Auto
Parts 2,618 2,469 149 6.0% 10.7% Chemicals & Plastics 12,549
13,441 (892) (6.6%) (2.7%) Coal & Coke 17,504 20,834 (3,330)
(16.0%) (16.0%) Food & Kindred Products 4,364 4,563 (199)
(4.4%) (2.1%) Intermodal 917 853 64 7.5% 7.5% Lumber & Forest
Products 9,853 11,480 (1,627) (14.2%) (13.8%) Metallic Ores 1,017
1,502 (485) (32.3%) (32.2%) Metals 11,444 10,709 735 6.9% 9.9%
Minerals & Stone 15,144 15,189 (45) (0.3%) 1.4% Petroleum
Products 7,873 8,291 (418) (5.0%) (1.7%) Pulp & Paper 12,964
12,863 101 0.8% 1.0% Waste 3,988 3,783 205 5.4% 6.2% Other 4,722
5,103 (381) (7.5%) (6.4%) Total Carloads 121,261 127,344 (6,083)
(4.8%) (3.1%) (1) Excludes 2,213 carloads in February 2018
from short line leases in Canada (GEXR and SOR), which expired in
the fourth quarter of 2018.
The following highlights relate to North American same railroad
traffic:
- Coal & coke traffic decreased 3,330
carloads, or 16.0%, primarily due to decreased shipments in
G&W’s Central and Midwest regions due to the impact of winter
weather events on our connecting Class I railroads.
- Lumber & forest products traffic
decreased 1,571 carloads, or 13.8%, primarily due to
weather-related shipment delays.
- All remaining traffic increased by a
net 1,031 carloads.
The table below sets forth carload information for G&W’s
51.1% owned Australian Operations by commodity group.
Australian Operations(1):
February2019
February2018
TotalChange
Total %Change
Agricultural Products 1,058 4,396 (3,338) (75.9%) Coal & Coke
31,871 28,537 3,334 11.7% Intermodal 3,584 3,933 (349) (8.9%)
Metallic Ores 1,558 1,340 218 16.3% Minerals & Stone 4,957
5,102 (145) (2.8%) Petroleum Products 15 30 (15) (50.0%) Total
Carloads 43,043 43,338 (295) (0.7%) (1) 51.1% owned by
G&W.
- Agricultural products traffic decreased
3,338 carloads, or 75.9%, primarily due to a weaker 2018-2019 South
Australia grain harvest.
- Coal & coke traffic increased 3,334
carloads, or 11.7%, primarily due to increased shipments in the
Hunter Valley.
- All remaining traffic decreased by a
net 291 carloads.
The table below sets forth U.K./European Operations carload
information by commodity group.
U.K./European Operations:
February2019
February2018
TotalChange
Total %Change
SameRailroad
%Change(1)
Agricultural Products 148 362 (214) (59.1%) (59.1%) Coal & Coke
2,615 1,866 749 40.1% 40.1% Intermodal 57,210 67,754 (10,544)
(15.6%) 0.0% Minerals & Stone 11,885 13,606 (1,721) (12.6%)
(12.6%) Petroleum Products 910 - 910 NM NM Total Carloads 72,768
83,588 (10,820) (12.9%) (0.4%) (1) Excludes 10,556 carloads
from ERS in February 2018, which was sold in June 2018.
The following highlights relate to U.K./European same railroad
traffic:
- Minerals & stone traffic decreased
1,721 carloads, or 12.6%, primarily due to decreased aggregates
shipments in Poland.
- Petroleum products traffic increased
910 carloads due to new jet fuel business in the U.K.
- Coal & coke traffic increased 749
carloads, or 40.1%.
- All remaining traffic decreased by a
net 202 carloads.
First Quarter of 2019 Through February
The table below sets forth summary total carloads by
segment.
Segment
QTDFebruary2019
QTDFebruary2018
TotalChange
Total %Change
SameRailroad
%Change(1)
North American Operations 259,793 263,543 (3,750) (1.4%) 0.3%
Australian Operations(2) 92,190 92,614 (424) (0.5%) (0.5%)
U.K./European Operations 152,883 175,244 (22,361) (12.8%) (1.1%)
Total G&W Operations 504,866 531,401 (26,535) (5.0%) (0.2%)
(1) Excludes 4,655 carloads in QTD February 2018 from short
line leases in Canada (GEXR and SOR), which expired in the fourth
quarter of 2018 and 20,630 carloads in QTD February 2018 from ERS,
which was sold in June 2018. (2) 51.1% owned by G&W.
The table below sets forth North American Operations carload
information by commodity group.
North American Operations:
QTDFebruary2019
QTDFebruary2018
TotalChange
Total %Change
SameRailroad
%Change(1)
Agricultural Products 34,523 34,868 (345) (1.0%) 1.4% Autos &
Auto Parts 5,285 5,560 (275) (4.9%) (1.7%) Chemicals & Plastics
26,463 28,023 (1,560) (5.6%) (2.1%) Coal & Coke 38,698 42,394
(3,696) (8.7%) (8.7%) Food & Kindred Products 9,673 9,870 (197)
(2.0%) 0.8% Intermodal 2,025 1,903 122 6.4% 6.4% Lumber &
Forest Products 21,466 23,578 (2,112) (9.0%) (8.5%) Metallic Ores
2,412 2,937 (525) (17.9%) (17.8%) Metals 24,219 22,571 1,648 7.3%
11.1% Minerals & Stone 30,484 30,146 338 1.1% 3.0% Petroleum
Products 18,379 17,461 918 5.3% 9.0% Pulp & Paper 27,680 26,915
765 2.8% 3.1% Waste 8,718 7,704 1,014 13.2% 13.9% Other 9,768 9,613
155 1.6% 4.2% Total Carloads 259,793 263,543 (3,750) (1.4%) 0.3%
(1) Excludes 4,655 carloads in QTD February 2018 from short
line leases in Canada (GEXR and SOR), which expired in the fourth
quarter of 2018.
The table below sets forth carload information for G&W’s
51.1% owned Australian Operations by commodity group.
Australian Operations(1):
QTDFebruary2019
QTDFebruary2018
TotalChange
Total %Change
Agricultural Products 2,519 8,283 (5,764) (69.6%) Coal & Coke
68,067 62,348 5,719 9.2% Intermodal 7,535 8,291 (756) (9.1%)
Metallic Ores 3,389 3,005 384 12.8% Minerals & Stone 10,648
10,645 3 0.0% Petroleum Products 32 42 (10) (23.8%) Total Carloads
92,190 92,614 (424) (0.5%) (1) 51.1% owned by G&W.
The table below sets forth U.K./European Operations carload
information by commodity group.
U.K./European Operations:
QTDFebruary2019
QTDFebruary2018
TotalChange
Total %Change
SameRailroad
%Change(1)
Agricultural Products 423 648 (225) (34.7%) (34.7%) Coal & Coke
6,000 4,052 1,948 48.1% 48.1% Intermodal 122,420 143,190 (20,770)
(14.5%) (0.1%) Minerals & Stone 22,113 27,354 (5,241) (19.2%)
(19.2%) Petroleum Products 1,927 0 1,927 NM NM Total Carloads
152,883 175,244 (22,361) (12.8%) (1.1%) (1) Excludes 20,630
carloads from ERS in QTD February 2018, which was sold in June
2018.
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, operating income 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
G&W owns or leases 120 freight railroads organized in eight
locally managed operating regions with 8,000 employees serving
3,000 customers.
- G&W’s six North American regions
serve 41 U.S. states and four Canadian provinces and include 114
short line and regional freight railroads with more than 13,000
track-miles.
- G&W’s Australia Region serves New
South Wales, the Northern Territory and South Australia and
operates 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 UK/Europe Region includes the
U.K.’s largest rail maritime intermodal operator and second-largest
freight rail provider, as well as regional rail services in
Continental Europe.
G&W subsidiaries and joint ventures also provide rail
service at more than 40 major ports, rail-ferry service between the
U.S. Southeast and Mexico, transload services, contract coal
loading, and industrial railcar switching and repair.
For more information, visit gwrr.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190314005197/en/
Genesee & Wyoming Inc.Thomas D. Savage, 1-203-202-8900Senior
Vice President – Corporate Development & TreasurerWeb Site:
http://www.gwrr.com
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