Genesee & Wyoming Inc. (G&W) (NYSE:GWR) today reported traffic volumes for February 2017.
G&W’s traffic in February 2017 was 252,228 carloads, an increase of 27,572 carloads, or 12.3%, compared with February 2016. G&W’s same-railroad traffic in February 2017 was 223,365 carloads, a decrease of 1,291 carloads, or 0.6%, compared with February 2016.
G&W’s traffic in the first quarter of 2017 through February was 530,496 carloads, an increase of 87,409 carloads, or 19.7%, compared with the first quarter of 2016 through February. G&W’s same-railroad traffic in the first quarter of 2017 through February was 464,166 carloads, an increase of 21,079 carloads, or 4.8%, compared with the first quarter of 2016 through February.
The table below sets forth summary total carloads by segment for February 2017 and February 2016.
Segment | February | February | Change | % | |||||||||
North American Operations | 126,488 | 125,476 | 1,012 | 0.8% | |||||||||
Australian Operations(1) | 42,051 | 15,491 | 26,560 | NM | |||||||||
U.K./European Operations | 83,689 | 83,689 | - | - | |||||||||
Total G&W Operations | 252,228 | 224,656 | 27,572 | 12.3% | |||||||||
Carloads from New Railroads | 28,863 | ||||||||||||
Same-railroad carloads | 223,365 | 224,656 | (1,291) | (0.6%) |
(1) 51.1% owned by G&W as of December 1, 2016. |
February 2017 Highlights by Segment
- North American Operations: Traffic in February 2017 was 126,488 carloads, an increase of 0.8% compared with February 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 decreased 1.0%, primarily due to decreased agricultural products and pulp & paper traffic, partially offset by increased coal & coke traffic.
- Australian Operations: Traffic in February 2017 was 42,051 carloads, including carloads from the Glencore Rail (GRail) acquisition, which closed on December 1, 2016. On a same-railroad basis, Australian traffic decreased 0.2% primarily due to decreased minerals & stone traffic, partially offset by 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 February 2017 was 83,689 carloads, or flat compared with February 2016, primarily due to increased minerals & stone traffic, partially offset by decreased intermodal traffic.
The table below sets forth North American Operations carload information for February 2017 and February 2016 by commodity group.
North American Operations: | February | February | Change | % Change | |||||||||
Agricultural Products | 17,704 | 18,747 | (1,043) | (5.6%) | |||||||||
Autos & Auto Parts | 2,522 | 2,192 | 330 | 15.1% | |||||||||
Chemicals & Plastics | 14,007 | 14,475 | (468) | (3.2%) | |||||||||
Coal & Coke | 21,290 | 16,395 | 4,895 | 29.9% | |||||||||
Food & Kindred Products | 4,511 | 5,074 | (563) | (11.1%) | |||||||||
Intermodal | 664 | - | 664 | NM | |||||||||
Lumber & Forest Products | 10,654 | 11,212 | (558) | (5.0%) | |||||||||
Metallic Ores | 1,335 | 2,034 | (699) | (34.4%) | |||||||||
Metals | 11,511 | 11,986 | (475) | (4.0%) | |||||||||
Minerals & Stone | 14,759 | 14,087 | 672 | 4.8% | |||||||||
Petroleum Products | 7,847 | 8,565 | (718) | (8.4%) | |||||||||
Pulp & Paper | 12,046 | 13,019 | (973) | (7.5%) | |||||||||
Waste | 3,263 | 2,574 | 689 | 26.8% | |||||||||
Other | 4,375 | 5,116 | (741) | (14.5%) | |||||||||
Total carloads | 126,488 | 125,476 | 1,012 | 0.8% | |||||||||
Carloads from New Railroads(1) | 2,267 | ||||||||||||
Same-railroad carloads | 124,221 | 125,476 | (1,255) | (1.0%) |
(1) Total carloads from P&W, which was acquired on November 1, 2016, and contributed 340 carloads of autos & auto parts traffic, 413 carloads of chemicals & plastics traffic, 664 carloads of intermodal traffic, 159 carloads of metals traffic, 239 carloads of minerals & stone traffic and 452 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.
- Agricultural products traffic decreased 1,140 carloads, or 6.1%, primarily due to decreased shipments in G&W’s Midwest and Coastal regions, partially offset by increased shipments in G&W’s Mountain West and Central regions.
- Pulp & paper traffic decreased 1,028 carloads, or 7.9%, primarily due to decreased shipments in G&W’s Southern Region resulting from a temporary shutdown of a customer facility following an incident in late January 2017. The facility is currently expected to restart production in the second quarter of 2017.
- Coal & coke traffic increased 4,895 carloads, or 29.9%, primarily due to increased shipments of utility coal in G&W’s Midwest Region.
- All remaining traffic decreased by a net 3,982 carloads.
- Note that severe weather and flooding in the western U.S. negatively affected shipment volumes in G&W’s Pacific Region in February 2017 and into March 2017.
The table below sets forth carload information for G&W’s 51.1% owned Australian Operations for February 2017 and February 2016 by commodity group.
Australian Operations(1): | February | February | Change | % Change | |||||||||
Agricultural Products | 4,869 | 4,951 | (82) | (1.7%) | |||||||||
Coal & Coke | 26,596 | - | 26,596 | NM | |||||||||
Intermodal | 4,298 | 4,531 | (233) | (5.1%) | |||||||||
Metallic Ores | 1,872 | 784 | 1,088 | NM | |||||||||
Minerals & Stone | 4,404 | 5,200 | (796) | (15.3%) | |||||||||
Petroleum Products | 12 | 25 | (13) | (52.0%) | |||||||||
Total carloads | 42,051 | 15,491 | 26,560 | NM | |||||||||
Carloads from New Railroads(2) | 26,596 | ||||||||||||
Same-railroad carloads | 15,455 | 15,491 | (36) | (0.2%) |
(1) 51.1% owned by G&W as of December 1, 2016. |
(2) Carloads from GRail, which was acquired on December 1, 2016, and contributed 26,596 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.
- Minerals & stone traffic decreased 796 carloads, or 15.3%, primarily due to decreased gypsum shipments.
- Metallic ores traffic increased 1,088 carloads primarily due to the short-term re-opening of an iron ore mine.
- All remaining traffic decreased by a net 328 carloads.
The table below sets forth U.K./European Operations carload information for February 2017 and February 2016 by commodity group.
U.K./European Operations: | February | February | Change | % | |||||||||
Agricultural Products | 488 | 186 | 302 | NM | |||||||||
Coal & Coke | 3,374 | 3,379 | (5) | (0.1%) | |||||||||
Intermodal | 68,649 | 69,507 | (858) | (1.2%) | |||||||||
Lumber & Forest Products | - | 90 | (90) | NM | |||||||||
Minerals & Stone | 11,178 | 10,527 | 651 | 6.2% | |||||||||
Total carloads | 83,689 | 83,689 | - | - | |||||||||
- Minerals & stone traffic increased 651 carloads, or 6.2%, primarily due to increased shipments in Poland.
- Intermodal traffic decreased by 858 carloads, or 1.2%, split approximately evenly between the U.K. and continental Europe.
- All remaining traffic increased by a net 207 carloads.
First Quarter of 2017 Through February Traffic
The table below sets forth summary total carloads by segment for the first quarter of 2017 through February and the first quarter of 2016 through February.
Segment | QTD Feb | QTD Feb | Change | % | |||||||||
North American Operations | 265,039 | 249,892 | 15,147 | 6.1% | |||||||||
Australian Operations | 94,028 | 30,586 | 63,442 | NM | |||||||||
U.K./European Operations | 171,429 | 162,609 | 8,820 | 5.4% | |||||||||
Total G&W Operations | 530,496 | 443,087 | 87,409 | 19.7% | |||||||||
Carloads from New Railroads | 66,330 | ||||||||||||
Same-railroad carloads | 464,166 | 443,087 | 21,079 | 4.8% | |||||||||
February and the first quarter of 2016 through February by commodity group.
North American Operations: | QTD Feb | QTD Feb | Change | % Change | |||||||||
Agricultural Products | 37,598 | 36,361 | 1,237 | 3.4% | |||||||||
Autos & Auto Parts | 5,279 | 3,992 | 1,287 | 32.2% | |||||||||
Chemicals & Plastics | 29,842 | 28,614 | 1,228 | 4.3% | |||||||||
Coal & Coke | 43,697 | 34,794 | 8,903 | 25.6% | |||||||||
Food & Kindred Products | 9,487 | 9,784 | (297) | (3.0%) | |||||||||
Intermodal | 1,173 | - | 1,173 | NM | |||||||||
Lumber & Forest Products | 21,336 | 22,052 | (716) | (3.2%) | |||||||||
Metallic Ores | 3,076 | 4,122 | (1,046) | (25.4%) | |||||||||
Metals | 23,239 | 22,862 | 377 | 1.6% | |||||||||
Minerals & Stone | 30,234 | 27,002 | 3,232 | 12.0% | |||||||||
Petroleum Products | 17,058 | 17,465 | (407) | (2.3%) | |||||||||
Pulp & Paper | 26,017 | 27,726 | (1,709) | (6.2%) | |||||||||
Waste | 7,148 | 5,071 | 2,077 | 41.0% | |||||||||
Other | 9,855 | 10,047 | (192) | (1.9%) | |||||||||
Total carloads | 265,039 | 249,892 | 15,147 | 6.1% | |||||||||
Carloads from New Railroads(1) | 5,066 | ||||||||||||
Same-railroad carloads | 259,973 | 249,892 | 10,081 | 4.0% |
(1) Total carloads from P&W, which was acquired on November 1, 2016, and contributed 768 carloads of autos & auto parts traffic, 809 carloads of chemicals & plastics traffic, 1,173 carloads of intermodal traffic, 672 carloads of minerals & stone traffic, 405 carloads of metals traffic and 1,239 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 through February and the first quarter of 2016 through February by commodity group.
Australian Operations(1): | QTD Feb | QTD Feb | Change | % Change | |||||||||
Agricultural Products | 10,071 | 8,994 | 1,077 | 12.0% | |||||||||
Coal & Coke | 61,264 | 0 | 61,264 | NM | |||||||||
Intermodal | 8,758 | 8,940 | (182) | (2.0%) | |||||||||
Metallic Ores | 3,770 | 1,600 | 2,170 | NM | |||||||||
Minerals & Stone | 10,141 | 11,016 | (875) | (7.9%) | |||||||||
Petroleum Products | 24 | 36 | (12) | (33.3%) | |||||||||
Total carloads | 94,028 | 30,586 | 63,442 | NM | |||||||||
Carloads from New Railroads(2) | 61,264 | ||||||||||||
Same-railroad carloads | 32,764 | 30,586 | 2,178 | 7.1% |
(1) 51.1% owned by G&W as of December 1, 2016. |
(2) Carloads from GRail, which was acquired on December 1, 2016, and contributed 61,264 carloads of coal & coke traffic. |
The table below sets forth U.K./European Operations carload information for the first quarter of 2017 through February and the first quarter of 2016 through February by commodity group.
U.K./European Operations: | QTD Feb | QTD Feb | Change | % | |||||||||
Agricultural Products | 1,050 | 251 | 799 | NM | |||||||||
Coal & Coke | 7,465 | 7,412 | 53 | 0.7% | |||||||||
Intermodal | 143,698 | 136,752 | 6,946 | 5.1% | |||||||||
Lumber & Forest Products | - | 135 | (135) | NM | |||||||||
Minerals & Stone | 19,216 | 18,059 | 1,157 | 6.4% | |||||||||
Total carloads | 171,429 | 162,609 | 8,820 | 5.4% | |||||||||
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/20170313006357/en/
Contacts:
Thomas D. Savage, 1-203-202-8900
Senior
Vice President – Corporate Development & Treasurer
Web Site: http://www.gwrr.com