Genesee & Wyoming Hits Class-I Railroad Service Headwinds in First Quarter; Pricing Remains Healthy
In the first quarter, narrow-moat short-line railroad Genesee & Wyoming’s total revenue increased 11%, slightly below our expected run rate due to the impact of heightened Class-I railroad congestion during the quarter. Relative to the same period last year, the increase stems mostly from acquisitions in the U.S. and Europe. Total profitability wasn’t far off our anticipated run rate. For reference, the firm closed the Heart of Georgia railroad deal (short line in the Southeast) in the U.S. ...Genesee & Wyoming owns or leases freight railroads worldwide. The company has three segments: North American Operations, which includes several regions that serve U.S. states and Canadian provinces and includes short line and regional freight railroads; Australian Operations, which serves New South Wales, the Northern Territory and South Australia and operates the Tarcoola-to-Darwin rail line; and U.K./European Operations, which is led by Freightliner Group Limited, a rail maritime intermodal operator and rail freight provider, as well as regional rail services in Continental Europe.
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