No Major Surprises in Genesee & Wyoming’s 2Q; Australia and Europe Margins Show Progress
In the second quarter, narrow-moat short-line railroad Genesee & Wyoming’s total revenue increased 8%, roughly in line with our expectations when accounting for noise from acquisitions and foreign exchange. Total profitability also didn’t deviate drastically from our anticipated run rate. Of note, the firm closed the Heart of Georgia (short line rail) deal in the Southeast United States and Pentalver (off dock container services) in the United Kingdom during the quarter. Overall, because our...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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