(Reuters circulated the following on November 3.)
NEW YORK — Railroad operator Genesee & Wyoming Inc. posted better-than-expected quarterly results, helped by acquisitions and strength in its same railroad operations. For the third quarter, net income rose 31 percent to $21.2 million, or 58 cents a share. The company earned 55 cents a share from continuing operations.
Revenue increased 22 percent to $159.4 million. Acquisitions contributed $12.8 million, while revenue from same railroad operations rose 12 percent.
The latest quarter results included gains of 2 cents a share from sale of assets and a net tax benefit of 1 cent a share.
The company earned 54 cents a share, excluding items, topping analysts’ average estimate of 46 cents a share, according to Reuters Estimates. Genesee & Wyoming, which operates short-line and regional freight railroads in the United States, Canada, Australia and the Netherlands, said the Ohio Central Railroad System and the Georgia Southwestern will be integrated into its operations in the fourth quarter.
The company freights a range of commodities, including pulp and paper, coal, coke and ores, metals, farm and food products, minerals and stone, and petroleum products. Shares of the Greenwich, Connecticut-based company closed at $33.35 Friday on the New York Stock Exchange.