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Genesee & Wyoming Inc. ended 2001 on a high financial note. The short-line holding company Feb. 14 reported record net income of $19.1 million, a 37 percent increase compared with 2000's $13.9 million net income.
The net income comprises $10.2 million from North American operations, $8.5 million from Australian holdings and $400,000 from South American interests.
Due to the income growth, GWI's board approved a three-for-two common-stock split comprising a 50 percent common-stock dividend, payable March 14, to shareholders of record as of Feb. 28.
"Our fourth-quarter and year-end results exceeded our expectations [due to] the start-up of the newly acquired South Buffalo Railway [and] strong Australian carload volume in December — grain traffic for the 2001-02 Western Australia harvest moved earlier than expected," said Mortimer Fuller III, GWI chairman and chief executive officer, in a prepared statement. "At the same time, our expectations for that harvest have improved over the past month, as we now expect a 10.2 million ton harvest compared with a 7.3 million ton harvest last year."
GWI last year also generated $16.3 million in free-cash flow, which should grow higher in 2002 as the company continues to integrate South Buffalo Railway and completes its proposed acquisition of short-line holding company Emons Transportation Group Inc., said Chief Financial Officer John Hellmann.