2025 MOW Spending Report: Passenger-rail programs
Gardner steps down as Amtrak CEO
Guest comment: Oliver Wyman’s David Hunt
Women of Influence in Rail eBook
Newsletter Sign Up
Stay updated on news, articles and information for the rail industry
Stay updated on news, articles and information for the rail industry
railPrime
RAIL EMPLOYMENT & NOTICES
Rail News Home
Rail Industry Trends
Rail News: Rail Industry Trends
2/14/2002
Rail News: Rail Industry Trends
Genesee & Wyoming to reward shareholders for 2001 growth
advertisement
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.
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.
