CEO says outlook “promising, thanks to growing customer demand for rail shipments across most commodity groups, particularly in North America.”
Short-line and regional railroad operator Genesee & Wyoming recorded a net income of $48.6 million on operating revenues of $595 million for the second quarter of 2018, up 1 percent and 10.1 percent year-over-year, respectively, according to the company’s latest financial statements.
Based out of Darien, Conn., G&W owns or leases 121 freight railroads across North America, Australia and Europe.
During the quarter, G&W repurchased about 1.9 million shares of its Class A Common Stock for $134.9 million.
“Our business outlook for the remainder of 2018 remains promising, thanks to growing customer demand for rail shipments across most commodity groups, particularly in North America,” G&W Chairman, President and CEO Jack Hellmann said. “In addition, we have refinanced our senior credit facility with improved terms through 2023, we have more than $600 million of capacity under our revolving credit facility and we continue to evaluate investment opportunities in multiple markets, including the opportunistic purchase of our own shares.”
G&W posts double-digit revenues growth
