Genesee & Wyoming's May traffic down 4.6% year-over-year to 78,536 carloads affected by drop in coal, coke products, farm and food product shipments
June 13, 2012
– Regional freight railroad operator Genesee & Wyoming Inc. said Tuesday that its May traffic fell 4.6 percent, pulled down by double-digit drops in shipments of coal and coke products and farm and food products.
The Greenwich, Conn.-based company said carloads dropped to 78,536 overall from 82,319 a year ago.
Excluding 1,327 carloads from the company's September acquisition of Arizona Eastern Railway and 155 carloads from the Hilton & Albany Railroad Inc., which began operations on Jan. 1, traffic at railroads operated for at least a year fell by 5,265 carloads, or 6.4 percent, from a year ago.
Genesee & Wyoming said traffic at its "Other" commodity group fell by 4,418 carloads, or 57 percent, mainly as a result of the absence of overhead coal shipments in its Ohio region.
Farm and food product traffic fell by 1,924 carloads, or 16 percent, on lower shipments in the company's Illinois and Australia regions. The drop in Illinois shipments mainly stemmed from tough comparisons to a prior-year month boosted by additional carloads that were diverted around flooding in the Midwest, the company said.
Coal and coke traffic fell by 1,811 carloads, or 14 percent, mainly as a result of lower shipments in its New York and Pennsylvania, Mountain West and Ohio regions.
The drops were partially offset by a 1,092 carload, or 19 percent, jump in metals traffic that stemmed from higher steel and scrap shipments in the railroad operator's southern region.
Genesee & Wyoming shares closed at $51 per share on Tuesday. Its shares have fallen 24 percent from a 52-week high of $66.83 per share in early February.
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