(RTTNews.com) - Genesee & Wyoming Inc. (GWR) reported net income in the third quarter of 2015 of $63.4 million, down from $72.7 million in the third quarter of 2014. Quarterly earnings per share were $1.10, compared with $1.27 last year.
Jack Hellmann, President and CEO of G&W, said, "Our outlook for the second half of 2015 remains unchanged from August, with third quarter results stronger than planned and fourth quarter outlook expected to be weaker than planned. As we finish the year and look ahead to 2016, our management team is concentrated on optimizing the strong free cash flow that underpins the value of our 120 railroads. In addition, we continue to evaluate potential acquisitions and investments worldwide."
Excluding the net impact of certain items affecting comparability between periods, G&W's adjusted net income in the third quarter of 2015 was $63.3 million, compared with adjusted net income of $69.1 million in the third quarter of 2014.
G&W's adjusted earnings per share in the third quarter of 2015 were $1.09, compared with adjusted earnings per share in the third quarter of 2014 of $1.21. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.
G&W's operating revenues increased $113.8 million, or 26.3%, to $546.3 million in the third quarter of 2015, compared with $432.5 million in the third quarter of 2014. Wall Street expected revenues of $ 550.48 million.
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