Genesee & Wyoming Inc. Reports Traffic for March 2010 and the First Quarter of 2010

GREENWICH, Conn., April 12, 2010 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) today reported traffic volumes for March 2010 and the first quarter of 2010.

GWI's traffic in March 2010 was 74,923 carloads, an increase of 4,820 carloads, or 6.9 percent, compared with March 2009. GWI's traffic in the first quarter of 2010 was 202,368 carloads, a decrease of 8,364 carloads, or 4.0 percent, compared with the first quarter of 2009.

The table below sets forth carloading information for March 2010 and March 2009:

    
    
    Genesee & Wyoming Inc.        March        % of        March        % of
    by Commodity Group             2010       Total         2009       Total
    
    Coal, Coke & Ores            18,351       24.5%       18,150       25.9%
    Minerals & Stone             11,361       15.2%       11,194       16.0%
    Farm & Food Products         10,711       14.3%        9,515       13.6%
    Metals                        7,584       10.1%        5,031        7.2%
    Pulp & Paper                  7,190        9.6%        7,574       10.8%
    Lumber & Forest Products      5,433        7.3%        4,848        6.9%
    Chemicals-Plastics            4,517        6.0%        4,227        6.0%
    Petroleum Products            2,098        2.8%        2,384        3.4%
    Autos & Auto Parts            1,053        1.4%          646        0.9%
    Other                         6,625        8.8%        6,534        9.3%
    
    Total                        74,923      100.0%       70,103      100.0%
    
    

Metals traffic grew 2,553 carloads primarily due to increased steel shipments in GWI's New York/Ohio/Pennsylvania and Southern Regions. Farm & food products traffic grew 1,196 carloads primarily due to increased grain shipments in GWI's Australia Region. All other traffic increased by a net 1,071 carloads.

The table below sets forth carloading information for the first quarter of 2010 and the first quarter of 2009:

    
    
    Genesee & Wyoming Inc.      1st Qtr        % of      1st Qtr        % of
    by Commodity Group             2010       Total         2009       Total
    
    Coal, Coke & Ores            52,154       25.8%       57,946       27.5%
    Minerals & Stone             30,786       15.2%       30,914       14.7%
    Farm & Food Products         24,895       12.3%       26,392       12.4%
    Pulp & Paper                 20,306       10.0%       23,292       11.1%
    Metals                       19,295        9.5%       17,414        8.3%
    Lumber & Forest Products     14,658        7.3%       14,477        6.9%
    Chemicals-Plastics           12,631        6.2%       12,702        6.0%
    Petroleum Products            7,451        3.7%        7,600        3.6%
    Autos & Auto Parts            2,679        1.3%        1,708        0.8%
    Other                        17,513        8.7%       18,287        8.7%
    
    Total                       202,368      100.0%      210,732      100.0%
    
    

The traffic decrease in the first quarter of 2010 compared to the first quarter of 2009 was principally due to declines of 5,792 carloads of coal, coke & ores traffic, 2,986 carloads of pulp & paper traffic, and 1,497 carloads of farm & food products traffic. These decreases were partially offset by a 1,881 carload increase in metals traffic. All other traffic increased by a net 30 carloads.

On June 15, 2009 GWI announced its intent to discontinue operations of its Huron Central Railway (HCRY) in the fourth quarter of 2009. GWI now operates HCRY under a temporary service contract through August 14, 2010. Starting in August 2009 HCRY carloads are no longer included in this carloadings press release due to the structure of this temporary contract.  To facilitate comparison to the prior year, GWI has excluded 1,250 total HCRY carloads from March 2009 and 3,707 carloads from the first quarter of 2009 in this press release. However, carloads reported in GWI's Forms 10-K and 10-Q will include HCRY traffic through July 2009.    

Historically, GWI has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income.

GWI owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands. Operations currently include 62 railroads organized in nine regions, with approximately 6,000 miles of owned and leased track and approximately 3,400 additional miles under track access arrangements. GWI provides rail service at 16 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers.

SOURCE Genesee & Wyoming Inc.