Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Genesee & Wyoming (GWR) has reported 89.48 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $8.93 million, or $0.15 a share in the quarter, compared with $84.93 million, or $1.47 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $58.30 million, or $0.99 a share compared with $56.80 million or $0.98 a share, a year ago.
Revenue during the quarter went up marginally by 0.33 percent to $516.53 million from $514.85 million in the previous year period. Total expenses were 89.63 percent of quarterly revenues, up from 81.62 percent for the same period last year. That has resulted in a contraction of 801 basis points in operating margin to 10.37 percent.
Operating income for the quarter was $53.57 million, compared with $94.63 million in the previous year period.
However, the adjusted operating income for the quarter stood at $104.50 million compared to $94.20 million in the prior year period.
Jack Hellmann, president and chief executive officer of G&W, commented, "The fourth quarter of 2016 was extraordinarily active at G&W as we closed on the acquisition of GRail in Australia, we closed on the acquisition of the P&W in the United States, we signed an agreement to acquire Pentalver in the U.K., and we raised $287 million of equity to position ourselves for additional acquisition and investment opportunities. Our reported diluted EPS for the fourth quarter of 2016 were $0.15 which included expenses related to the above transactions as well as impairment and related charges in the U.K./Europe. At the same time, our adjusted diluted EPS of $0.99 included a $0.10 diluted EPS benefit from a multi-year take-or-pay contract. Excluding this benefit, our fourth quarter results were consistent with our outlook as our business performed as expected."
Operating cash flow declinesGenesee & Wyoming has generated cash of $407.04 million from operating activities during the year, down 14.33 percent or $68.11 million, when compared with the last year. The company has spent $1,135.03 million cash to meet investing activities during the year as against cash outgo of $1,074.27 million in the last year. It has incurred net capital expenditure of $216.85 million on net basis during the year, down 40.99 percent or $150.63 million from year ago.
Cash flow from financing activities was $719.95 million for the year, up 23.78 percent or $138.32 million, when compared with the last year.
Cash and cash equivalents stood at $32.32 million as on Dec. 31, 2016, down 10.08 percent or $3.62 million from $35.94 million on Dec. 31, 2015.
Debt moves up marginallyGenesee & Wyoming has witnessed an increase in total debt over the last one year. It stood at $2,359.45 million as on Dec. 31, 2016, up 3.41 percent or $77.70 million from $2,281.75 million on Dec. 31, 2015. Total debt was 30.90 percent of total assets as on Dec. 31, 2016, compared with 33.58 percent on Dec. 31, 2015. Debt to equity ratio was at 0.74 as on Dec. 31, 2016, down from 0.91 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.37 for the quarter from 5.16 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
