GREENWICH, Connecticut — Railroad operator Genesee & Wyoming's first-quarter net income soared, bolstered by a large income tax benefit.
President and CEO Jack Hellmann said in a statement on Wednesday that Genesee & Wyoming Inc. had increased lumber and forest products shipments in the U.S. as the housing market continues its recovery and significant growth in crude-by-rail shipments on the West Coast and Gulf Coast.
The company earned $804.4 million, or $1.46 per share, for the three months ended March 31. That compares with $22.2 million, or 52 cents per share, in the prior-year period.
The current quarter included an income tax benefit of $24.9 million, while the year-ago period included an income tax provision of $12.3 million.
Removing a tax credit, RailAmerica integration costs and other items, earnings were 87 cents per share.
Analysts predicted earnings of 89 cents per share, according to a FactSet survey.
Operating revenue for the Greenwich, Connecticut, company surged 81 percent to $375.2 million from $207.4 million, helped by revenue from new operations. Wall Street was looking for revenue of $384.4 million.
First-quarter traffic rose 4.5 percent to 450,304 carloads.
Genesee & Wyoming shares finished at $85.20 on Tuesday.