Genesee & Wyoming 4Q profit falls 28 pct, though shipping company sees signs of stabilization

Genesee & Wyoming 4Q slides; demand firms up

GREENWICH, Conn. — Regional freight railroad operator Genesee & Wyoming Inc. said Monday its fourth-quarter earnings fell 28 percent as a weak economy knocked down demand for the goods it hauls.

But the company said demand appears to have stabilized in the last three months of the year.

The railroad earned $18.3 million, or 44 cents per share, compared with $25.3 million, or 70 cents per share, in the fourth quarter of 2008. The 2009 quarter includes a tax benefit of about 3 cents per share.

Revenue fell 6 percent to $139.9 million.

Analysts polled by Thomson Reuters expected a profit of 37 cents per share on revenue of $132.7 million.

For all of 2009, Genesee & Wyoming earned $61.3 million, or $1.57 per share, compared with $72.2 million, or $1.99 per share, a year earlier.

Full-year revenue fell 9 percent to $544.9 million.

Shares closed Friday at $29.32. The stock has traded between $16.42 and $34.26 in the past year.