GENESEE & WYOMING INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 6, 2019. Its latest SEC filing is a 15-12B from Jan 9, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Runs freight railroads that carry commodities and intermodal freight for shippers, and offers port and other rail-related services to shippers and other railroads.

How Did They Make Money?

Customers pay freight charges based on each car, container or ton as a shipment moves from origin to destination; related services such as switching, storage and repairs are charged as the service is performed.

FY2018 revenue

Who Were Their Customers?

Freight customers in North America typically contract with G&W and connecting carriers; customers in Australia, the U.K. and Continental Europe generally contract directly with G&W. For interline trips, one railroad invoices customers for all carriers on the route.

Customers above 10% of revenue, FY2018

of revenue from one customer

FY2016: 22% from one customer

Did Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2018 and turned 11 cents into free cash flow.

Operating income, FY2018

18% of revenue

▲ +8% vs FY2017 ($392M, 18%)

Net income, FY2018

10% of revenue

▼ −55% vs FY2017 ($549.1M, 25%)

Free cash flow, FY2018

11% of revenue

▲ +7% vs FY2017 ($250.7M, 11%)

How Were They Changing?

Since the FY2018 annual report

Latest quarter: Q3 FY2019, the three months to Sep 30, 2019

Revenue: ▼ −3%; vs $603.3M in Q3 FY2018
Net income: ▼ −4%; vs $69.6M in Q3 FY2018

Dec 30, 2019 G&W completed its sale to Brookfield Infrastructure and GIC G&W became a wholly owned subsidiary, and its common stock was delisted from the NYSE.
Aug 5, 2019 Agreed to sell its remaining Australian rail interests Macquarie Infrastructure and PGGM Ibis LP Trust agreed to buy the remaining interests in GWA for A$627,400,000, subject to closing conditions.
Jul 1, 2019 Agreed to be acquired by Brookfield Infrastructure and GIC Stockholders were to receive $112.00 in cash per share, subject to stockholder and regulatory approvals.

Grew. Revenue grew 43% in 4 years, from $1.6B in FY2014 to $2.3B in FY2018, about 9% a year.

Saudi rail management support The latest report describes Freightliner providing management and technical support to Saudi Railway Company alongside freight services; the earlier report describes the U.K./European business in terms of freight operations across Europe.

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