Genesee & Wyoming Inc. (GWR) reported that its first-quarter net income increased to $80.42 million or $1.46 per share, from $22.24 million or $0.52 per share last year. Adjusted profit per share was $0.87 for the quarter, adjusted primarily to exclude the retroactive benefit of the 2012 short line tax credit and RailAmerica integration costs.
Operating revenues rose to $375.21 million from $207.44 million prior year. The increase included $154.4 million in revenues from new operations, partially offset by a $1.2 million decrease from the net depreciation of foreign currencies relative to the U.S. dollar. Excluding the net impact from foreign currency depreciation, G&W's same railroad operating revenues, which exclude former RailAmerica railroads, increased $14.5 million, or 7.0%.
On average, 16 analysts polled by Thomson Reuters expected the company to report profit of $0.89 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $384.17 million for the quarter.
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