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November 13, 2012
06:04 EDTGWRGenesee & Wyoming reports October total car loads down 4.8%
Excluding 125 carloads from the Hilton & Albany Railroad, which commenced operations on January 1, and 1,249 carloads from the Columbus & Chattahoochee Railroad, which commenced operations on July 1, same-railroad traffic in October decreased 5,464 carloads, or 6.5%, compared with October 2011. GWI's other commodity group traffic decreased 3,071 carloads in October primarily due to no overhead coal shipments in GWI's Ohio Region. Farm & food products traffic decreased 3,014 carloads primarily due to reduced shipments in GWI's Australia Region as a result of an accelerated shipping schedule earlier in 2012, as well as a mechanical failure at an export grain terminal in Adelaide, South Australia. Coal & coke traffic decreased 1,569 carloads primarily due to reduced shipments in GWI's Ohio and Illinois Regions. Metals traffic decreased 1,045 carloads primarily due to reduced shipments in GWI's Rail Link Region. These decreases were partially offset by a 1,168 carload increase in lumber & forest products traffic primarily due to increased shipments in GWI's Oregon Region. All remaining traffic increased by a net 2,067 carloads.
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November 17, 2015
17:32 EDTGWRNorfolk Southern spikes after Canadian Pacific proposes merger
Shares of railroad operator Norfolk Southern (NSC) are spiking in the after-hours after rival Canadian Pacific (CP) announced that it has sent an offer letter to Norfolk Southern proposing a business combination. WHAT'S NEW: After the close of trading on Tuesday, Canadian Pacific proposed a business combination with Norfolk Southern "that would create a transcontinental railroad with the scale and reach to deliver improved levels of service to customers and communities while enhancing competition and creating significant shareholder value." Canadian Pacific noted that the proposal reflects a "sizable premium in cash and stock offered to NS shareholders." The combined company would have a potential for faster earnings growth than either of the companies independently, CP noted, while offering unparalleled customer service and competitive rates to shippers." The combined company would innovate a new approach to terminal access that would allow another carrier to operate from a point of connection in the event the combined company failed to provide adequate service or competitive rates. The combination of NS and CP would provide a solution to "bottleneck pricing" and alleviate congestion in Chicago by channeling rail traffic away from Chicago. WHAT'S NOTABLE: According to a Globe and Mail report from earlier Tuesday, Keith Creel the COO of Canadian Pacific, who was speaking at a transportation conference, said rail mergers are inevitable but the executive "refused" to confirm past reports that the railroad operator was in talks to acquire rival Norfolk Southern. ANALYST VIEW: ON November 12, research firm BB&T said it believes there are many scenarios in which a merger between Canadian Pacific and Norfolk Southern would benefit both companies. The firm said that Norfolk Southern shareholders would get a 20%-30% premium above the stock's current level, while Canadian Pacific's potential revenue growth issues would be solved and its 2018 EPS would be boosted by 20% plus. PRICE ACTION: Shares of Norfolk Southern are up 6.9% to $93.00, while Canadian Pacific shares are unchanged. OTHERS: Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Genesee & Wyoming (GWR), Kansas City Southern (KSU) and Union Pacific (UNP).
November 15, 2015
12:42 EDTGWRGenesee & Wyoming shares could gain 20% or more in a year, Barron's says
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