GREENWICH, Conn. — Genesee & Wyoming Inc. reported net income in the fourth quarter of 2009 of $18.3 million, compared with net income of $25.3 million in the fourth quarter of 2008.
GWI’s diluted earnings per share (EPS) in the fourth quarter of 2009 were $0.44 with 41.3 million weighted average shares outstanding, compared with diluted EPS of $0.70 with 36.4 million weighted average shares outstanding in the fourth quarter of 2008.
GWI’s results for the fourth quarter of 2009 included gains on the sale of assets of $0.8 million ($0.5 million after-tax, or $0.01 per diluted share). Fourth quarter results also included a tax benefit of approximately $1.0 million, or $0.03 per diluted share, as a result of applying GWI’s full year effective income tax rate to results for the first nine months of 2009.
Results for the fourth quarter of 2008 included gains on the sale of assets of $3.9 million ($2.7 million after-tax, or $0.07 per diluted share), $2.0 million of acquisition-related expenses ($1.3 million after-tax, or $0.03 per diluted share) and certain net tax benefits of $9.3 million, or $0.26 per diluted share, primarily related to the extension of the short line tax credit.
