Genesee & Wyoming Inc. (NYSE:GWR) Q3 2015 Earnings Conference Call - Final Transcript

Oct 30, 2015 • 11:00 am ET


Genesee & Wyoming Inc. (NYSE:GWR) Q3 2015 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to the Genesee & Wyoming Q3 Earnings Call. [Operator Instructions]

I'd now like to turn the conference over to our host, Vice President, Corporate Development and Treasurer, Mr. Tom Savage. Please go ahead, sir.

Thomas D. Savage

Good morning, and thank you for joining us today on Genesee & Wyoming's Q3 2015 earnings call. Please note that we will be referring to a slide presentation during today's call. These slides are posted on the Investors page of our website, Reconciliations of non-GAAP measures disclosed on this conference call to the most directly comparable GAAP financial measure are likewise posted on the Investors page of our website.

We will start with the Safe Harbor statement and then proceed with the call. Some of the statements we will make during this call, which represents our expectations or beliefs concerning future events are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, which provides a Safe Harbor for such statements. Our use of words such as estimate, anticipate, plan, believe, could, expect, targeting, budgeting or similar expressions are intended to identify these statements and are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from our current expectations including, but not limited to factors we will discuss later and the factors set forth in our filings with the Securities and Exchange Commission.

Please refer to our SEC filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements. We cannot assure you that the forward-looking statements we make will be realized. We do not undertake and expressly disclaim any duty to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. And you should recognize that this information is only accurate as of today's date.

On the call today, we have two speakers, our President and CEO, Jack Hellmann; and our Chief Financial Officer, T.J. Gallagher. I will now turn the call over to our President and CEO, Jack Hellmann.

John C. Hellmann

Thank you, Tom and welcome to G&W's earnings call for the third quarter of 2015. As always, we will start our call this morning with safety. On slide number three, you will see the G&W same railroad safety index was 0.66 injuries per 200,000 man-hours for the first nine months of 2015 and we continue to lead the North American rail industry. Meanwhile, our newly acquired Freightliner operations have operated at a safety index of 2.04; although, we are clearly seeing an evolution of the safety culture that we expect will bring those numbers down in the near-term.

Before we launch into the details of the third quarter, I'd like to start with a couple of observations. First, in the context of an extremely weak economic environment for industrial and commodity shipments, our third quarter financial results were reasonably good. Nine of G&W's 11