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DARIEN, CT: May 01 2018. Genes & Wyoming has recorded a 10.7 percent upturn in revenues to US$574.7 million for the three months to March.

Jack Hellmann, Chairman, President and CEO of G&W, commented, “G&W reported diluted earnings per share of $1.19 in the first quarter of 2018, or $0.70 per diluted share excluding the retroactive benefit from the U.S. Short Line Tax Credit for 2017. Although our adjusted diluted EPS increased 32%, our financial results in North America were adversely impacted by congestion at several connecting Class I railroads that limited car supply as well as by lower utility coal shipments in the Midwest. Meanwhile, our results in Australia and the U.K./Europe were consistent with our expectations.”

GW Rail“Our North American business strengthened in March and we see a favorable outlook for rates and volume for the remainder of 2018, despite ongoing pockets of rail system congestion. In Australia, we continue to see an uplift in our business in the second half of 2018 as we take delivery of new rail cars for spot coal movements in the Hunter Valley of New South Wales.”

“In the U.K., we are accelerating improvements to our rail, terminal and road business through an optimization plan to further rationalize rail equipment, to streamline management and to implement technology investments to enhance productivity. Over the coming 12 months, we plan to incur approximately US$55 million in restructuring and related costs so as to unlock annualized savings of approximately US$18 million, with the initial benefits recognized in the second half of 2018. We believe the reorganization will not only meet strong customer demand for all of our supply chain services but also will enhance the quality and efficiency of our operations.”(1)

“Finally, given G&W’s strong free cash flow generation and modest leverage, in the first quarter we commenced a share repurchase program under our existing $300 million authorization. During the quarter, we repurchased approximately 800,000 shares of G&W stock. At the same time, we are actively evaluating acquisition and investment opportunities in all geographies in which we operate. We expect to continue to pursue both traditional M&A opportunities as well as opportunistic share repurchases in 2018.”

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