Investors pushed Genesee & Wyoming (NYSE:GWR) shares higher Tuesday after the freight railroad operator said traffic volumes in the third quarter increased 9.5% from a year ago.
Third-quarter traffic was 145,269 carloads, up nearly 13,000 from the year earlier, driven by a 54.5% increase in farm and food products.
In August, traffic was 73,711 carloads, up 11.6%, or 7,654, compared with the prior-year period.
Traffic last month was fueled by a 63% increase, to 9,716 carloads, of farm and food products, mostly in its Australian region.
Shipments of chemicals and plastics as well as autos and auto parts were also up, 26.9% and 24.6%, respectively.
Traffic improvements were only partially offset by a 4.8% decline in lumber and forest products.