TD Cowen

“Leaders in the railroad market pointed to mixed conditions across the railroad and intermodal network,” according to TD Cowen’s latest Railroad Happy Hour report. "Improved operations are aiding service offerings…

Our survey is comprehensive and covers a broad range of industrial and consumer industries, among others. Chemicals, Transportation, and Manufacturing comprised the largest percentages of participants. Shippers completing this survey…

Our 1Q24 survey results are neutral to mildly positive for railcar demand. The order outlook was mixed, but a lower percent of shippers not ordering cited “no need” in 1Q24…

We adjust our models as we head into Q124 earnings–a slow start to the year due to harsh weather was followed with a rebound and U.S. carloadings turning positive YTD,…

We spent a day in two Ohio cities with GATX CFO Tom Ellman and Head of Investor Relations Shari Hellerman. Takeaways include: continued strength in North America railcar leasing; growth…

We hosted a virtual group meeting with Justin Roberts, VP, Corporate Finance & Treasurer, The Greenbrier Companies. Mr. Roberts remains confident in GBX's long-term operational plan, launched in April at…

Most locomotive energy transition scenarios bode well for Wabtec and to a lesser extent Caterpillar. There appears to be a near-consensus within the industry that the fleet will be zero-emission…

We had one-on-one and group meetings with several rail and rail equipment stakeholders at the Rail Equipment Finance Conference 2024 (REF), held March 3-6 in La Quinta, Calif. Putting the…

Industry leaders were more bullish on rail and intermodal at the latest “Suds with Seidl” event at TD Cowen, as they see strong February trends after some weather-related weakness in January.…

Trinity Industries’ closed out 2023 with revenue up 51% over 2022 and a backlog of $3.2 billion, President and CEO Jean Savage said during an Feb. 22 financial report. Rising…

“The Wabtec team delivered a strong finish to 2023 as evidenced by higher sales, margin expansion, increased earnings and improved cash flow,” President and CEO Rafael Santana said in a…

Railcar manufacturing inquiries and orders appear to have moderated, but the 2024 build outlook remains stable, modestly above replacement demand. Lease rates are holding up well at elevated levels. While…

According to an unsubstantiated late-Jan. 31 Wall Street Journal article, an investor group led by activist Ancora Holdings Group, LLC intends to run a proxy fight and replace Norfolk Southern…

Chicago-based GATX Corp. has reported fourth-quarter 2023 net income of $66.0 million, or $1.81 per diluted share, compared with fourth-quarter 2022’s $48.4 million, or $1.36 per diluted share. For full-year…

Our Fourth-Quarter 2023 Rail and Rail Equipment Surveys generated a positive read-through for the rail group, albeit with a mild negative for railcar manufacturing. 4Q23 Rail Survey Expected rate increases…

The Greenbrier Companies’ new railcar backlog “remains robust,” said President and CEO Lorie Tekorius during a report on the manufacturer’s first fiscal quarter ended Nov. 30, 2023. “Our backlog, combined…

We spent two days in three Southeast cities with Trinity Industries CFO Eric Marchetto and head of Investor Relations Leigh Anne Mann. Management articulated what is arguably a railcar paradigm…

As supply chain, labor and border challenges ease, Trinity Industries’ (TRN) year-to-date choppy execution, despite a backdrop of decidedly favorable supply dynamics, should improve leading to 14% 2024 production growth…

Leaders in the railroad and logistics market continue to see a challenged intermodal market and holiday peak season. Service has been materially improved on both coasts and the Class Is…

Despite “an increasingly volatile macro-economic environment,” Wabtec delivered a “strong” third quarter, as evidenced by increased growth in sales, margin, earnings and operating cash flow, Wabtec President and CEO Rafael…