Author: Jason Seidl, Matt Elkott, Bhairav Manawat, Elliot Alper and Uday Khanapurkar

(Autorack Photograph Courtesy of Trinity)

TD Cowen: 3Q23 Surveys Say …

Railcar demand showed some resilience against a tough macro backdrop, although we view the results of our third-quarter 2023 Rail Equipment Survey as a slight incremental negative for manufacturing and possibly a slight positive for leasing. Our third-quarter 2023 Rail Survey showed that expected rate increases were +3.2%, declining sequentially and sitting below the survey’s long-term average. Business growth expectations remain unchanged, and economic confidence worsened.