Fourth-quarter 2018 freight car order, delivery, and backlog figures compiled by the Railway Supply Institute represent a sustainable longer-term market for carbuilders, according to analysis conducted by Steve Barger, Kenneth Newman and Ryan Mills of KeyBanc Capital Markets. Orders were “strong” at 19,955 cars. Carbuilders delivered 13,462 units. The backlog now stands at 80,223—the highest level since 2Q16.
Wabtec Corp. and General Electric (GE) announced Jan. 25 that the planned merger of Wabtec and GE Transportation is expected to close by the end of February 2019, “subject to satisfaction or waiver of customary closing conditions.” The two have modified the terms of their merger agreement and have publicly filed S4 and S1 registration statements, respectively, with the U.S. Securities and Exchange Commission (SEC).
Vernice Armour, a motivational speaker who served as America’s first African-American female combat pilot, will give the keynote address at the Railway Interchange 2019 exhibition and technical conference at the Minneapolis Convention Center. Armour will address the general session on Monday, Sept. 23.
KeyBanc Capital Markets analyst Steve Barger attended the Midwest Association of Rail Shippers (MARS) conference and came away “believing our bullish thesis on the railcar space is correct.”
Among Class I railroads, BNSF was rated highest in service quality, according to a fourth-quarter 2018 survey of rail shippers conducted by Cowen and Company analysts Jason Seidl (Managing Director, and Railway Age’s Wall Street Contributing Editor), Matt Elkott and Adam Kramer.
The Greenbrier Cos. saw earnings decline on weaker revenue after lower deliveries of new railcars in the first quarter of fiscal 2019.
Tealinc, Ltd., a railcar operating lessor/broker and rail transportation manager/consultant, has promoted Kristen Kempson to Manager Value Creation-Sales and Marketing.
Financial Edge, January 2019: Railway Age’s January Issue will be released early next month, but we thought we’d give our readers a Holiday treat with Financial Editor David Nahass’ column, which has a particularly relevant (and a bit tongue-in-cheek) Christmas theme centered around a famous Charles Dickens short story.
Financial Edge, December 2018 Railway Age: On Oct. 22, American Railcar Industries Inc. (ARI) announced that it was being acquired by a subsidiary of ITE Rail Fund L.P. (ITE). The acquisition price was $70 per share, for a total purchase price (including debt) of $1.7 billion. That price represented a 51% premium to the previous day’s close (Oct. 19) of $46.29 per share. As ITE is privately held, ARI will become a private company at acquisition.
Our 14 honorees from freight, transit, supplier and trade organizations are driving their businesses forward while helping to make a leadership difference in the industry and community.