Commentary

Cowen: 3Q22 Shipper Surveys Say …

Written by Jason Seidl, Matt Elkott, Elliot Alper and Rocky Alam, TD Cowen
“Order expectations from shippers’ remain relatively in line from our second-quarter survey, but the level of certainty moderately declined in our recent survey,” Cowen analysts report. “It appears that gondolas saw demand improvement relative to second-quarter 2022. Boxcars declined relative to second-quarter 2022.”

“Order expectations from shippers’ remain relatively in line from our second-quarter survey, but the level of certainty moderately declined in our recent survey,” Cowen analysts report. “It appears that gondolas saw demand improvement relative to second-quarter 2022. Boxcars declined relative to second-quarter 2022.”

According to Cowen and Company’s recently conducted third-quarter 2022 Rail Equipment and Rail Shipper surveys, the positive outlook for railcar orders remains relatively unchanged from the second quarter, and rail shipping pricing expectations have ticked down sequentially. Details follow, plus insights on the Class I railroads, ahead of earnings.

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