American Railcar Industries announced that its Board of Directors has appointed John O’Bryan as president and chief executive officer. O’Bryan had been serving as president and interim chief executive since January 1.
American Railcar Leasing
SMBC Rail Services LLC (SMBC Rail), the railcar operating lessor and fleet management division of Sumitomo Mitsui Banking Corp. (SMBC), on June 1 completed its acquisition of American Railcar Leasing LLC. SMBC Rail, headquartered in Chicago, will maintain an operating and sales office in St. Charles / St. Peters, Mo.
Cowen and Company analyst Matt Elkott has upgraded American Railcar Industries (ARI) to Outperform from Market Perform, “as earnings and fundamentals have not only remained stable but improved further on the frac sand front. Our confidence in our above-consensus estimates has grown, and our channel checks suggest rising interest in lease fleets. Meanwhile, valuation has compressed over the same period. Our new PT is $45 (16.5x our 2018 EPS estimate) vs. $44 previously.”
Sumitomo Mitsui Banking Corp (SMBC) announced Dec. 19 that its railcar operating lessor and fleet management business, SMBC Rail Services LLC (SMBC Rail), has signed an agreement to purchase American Railcar Leasing LLC (ARL) from Icahn Enterprises L.P.