Cowen and Company

Wabtec 1Q23: ‘Strong Start to 2023’

“The Wabtec team delivered a strong start to 2023 demonstrating continued momentum across both our Freight and Transit segments supporting a double-digit percentage increase in earnings per share,” said President and CEO Rafael Santana, who noted during an April 26 earnings report that the company “remained resilient in the face of considerable macro-economic challenges by focusing on operational excellence as we continued to deliver for our customers and shareholders.”

(Photograph Courtesy of Wabtec)

Wabtec: ‘Strong’ 4Q22 Results, Full-Year Backlog Grows

Wabtec “finished a strong 2022 as evidenced by higher sales, margin expansion and increased earnings,” said President and CEO Rafael Santana, who noted during a Feb. 15 earnings report that the company was able to deliver “despite a volatile environment that included significant headwinds from the impact of Russia sanctions, negative foreign currency exchange, supply chain constraints and higher input costs.”

Matt Elkott
Commentary

Cowen: Who Will Win the Locomotive Race?

Cowen and Company examines whether Caterpillar, Inc. could explore strategic alternatives for its transportation business, or at least the rail piece. An enterprise value-to-revenue multiple of 2.5x-2.75x may not be unreasonable, putting the transportation business value at approximately $12 billion.

Commentary

Rail Equipment Webinar Takeaways: Cowen

Tightness across a wide array of freight cars has continued, and with supply chain challenges limiting the industry’s ability to produce to demand, the lease rate momentum looks sustainable, according to expert panelists at Cowen and Company’s Jan. 19 webinar on the current state and outlook of the rail, locomotive, and railcar leasing and manufacturing markets.

Alan Shaw, President and CEO, Norfolk Southern

NS: ‘A Franchise Built for Growth’ Says Shaw

Norfolk Southern’s (NS) growth strategy was laid out at its Dec. 6 Investor Day, the first under new President and CEO Alan Shaw. Not a “grow-at-all-cost strategy,” Shaw said the Class I will balance three key elements: “Reliable and resilient service; continuous productivity improvement; and smart and sustainable growth.” Cowen and Company and Susquehanna Financial Group (SFG) weigh in.

(Photograph Courtesy of CP via Twitter)

CP’s Creel: 2022, ‘A Tale of Two Halves’ (UPDATED, Cowen)

“Throughout the year, we have said 2022 would be a tale of two halves and that is exactly how it is unfolding,” Canadian Pacific (CP) President and CEO Keith Creel said on Oct. 26. “The third quarter saw strong demand in potash and intermodal that we anticipated, and CP was well-resourced to handle the volume increases we have seen.”

“The start of 2023 was busy at Trinity as we continued to ramp up production and optimize our business,” Trinity President and CEO Jean Savage said.

Trinity’s Savage: ‘Strong Momentum’ for 2023

Trinity Industries on Oct. 25 reported third-quarter 2022 GAAP and adjusted earnings that “show progress and improvement in our business,” according to President and CEO Jean Savage. “We continue to believe we will perform well in the coming years given our robust backlog and the favorable re-pricing environment for lease rates.”

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