Cowen and Company

In third-quarter 2020, Wabtec received an order for transit hybrid locomotives for New York City and a first zero-to-zero order for a Class I railroad, according to Cowen's Elkott.

Fuel Cells and Batteries: The Future of Mobility?

As part of Cowen and Company’s “Energy Transition Series,” analysts spoke with The Hydrogen Council Executive Director Daryl Wilson to explore the adoption of hydrogen and fuel cell technologies—from stationary to mobility applications. Also addressed were use-cases relating to complementary battery technology and costs of hydrogen as a fuel source. Cowen analysts discussed, too, how Cummins and Wabtec are operating in this market.

The Cowen and Company analysts reported that Kansas City Southern “again” received the highest “positive” rating, followed by BNSF in their 4Q Rail Shipper Survey.

Cowen 4Q20 Surveys: Rail Pricing, Car Orders Up Slightly, Say Shippers

Rail shippers in fourth-quarter 2020 expected price increases of 3.2% (up 10bps sequentially), and their sub-group of railcar buyers raised order expectations modestly, according to two surveys conducted by Cowen and Company analysts Jason H. Seidl (Managing Director and Railway Age Wall Street Contributing Editor), Matt Elkott and Elliot Alper.

“Greenbrier remains focused on sustaining a high level of liquidity and carefully managing our manufacturing footprint in order to continue to generate operating cash flow,” Chairman and CEO William A. Furman said.

GBX Fiscal 1Q21: ‘Strong Liquidity,’ $2.35B Backlog

The Greenbrier Companies, Inc. (GBX), in its first fiscal quarter ended Nov. 30, 2020, reported a net loss of $10 million, attributable to the company, in what continues to be a “challenging market environment.” GBX noted it has been successful in maintaining cash flow and liquidity—“essential components” of its operating strategy—and its diversified $2.35 billion new railcar backlog of 23,900 units—including orders for 2,900 railcars in the quarter, valued at $260 million—“provides a baseload of activity as we gain greater visibility into customer needs as the year unfolds.”

2021 Freight Rail and Equipment Market Outlook, with David Nahass, Jason Seidl and Matt Elkott: RAIL GROUP ON AIR PODCAST

Railroad Financial Corp. President and Railway Age Financial Editor David Nahass; Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl; and Cowen and Company Transportation Equipment Analyst

Matt Elkott, Cowen and Company OEM Transportation Analyst

Greenbrier ‘Ready for a Railcar Demand Recovery’: Cowen

At Cowen and Company, we expect North American railcar demand to recover in 2021. One of the best-positioned suppliers? The Greenbrier Companies (GBX), with more than a 40% manufacturing share following the acquisition of ARI. Railcar markets in Europe and Brazil are also improving. All of this plus the cost-cutting measures GBX has taken make it our top 2021 pick.

Suds With Seidl: “Railroad Happy Hour”

We hosted rail industry experts in our third Suds with Seidl event. The overall mood was optimistic. The outlook for 2021 was strong, with one participant noting he was surprised to hear just how bullish his customers were this past week. Class I’s may be missing business opportunities, but there is still hope for greater communication via technology initiatives. We remain positive on the rail group.