Cowen and Company

• April 26, 2023
• Mechanical

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.”

• February 15, 2023
• Mechanical

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.”

Commentary

• February 03, 2023
• Locomotives

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

• January 20, 2023
• Freight Cars

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.

• December 08, 2022
• Class I

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.

• November 01, 2022
• Mechanical

Santana: Wabtec ‘Well-Positioned to Drive Long-Term Profitable Growth’ (UPDATED, Cowen)

Wabtec “delivered a strong quarterly performance,” President and CEO Rafael Santana said during a Nov. 1 financial report. Third-quarter 2022 sales were up 9.1% from the prior-year period, which the company attributed to “significantly higher Freight segment sales, partially offset by lower Transit segment sales.”

• October 27, 2022
• Freight Cars

Greenbrier 4Q22: ‘Strong End’ to Fiscal Year

Greenbrier on Oct. 27 reported fourth-quarter 2022 results, which marked a “strong end” to its fiscal year and “demonstrates the value of its diverse business activities,” said President and CEO Lorie Tekorius.

• October 27, 2022
• Class I

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.”

• October 26, 2022
• Class I

NS 3Q22: Record Quarterly Results, Improved Service Levels (UPDATED, Cowen)

Through its “robust hiring initiatives and the launch and execution of its new operating plan, TOP|SPG,” Norfolk Southern (NS) achieved “record financial results and improved service levels for its customers” in third-quarter 2022, said President and CEO Alan Shaw during an Oct. 26 announcement.

• October 25, 2022
• Freight Cars

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.”