GATX

Cowen Insight: 1Q22 Shipper Surveys Say …

Cowen and Company transportation analysts Jason Seidl (Managing Director and Railway Age Wall Street Contributing Editor), Matt Elkott and Elliott Alper recently conducted their first-quarter 2022 rail equipment and shipper surveys. Following are the results, plus insights on The Greenbrier Companies Inc. (GBX), Trinity Industries Inc. (TRN), GATX Corporation, and the Class I railroads, ahead of earnings.

(Courtesy of Nortrak)
  • News

High Profile: GATX, Keolis, Pacific West, STB, STM

GATX Corp. elevated Paul F. Titterton to President of Rail North America. In addition, Keolis North America (Keolis) promoted Ryan Adams to Executive Vice President; Pacific West, LLC named Peter Touesnard CEO; Surface Transportation Board (STB) Member Michelle Schultz has been designated agency Vice Chair; and Société de transport de Montréal (STM) CEO Luc Tremblay is stepping down.

“In 2022, we anticipate the steady recovery in the North American railcar leasing market will continue,” GATX President and CEO Brian A. Kenney said during a Jan. 25 earnings announcement. “We expect market lease rates to increase above average expiring rates for railcars renewing during the year.”

GATX: ‘Steady’ Leasing Recovery to Continue in ’22

At GATX, Rail North America’s 2021 “outperformance was driven by improving market conditions,” President and CEO Brian A. Kenney said during the company’s fourth-quarter and full-year 2021 earnings announcement on Jan. 25; in addition to achieving “higher fleet utilization and a higher renewal success rate, we have now experienced six consecutive quarters of sequential increases in absolute lease rates,” he reported.

GATX 3Q21: ‘Demand Strong, Lease Rates Rise’

“We continue to see improvement across our global railcar leasing markets,” GATX Corp. President and CEO Brian A. Kenney said during a third-quarter 2021 earnings report on Oct. 21; he noted fleet utilization increased to 99.2% at quarter end for North America, and remained high at 98.1% for GATX Rail Europe.

(Photo: William C. Vantuono)

Leasing Improvements May Be Unsustainable

FINANCIAL EDGE, RAILWAY AGE AUGUST 2021 ISSUE: Ah, the summer doldrums. While many were hoping for carefree days and a return to normalcy, sadly, the world continues to fret and struggle with the coronavirus and its Delta variant. However, in the shadows of this looming global crisis, the world of North American rail is all atwitter with political activity and other news-grabbing headlines.

“Conditions in the North American railcar leasing market are consistent with our outlook coming into the year,” GATX President and CEO Brian A. Kenney said during a first-quarter 2021 earnings announcement. “GATX’s fleet utilization decreased slightly to 97.8% and our renewal success rate was 77.7% for the quarter.”

GATX: ‘Pressure on Revenue Remains’

For Chicago-based GATX Corp., net income from continuing operations for the first three months of 2021 came in at $36.5 million, or $1.02 per diluted share—down 22.67% from the prior-year period’s $47.2 million, or $1.33 per diluted share.

Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl

Cowen Surveys Find ‘Encouraging’ Shipper Business Outlook

Two first-quarter 2021 surveys of rail shippers on pricing and business outlook as well as equipment needs conducted by Cowen and Company analysts Jason Seidl (Managing Director and Railway Age Wall Street Contributing Editor), Matt Elkott and Elliot Alper indicate that, compared with the previous quarter, Class I railroad customers are anticipating somewhat higher rate increases, and a slight decline in new railcar demand.

TrinityRail is offering its customers real-time railcar tracking, and has acquired a tank car cleaning company to expand Maintenance Services.
  • C&S

TrinityRail Launches Trinsight Railcar Tracking

TrinityRail has introduced Trinsight™ tracking to provide shippers with railcar and cargo location, condition and status information in real time. The company also reported that its Maintenance Services division has acquired Bay Worx Rail, a Texas-based tank car cleaning business.