TD Cowen: Day 1 Transport Conference Takeaways

We hosted freight industry “fireside chats” and presentations on Day 1 of the TD Cowen 16th Annual Global Transportation Conference, being held Sept. 6-7 in Boston. While we heard that the rail

Pictured (left to right): Chad Raube, IntelliTrans; Ken Sherman, IntelliTrans; Kevin J. Hillesland, GATX; Geoffrey D. Phillips, GATX; John M. Sbragia, GATX; and Ron Ester, MBTA.
  • News

People News: GATX, IntelliTrans, MBTA

GATX Corporation elevates three senior executives. Also, a new President and CEO takes the throttle at IntelliTrans; and Massachusetts Bay Transportation Authority’s Chief Safety Officer resigns.

GATX Modifies Lease Price Index Calculation

GATX will report its Lease Price Index (LPI) based on a modified methodology beginning with second-quarter 2023. Weighing in on the move: David Nahass, Railway Age Financial Editor, and Matt Elkott, TD Cowen Transportation OEM Analyst and Vice President Equity Research.

Norfolk Southern has received an American Chemistry Council award for it LEED® Gold-certified headquarters building in Atlanta, Ga.

NS, Trinity, GATX Earn Responsible Care® Awards

The American Chemistry Council (ACC) has recognized Norfolk Southern (NS), Trinity Industries and GATX for safety and environmental stewardship as part of its 2023 Responsible Care® Awards program. Also, Nisus Corporation has

“GATX produced solid financial results in 2022, with each business unit contributing to a positive year,” GATX President and CEO Robert C. Lyons said during a quarterly earnings announcement.

GATX 4Q22: ‘Solid Financial Results’

Chicago-based GATX Corp. has reported fourth-quarter 2022 net income from continuing operations of $48.4 million, or $1.36 per diluted share, compared with fourth-quarter 2021’s $61.0 million, or $1.69 per diluted share. For full-year 2022, net income was $155.59 million, or $4.35 per diluted share, versus the prior year’s $143.1 million, or $3.98 per diluted share.


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.

Within the 49% of total shippers who are contemplating railcar orders in the next 12 months, 58% said “yes,” they plan to place orders, versus 54% in third-quarter 2022, and 42% said “maybe,” compared with 46% in third-quarter 2022. This could mean an increased level of certainty about ordering within the total shipper group relative to last quarter. Box and tank cars saw demand improvement relative to third-quarter 2022. Hoppers, gondolas and centerbeams declined relative to third-quarter 2022.

Cowen Insight: 4Q22 Shipper Surveys Say …

According to Cowen and Company’s recently conducted fourth-quarter 2022 Rail Equipment and Rail Shipper surveys, the demand for railcars remains strong, and rail-shipping pricing expectations ticked up sequentially. Details follow, plus insights on the Class I railroads, ahead of earnings.