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.
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.
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.
GATX has wrapped and released for delivery the first new 60-foot Plate F “eco-green” boxcar from a 1,500-boxcar deal signed earlier this year with and on lease to BNSF, the railcar lessor reported earlier this month via LinkedIn.
FINANCIAL EDGE, RAILWAY AGE DECEMBER 2022 ISSUE: The editorial staff at Railway Age follows the “old school” code of the postman emblazoned on New York’s City General Post Office. “Neither snow nor rain …” (you know the rest) keeps the RA team delivering the goods month in and month out.
A COVID-induced supply chain spiral led to a logistical conundrum that forced shippers and executive teams to adapt to an ever-changing global environment. As the dust begins to settle, we, at Cowen Research, are taking a closer look at the more long-lasting changes across the supply chain and consumers. A multi-sector angle provides insight into the long-term impact for supply chains and beneficiaries of these shifts.
![“Despite a volatile macro environment, we continue to identify attractive long-term growth opportunities in our markets in addition to the signing of a new railcar supply agreement in North America [with Trinity Industries],” GATX Corporation President and CEO Robert C. Lyons said on Oct. 25.](https://www.railwayage.com/wp-content/uploads/2022/10/GATX3-1-1-300x169.png)
“Demand for railcars remains strong across our global fleets,” GATX Corporation President and CEO Robert C. Lyons said during a third-quarter 2022 financial report on Oct. 25. “Fleet utilization at Rail North America remains high at 99.6% and our renewal success rate was 87.2% during the quarter.”
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.”
According to Cowen and Company’s recently conducted third-quarter 2022 Rail Equipment and Rail Shipper surveys, the positive outlook for railcar orders remains relatively unchanged from the second quarter, and rail shipping pricing expectations have ticked down sequentially. Details follow, plus insights on the Class I railroads, ahead of earnings.
RailPulse is developing a cloud-based telematics platform in an aim “to accelerate the adoption of GPS and other technologies across the North American railcar network.” Late last month, it outlined a three-phase approach to development, which is slated to be complete in second-quarter 2023.
