GATX

“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.

Commentary

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.
Commentary

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.

“GATX is sending us a boxcar that’s green—literally. The car will be in use across our network. Keep an eye out and maybe you’ll spot it!” BNSF wrote via LinkedIn earlier this month. (Photograph Courtesy of GATX via LinkedIn)

First Look: ‘Eco-Green’ Boxcar for BNSF

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.

Trinity Industries on Oct. 3 reported that it will supply a mix of 15,000 newly built tank and freight railcars to GATX through 2028, with GATX having an option to order up to 500 more railcars per year from 2023 to 2028.
Commentary

What a Difference a Day Makes

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.

(Photograph Courtesy of Port of Long Beach)
Commentary

Cowen: Measuring Supply Chain Shifts

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.

GATX 3Q22: Demand ‘Strong,’ Lease Rates Rise

“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.”

“The start of 2023 was busy at Trinity as we continued to ramp up production and optimize our business,” Trinity President and CEO Jean Savage said.

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.”

“Order expectations from shippers’ remain relatively in line from our second-quarter survey, but the level of certainty moderately declined in our recent survey,” Cowen analysts report. “It appears that gondolas saw demand improvement relative to second-quarter 2022. Boxcars declined relative to second-quarter 2022.”
Commentary

Cowen: 3Q22 Shipper Surveys Say …

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.

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