Cowen Global Transport Conference Takeaways, Day 1

Reporting on the Cowen and Company Global Transport Conference in Bosto, Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl and analysts Matt Elkott and Adam Kramer offer these observations taken from the conference’s railcar/locomotive builder and Class I railroad panels, with a large trucker and a logistics/LTL company added for deeper perspective:

Greenbrier Releases Green Report

The Greenbrier Companies, Inc. (GBRX) released its inaugural Environmental, Social and Governance (ESG) report, which includes Greenbrier’s corporate social responsibility accomplishments.

Rail Equipment Positioning Amid a Market Selloff: Cowen

A looming U.S. economic recession—just look at freight rail traffic figures from the past six months—and “cyclical industrial fears” have significantly impacted rail equipment equities, creating opportunities for long-term investors with what Cowen and Company analysts Matt Elkott, Jason Seidl (Railway Age Wall Street Contributing Editor) and Adam Kramer describe as “quality companies with self-forged narratives” like Wabtec, Trinity and Greenbrier.

Greenbrier Completes ARI Acquisition

The Greenbrier Companies, Inc. (GBRX) recently completed its acquisition of the manufacturing business of American Railcar Industries (ARI) from ITE Management LP (ITE).

GBX “gains momentum” in 3Q2019

The Greenbrier Companies (GBX) on July 2 reported 3Q2019 earnings of $15.2 million, or $.46 per diluted share, on a record quarterly revenue of $856.2 million.

Downes tabbed as GBX CFO

The Greenbrier Companies, Inc. announced that its Senior Vice President and acting Chief Financial Officer Adrian Downes has been appointed Chief Financial Officer.

Greenbrier acquiring ARI

In a transaction valued at $400 million, the Greenbrier Companies, Inc. (GBRX) has entered into an agreement to acquire the manufacturing business of American Railcar Industries (ARI) from ITE Management LP (ITE), the hedge fund that bought ARI from investor Carl Icahn in December 2018. GBX said the result will be “a larger U.S. railcar manufacturing footprint, adding ARI’s two manufacturing facilities in Arkansas. It will employ more U.S. workers at cost-competitive and flexible facilities, with a more-efficient delivery model throughout North America, due to lower transportation costs.”

Greenbrier “underwhelming” earnings temporary: Furman

The Greenbrier Companies, in reporting financial results for its second fiscal quarter ended Feb. 28, said earnings it characterized as “underwhelming” due to certain one-time charges were expected and should be confined to the quarter.

Greenbrier receives $450MM in orders, previews FY2Q financials

The Greenbrier Companies announced March 22 that it had received orders for 3,800 new railcars with an aggregate value of nearly $450 million during its fiscal second quarter ended Feb. 28. At the same time, the company announced preliminary financial results for its fiscal second quarter.

Greenbrier 1Q net off on lower railcar deliveries

The Greenbrier Cos. saw earnings decline on weaker revenue after lower deliveries of new railcars in the first quarter of fiscal 2019.