TD Cowen


TD Cowen 1Q24 Rail Shipper Survey Says …

Our survey is comprehensive and covers a broad range of industrial and consumer industries, among others. Chemicals, Transportation, and Manufacturing comprised the largest percentages of participants. Shippers completing this survey had approximately


TD Cowen 1Q24 Earnings Preview

We adjust our models as we head into Q124 earnings–a slow start to the year due to harsh weather was followed with a rebound and U.S. carloadings turning positive YTD, led by

Tom Ellman, CFO, GATX (left); and Shari Hellerman, Head of Investor Relations, GATX (right).

GATX Meeting Takeaways From TD Cowen

We spent a day in two Ohio cities with GATX CFO Tom Ellman and Head of Investor Relations Shari Hellerman. Takeaways include: continued strength in North America railcar leasing; growth in India, where GATX constitutes substantially all the private-sector railcar leasing landscape; Europe growth; and a commitment to investing in long-lived, service-intensive assets, an investment grade, and returning excess cash.

Justin Roberts, VP, Corporate Finance & Treasurer, The Greenbrier Companies

Greenbrier Group Meeting Takeaways From TD Cowen

We hosted a virtual group meeting with Justin Roberts, VP, Corporate Finance & Treasurer, The Greenbrier Companies. Mr. Roberts remains confident in GBX’s long-term operational plan, launched in April at the company’s first-ever investor day. Inquiry and order activity has been solid in recent weeks. He expects stable industry builds at or modestly above replacement for the next few years.

Jason Kuehn, Vice President Rail Practice, Oliver Wyman

REF Locomotive Day Takeaways From TD Cowen

Most locomotive energy transition scenarios bode well for Wabtec and to a lesser extent Caterpillar. There appears to be a near-consensus within the industry that the fleet will be zero-emission non-diesel in the long term but no clear consensus on what that will be, although hydrogen electrolyzer is a leading candidate. Bridge technologies could include biofuels, renewable diesel, hydrogen ICE, and battery.