(Wabtec Photograph)

Wabtec: ‘Solid’ 4Q23, ‘Strong’ Order Pipeline (UPDATED 2/15)

“The Wabtec team delivered a strong finish to 2023 as evidenced by higher sales, margin expansion, increased earnings and improved cash flow,” President and CEO Rafael Santana said in a Feb. 14 earnings announcement. Sales were up 15.7% year-over-year, driven by Freight and Transit growth. TD Cowen offers updated insight on Feb. 15.


Rail Equipment Expert Panel Takeaways

Railcar manufacturing inquiries and orders appear to have moderated, but the 2024 build outlook remains stable, modestly above replacement demand. Lease rates are holding up well at elevated levels. While locomotive parkings


Report: Activist Investor Attempting NS Takeover

According to an unsubstantiated late-Jan. 31 Wall Street Journal article, an investor group led by activist Ancora Holdings Group, LLC intends to run a proxy fight and replace Norfolk Southern President and

“GATX achieved excellent financial results in the fourth quarter, resulting in a very strong year in terms of net earnings, earnings per share and investment volume," said GATX President and CEO Robert C. Lyons.

GATX 4Q23: ‘Excellent Financial Results’

Chicago-based GATX Corp. has reported fourth-quarter 2023 net income of $66.0 million, or $1.81 per diluted share, compared with fourth-quarter 2022’s $48.4 million, or $1.36 per diluted share. For full-year 2023, net income was $259.2 million, or $7.12 per diluted share, versus the prior year’s $155.9 million, or $4.35 per diluted share.


TD Cowen Surveys: ‘Slight Positive’ Business Growth; ‘Mild Negative’ Railcar Demand

Our Fourth-Quarter 2023 Rail and Rail Equipment Surveys generated a positive read-through for the rail group, albeit with a mild negative for railcar manufacturing. 4Q23 Rail Survey Expected rate increases were +3.4%,

(Greenbrier Photograph)

For Greenbrier 1Q24, ‘Strong Performance’

The Greenbrier Companies’ new railcar backlog “remains robust,” said President and CEO Lorie Tekorius during a report on the manufacturer’s first fiscal quarter ended Nov. 30, 2023. “Our backlog, combined with programmatic


Trinity ‘Well Positioned to Navigate North American Railcar Market’

We spent two days in three Southeast cities with Trinity Industries CFO Eric Marchetto and head of Investor Relations Leigh Anne Mann. Management articulated what is arguably a railcar paradigm shift: a

(Trinity Industries Photograph)

For TRN, Production Ramp, Continued Leasing Strength in 2024

As supply chain, labor and border challenges ease, Trinity Industries’ (TRN) year-to-date choppy execution, despite a backdrop of decidedly favorable supply dynamics, should improve leading to 14% 2024 production growth and accompanying


Railroad Happy Hour a Bit Happier This Time

Leaders in the railroad and logistics market continue to see a challenged intermodal market and holiday peak season. Service has been materially improved on both coasts and the Class Is have plenty of capacity to handle more volume. STB Chairman Oberman announced his departure, a surprise to us and all panelists, leaving the seat open until POTUS names his successor.

“Looking forward, we are confident that the breadth of our products and technologies combined with our ability to maintain resiliency during economic uncertainty will provide us with a solid foundation for growth and continued momentum as we close out this year and move into 2024,” Wabtec President and CEO Rafael Santana said during an Oct. 25 financial presentation.

Wabtec 3Q23: ‘Strong’ Results, Full-Year Guidance Raised

Despite “an increasingly volatile macro-economic environment,” Wabtec delivered a “strong” third quarter, as evidenced by increased growth in sales, margin, earnings and operating cash flow, Wabtec President and CEO Rafael Santana said during an Oct. 25 financial presentation. Sales were up 22.5% from the prior-year quarter, driven by the Freight and Transit segments, which experienced double-digit growth.