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Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 

XPO Logistics: Constructive Outlook; Initiate O/P

Company Spotlight: 19 Apr 2016, 12:04 AM ET - Given a constructive outlook, we initiate coverage with an Outperform on the short-dated XPO and CNW bonds, Outperform on the longer-dated XPO bonds, and Market perform on the CNW 2034s.

2016 Outlook: Industrial Sector Recommendations

Strategy Outlook: 21 Dec 2015, 10:33 PM ET - We discuss 2015’s performance and detail our 2016 recommendations in the Industrial sector. 
Focused

Swift 3Q15: Tractor Order Cancelled; Capex Cut

Earnings Note: 26 Oct 2015, 11:43 PM ET - The Tuesday morning conference call will give color, but the after-market press release stated that SWFT cancelled orders for 450 tractors and cut net capex 21%. The freight environment is softer than SWFT originally expected.

3Q15 Rail Preview: Low EV Multiples Concerning

Sector Outlook: 13 Oct 2015, 3:37 PM ET - CreditSights changes its recommendation on CSX to Underweight, affirms its Underperform recommendation on NSC, and upgrades its recommendation on CP to Outperform.  Swooning EV multiples add additional risk for some names.
Focused

Swift: Cuts Guidance 13%; $100 mm Buyback Author.

Worth Watching: 25 Sep 2015, 9:53 AM ET

July 2015 Sector Update: Industrials

Sector Weightings: 06 Aug 2015, 1:34 PM ET - Our July sector overview provides the latest monthly performance data for the Industrials sectors.  Additionally, this month features a discussion of the sector level impacts of rising interest rates.
Focused

Swift: Outlook Consistent With Prior Expectations

Earnings Note: 28 Jul 2015, 8:50 PM ET - SWFT affirmed adjusted EPS range for 2015 of $1.64 - $1.74, and stated that its 2H15 outlook was consistent with prior expectations.  “Customers are positive about the upcoming busy season.” 

Final N.A. Tank Car Rules Issued

Sector Analysis: 03 May 2015, 11:16 PM ET - The rules are more benign than feared.  They primarily apply to crude and ethanol (not all flammable materials), and there is ample time for GATX to retrofit or replace its proportionately small crude and ethanol fleet.
Focused

Swift 1Q15: TL Strong Despite Some Recent Softness

Earnings Note: 29 Apr 2015, 4:25 AM ET - SWFT described January Truckload volume as “very strong”, followed by a little slowing in February, and a solid return in March.  SWFT reported a little softness during some weekends in April, but month-to-date loaded miles increased.

Riding the Rails: 1Q15 Preview

Sector Outlook: 13 Apr 2015, 4:26 AM ET - 1Q15 revenue grows a CreditSights-estimated 3.0% YoY on 2.7% more volume 0.3% stronger revenue per unit. Lower fuel surcharges dampen top-line growth by 3.3 percentage points. Mix remains a drag. Core price gains continue.

Using the New E-Mail Alerts System

Announcement: 18 Feb 2015, 11:28 PM ET - CreditSights launched its new beta e-mail Alerts system on  Mon, February 23rd. A new interface allows users to manage their e-mail  Alerts. This is a user guide for managing your e-mail Alerts in the new system.

Announcing CreditSights' New E-Mail Alerts System

Announcement: 12 Feb 2015, 11:27 PM ET - CreditSights announced the launch of its new beta e-mail Alerts system on Monday, February 23rd. Your previous e-mail Alert preferences will be carried over into the new beta e-mail Alerts system.
Focused

Swift 4Q14: 700-1,100 Unit Fleet Growth Targeted

Earnings Note: 02 Feb 2015, 11:08 PM ET - Net capex expands to $300 million to $350 million in 2015 versus 2014’s $173 million total.  SWFT targets 700-1,100 tractor fleet growth and the adoption of equipment with better accident prevention technology.

Freight/Rail/Logistics: 2015 Outlook

Sector Outlook: 13 Jan 2015, 12:15 AM ET - The FRL group performs well in a risk off environment. The rails have strong balance sheets with pension and lease-adjusted net debt to EBITDA of 1.7x.  They are solid cash generators, with predictable earnings and below-average event risk.
Focused

Swift: Calls Remaining 10% Second-lien Notes

Worth Watching: 19 Nov 2014, 9:53 PM ET
Focused

Swift Transportation 3Q14: Price Traction

Earnings Note: 26 Oct 2014, 8:35 PM ET - SWFT expects Truckload’s 4Q14 rate increases to be similar to 3Q14’s 5.1%.  In 2015, SWFT expects 4-5% rate increases and further margin improvement.
Focused

Swift 2Q14: “Meaningful Wage Increase” Coming

Earnings Note: 27 Jul 2014, 9:05 PM ET - Costs will build in the back half of the year as SWFT increases driver wages and their productivity, efforts to try to boost driver recruitment and retention.  Further price gains should come, but these will lag pay increases. 

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