One month into the second quarter of the year, most Class I railroads are exceeding traffic expectations, according to Cowen and Company.
Norfolk Southern is leading the pack, exceeding growth expectations laid out by the analysts, with Kansas City Southern, Union Pacific and Canadian National following closely behind. Canadian Pacific is the only major Class I carrier that isn’t hitting Cowen’s expectations.
The analysts warned, however, that a lot can change by the end of the quarter.
“With nine weeks yet to be reported, we are hesitant to draw conclusions about the carriers’ full quarter performances,” the company said.
Cowen said total domestic rail traffic grew by 8.4 percent, year-over-year, in the week ending April 26.
“The result marks a continuation of a robust traffic recovery that began around the beginning of March when extreme weather conditions began to subside,” the company said.
Class I carriers show improvement in Q2
