TRANSPORTATION & LOGISTICS
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- Darrell Evans
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1 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
2 WHAT WE RE READING LOGISTICS MAJOR CARRIERS FORECAST GROWTH IN HOLIDAY VOLUMES UPS, FedEx and the U.S. Postal Service are all projecting major growth in holiday shipping volume during the peak season, driven by the continued boom in ecommerce activity. UPS, for example, is projecting 700 million deliveries between Thanksgiving and the end of the year, a 14% increase over This year has two extra shipping days, which contributes a few percentage points to the increase. UPS includes the last week of the year in its holiday forecasts because of the growth of returns, gift card activation and inventory replenishment during this period. Multi Channel Merchant TRUCKING SELF-DRIVING TRUCK DELIVERS In what it called the world s first shipment by a self-driving truck, technology firm Otto announced Oct. 25 that one of its heavy-duty, semi-autonomous trucks assisted in a 133-mile delivery for Anheuser- Busch InBev. Otto was founded in January by former Google engineers and acquired in August by Uber Technologies Inc. With a professional driver on board Oct. 20, the Class 8 tractor and its trailer loaded with 51,744 cans of beer traveled south in Colorado from Fort Collins to Colorado Springs with 120 miles of the historic journey occurring with the truck in full autonomous mode on Interstate 25. Transport Topics MARINE SHIPPING INDUSTRY FEELS SHOCK WAVES FROM ELECTION The election of Donald Trump is sending shock waves across the shipping industry, which fears the antitrade rhetoric that took center stage during the campaign will further hurt ship operators as they try to deal with the worst down-cycle in 30 years. There is little detail about Trump s trade policy, but his overall protectionist, antiglobalization stance will likely hurt shipping an industry that thrives on low trading barriers for goods, said Basil Karatzas, a New York-based maritime ad adviser who works with the industry s biggest names. In the short term, the shock effect to the markets will likely lead to lower trading volumes at a time when shipping companies report earnings in bright red numbers. Wall Street Journal RAIL U.S. WEEKLY RAIL TRAFFIC INCREASES FOR FIRST TIME IN MONTHS The Association of American Railroads (AAR) reported on November 9 that U.S. rail traffic for the week ending November 5, 2016 was 543,377 carloads and intermodal units, up 0.7% compared with the same week last year. Total carloads for the week ending November 5 were 271,262 carloads, down 0.4% compared with the same week in 2015, while U.S. weekly intermodal volume was 272,115 containers and trailers, up 1.7% compared to Four of the 10 carload commodity groups posted an increase compared with the same week in RailwayAge AIR GLOBAL AIR CARGO STRONGEST SINCE US WEST COAST PORT CRISIS CONTENTS M&A TRANSACTIONS PUBLIC MARKETS OVERVIEW STOCK PRICE PERFORMANCE OUR GROUP CONTACTS UNITED STATES Frank Mountcastle Managing Director fmountcastle@harriswilliams.com +1 (804) Jason Bass Managing Director jbass@harriswilliams.com +1 (804) Joe Conner Managing Director jconner@harriswilliams.com +1 (804) Jeff Burkett Director jburkett@harriswilliams.com +1 (804) Jershon Jones Director jjones@harriswilliams.com +1 (804) Jeff Kidd Vice President jkidd@harriswilliams.com +1 (804) James O Malley Vice President jomalley@harriswilliams.com +1 (804) EUROPE Jeffery Perkins Managing Director jperkins@harriswilliams.com +49 (0) Global air cargo traffic rose 6.6 percent year-over-year in September, the fastest growth rate since the industry benefited from the disruption caused by the US West Coast ports strike in February 2015, the International Air Association said. The rebound, which coincided with an apparent upturn in new export orders in recent months, may also have been driven by some unique factors, including the rush replacement of Samsung Galaxy Note 7 devices and the early impact from the collapse of Hanjin Shipping at the end of August, according to the industry body. Journal of Commerce PAGE 1
3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Date Sector Target Business Description Acquirer 11/7/2016 Logistics Marken Ltd. Provides transportation services for clinical trial materials and medicine. United Parcel Service, Inc. 11/2/2016 Logistics Trademark Global LLC Provides shipping and warehousing services. Bertram Capital 11/1/2016 McKeil Provides marine transportation and project services in Canada. TorQuest Partners 10/31/2016 Rail American Track Services Provides rail inspection, maintenance, repair, and design and construction services. Hilltop Private Capital 10/28/2016 XPO Truckload Division Provides truckload logistics services. TransForce Inc. 10/27/2016 Logistics Diamond Services Provides paratransit and shuttle services to the Greater Washington, D.C. area. National Express Group 10/26/2016 Logistics TTS, LLC Provides multimodal, agent-based freight management services. Sunteck Transport Group 10/26/2016 Logistics MetroGistics, LLC Provides non-asset based automotive logistics services. Tailwind Capital 10/26/2016 Logistics Pilot Freight Services Provides transportation and logistics services worldwide. ATL Partners and bcimc 10/24/2016 Rail Frauscher Sensor Technology Provides train tracking solutions for the railway signaling industry. Greenbriar Equity Group 10/20/2016 Rail Glencore Rail Provides rail based transportation services in the Hunter Valley of Australia. Genesee & Wyoming Inc. 10/19/2016 Logistics IDS Services, Inc. Provides a comprehensive mix of supply chain logistics services, including warehousing, distribution, and order fulfillment. R2 Freight and Logistics, Inc. 10/19/2016* Logistics TVS Logistics Services Ltd. Provides third party logistics services in India. Caisse de depot et placement du Quebec 10/18/2016 Air Aurora Jet Center Provides airport FBO services in Aurora, OR. Lynx FBO Network 10/18/2016 Kamil Ship Supply Provides last-mile port logistics services. Ship Supply International 10/4/2016 Logistics Golden State Overnight Delivery Service, Inc. Provides ground and priority overnight delivery services. General Logistics Systems BV 10/4/2016 Pan-United Shipping Pte Specializes in the transportation of bulk cargoes through coastal Sedgefield Corp. Pte Ltd. Ltd. shipping, affreightment, ship management, agency and trading services. 10/3/2016 Logistics MITSafetrans SRL Provides transportation and logistics services. DHL Supply Chain 9/30/2016 Logistics Albini & Pitigliani Sverige AB *Denotes minority investment Provides transportation, freight, and warehousing services. Kerry Logistics Network Ltd. PAGE 2
4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2016E EBITDA 10.5x 10.0x 10.1x 8.8x 8.8x 8.0x 6.5x 6.5x Equipment 5.7x Equipment 5.9x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) 7.2% 4.5% 5.3% 0.5% 4.7% Equipment (1.7%) Equipment 3.4% (7.3%) 1.9% (8.4%) AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) Equipment 17.0% 9.7% 15.8% (0.9%) 14.5% Equipment (3.3%) 8.4% (5.4%) (3.5%) (8.2%) PAGE 3
5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) 19.8% Equipment 10.5% 15.4% 10.3% 9.2% 5.7% 6.5% 5.0% Equipment 4.9% S&P % S&P % (27.5%) TRAILING TWELVE MONTHS (Indexed to November 18 th, 2015) 25% 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) (30%) Nov-15 Feb-16 May-16 Aug-16 Nov-16 Rail and Rail Services Equipment S&P 500 Index PAGE 4
6 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marine and air transportation, transportation equipment, and the automotive and heavy duty vehicle market. RECENTLY CLOSED T&L TRANSACTIONS has merged with an operating company of has acquired in a recapitalization by and RCL Services Group in partnership with and has sold and to DEEP EXPERIENCE ACROSS T&L SECTORS THIRD-PARTY LOGISTICS RAIL & RAIL SERVICES MARINE TRANSPORTATION TRANSPORTATION EQUIPMENT NICHE TRANSPORTATION AUTOMOTIVE & HEAVY DUTY VEHICLE AIR TRANSPORTATION PAGE 5
7 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy, Power & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts Phone: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California Phone: +1 (415) Washington, D.C th St. NW 2nd Floor Washington, D.C Phone: EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 6
8 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Nov-15 May-16 Current 2016E 2017P & Logistics Agility Public Warehousing Co. K.S.C. $2,299 $ % 5.6% $ % 7.1x 6.4x 7.4x 7.1x 7.0x Air Transport Services Group, Inc. 1, % 88.0% % 4.5x 5.7x 6.9x 6.5x 5.1x Atlas Air Worldwide Holdings, Inc. 3, % 24.4% % 6.3x 10.7x 16.0x 7.4x 6.6x C.H. Robinson Worldwide, Inc. 11, % 8.9% % 12.0x 12.0x 12.5x 12.7x 12.5x Deutsche Post AG 44, % 6.9% % 12.1x 12.7x 10.5x 8.5x 8.0x DSV A/S 9, (8.2%) 10.3% % 14.1x 18.1x 16.1x 15.9x 13.3x Echo Global Logistics, Inc % 9.7% % 16.7x 14.0x 16.2x 13.0x 10.8x Expeditors International of Washington, Inc. 8, % 4.6% % 11.2x 10.3x 11.6x 11.7x 11.2x FedEx Corporation 61, % 14.7% % 9.9x 9.1x 9.5x 7.1x 6.7x Forward Air Corporation 1, % 1.6% % 12.4x 9.8x 10.6x 10.7x 9.7x Hub Group, Inc. Class A 1, % 10.7% % 9.4x 7.6x 8.5x 8.8x 8.7x J.B. Hunt Transport Services, Inc. 11, % 17.9% % 9.7x 9.4x 10.5x 10.5x 9.7x Kuhne & Nagel International AG 14, (5.2%) (4.7%) % 14.8x 14.5x 13.5x 13.5x 12.7x Landstar System, Inc. 3, % 30.0% % 10.1x 10.1x 13.2x 13.3x 12.4x Panalpina Welttransport (Holding) AG 2, (8.6%) 13.6% % 12.1x 13.4x 14.4x 16.1x 11.9x Roadrunner Systems, Inc % (5.5%) % 5.9x 6.0x 8.3x 7.8x 6.9x Ryder System, Inc. 9, % 16.5% % 5.5x 5.3x 5.6x 5.4x 5.2x TransForce Inc. 2, % 28.2% % 10.5x 7.8x 9.6x 8.8x 6.5x United Parcel Service, Inc. Class B 110, % 9.6% % 12.6x 10.4x 11.4x 10.5x 10.2x Universal Logistics Holdings, Inc % (9.7%) % 6.1x 5.4x 6.7x 7.2x 7.1x XPO Logistics, Inc. 10, % 34.1% % 18.3x 12.6x 9.6x 8.5x 7.8x Median 15.4% 10.3% 97.8% 10.5x 10.1x 10.5x 8.8x 8.7x ArcBest Corporation $803 $ % 13.7% $ % 3.4x 2.6x 6.1x 5.9x 4.7x Celadon Group, Inc % (42.2%) % 7.9x 6.5x 6.8x 4.9x 6.5x Covenant Group, Inc. Class A % (9.0%) % 4.4x 3.7x 4.4x 5.4x 4.8x Heartland Express, Inc. 1, % 11.6% % 8.0x 7.2x 9.1x 8.9x 8.8x Knight, Inc. 2, % 32.3% % 7.6x 7.7x 10.6x 10.6x 9.9x Marten Transport, Ltd % 34.4% % 4.9x 4.8x 5.9x 5.6x 5.4x Old Dominion Freight Line, Inc. 7, % 33.7% % 8.4x 7.8x 10.7x 10.8x 9.9x P.A.M. Services, Inc % (38.2%) % 7.2x 4.2x 5.1x 4.6x 4.3x Saia, Inc. 1, % 74.3% % 4.3x 4.8x 7.5x 7.2x 6.4x Swift Company Class A 4, % 53.1% % 5.9x 5.4x 8.0x 7.7x 6.9x Universal Logistics Holdings, Inc % (9.7%) % 6.1x 5.4x 6.7x 7.2x 7.1x USA Truck, Inc % (52.6%) % 4.5x 5.6x 6.1x 6.6x 5.6x Werner Enterprises, Inc. 2, % (0.2%) % 5.5x 4.7x 6.4x 6.4x 5.9x YRC Worldwide Inc. 1, (7.1%) (31.7%) % 4.7x 4.2x 4.5x 3.8x 3.4x Median 19.8% 5.7% 95.2% 5.7x 5.1x 6.5x 6.5x 6.2x PAGE 7
9 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Oct-15 Apr-16 Current 2016E 2017P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,179 $ % (21.9%) $ % 6.4x 4.4x 5.7x 6.1x 6.9x Canadian National Railway Company 57, (3.7%) 6.9% % 10.7x 10.4x 11.9x 12.0x 11.4x Canadian Pacific Railway Limited 28, (5.0%) (2.1%) % 11.2x 10.7x 12.4x 11.7x 10.9x CSX Corporation 41, % 16.4% % 7.8x 7.3x 9.4x 9.3x 8.8x FreightCar America, Inc % (39.5%) % 3.9x 1.3x 4.1x 7.2x 8.6x Genesee & Wyoming, Inc. Class A 6, % 5.8% % 10.8x 9.5x 11.9x 11.5x 9.9x Greenbrier Companies, Inc. 1, % 4.2% % 3.4x 2.1x 3.0x 2.9x 4.7x Kansas City Southern 12, (5.4%) (6.5%) % 11.4x 11.3x 10.7x 10.6x 9.8x Norfolk Southern Corporation 39, % 6.8% % 9.3x 8.5x 9.9x 9.7x 9.1x Trinity Industries, Inc. 6, % (2.4%) % 4.6x 3.7x 5.7x 6.5x 8.3x Union Pacific Corporation 96, % 14.7% % 8.4x 8.3x 10.4x 10.4x 9.7x Westinghouse Air Brake Technologies Corporation 8, % 10.1% % 11.5x 10.7x 12.3x 13.2x 12.9x Median 6.5% 5.0% 95.1% 8.8x 8.4x 10.1x 10.0x 9.4x Aegean Petroleum Network Inc. $1,253 $ % 48.8% $ % NM 11.2x 9.7x 8.9x 8.4x Costamare Inc. 1, (2.3%) (42.1%) % 7.4x 6.4x 5.9x 6.0x 6.6x Diana Shipping Inc % (30.6%) % 19.8x NM NM NM NM Kirby Corporation 4, % (1.3%) % 7.3x 8.0x 8.6x 9.4x 10.0x Matson, Inc. 2, (7.0%) (27.5%) % 10.0x 6.2x 9.0x 8.3x 7.7x Nordic American Tankers Limited 1, (7.6%) (40.2%) % 8.8x 7.0x 6.6x 7.8x 9.6x Rand Logistics, Inc % (44.1%) % 7.6x 6.9x 7.7x 7.3x 6.6x SEACOR Holdings Inc. 1, (2.3%) 9.5% % 8.5x 10.1x 13.7x 15.8x 10.1x Wilh. Wilhelmsen ASA 2, % 47.8% % 13.1x NM 15.7x 4.9x 6.3x Median 9.2% (27.5%) 68.0% 8.6x 7.0x 8.8x 8.0x 8.0x Equipment Accuride Corporation $428 $ % 10.7% $ % 5.2x 5.5x 6.2x 5.9x 6.3x Dana Incorporated 3, % 10.5% % 4.8x 4.1x 5.2x 5.2x 5.0x Gentherm Incorporated 1, % (34.9%) % 11.2x 7.8x 7.7x 7.7x 7.2x Spartan Motors, Inc (7.9%) 138.4% % 11.0x NM NM 14.6x 12.1x Wabash National Corporation (5.5%) (1.3%) % 5.1x 4.3x 3.6x 3.9x 5.4x Median 4.9% 10.5% 84.9% 5.2x 4.9x 5.7x 5.9x 6.3x PAGE 8
10 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2017P '12-15 '15-17P E 2017P '12-15 '15-17P & Logistics Agility Public Warehousing Co. K.S.C. $5,061 $4,846 $4,767 $4,330 $4,077 $4,133 (5.1%) (2.3%) $258 $289 $276 $292 $322 $ % 6.0% Air Transport Services Group, Inc % 20.2% % 17.8% Atlas Air Worldwide Holdings, Inc. 1,646 1,657 1,799 1,823 1,828 1, % 3.8% (2.9%) 25.2% C.H. Robinson Worldwide, Inc. 11,359 12,752 13,470 13,476 13,050 13, % 1.8% % 0.3% Deutsche Post AG 71,303 73,132 75,117 65,681 61,071 63,738 (2.7%) (1.5%) 3,517 3,887 4,198 2,984 5,159 5,495 (5.3%) 35.7% DSV A/S 7,750 8,137 8,645 7,563 9,631 10,243 (0.8%) 16.4% % 16.6% Echo Global Logistics, Inc ,173 1,512 1,725 1, % 12.5% % 23.5% Expeditors International of Washington, Inc. 5,981 6,080 6,565 6,617 6,066 6, % (1.4%) % (1.8%) FedEx Corporation 44,287 45,567 47,453 50,365 59,910 62, % 11.4% 5,597 6,033 4,951 6,165 8,601 9, % 21.6% Forward Air Corporation , % 3.2% % 10.2% Hub Group, Inc. Class A 3,124 3,374 3,571 3,526 3,530 3, % 3.2% % 4.7% J.B. Hunt Transport Services, Inc. 5,055 5,585 6,165 6,188 6,557 7, % 7.3% ,054 1,081 1, % 5.2% Kuhne & Nagel International AG 18,248 18,529 19,118 17,376 19,763 20,507 (1.6%) 8.6% 956 1,028 1,073 1,062 1,085 1, % 4.3% Landstar System, Inc. 2,793 2,665 3,185 3,321 3,100 3, % (1.1%) % 0.1% Panalpina Welttransport (Holding) AG 7,053 7,289 7,327 6,081 5,163 5,517 (4.8%) (4.8%) % 9.4% Roadrunner Systems, Inc. 1,073 1,361 1,873 1,995 1,961 2, % 0.6% % (5.6%) Ryder System, Inc. 6,257 6,419 6,639 6,572 6,762 6, % 3.1% 1,299 1,361 1,505 1,660 1,792 1, % 5.7% TransForce Inc. 3,141 3,018 3,363 3,150 2,974 3, % 4.3% (4.9%) 17.5% United Parcel Service, Inc. Class B 54,064 55,491 58,256 58,050 60,970 63, % 4.9% 3,109 8,765 6,889 9,429 10,511 10, % 7.7% Universal Logistics Holdings, Inc. 1,037 1,033 1,192 1,129 1,076 1, % (1.3%) % (9.5%) XPO Logistics, Inc ,357 7,623 14,629 14,923 NM NM (25) (17) ,247 1,354 NM NM Total $251,461 $259,756 $273,405 $267,955 $285,576 $299, % 4.5% $18,909 $25,705 $23,794 $27,169 $33,957 $36, % 9.7% ArcBest Corporation $2,066 $2,300 $2,613 $2,667 $2,691 $2, % 3.5% $71 $107 $154 $167 $137 $ % 0.3% Celadon Group, Inc ,065 1, % 8.4% % (11.4%) Covenant Group, Inc. Class A % (1.7%) % (7.8%) Heartland Express, Inc % (7.9%) % (0.8%) Knight, Inc ,102 1,183 1,112 1, % (0.2%) % 1.0% Marten Transport, Ltd % 2.6% % 5.6% Old Dominion Freight Line, Inc. 2,110 2,338 2,788 2,972 2,985 3, % 3.6% % 4.5% P.A.M. Services, Inc % 5.5% % 3.1% Saia, Inc. 1,099 1,139 1,272 1,221 1,212 1, % 2.2% % 6.2% Swift Company Class A 3,493 4,118 4,299 4,229 4,046 4, % (0.4%) % 1.7% Universal Logistics Holdings, Inc. 1,037 1,033 1,192 1,129 1,076 1, % (1.3%) % (9.5%) USA Truck, Inc (0.3%) (7.1%) % (15.9%) Werner Enterprises, Inc. 2,036 2,029 2,139 2,094 2,001 2, % (0.5%) % (2.3%) YRC Worldwide Inc. 4,851 4,865 5,069 4,832 4,686 4,842 (0.1%) 0.1% % 12.8% Total $20,979 $22,289 $24,492 $24,279 $23,699 $24, % 0.5% $2,355 $2,603 $2,984 $3,326 $3,182 $3, % (0.9%) PAGE 9
11 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2017P '12-15 '15-17P E 2017P '12-15 '15-17P & Logistics Rail and Rail Services American Railcar Industries, Inc. $712 $751 $733 $889 $628 $ % (22.7%) $146 $179 $204 $273 $196 $ % (21.1%) Canadian National Railway Company 9,923 10,263 10,986 9,857 8,835 9,320 (0.2%) (2.8%) 4,611 4,710 5,137 5,021 4,788 5, % 0.2% Canadian Pacific Railway Limited 5,697 5,952 5,994 5,246 4,644 4,925 (2.7%) (3.1%) 1,800 2,340 2,640 2,431 2,413 2, % 3.4% CSX Corporation 11,756 12,026 12,669 11,811 10,859 11, % (2.5%) 4,422 4,534 4,764 4,792 4,508 4, % (0.3%) FreightCar America, Inc % (27.3%) 41 (4) % (45.2%) Genesee & Wyoming, Inc. Class A 875 1,569 1,639 2,000 1,973 2, % 2.7% % 6.2% Greenbrier Companies, Inc. 1,812 1,755 2,203 2,605 2,680 2, % (10.7%) % (18.8%) Kansas City Southern 2,239 2,369 2,577 2,419 2,330 2, % 1.2% ,106 1,098 1,131 1, % 5.8% Norfolk Southern Corporation 11,040 11,245 11,624 10,511 9,867 10,325 (1.6%) (0.9%) 4,040 4,173 4,526 3,938 4,089 4,343 (0.8%) 5.0% Trinity Industries, Inc. 3,812 4,365 6,170 6,393 4,591 3, % (26.9%) ,402 1, % (28.4%) Union Pacific Corporation 20,926 21,963 23,988 21,813 19,882 20, % (2.2%) 8,505 9,223 10,657 10,064 9,246 9, % (0.7%) Westinghouse Air Brake Technologies Corporation 2,391 2,566 3,044 3,308 2,909 2, % (5.8%) % (5.0%) Total $71,860 $75,115 $82,227 $77,625 $69,701 $70, % (8.4%) $26,035 $28,243 $31,857 $30,912 $29,030 $30, % (8.2%) Aegean Petroleum Network Inc. $7,259 $6,335 $6,662 $4,232 $4,031 $5,091 (16.5%) 9.7% $102 $84 $54 $81 $140 $150 (7.5%) 36.0% Costamare Inc % (5.8%) % (5.9%) Diana Shipping Inc (10.6%) (8.1%) (15) 1 (38.5%) (81.6%) Kirby Corporation 2,113 2,242 2,566 2,148 1,754 1, % (9.5%) % (14.2%) Matson, Inc. 1,560 1,637 1,714 1,885 1,921 1, % 3.0% % 2.7% Nordic American Tankers Limited % (28.8%) 13 (7) NM (27.2%) Rand Logistics, Inc (1.8%) (10.7%) % 4.0% SEACOR Holdings Inc. 1,581 1,247 1,319 1, (12.6%) (8.0%) (14.0%) 3.6% Wilh. Wilhelmsen ASA ,957 1,890 (7.5%) NM (6.3%) 34.4% Total $13,802 $12,764 $13,710 $10,874 $11,411 $12, % (7.3%) $1,654 $1,562 $1,772 $1,884 $1,793 $1,818 (3.5%) (5.4%) Equipment Accuride Corporation $930 $643 $705 $686 $590 $577 (9.7%) (8.3%) $50 $43 $75 $77 $72 $ % (6.2%) Dana Incorporated 7,224 6,769 6,617 6,060 5,772 6,003 (5.7%) (0.5%) (4.6%) 1.9% Gentherm Incorporated % 7.1% % 1.1% Spartan Motors, Inc % 4.8% NM NM Wabash National Corporation 1,462 1,636 1,863 2,027 1,824 1, % (11.8%) % (9.8%) Total $10,641 $10,179 $10,504 $10,180 $9,688 $9, % (1.7%) $997 $981 $1,086 $1,105 $1,133 $1, % (3.3%) PAGE 10
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