Industry & Services >> Sector Roundtables >> March 9, 2009

Roundtable Forum: Transportation & Logistics

TODD FOWLER, a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc., has been with the company since June 2006. His research coverage is focused on transportation and logistics companies. He previously worked for FTN Midwest Securities, where he was an Associate Analyst responsible for coverage of companies primarily in the transportation and aerospace and defense industries. Prior to that, he worked as a public accountant in the audit practices for Arthur Andersen and Ernst & Young, where he was responsible for clients in the automotive, manufacturing and retail sectors. He earned a Bachelor of Science degree in Accounting from the University of Dayton in Ohio. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Profile
Kevin Kirkeby is an Industry Analyst within Standard & Poor's U.S. Equity Research department, covering a broad array of industrial companies. His coverage includes railroads and trucking companies, as well as industrial equipment and aircraft lessors. He also authors the twice-yearly Commercial Transportation survey. Prior to joining S&P, he was a financial communications consultant with HF Global Consulting Group and Golin/Harris International. During that time he advised corporate managements across a wide range of industries, from manufacturing to food producers, on their investor relations strategies. He was also involved in supporting M&A transactions, IPOs, and corporate bankruptcies. He began his Wall Street career at Dillon, Read & Co. in 1992, subsequently joining Robert Fleming Securities to be a part of their global equities research team. He received a BA degree in Economics from Concordia College. He is a member of the New York Society of Security Analysts and is a CFA charterholder. Profile
Jon A. Langenfeld is Robert W. Baird & Company's senior analyst covering transportation/logistics as well as the Associate Director of Research. Prior to joining Baird in 2000, he was a senior manager at PricewaterhouseCoopers, providing supply chain consulting services. In 2008 and 2007, StarMine ranked him Top 3 Industry Estimator in the air freight an logistics industry and in the road and rail industry. In 2006, StarMine ranked him first for his accuracy in estimating earnings in air freight and logistics and third in road and rail; he received a similar recognition for his coverage of air freight and logistics in 2003. He earned a BS degree in Mechanical Engineering and an MBA degree from the University of Notre Dame. Profile
Larkin, John G.
John G. Larkin, CFA, Managing Director and Head of Transportation Capital Markets Research at Stifel, Nicolaus & Co., Inc., joined Legg Mason in October 2001 to form and lead the firm’s entry into the transportation markets. Mr. Larkin was recognized as an All-Star Analyst by Institutional Investor in 2006 and as a Wall Street Journal All-Star Analyst five times, most recently for his stock picks during the year 2010. In addition, he was rated as number one by Forbes/StarMine in EPS estimate accuracy in the road and rail category in 2008, and as number one stock picker in 2003 by Forbes/StarMine in both the road and rail, and the airfreight and logistics categories. Mr. Larkin also placed third in the 2004 Forbes/StarMine stock picking survey in the road and rail category. He received additional recognition in 2014 and 2015 by placing second in the 2014 StarMine stock picking survey in the road and rail category, third in the 2014 StarMine stock picking survey in the air freight and logistics category, and second in the 2015 StarMine stock picking survey in the air freight and logistics category. From 1998 to 2001, Mr. Larkin was Chairman and Chief Executive Officer of RailWorks Corporation. From 1987 to 1998, Mr. Larkin was a key member of Alex. Brown and Sons' transportation team, serving as a Managing Director for the last five years. During that period, Mr. Larkin was recognized twice by The Wall Street Journal and twice by Institutional Investor as an All-Star Analyst. From 1984 to 1987, Mr. Larkin held various positions in planning and economic analysis at CSX Transportation, Inc. Mr. Larkin earned his Master of Business Administration from Harvard University in 1984 and a bachelor’s degree and a Master of Science in civil engineering from the University of Vermont and the University of Texas, respectively. Mr. Larkin is a CFA charterholder. In addition, he is a member of the boards of advisers for CRST International and Comcar Industries, and is a member of the Baltimore CFA Society. Profile
TWST: Todd, the economy has been sliding pretty rapidly in 2009. What's been the

effect so far on the transport space?

Mr. Fowler: First going back to where 2008 ended and into 2009, the