GATX Corporation Reports 2024 Second-quarter Results
GATX reported 2024 second-quarter net income of $44.4 million, or $1.21 per diluted share, compared to $63.3 million, or $1.74 per diluted share, in Q2 2023. The company reiterated its 2024 full-year earnings guidance of $7.30–$7.70 per diluted share. Key highlights include:
- Rail North America's fleet utilization remained high at 99.3%
- Renewal lease rate change was positive 29.4% with an average renewal term of 61 months
- Investment volume was $442.0 million in Q2 and $820.6 million year-to-date
- Rail International's fleet utilization was 95.8% for GATX Rail Europe and 100% for Rail India
- Engine Leasing performed well with strong demand for aircraft spare engines
GATX ha riportato un reddito netto del secondo trimestre 2024 di 44,4 milioni di dollari, pari a 1,21 dollari per azione diluita, rispetto ai 63,3 milioni di dollari, o 1,74 dollari per azione diluita, nel secondo trimestre del 2023. L'azienda ha ribadito la propria previsione di utili per l'intero anno 2024 di 7,30–7,70 dollari per azione diluita. I punti salienti includono:
- L'utilizzo della flotta di Rail North America è rimasto alto al 99,3%
- Il cambiamento del tasso di rinnovo dei contratti è stato positivo al 29,4% con una durata media di rinnovo di 61 mesi
- Il volume degli investimenti è stato di 442,0 milioni di dollari nel secondo trimestre e di 820,6 milioni di dollari da inizio anno
- L'utilizzo della flotta di Rail International è stato del 95,8% per GATX Rail Europe e del 100% per Rail India
- Il noleggio di motori ha avuto buone performance con una forte domanda per motori di ricambio per aerei
GATX reportó un ingreso neto del segundo trimestre de 2024 de 44.4 millones de dólares, o 1.21 dólares por acción diluida, en comparación con 63.3 millones de dólares, o 1.74 dólares por acción diluida, en el segundo trimestre de 2023. La empresa reiteró su guía de ganancias para todo el año 2024 de 7.30–7.70 dólares por acción diluida. Los aspectos destacados incluyen:
- La utilización de la flota de Rail North America se mantuvo alta en 99.3%
- El cambio en la tarifa de renovación del contrato fue positivo en 29.4% con un promedio de renovación de 61 meses
- El volumen de inversión fue de 442.0 millones de dólares en el segundo trimestre y de 820.6 millones de dólares en lo que va del año
- La utilización de la flota de Rail International fue del 95.8% para GATX Rail Europe y del 100% para Rail India
- El arrendamiento de motores tuvo un buen desempeño con una fuerte demanda de motores de repuesto para aviones
GATX는 2024년 2분기 순이익이 4,440만 달러, 즉 1주당 희석 기준 1.21 달러를 기록했다고 보고했습니다. 이는 2023년 2분기의 6,330만 달러, 즉 1주당 희석 기준 1.74 달러에 비해 감소한 수치입니다. 회사는 2024년 전체 연간 수익 가이던스를 주당 7.30~7.70 달러로 다시 확인했습니다. 주요 하이라이트는 다음과 같습니다:
- Rail North America의 플릿 가동률은 99.3%로 높게 유지되었습니다.
- 갱신 임대료 변화는 양호한 29.4%로, 평균 갱신 기간은 61개월이었습니다.
- 2분기 투자 규모는 4억 4,420만 달러, 연초 이후 총 8억 2,060만 달러였습니다.
- Rail International의 플릿 가동률은 GATX Rail Europe에서 95.8%, Rail India에서 100%였습니다.
- 엔진 리스는 항공기 예비 엔진에 대한 강한 수요로 실적이 좋았습니다.
GATX a rapporté un revenu net du deuxième trimestre 2024 de 44,4 millions de dollars, soit 1,21 dollar par action diluée, contre 63,3 millions de dollars, soit 1,74 dollar par action diluée, au deuxième trimestre 2023. La société a réitéré son objectif de bénéfice pour l'ensemble de l'année 2024 de 7,30 à 7,70 dollars par action diluée. Les points saillants incluent :
- L'utilisation de la flotte de Rail North America est restée élevée à 99,3%
- Le changement du taux de renouvellement était positif de 29,4% avec une durée moyenne de renouvellement de 61 mois
- Le volume d'investissement était de 442,0 millions de dollars au deuxième trimestre et de 820,6 millions de dollars depuis le début de l'année
- L'utilisation de la flotte de Rail International était de 95,8 % pour GATX Rail Europe et de 100 % pour Rail India
- La location de moteurs a bien performé avec une forte demande pour des moteurs de rechange d'avion
GATX meldete ein Nettoeinkommen von 44,4 Millionen US-Dollar im zweiten Quartal 2024, was 1,21 US-Dollar pro verwässerter Aktie entspricht, im Vergleich zu 63,3 Millionen US-Dollar oder 1,74 US-Dollar pro verwässerter Aktie im zweiten Quartal 2023. Das Unternehmen bekräftigte seine Gewinnprognose für das Gesamtjahr 2024 von 7,30–7,70 US-Dollar pro verwässerter Aktie. Zu den wichtigsten Highlights gehören:
- Die Flottenauslastung von Rail North America blieb hoch bei 99,3%
- Die Veränderung des Erneuerungssatzes war positiv bei 29,4% mit einer durchschnittlichen Erneuerungsdauer von 61 Monaten
- Das Investitionsvolumen betrug 442,0 Millionen US-Dollar im zweiten Quartal und 820,6 Millionen US-Dollar seit Jahresbeginn
- Die Flottenauslastung von Rail International betrug 95,8% für GATX Rail Europe und 100% für Rail India
- Das Motorleasing verlief gut mit starker Nachfrage nach Ersatzmotoren für Flugzeuge
- Rail North America's fleet utilization remains high at 99.3%
- Renewal lease rate change was positive 29.4% with a strong 84.1% renewal success rate
- Investment volume reached $442.0 million in Q2 and $820.6 million year-to-date
- Rail India celebrated the delivery of its 10,000th railcar
- Strong demand for aircraft spare engines in Engine Leasing segment
- Net income decreased from $63.3 million in Q2 2023 to $44.4 million in Q2 2024
- Lower gains on asset dispositions and higher interest expense in Rail North America segment
- Decreased earnings from Rolls-Royce and Partners Finance affiliates in Engine Leasing segment
GATX Corporation's financial report indicates a decline in net income from $63.3 million in Q2 2023 to $44.4 million in Q2 2024, attributing part of this drop to tax adjustments and other items. Despite the year-over-year decrease, a notable aspect is the robust demand for railcars and aircraft spare engines. These sectors are driving consistent revenue streams, as illustrated by Rail North America's 99.3% fleet utilization and a 29.4% increase in renewal lease rates. However, the slight decline in segment profit for Rail North America and Engine Leasing suggests higher costs, such as increased interest and maintenance expenses. Analyzing these figures, retail investors should consider the balance between GATX's strong market position and the impact of rising operational costs. The reiterated full-year earnings guidance ($7.30-$7.70 per diluted share) suggests confidence in meeting financial targets, despite the short-term challenges.
The data highlights a strong market demand for GATX's products. The 99.3% fleet utilization rate and the 29.4% positive renewal lease rate change for Rail North America underscore the robust health of the railcar leasing market. Additionally, the solid performance of the Aircraft Engine Leasing segment, fueled by increased air travel, presents a positive outlook. The acquisition of more railcars and spare engines indicates that GATX is capitalizing on current market trends. For retail investors, this suggests potential for stable, long-term growth driven by sustainable demand in core segments. The company's proactive investments in expanding its portfolio further underpin its strategic positioning in the market.
GATX's continued investment in modern railcars and aircraft spare engines is pivotal. The acquisition of over 600 railcars and three aircraft engines highlights their commitment to maintaining a cutting-edge fleet. This approach not only ensures compliance with the latest safety and efficiency standards but also enhances their market competitiveness. For investors, this focus on technological advancement and fleet modernization can be seen as a strategic move to secure long-term operational efficiency and customer satisfaction. Furthermore, high fleet utilization rates reflect effective management and optimization of assets, which is a critical factor in maintaining profitability.
-
Demand for railcars remains robust across all regions; Rail North America’s fleet utilization remains above
99% - Aircraft spare engine portfolio continues to benefit from strong demand for global air travel
-
Investment volume was
in the second quarter and totaled$442.0 million year to date$820.6 million - Company reiterates 2024 full-year earnings guidance
Net income for the first six months of 2024 was
"Consistent with our initial outlook, conditions remain robust across our global markets," said Robert C.
"Rail International produced solid operating results. Demand for most railcar types remains stable and GATX Rail Europe's fleet utilization was
Mr.
Mr.
RAIL
Rail
At June 30, 2024, Rail North America’s wholly owned fleet was composed of approximately 111,100 cars, including approximately 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided in the attached Supplemental Information under Rail North America Statistics.
RAIL INTERNATIONAL
Rail International’s segment profit was
At June 30, 2024, GATX Rail Europe’s (GRE) fleet consisted of over 29,600 cars. Fleet utilization was
At June 30, 2024, Rail India's fleet consisted of over 9,900 railcars. Fleet utilization was
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
ENGINE LEASING
Engine Leasing reported segment profit of
2023 second-quarter results include a net positive impact of
Excluding the impact of these items, lower 2024 second-quarter and year-to-date results were driven by lower earnings from the Rolls-Royce and Partners Finance (RRPF) affiliates, partly offset by increased earnings from GATX Engine Leasing, the Company’s wholly owned engine portfolio. During the comparative periods, lower RRPF earnings was driven by the timing of remarketing events and resulting lower remarketing income.
COMPANY DESCRIPTION
At GATX Corporation (NYSE: GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2024 second-quarter results. Call details are as follows:
Tuesday, July 23, 2024
11 a.m. Eastern Time
Domestic Dial-In: 1-800-715-9871
International Dial-In: 1-646-307-1963
Replay: 1-800-770-2030 or 1-609-800-9909 / Access Code: 1721810
Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), July 23, 2024.
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investors” tab.
FORWARD-LOOKING STATEMENTS
Statements in this Earnings Release not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
The following factors, in addition to those discussed under "Risk Factors" and elsewhere in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
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GATX CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
339.6 |
|
|
$ |
308.6 |
|
|
$ |
672.9 |
|
|
$ |
610.6 |
|
Non-dedicated engine revenue |
|
13.7 |
|
|
|
6.4 |
|
|
|
26.9 |
|
|
|
10.9 |
|
Marine operating revenue |
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
5.5 |
|
Other revenue |
|
33.4 |
|
|
|
26.2 |
|
|
|
66.8 |
|
|
|
55.1 |
|
Total Revenues |
|
386.7 |
|
|
|
343.2 |
|
|
|
766.6 |
|
|
|
682.1 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
96.6 |
|
|
|
82.3 |
|
|
|
188.0 |
|
|
|
166.2 |
|
Marine operating expense |
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
4.4 |
|
Depreciation expense |
|
98.5 |
|
|
|
92.1 |
|
|
|
194.5 |
|
|
|
181.9 |
|
Operating lease expense |
|
9.0 |
|
|
|
9.0 |
|
|
|
18.0 |
|
|
|
18.0 |
|
Other operating expense |
|
13.8 |
|
|
|
11.0 |
|
|
|
27.4 |
|
|
|
22.0 |
|
Selling, general and administrative expense |
|
58.6 |
|
|
|
52.0 |
|
|
|
114.5 |
|
|
|
102.4 |
|
Total Expenses |
|
276.5 |
|
|
|
248.8 |
|
|
|
542.4 |
|
|
|
494.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
25.6 |
|
|
|
41.1 |
|
|
|
61.8 |
|
|
|
88.2 |
|
Interest expense, net |
|
(82.8 |
) |
|
|
(63.7 |
) |
|
|
(160.6 |
) |
|
|
(122.7 |
) |
Other expense |
|
(10.8 |
) |
|
|
(4.9 |
) |
|
|
(10.0 |
) |
|
|
(8.9 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
42.2 |
|
|
|
66.9 |
|
|
|
115.4 |
|
|
|
143.8 |
|
Income taxes |
|
(10.4 |
) |
|
|
(17.6 |
) |
|
|
(29.0 |
) |
|
|
(37.8 |
) |
Share of affiliates’ earnings, net of taxes |
|
12.6 |
|
|
|
14.0 |
|
|
|
32.3 |
|
|
|
34.7 |
|
Net Income |
$ |
44.4 |
|
|
$ |
63.3 |
|
|
$ |
118.7 |
|
|
$ |
140.7 |
|
|
|
|
|
|
|
|
|
||||||||
Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.22 |
|
|
$ |
1.74 |
|
|
$ |
3.25 |
|
|
$ |
3.88 |
|
Average number of common shares |
|
35.8 |
|
|
|
35.6 |
|
|
|
35.8 |
|
|
|
35.6 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
1.21 |
|
|
$ |
1.74 |
|
|
$ |
3.25 |
|
|
$ |
3.87 |
|
Average number of common shares and common share equivalents |
|
35.9 |
|
|
|
35.7 |
|
|
|
35.9 |
|
|
|
35.7 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.58 |
|
|
$ |
0.55 |
|
|
$ |
1.16 |
|
|
$ |
1.10 |
|
GATX CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|||||||
(In millions) |
|||||||
|
June 30 |
|
December 31 |
||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
823.6 |
|
|
$ |
450.7 |
|
Restricted Cash |
|
0.2 |
|
|
|
0.1 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
96.9 |
|
|
|
87.9 |
|
Finance leases (as lessor) |
|
124.7 |
|
|
|
136.4 |
|
Less: allowance for losses |
|
(5.3 |
) |
|
|
(5.9 |
) |
|
|
216.3 |
|
|
|
218.4 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
13,675.9 |
|
|
|
13,081.9 |
|
Less: allowance for depreciation |
|
(3,764.1 |
) |
|
|
(3,670.7 |
) |
|
|
9,911.8 |
|
|
|
9,411.2 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
195.8 |
|
|
|
212.0 |
|
|
|
195.8 |
|
|
|
212.0 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
660.8 |
|
|
|
627.0 |
|
Goodwill |
|
117.3 |
|
|
|
120.0 |
|
Other Assets ( |
|
296.8 |
|
|
|
286.6 |
|
Total Assets |
$ |
12,222.6 |
|
|
$ |
11,326.0 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
209.1 |
|
|
$ |
239.6 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
10.7 |
|
|
|
11.0 |
|
Recourse |
|
8,235.7 |
|
|
|
7,388.1 |
|
|
|
8,246.4 |
|
|
|
7,399.1 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
209.3 |
|
|
|
226.8 |
|
|
|
209.3 |
|
|
|
226.8 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,103.8 |
|
|
|
1,081.1 |
|
Other Liabilities |
|
110.6 |
|
|
|
106.4 |
|
Total Liabilities |
|
9,879.2 |
|
|
|
9,053.0 |
|
Total Shareholders’ Equity |
|
2,343.4 |
|
|
|
2,273.0 |
|
Total Liabilities and Shareholders’ Equity |
$ |
12,222.6 |
|
|
$ |
11,326.0 |
|
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Three Months Ended June 30, 2024 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
242.1 |
|
|
$ |
82.0 |
|
|
$ |
8.1 |
|
|
$ |
7.4 |
|
|
$ |
339.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
13.7 |
|
|
|
— |
|
|
|
13.7 |
|
Other revenue |
|
28.3 |
|
|
|
3.2 |
|
|
|
— |
|
|
|
1.9 |
|
|
|
33.4 |
|
Total Revenues |
|
270.4 |
|
|
|
85.2 |
|
|
|
21.8 |
|
|
|
9.3 |
|
|
|
386.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
77.4 |
|
|
|
18.2 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
96.6 |
|
Depreciation expense |
|
66.8 |
|
|
|
19.4 |
|
|
|
8.6 |
|
|
|
3.7 |
|
|
|
98.5 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.4 |
|
|
|
3.6 |
|
|
|
1.9 |
|
|
|
1.9 |
|
|
|
13.8 |
|
Total Expenses |
|
159.6 |
|
|
|
41.2 |
|
|
|
10.5 |
|
|
|
6.6 |
|
|
|
217.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
24.9 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
25.6 |
|
Interest (expense) income, net |
|
(56.4 |
) |
|
|
(17.5 |
) |
|
|
(9.7 |
) |
|
|
0.8 |
|
|
|
(82.8 |
) |
Other expense |
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
(0.1 |
) |
|
|
(9.7 |
) |
|
|
(10.8 |
) |
Share of affiliates' pre-tax (losses) earnings |
|
(0.2 |
) |
|
|
— |
|
|
|
16.9 |
|
|
|
— |
|
|
|
16.7 |
|
Segment profit (loss) |
$ |
78.8 |
|
|
$ |
26.5 |
|
|
$ |
18.4 |
|
|
$ |
(6.2 |
) |
|
$ |
117.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
58.6 |
|
||||||||||||||||
Income taxes (includes |
|
14.5 |
|
||||||||||||||||
Net income |
$ |
44.4 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
308.1 |
|
|
$ |
59.6 |
|
|
$ |
71.3 |
|
|
$ |
3.0 |
|
|
$ |
442.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
19.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19.8 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Non-remarketing net gains (1) |
|
5.0 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
5.7 |
|
|
$ |
24.9 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25.6 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Three Months Ended June 30, 2023 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
218.9 |
|
|
$ |
73.1 |
|
|
$ |
8.1 |
|
|
$ |
8.5 |
|
|
$ |
308.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
6.4 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
Other revenue |
|
21.5 |
|
|
|
3.1 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
26.2 |
|
Total Revenues |
|
240.4 |
|
|
|
76.2 |
|
|
|
16.5 |
|
|
|
10.1 |
|
|
|
343.2 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
66.8 |
|
|
|
14.6 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
82.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
2.4 |
|
Depreciation expense |
|
66.1 |
|
|
|
16.6 |
|
|
|
6.1 |
|
|
|
3.3 |
|
|
|
92.1 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.7 |
|
|
|
2.3 |
|
|
|
1.4 |
|
|
|
0.6 |
|
|
|
11.0 |
|
Total Expenses |
|
148.6 |
|
|
|
33.5 |
|
|
|
9.9 |
|
|
|
4.8 |
|
|
|
196.8 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
34.1 |
|
|
|
0.7 |
|
|
|
6.0 |
|
|
|
0.3 |
|
|
|
41.1 |
|
Interest (expense) income, net |
|
(44.5 |
) |
|
|
(13.5 |
) |
|
|
(6.5 |
) |
|
|
0.8 |
|
|
|
(63.7 |
) |
Other (expense) income |
|
(2.1 |
) |
|
|
(2.6 |
) |
|
|
0.2 |
|
|
|
(0.4 |
) |
|
|
(4.9 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
20.3 |
|
|
|
— |
|
|
|
20.3 |
|
Segment profit |
$ |
79.3 |
|
|
$ |
27.3 |
|
|
$ |
26.6 |
|
|
$ |
6.0 |
|
|
$ |
139.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
52.0 |
|
||||||||||||||||
Income taxes (includes |
|
23.9 |
|
||||||||||||||||
Net income |
$ |
63.3 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
161.3 |
|
|
$ |
77.3 |
|
|
$ |
239.0 |
|
|
$ |
9.0 |
|
|
$ |
486.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
30.7 |
|
|
$ |
0.1 |
|
|
$ |
5.9 |
|
|
$ |
0.2 |
|
|
$ |
36.9 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.2 |
|
Non-remarketing net gains (1) |
|
3.3 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
4.0 |
|
|
$ |
34.1 |
|
|
$ |
0.7 |
|
|
$ |
6.0 |
|
|
$ |
0.3 |
|
|
$ |
41.1 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Six Months Ended June 30, 2024 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
478.6 |
|
|
$ |
162.6 |
|
|
$ |
16.2 |
|
|
$ |
15.5 |
|
|
$ |
672.9 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
26.9 |
|
|
|
— |
|
|
|
26.9 |
|
Other revenue |
|
56.8 |
|
|
|
6.3 |
|
|
|
— |
|
|
|
3.7 |
|
|
|
66.8 |
|
Total Revenues |
|
535.4 |
|
|
|
168.9 |
|
|
|
43.1 |
|
|
|
19.2 |
|
|
|
766.6 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
150.3 |
|
|
|
35.7 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
188.0 |
|
Depreciation expense |
|
131.9 |
|
|
|
38.3 |
|
|
|
17.0 |
|
|
|
7.3 |
|
|
|
194.5 |
|
Operating lease expense |
|
18.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.0 |
|
Other operating expense |
|
13.1 |
|
|
|
7.1 |
|
|
|
4.4 |
|
|
|
2.8 |
|
|
|
27.4 |
|
Total Expenses |
|
313.3 |
|
|
|
81.1 |
|
|
|
21.4 |
|
|
|
12.1 |
|
|
|
427.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
59.1 |
|
|
|
2.0 |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
61.8 |
|
Interest (expense) income, net |
|
(109.7 |
) |
|
|
(34.2 |
) |
|
|
(19.0 |
) |
|
|
2.3 |
|
|
|
(160.6 |
) |
Other (expense) income |
|
(2.4 |
) |
|
|
(0.3 |
) |
|
|
0.2 |
|
|
|
(7.5 |
) |
|
|
(10.0 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
40.6 |
|
|
|
— |
|
|
|
40.6 |
|
Segment profit |
$ |
169.1 |
|
|
$ |
55.3 |
|
|
$ |
44.1 |
|
|
$ |
2.0 |
|
|
$ |
270.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
114.5 |
|
||||||||||||||||
Income taxes (includes |
|
37.3 |
|
||||||||||||||||
Net income |
$ |
118.7 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
629.8 |
|
|
$ |
109.5 |
|
|
$ |
71.3 |
|
|
$ |
10.0 |
|
|
$ |
820.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
52.7 |
|
|
$ |
0.1 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
53.5 |
|
Residual sharing income |
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
Non-remarketing net gains (1) |
|
6.2 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
$ |
59.1 |
|
|
$ |
2.0 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
61.8 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
||||||||||||||||||
Six Months Ended June 30, 2023 |
||||||||||||||||||
(In millions) |
||||||||||||||||||
|
Rail
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
434.0 |
|
|
$ |
143.5 |
|
|
$ |
16.4 |
|
|
$ |
16.7 |
|
$ |
610.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
|
— |
|
|
10.9 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
5.5 |
|
|
|
— |
|
|
5.5 |
|
Other revenue |
|
45.3 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
3.8 |
|
|
55.1 |
|
Total Revenues |
|
479.3 |
|
|
|
149.5 |
|
|
|
32.8 |
|
|
|
20.5 |
|
|
682.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
133.7 |
|
|
|
30.5 |
|
|
|
— |
|
|
|
2.0 |
|
|
166.2 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
|
— |
|
|
4.4 |
|
Depreciation expense |
|
131.6 |
|
|
|
32.3 |
|
|
|
11.5 |
|
|
|
6.5 |
|
|
181.9 |
|
Operating lease expense |
|
18.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
18.0 |
|
Other operating expense |
|
13.7 |
|
|
|
4.5 |
|
|
|
2.3 |
|
|
|
1.5 |
|
|
22.0 |
|
Total Expenses |
|
297.0 |
|
|
|
67.3 |
|
|
|
18.2 |
|
|
|
10.0 |
|
|
392.5 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
81.9 |
|
|
|
1.5 |
|
|
|
4.5 |
|
|
|
0.3 |
|
|
88.2 |
|
Interest (expense) income, net |
|
(86.8 |
) |
|
|
(26.0 |
) |
|
|
(12.2 |
) |
|
|
2.3 |
|
|
(122.7 |
) |
Other (expense) income |
|
(2.5 |
) |
|
|
(6.9 |
) |
|
|
(0.3 |
) |
|
|
0.8 |
|
|
(8.9 |
) |
Share of affiliates' pre-tax (losses) earnings |
|
(0.4 |
) |
|
|
— |
|
|
|
48.3 |
|
|
|
— |
|
|
47.9 |
|
Segment profit |
$ |
174.5 |
|
|
$ |
50.8 |
|
|
$ |
54.9 |
|
|
$ |
13.9 |
|
$ |
294.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
102.4 |
|
|||||||||||||||
Income taxes (includes |
|
51.0 |
|
|||||||||||||||
Net income |
$ |
140.7 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume. |
$ |
457.8 |
|
|
$ |
158.4 |
|
|
$ |
239.0 |
|
|
$ |
18.4 |
|
$ |
873.6 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets. |
$ |
75.4 |
|
|
$ |
0.5 |
|
|
$ |
5.5 |
|
|
$ |
0.2 |
|
$ |
81.6 |
|
Residual sharing income. |
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
0.4 |
|
Non-remarketing net gains (1) |
|
6.3 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
0.1 |
|
|
7.4 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
|
(1.2 |
) |
|
$ |
81.9 |
|
|
$ |
1.5 |
|
|
$ |
4.5 |
|
|
$ |
0.3 |
|
$ |
88.2 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
Impact of Tax Adjustments and Other Items on Net Income (1) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (GAAP) |
$ |
44.4 |
|
|
$ |
63.3 |
|
|
$ |
118.7 |
|
|
$ |
140.7 |
|
Adjustments attributable to consolidated pre-tax income: |
|
|
|
|
|
|
|
||||||||
Environmental reserves (2) |
$ |
10.7 |
|
|
$ |
— |
|
|
$ |
10.7 |
|
|
$ |
— |
|
Net (gain) loss on Specialized Gas Vessels at Engine Leasing (3) |
|
— |
|
|
|
(0.2 |
) |
|
|
(0.6 |
) |
|
|
1.4 |
|
Net gain on Rail Russia at Rail International (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Total adjustments attributable to consolidated pre-tax income |
$ |
10.7 |
|
|
$ |
(0.2 |
) |
|
$ |
10.1 |
|
|
$ |
1.1 |
|
Income taxes thereon, based on applicable effective tax rate |
|
(2.7 |
) |
|
|
— |
|
|
|
(2.7 |
) |
|
|
— |
|
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
52.4 |
|
|
$ |
63.1 |
|
|
$ |
126.1 |
|
|
$ |
141.8 |
|
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share (1) |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Diluted earnings per share (GAAP) |
$ |
1.21 |
|
$ |
1.74 |
|
$ |
3.25 |
|
$ |
3.87 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
1.43 |
|
$ |
1.73 |
|
$ |
3.45 |
|
$ |
3.90 |
__________ |
|
(1) |
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management’s ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends. |
(2) |
Reserves recorded for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses. |
(3) |
In 2022, we made the decision to sell the Specialized Gas Vessels. We have recorded gains and losses associated with the subsequent impairments and sales of these assets. All vessels were sold as of December 31, 2023. |
(4) |
In 2022, we made the decision to exit our rail business in |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||||||||
(In millions, except leverage) |
||||||||||||||||||||
|
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
||||||||||
Total Assets, Excluding Cash, by Segment |
||||||||||||||||||||
Rail |
|
$ |
7,416.0 |
|
|
$ |
7,214.1 |
|
|
$ |
6,984.9 |
|
|
$ |
6,760.5 |
|
|
$ |
6,671.3 |
|
Rail International |
|
|
2,168.3 |
|
|
|
2,142.1 |
|
|
|
2,150.8 |
|
|
|
1,951.5 |
|
|
|
1,902.3 |
|
Engine Leasing |
|
|
1,431.7 |
|
|
|
1,354.4 |
|
|
|
1,343.2 |
|
|
|
1,363.8 |
|
|
|
1,328.6 |
|
Other |
|
|
382.8 |
|
|
|
389.3 |
|
|
|
396.3 |
|
|
|
368.5 |
|
|
|
370.2 |
|
Total Assets, excluding cash |
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
|
$ |
10,875.2 |
|
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
||||||||||||||||||||
Unrestricted cash |
|
$ |
(823.6 |
) |
|
$ |
(479.1 |
) |
|
$ |
(450.7 |
) |
|
$ |
(203.1 |
) |
|
$ |
(317.5 |
) |
Commercial paper and bank credit facilities |
|
|
10.7 |
|
|
|
10.8 |
|
|
|
11.0 |
|
|
|
12.3 |
|
|
|
10.9 |
|
Recourse debt |
|
|
8,235.7 |
|
|
|
7,624.5 |
|
|
|
7,388.1 |
|
|
|
6,835.6 |
|
|
|
6,785.6 |
|
Operating lease obligations |
|
|
209.3 |
|
|
|
215.2 |
|
|
|
226.8 |
|
|
|
233.2 |
|
|
|
241.1 |
|
Total debt and lease obligations, net of unrestricted cash |
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
|
$ |
7,175.2 |
|
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
Total recourse debt (1) |
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
|
$ |
7,175.2 |
|
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
Shareholders’ Equity |
|
$ |
2,343.4 |
|
|
$ |
2,324.3 |
|
|
$ |
2,273.0 |
|
|
$ |
2,174.5 |
|
|
$ |
2,178.9 |
|
Recourse Leverage (2) |
|
|
3.3 |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
3.1 |
|
__________ |
|
(1) |
Includes recourse debt, commercial paper and bank credit facilities, and operating and finance lease obligations, net of unrestricted cash. |
(2) |
Calculated as total recourse debt / shareholder's equity. |
Reconciliation of Total Assets to Total Assets, Excluding Cash |
||||||||||||||||||||
Total Assets |
|
$ |
12,222.6 |
|
|
$ |
11,579.1 |
|
|
$ |
11,326.0 |
|
|
$ |
10,647.5 |
|
|
$ |
10,590.1 |
|
Less: cash |
|
|
(823.8 |
) |
|
|
(479.2 |
) |
|
|
(450.8 |
) |
|
|
(203.2 |
) |
|
|
(317.7 |
) |
Total Assets, excluding cash |
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
|
$ |
10,875.2 |
|
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||
(Continued) |
||||||||||||||
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
29.4 |
% |
|
33.0 |
% |
|
33.5 |
% |
|
33.4 |
% |
|
33.1 |
% |
Average renewal term (months) |
61 |
|
|
64 |
|
|
65 |
|
|
65 |
|
|
61 |
|
Renewal Success Rate (2) |
84.1 |
% |
|
83.4 |
% |
|
87.1 |
% |
|
83.6 |
% |
|
85.3 |
% |
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
101,687 |
|
|
101,167 |
|
|
100,656 |
|
|
100,585 |
|
|
101,219 |
|
Railcars added |
1,337 |
|
|
1,422 |
|
|
1,688 |
|
|
791 |
|
|
358 |
|
Railcars scrapped |
(389 |
) |
|
(375 |
) |
|
(354 |
) |
|
(292 |
) |
|
(316 |
) |
Railcars sold |
(549 |
) |
|
(527 |
) |
|
(823 |
) |
|
(428 |
) |
|
(676 |
) |
Ending balance |
102,086 |
|
|
101,687 |
|
|
101,167 |
|
|
100,656 |
|
|
100,585 |
|
Utilization |
99.3 |
% |
|
99.4 |
% |
|
99.3 |
% |
|
99.3 |
% |
|
99.3 |
% |
Average active railcars |
101,181 |
|
|
100,677 |
|
|
100,197 |
|
|
99,796 |
|
|
100,230 |
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
9,670 |
|
|
9,311 |
|
|
9,087 |
|
|
8,959 |
|
|
8,789 |
|
Boxcars added |
— |
|
|
587 |
|
|
424 |
|
|
316 |
|
|
279 |
|
Boxcars scrapped |
(555 |
) |
|
(228 |
) |
|
(152 |
) |
|
(95 |
) |
|
(109 |
) |
Boxcars sold |
(125 |
) |
|
— |
|
|
(48 |
) |
|
(93 |
) |
|
— |
|
Ending balance |
8,990 |
|
|
9,670 |
|
|
9,311 |
|
|
9,087 |
|
|
8,959 |
|
Utilization |
99.8 |
% |
|
99.8 |
% |
|
100.0 |
% |
|
99.7 |
% |
|
99.8 |
% |
Average active railcars |
9,304 |
|
|
9,583 |
|
|
9,207 |
|
|
8,985 |
|
|
8,855 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (4) |
78.8 |
% |
|
77.8 |
% |
|
78.7 |
% |
|
79.5 |
% |
|
78.9 |
% |
Year-over-year Change in |
(4.5 |
)% |
|
(4.2 |
)% |
|
0.7 |
% |
|
30.0 |
% |
|
0.6 |
% |
Year-over-year Change in |
4.3 |
% |
|
4.5 |
% |
|
(0.3 |
)% |
|
(2.6 |
)% |
|
(4.5 |
)% |
Year-over-year Change in |
11.1 |
% |
|
7.7 |
% |
|
11.1 |
% |
|
10.5 |
% |
|
9.6 |
% |
Production Backlog at Railcar Manufacturers (6) |
n/a (7) |
|
46,413 |
|
|
51,836 |
|
|
58,680 |
|
|
59,878 |
|
__________ |
|
(1) |
GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI. |
(2) |
The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers. |
(3) |
Excludes boxcar fleet. |
(4) |
As reported and revised by the Federal Reserve. |
(5) |
As reported by the Association of American Railroads (AAR). |
(6) |
As reported by the Railway Supply Institute (RSI). |
(7) |
Not available, not published as of the date of this release. |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||
(Continued) |
||||||||||||||
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|||||
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
29,371 |
|
|
29,216 |
|
|
29,102 |
|
|
28,759 |
|
|
28,461 |
|
Railcars added |
388 |
|
|
322 |
|
|
371 |
|
|
446 |
|
|
376 |
|
Railcars scrapped or sold |
(110 |
) |
|
(167 |
) |
|
(257 |
) |
|
(103 |
) |
|
(78 |
) |
Ending balance |
29,649 |
|
|
29,371 |
|
|
29,216 |
|
|
29,102 |
|
|
28,759 |
|
Utilization |
95.8 |
% |
|
95.3 |
% |
|
95.9 |
% |
|
96.0 |
% |
|
96.9 |
% |
Average active railcars |
28,198 |
|
|
27,984 |
|
|
28,003 |
|
|
27,884 |
|
|
27,973 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
9,501 |
|
|
8,805 |
|
|
7,884 |
|
|
6,927 |
|
|
6,351 |
|
Railcars added |
408 |
|
|
696 |
|
|
921 |
|
|
957 |
|
|
576 |
|
Railcars scrapped or sold |
(5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Ending balance |
9,904 |
|
|
9,501 |
|
|
8,805 |
|
|
7,884 |
|
|
6,927 |
|
Utilization |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Average active railcars |
9,711 |
|
|
9,089 |
|
|
8,321 |
|
|
7,366 |
|
|
6,584 |
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723814260/en/
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations, ESG, and External Communications
312-621-4285
shari.hellerman@gatx.com
Source: GATX Corporation
FAQ
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