- Company expects to modestly exceed the high end of the previously announced 2023 full-year earnings guidance range
- Rail North America’s fleet utilization remained high at 99.3%; Lease Price Index (LPI) at positive 33.4%
- Aircraft spare engine portfolio benefiting from global air travel recovery
- Investment volume over $1.2 billion for the first nine months of 2023
GATX Corporation (NYSE: GATX) today reported 2023 third-quarter net income of $52.5 million, or $1.44 per diluted share, compared to net income of $29.1 million, or $0.81 per diluted share, in the third quarter of 2022. The 2022 third-quarter results include a net negative impact of $10.8 million, or $0.31 per diluted share, from Tax Adjustments and Other Items.
Net income for the first nine months of 2023 was $193.2 million, or $5.30 per diluted share, compared to $107.5 million, or $2.99 per diluted share, in the prior year period. The 2023 year-to-date results include a net negative impact of $1.1 million, or $0.03 per diluted share, from Tax Adjustments and Other Items. The 2022 year-to-date results include a net negative impact of $55.2 million, or $1.54 per diluted share, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Impact of Tax Adjustments and Other Items.
"Consistent with our initial outlook, the railcar leasing environment in North America remains robust," said Robert C. Lyons, president and chief executive officer of GATX. "Rail North America’s fleet utilization was 99.3% at the end of the third quarter and our renewal success rate was 83.6%. The renewal lease rate change of GATX’s Lease Price Index was positive 33.4% for the quarter, with an average renewal term of 65 months, as we continue to lengthen lease terms on many car types, thereby locking in attractive long-term cash flow.
"Rail International produced solid operating results and added a combined total of over 1,400 newly built railcars to its fleets in Europe and India. In addition, Rail Europe continued to experience higher renewal lease rates compared to expiring rates for the majority of car types in its fleet. In Portfolio Management, results were driven by strong performance at the Rolls-Royce and Partners Finance affiliates, as demand for international air passenger travel continues to strengthen."
Mr. Lyons added, "We continued to execute our strategy of pursuing attractively priced growth opportunities across our global businesses. Investment volume was over $360 million in the quarter and over $1.2 billion year to date."
Mr. Lyons concluded, “Based on year-to-date performance and our outlook for the remainder of the year, we expect our 2023 full-year earnings to modestly exceed the high end of our previously announced guidance range of $6.50–$6.90 per diluted share. This guidance excludes any impact from Tax Adjustments and Other Items.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $66.1 million in the third quarter of 2023, compared to $64.3 million in the third quarter of 2022. Year-to-date 2023, Rail North America reported segment profit of $240.6 million, compared to $237.8 million for the same period of 2022. Higher 2023 third-quarter and year-to-date results were due to higher lease revenue and higher gains on asset dispositions, partially offset by higher interest and maintenance expenses.
At Sept. 30, 2023, Rail North America’s wholly owned fleet was composed of approximately 109,700 railcars, including over 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.3% at the end of the third quarter, compared to 99.3% at the end of the prior quarter and 99.6% at the end of the third quarter of 2022. During the third quarter, the renewal lease rate change of the GATX Lease Price Index (LPI) was positive 33.4%. This compares to positive 33.1% in the prior quarter and positive 18.8% in the third quarter of 2022. The average lease renewal term for all railcars included in the LPI during the third quarter was 65 months, compared to 61 months in the prior quarter and 52 months in the third quarter of 2022. The 2023 third-quarter renewal success rate was 83.6%, compared to 85.3% in the prior quarter and 87.2% in the third quarter of 2022. Rail North America’s investment volume during the third quarter was $197.0 million.
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 $28.2 million in the third quarter of 2023, compared to $14.5 million in the third quarter of 2022. Year-to-date 2023, Rail International reported segment profit of $79.0 million, compared to $67.7 million for the same period of 2022. The third-quarter and year-to-date 2022 segment results include a net negative impact of $10.8 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Impact of Tax Adjustments and Other Items.
2023 third-quarter results were driven by higher lease revenue, predominately due to more cars on lease. 2023 year-to-date results were favorably impacted by more railcars on lease and negatively impacted by changes in foreign currency exchange rates.
At Sept. 30, 2023, GATX Rail Europe’s (GRE) fleet consisted of over 29,100 cars. Utilization was 96.0%, compared to 96.9% at the end of the prior quarter and 99.4% at the end of the third quarter of 2022. Additional fleet statistics for GRE and Rail India are provided in the attached Supplemental Information under Rail Europe and Rail India Statistics.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment profit of $20.2 million in the third quarter of 2023, compared to $11.2 million in the third quarter of 2022. Year-to-date 2023, Portfolio Management reported segment profit of $75.1 million, compared to a segment loss of $8.4 million for the same period of 2022. 2023 and 2022 year-to-date results include net negative impacts of $1.4 million and $46.8 million, respectively, from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Impact of Tax Adjustments and Other Items.
Excluding these impacts, higher 2023 third-quarter and year-to-date results were driven by increased earnings from the Rolls-Royce and Partners Finance (RRPF) affiliates and GATX Engine Leasing, the Company’s wholly owned engine portfolio. Higher affiliate earnings from RRPF was due to improved performance across the existing engine leasing portfolio and higher 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 Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2023 third-quarter results. Call details are as follows:
Tuesday, October 24, 2023
11 a.m. Eastern Time
Domestic Dial-In: 1-888-660-6118
International Dial-In: 1-929-203-1802
Replay: 1-800-770-2030 or 1-647-362-9199 / Access Code: 2548217
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), October 24, 2023.
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 in our other filings with the SEC, including our Form 10-K for the year ended December 31, 2022 and in any subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
|
|
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
317.2 |
|
|
$ |
292.4 |
|
|
$ |
927.8 |
|
|
$ |
860.6 |
|
Marine operating revenue |
|
0.6 |
|
|
|
4.8 |
|
|
|
6.1 |
|
|
|
16.2 |
|
Other revenue |
|
42.3 |
|
|
|
23.8 |
|
|
|
108.3 |
|
|
|
73.5 |
|
Total Revenues |
|
360.1 |
|
|
|
321.0 |
|
|
|
1,042.2 |
|
|
|
950.3 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
87.9 |
|
|
|
75.9 |
|
|
|
254.1 |
|
|
|
221.3 |
|
Marine operating expense |
|
1.0 |
|
|
|
3.6 |
|
|
|
5.4 |
|
|
|
11.7 |
|
Depreciation expense |
|
96.2 |
|
|
|
88.7 |
|
|
|
278.1 |
|
|
|
268.2 |
|
Operating lease expense |
|
9.0 |
|
|
|
9.0 |
|
|
|
27.0 |
|
|
|
27.1 |
|
Other operating expense |
|
12.0 |
|
|
|
8.7 |
|
|
|
34.0 |
|
|
|
28.7 |
|
Selling, general and administrative expense |
|
51.0 |
|
|
|
47.6 |
|
|
|
153.4 |
|
|
|
142.7 |
|
Total Expenses |
|
257.1 |
|
|
|
233.5 |
|
|
|
752.0 |
|
|
|
699.7 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
16.9 |
|
|
|
3.9 |
|
|
|
105.1 |
|
|
|
53.4 |
|
Interest expense, net |
|
(68.1 |
) |
|
|
(53.6 |
) |
|
|
(190.8 |
) |
|
|
(156.7 |
) |
Other income (expense) |
|
1.8 |
|
|
|
(2.5 |
) |
|
|
(7.1 |
) |
|
|
(15.8 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
53.6 |
|
|
|
35.3 |
|
|
|
197.4 |
|
|
|
131.5 |
|
Income taxes |
|
(14.5 |
) |
|
|
(13.7 |
) |
|
|
(52.3 |
) |
|
|
(38.8 |
) |
Share of affiliates’ earnings, net of taxes |
|
13.4 |
|
|
|
7.5 |
|
|
|
48.1 |
|
|
|
14.8 |
|
Net Income |
$ |
52.5 |
|
|
$ |
29.1 |
|
|
$ |
193.2 |
|
|
$ |
107.5 |
|
|
|
|
|
|
|
|
|
||||||||
Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.44 |
|
|
$ |
0.82 |
|
|
$ |
5.32 |
|
|
$ |
3.04 |
|
Average number of common shares |
|
35.7 |
|
|
|
35.2 |
|
|
|
35.6 |
|
|
|
35.4 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
1.44 |
|
|
$ |
0.81 |
|
|
$ |
5.30 |
|
|
$ |
2.99 |
|
Average number of common shares and common share equivalents |
|
35.8 |
|
|
|
35.7 |
|
|
|
35.7 |
|
|
|
35.9 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.55 |
|
|
$ |
0.52 |
|
|
$ |
1.65 |
|
|
$ |
1.56 |
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
September 30 |
|
December 31 |
||||
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
203.1 |
|
|
$ |
303.7 |
|
Restricted Cash |
|
0.1 |
|
|
|
0.3 |
|
Short-Term Investments |
|
— |
|
|
|
148.5 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
75.2 |
|
|
|
71.4 |
|
Finance leases (as lessor) |
|
135.4 |
|
|
|
96.5 |
|
Less: allowance for losses |
|
(5.7 |
) |
|
|
(5.9 |
) |
|
|
204.9 |
|
|
|
162.0 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
12,576.5 |
|
|
|
11,675.0 |
|
Less: allowance for depreciation |
|
(3,561.1 |
) |
|
|
(3,424.7 |
) |
|
|
9,015.4 |
|
|
|
8,250.3 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
220.2 |
|
|
|
243.5 |
|
|
|
220.2 |
|
|
|
243.5 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
626.9 |
|
|
|
575.1 |
|
Goodwill |
|
116.0 |
|
|
|
117.2 |
|
Other Assets ($11.9 and $40.0 related to assets held for sale) |
|
260.9 |
|
|
|
271.4 |
|
Total Assets |
$ |
10,647.5 |
|
|
$ |
10,072.0 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
221.6 |
|
|
$ |
202.2 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
12.3 |
|
|
|
17.3 |
|
Recourse |
|
6,835.6 |
|
|
|
6,431.5 |
|
|
|
6,847.9 |
|
|
|
6,448.8 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
233.2 |
|
|
|
257.9 |
|
|
|
233.2 |
|
|
|
257.9 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,072.2 |
|
|
|
1,031.5 |
|
Other Liabilities |
|
98.1 |
|
|
|
102.0 |
|
Total Liabilities |
|
8,473.0 |
|
|
|
8,042.4 |
|
Total Shareholders’ Equity |
|
2,174.5 |
|
|
|
2,029.6 |
|
Total Liabilities and Shareholders’ Equity |
$ |
10,647.5 |
|
|
$ |
10,072.0 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2023 (In millions) |
||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
225.2 |
|
|
$ |
75.6 |
|
|
$ |
8.1 |
|
|
$ |
8.3 |
|
$ |
317.2 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
0.6 |
|
Other revenue |
|
22.7 |
|
|
|
3.6 |
|
|
|
13.7 |
|
|
|
2.3 |
|
|
42.3 |
|
Total Revenues |
|
247.9 |
|
|
|
79.2 |
|
|
|
22.4 |
|
|
|
10.6 |
|
|
360.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
69.4 |
|
|
|
17.1 |
|
|
|
— |
|
|
|
1.4 |
|
|
87.9 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
|
1.0 |
|
Depreciation expense |
|
66.9 |
|
|
|
17.5 |
|
|
|
8.4 |
|
|
|
3.4 |
|
|
96.2 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
9.0 |
|
Other operating expense |
|
6.5 |
|
|
|
2.7 |
|
|
|
2.1 |
|
|
|
0.7 |
|
|
12.0 |
|
Total Expenses |
|
151.8 |
|
|
|
37.3 |
|
|
|
11.5 |
|
|
|
5.5 |
|
|
206.1 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
15.5 |
|
|
|
0.9 |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
16.9 |
|
Interest (expense) income, net |
|
(46.6 |
) |
|
|
(14.5 |
) |
|
|
(8.7 |
) |
|
|
1.7 |
|
|
(68.1 |
) |
Other income (expense) |
|
1.2 |
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
0.9 |
|
|
1.8 |
|
Share of affiliates' pre-tax (losses) earnings |
|
(0.1 |
) |
|
|
— |
|
|
|
18.0 |
|
|
|
— |
|
|
17.9 |
|
Segment profit |
$ |
66.1 |
|
|
$ |
28.2 |
|
|
$ |
20.2 |
|
|
$ |
8.0 |
|
$ |
122.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
51.0 |
|
|||||||||||||||
Income taxes (includes $4.5 related to affiliates' earnings) |
|
19.0 |
|
|||||||||||||||
Net income |
$ |
52.5 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
197.0 |
|
|
$ |
129.6 |
|
|
$ |
28.3 |
|
|
$ |
9.0 |
|
$ |
363.9 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
13.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
$ |
13.1 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
0.3 |
|
Non-remarketing net gains (1) |
|
2.4 |
|
|
|
0.9 |
|
|
|
— |
|
|
|
0.2 |
|
|
3.5 |
|
|
$ |
15.5 |
|
|
$ |
0.9 |
|
|
$ |
0.2 |
|
|
$ |
0.3 |
|
$ |
16.9 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
211.3 |
|
|
$ |
65.3 |
|
|
$ |
8.3 |
|
|
$ |
7.5 |
|
|
$ |
292.4 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
Other revenue |
|
20.0 |
|
|
|
2.3 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
23.8 |
|
Total Revenues |
|
231.3 |
|
|
|
67.6 |
|
|
|
13.1 |
|
|
|
9.0 |
|
|
|
321.0 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
62.4 |
|
|
|
12.8 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
75.9 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
|
3.6 |
|
Depreciation expense |
|
65.3 |
|
|
|
16.8 |
|
|
|
3.7 |
|
|
|
2.9 |
|
|
|
88.7 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.0 |
|
|
|
1.5 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
8.7 |
|
Total Expenses |
|
142.7 |
|
|
|
31.1 |
|
|
|
7.9 |
|
|
|
4.2 |
|
|
|
185.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
13.3 |
|
|
|
(10.3 |
) |
|
|
0.8 |
|
|
|
0.1 |
|
|
|
3.9 |
|
Interest expense, net |
|
(36.5 |
) |
|
|
(11.2 |
) |
|
|
(4.6 |
) |
|
|
(1.3 |
) |
|
|
(53.6 |
) |
Other (expense) income |
|
(1.4 |
) |
|
|
(0.5 |
) |
|
|
0.1 |
|
|
|
(0.7 |
) |
|
|
(2.5 |
) |
Share of affiliates' pre-tax earnings |
|
0.3 |
|
|
|
— |
|
|
|
9.7 |
|
|
|
— |
|
|
|
10.0 |
|
Segment profit |
$ |
64.3 |
|
|
$ |
14.5 |
|
|
$ |
11.2 |
|
|
$ |
2.9 |
|
|
$ |
92.9 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.6 |
|
||||||||||||||||
Income taxes (includes $2.5 related to affiliates' earnings) |
|
16.2 |
|
||||||||||||||||
Net income |
$ |
29.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
142.5 |
|
|
$ |
50.1 |
|
|
$ |
— |
|
|
$ |
10.8 |
|
|
$ |
203.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain (Loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
8.8 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9.1 |
|
Residual sharing income |
|
0.2 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
1.0 |
|
Non-remarketing net gains (1) |
|
4.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
4.6 |
|
Asset impairments |
|
— |
|
|
|
(10.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10.8 |
) |
|
$ |
13.3 |
|
|
$ |
(10.3 |
) |
|
$ |
0.8 |
|
|
$ |
0.1 |
|
|
$ |
3.9 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
|||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2023 (In millions) |
||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
659.2 |
|
|
$ |
219.1 |
|
|
$ |
24.5 |
|
|
$ |
25.0 |
|
$ |
927.8 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
6.1 |
|
|
|
— |
|
|
6.1 |
|
Other revenue |
|
68.0 |
|
|
|
9.6 |
|
|
|
24.6 |
|
|
|
6.1 |
|
|
108.3 |
|
Total Revenues |
|
727.2 |
|
|
|
228.7 |
|
|
|
55.2 |
|
|
|
31.1 |
|
|
1,042.2 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
203.1 |
|
|
|
47.6 |
|
|
|
— |
|
|
|
3.4 |
|
|
254.1 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
5.4 |
|
|
|
— |
|
|
5.4 |
|
Depreciation expense |
|
198.5 |
|
|
|
49.8 |
|
|
|
19.9 |
|
|
|
9.9 |
|
|
278.1 |
|
Operating lease expense |
|
27.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
27.0 |
|
Other operating expense |
|
20.2 |
|
|
|
7.2 |
|
|
|
4.4 |
|
|
|
2.2 |
|
|
34.0 |
|
Total Expenses |
|
448.8 |
|
|
|
104.6 |
|
|
|
29.7 |
|
|
|
15.5 |
|
|
598.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
97.4 |
|
|
|
2.4 |
|
|
|
4.7 |
|
|
|
0.6 |
|
|
105.1 |
|
Interest (expense) income, net |
|
(133.4 |
) |
|
|
(40.5 |
) |
|
|
(20.9 |
) |
|
|
4.0 |
|
|
(190.8 |
) |
Other (expense) income |
|
(1.3 |
) |
|
|
(7.0 |
) |
|
|
(0.5 |
) |
|
|
1.7 |
|
|
(7.1 |
) |
Share of affiliates' pre-tax (losses) earnings |
|
(0.5 |
) |
|
|
— |
|
|
|
66.3 |
|
|
|
— |
|
|
65.8 |
|
Segment profit |
$ |
240.6 |
|
|
$ |
79.0 |
|
|
$ |
75.1 |
|
|
$ |
21.9 |
|
$ |
416.6 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
153.4 |
|
|||||||||||||||
Income taxes (includes $17.7 related to affiliates' earnings) |
|
70.0 |
|
|||||||||||||||
Net income |
$ |
193.2 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
654.8 |
|
|
$ |
288.0 |
|
|
$ |
267.3 |
|
|
$ |
27.4 |
|
$ |
1,237.5 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
88.4 |
|
|
$ |
0.5 |
|
|
$ |
5.5 |
|
|
$ |
0.3 |
|
$ |
94.7 |
|
Residual sharing income |
|
0.3 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
0.7 |
|
Non-remarketing net gains (1) |
|
8.7 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
0.3 |
|
|
10.9 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
|
(1.2 |
) |
|
$ |
97.4 |
|
|
$ |
2.4 |
|
|
$ |
4.7 |
|
|
$ |
0.6 |
|
$ |
105.1 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
615.0 |
|
|
$ |
199.4 |
|
|
$ |
24.8 |
|
|
$ |
21.4 |
|
|
$ |
860.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
16.2 |
|
|
|
— |
|
|
|
16.2 |
|
Other revenue |
|
61.8 |
|
|
|
6.5 |
|
|
|
0.1 |
|
|
|
5.1 |
|
|
|
73.5 |
|
Total Revenues |
|
676.8 |
|
|
|
205.9 |
|
|
|
41.1 |
|
|
|
26.5 |
|
|
|
950.3 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
180.1 |
|
|
|
39.0 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
221.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
11.7 |
|
|
|
— |
|
|
|
11.7 |
|
Depreciation expense |
|
193.7 |
|
|
|
52.0 |
|
|
|
13.6 |
|
|
|
8.9 |
|
|
|
268.2 |
|
Operating lease expense |
|
27.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.1 |
|
Other operating expense |
|
19.2 |
|
|
|
6.0 |
|
|
|
1.7 |
|
|
|
1.8 |
|
|
|
28.7 |
|
Total Expenses |
|
420.1 |
|
|
|
97.0 |
|
|
|
27.0 |
|
|
|
12.9 |
|
|
|
557.0 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
90.0 |
|
|
|
(7.9 |
) |
|
|
(29.1 |
) |
|
|
0.4 |
|
|
|
53.4 |
|
Interest expense, net |
|
(105.8 |
) |
|
|
(33.5 |
) |
|
|
(13.9 |
) |
|
|
(3.5 |
) |
|
|
(156.7 |
) |
Other (expense) income |
|
(3.4 |
) |
|
|
0.2 |
|
|
|
— |
|
|
|
(12.6 |
) |
|
|
(15.8 |
) |
Share of affiliates' pre-tax earnings |
|
0.3 |
|
|
|
— |
|
|
|
20.5 |
|
|
|
— |
|
|
|
20.8 |
|
Segment profit (loss) |
$ |
237.8 |
|
|
$ |
67.7 |
|
|
$ |
(8.4 |
) |
|
$ |
(2.1 |
) |
|
$ |
295.0 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
142.7 |
|
||||||||||||||||
Income taxes (includes $6.0 related to affiliates' earnings) |
|
44.8 |
|
||||||||||||||||
Net income |
$ |
107.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
676.6 |
|
|
$ |
177.8 |
|
|
$ |
— |
|
|
$ |
33.5 |
|
|
$ |
887.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain (Loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
74.4 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
75.6 |
|
Residual sharing income |
|
2.3 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
4.7 |
|
Non-remarketing net gains (1) |
|
13.3 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
15.4 |
|
Asset impairments |
|
— |
|
|
|
(10.8 |
) |
|
|
(31.5 |
) |
|
|
— |
|
|
|
(42.3 |
) |
|
$ |
90.0 |
|
|
$ |
(7.9 |
) |
|
$ |
(29.1 |
) |
|
$ |
0.4 |
|
|
$ |
53.4 |
|
__________ (1) Includes net gains (losses) 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 September 30 |
|
Nine Months Ended September 30 |
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||
Net income (GAAP) |
$ |
52.5 |
|
$ |
29.1 |
|
$ |
193.2 |
|
|
$ |
107.5 |
|
Adjustments attributable to consolidated pre-tax income: |
|
|
|
|
|
|
|
||||||
Loss on Specialized Gas Vessels at Portfolio Management (2) |
$ |
— |
|
$ |
— |
|
$ |
1.4 |
|
|
$ |
31.5 |
|
Net loss (gain) on Rail Russia at Rail International (3) |
|
— |
|
|
10.8 |
|
|
(0.3 |
) |
|
|
10.8 |
|
Environmental remediation costs (4) |
|
— |
|
|
— |
|
|
— |
|
|
|
5.9 |
|
Total adjustments attributable to consolidated pre-tax income |
$ |
— |
|
$ |
10.8 |
|
$ |
1.1 |
|
|
$ |
48.2 |
|
Income taxes thereon, based on applicable effective tax rate |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
(1.5 |
) |
Other income tax adjustments attributable to consolidated income: |
|
|
|
|
|
|
|
||||||
Income tax rate change (5) |
|
— |
|
|
— |
|
|
— |
|
|
|
(3.0 |
) |
Total other income tax adjustments attributable to consolidated income |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
(3.0 |
) |
Adjustments attributable to affiliates' earnings, net of taxes: |
|
|
|
|
|
|
|
||||||
Aircraft spare engine impairment at RRPF (6) |
|
— |
|
|
— |
|
|
— |
|
|
|
11.5 |
|
Total adjustments attributable to affiliates' earnings, net of taxes |
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
11.5 |
|
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
52.5 |
|
$ |
39.9 |
|
$ |
194.3 |
|
|
$ |
162.7 |
|
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share (1) |
|||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Diluted earnings per share (GAAP) |
$ |
1.44 |
|
$ |
0.81 |
|
$ |
5.30 |
|
$ |
2.99 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
1.44 |
|
$ |
1.12 |
|
$ |
5.33 |
|
$ |
4.53 |
__________ |
|
(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) |
In the second quarter of 2022, we made the decision to sell the Specialized Gas Vessels. As a result, we recorded losses in 2022 associated with the impairments of these assets. In 2023, we recorded gains and losses associated with the impairments and subsequent sales of these assets. |
(3) |
In the third quarter of 2022, we made the decision to exit our rail business in Russia ("Rail Russia") and recorded losses in 2022 associated with the impairment of the net assets. In the first quarter of 2023, we sold Rail Russia and recorded a gain on the final sale of this business. |
(4) |
Reserve recorded as part of an executed agreement for anticipated remediation costs at a previously owned property, sold in 1974. |
(5) |
Deferred income tax adjustment due to an enacted corporate income tax rate reduction in Austria in 2022. |
(6) |
Impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover. |
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) |
||||||||||||||||||||
|
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
||||||||||
Total Assets, Excluding Cash and Short-Term Investments, by Segment |
||||||||||||||||||||
Rail North America |
|
$ |
6,760.5 |
|
|
$ |
6,671.3 |
|
|
$ |
6,610.8 |
|
|
$ |
6,439.1 |
|
|
$ |
6,405.4 |
|
Rail International |
|
|
1,951.5 |
|
|
|
1,902.3 |
|
|
|
1,801.2 |
|
|
|
1,731.3 |
|
|
|
1,554.3 |
|
Portfolio Management |
|
|
1,363.8 |
|
|
|
1,328.6 |
|
|
|
1,089.6 |
|
|
|
1,084.8 |
|
|
|
970.9 |
|
Other |
|
|
368.5 |
|
|
|
370.2 |
|
|
|
368.9 |
|
|
|
364.3 |
|
|
|
348.2 |
|
Total Assets, excluding cash and short-term investments |
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
|
$ |
9,870.5 |
|
|
$ |
9,619.5 |
|
|
$ |
9,278.8 |
|
Debt and Lease Obligations, Net of Unrestricted Cash and Short-Term Investments |
||||||||||||||||||||
Unrestricted cash and short-term investments |
|
$ |
(203.1 |
) |
|
$ |
(317.5 |
) |
|
$ |
(177.4 |
) |
|
$ |
(452.2 |
) |
|
$ |
(596.3 |
) |
Commercial paper and bank credit facilities |
|
|
12.3 |
|
|
|
10.9 |
|
|
|
20.3 |
|
|
|
17.3 |
|
|
|
16.3 |
|
Recourse debt |
|
|
6,835.6 |
|
|
|
6,785.6 |
|
|
|
6,360.9 |
|
|
|
6,431.5 |
|
|
|
6,353.1 |
|
Operating lease obligations |
|
|
233.2 |
|
|
|
241.1 |
|
|
|
246.2 |
|
|
|
257.9 |
|
|
|
259.0 |
|
Total debt and lease obligations, net of unrestricted cash and short-term investments |
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
|
$ |
6,450.0 |
|
|
$ |
6,254.5 |
|
|
$ |
6,032.1 |
|
Total recourse debt (1) |
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
|
$ |
6,450.0 |
|
|
$ |
6,254.5 |
|
|
$ |
6,032.1 |
|
Shareholders’ Equity |
|
$ |
2,174.5 |
|
|
$ |
2,178.9 |
|
|
$ |
2,101.5 |
|
|
$ |
2,029.6 |
|
|
$ |
1,940.5 |
|
Recourse Leverage (2) |
|
|
3.2 |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
3.1 |
|
_________ |
|
(1) |
Includes recourse debt, commercial paper and bank credit facilities, and operating and finance lease obligations, net of unrestricted cash and short-term investments. |
(2) |
Calculated as total recourse debt / shareholder's equity. |
Reconciliation of Total Assets to Total Assets, Excluding Cash and Short-Term Investments |
||||||||||||||||||||
Total Assets |
|
$ |
10,647.5 |
|
|
$ |
10,590.1 |
|
|
$ |
10,048.1 |
|
|
$ |
10,072.0 |
|
|
$ |
9,875.4 |
|
Less: cash and short-term investments |
|
|
(203.2 |
) |
|
|
(317.7 |
) |
|
|
(177.6 |
) |
|
|
(452.5 |
) |
|
|
(596.6 |
) |
Total Assets, excluding cash and short-term investments |
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
|
$ |
9,870.5 |
|
|
$ |
9,619.5 |
|
|
$ |
9,278.8 |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
33.4 |
% |
|
33.1 |
% |
|
28.3 |
% |
|
24.4 |
% |
|
18.8 |
% |
Average renewal term (months) |
65 |
|
|
61 |
|
|
55 |
|
|
52 |
|
|
52 |
|
Renewal Success Rate (2) |
83.6 |
% |
|
85.3 |
% |
|
77.9 |
% |
|
85.7 |
% |
|
87.2 |
% |
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
100,585 |
|
|
101,219 |
|
|
100,954 |
|
|
101,289 |
|
|
101,272 |
|
Cars added |
791 |
|
|
358 |
|
|
1,816 |
|
|
583 |
|
|
772 |
|
Cars scrapped |
(292 |
) |
|
(316 |
) |
|
(324 |
) |
|
(486 |
) |
|
(506 |
) |
Cars sold |
(428 |
) |
|
(676 |
) |
|
(1,227 |
) |
|
(432 |
) |
|
(249 |
) |
Ending balance |
100,656 |
|
|
100,585 |
|
|
101,219 |
|
|
100,954 |
|
|
101,289 |
|
Utilization |
99.3 |
% |
|
99.3 |
% |
|
99.3 |
% |
|
99.5 |
% |
|
99.6 |
% |
Average active railcars |
99,796 |
|
|
100,230 |
|
|
100,552 |
|
|
100,618 |
|
|
100,783 |
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
8,959 |
|
|
8,789 |
|
|
8,663 |
|
|
10,224 |
|
|
10,315 |
|
Cars added |
316 |
|
|
279 |
|
|
229 |
|
|
106 |
|
|
— |
|
Cars scrapped |
(95 |
) |
|
(109 |
) |
|
(103 |
) |
|
(94 |
) |
|
(91 |
) |
Cars sold |
(93 |
) |
|
— |
|
|
— |
|
|
(1,573 |
) |
|
— |
|
Ending balance |
9,087 |
|
|
8,959 |
|
|
8,789 |
|
|
8,663 |
|
|
10,224 |
|
Utilization |
99.7 |
% |
|
99.8 |
% |
|
100.0 |
% |
|
99.9 |
% |
|
100.0 |
% |
Average active railcars |
8,985 |
|
|
8,855 |
|
|
8,720 |
|
|
9,032 |
|
|
10,267 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (4) |
79.7 |
% |
|
78.9 |
% |
|
79.5 |
% |
|
78.9 |
% |
|
80.1 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5) |
0.3 |
% |
|
0.6 |
% |
|
(0.3 |
)% |
|
(0.3 |
)% |
|
0.1 |
% |
Year-over-year Change in U.S. Carloadings (chemical) (5) |
(2.6 |
)% |
|
(4.5 |
)% |
|
(6.8 |
)% |
|
— |
% |
|
3.1 |
% |
Year-over-year Change in U.S. Carloadings (petroleum) (5) |
10.5 |
% |
|
9.6 |
% |
|
12.3 |
% |
|
(7.6 |
)% |
|
(10.4 |
)% |
Production Backlog at Railcar Manufacturers (6) |
n/a (7) |
|
59,878 |
|
|
56,062 |
|
|
59,698 |
|
|
61,415 |
|
|
_________ |
|
(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. |
In the second quarter of 2023, we modified the methodology of the LPI calculation to more consistently reflect actual trends in renewal lease rates and renewal lease terms across the North American non-boxcar fleet. We believe this modification will provide investors and other constituents with a more complete representation of lease rate and term performance. The prior period LPI metrics presented above have been updated to reflect the change in calculation. For further details, please see the GATX press release dated July 6, 2023. |
|
(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) |
||||||||||||||
|
9/30/2023 |
|
6/30/2023 |
|
3/31/2023 |
|
12/31/2022 |
|
9/30/2022 |
|||||
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
28,759 |
|
|
28,461 |
|
|
28,005 |
|
|
27,701 |
|
|
27,470 |
|
Cars added |
446 |
|
|
376 |
|
|
502 |
|
|
362 |
|
|
277 |
|
Cars scrapped/sold |
(103 |
) |
|
(78 |
) |
|
(46 |
) |
|
(58 |
) |
|
(46 |
) |
Ending balance |
29,102 |
|
|
28,759 |
|
|
28,461 |
|
|
28,005 |
|
|
27,701 |
|
Utilization |
96.0 |
% |
|
96.9 |
% |
|
98.5 |
% |
|
99.3 |
% |
|
99.4 |
% |
Average active railcars |
27,884 |
|
|
27,973 |
|
|
27,931 |
|
|
27,658 |
|
|
27,489 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
6,927 |
|
|
6,351 |
|
|
5,872 |
|
|
5,564 |
|
|
5,503 |
|
Cars added |
957 |
|
|
576 |
|
|
479 |
|
|
308 |
|
|
61 |
|
Ending balance |
7,884 |
|
|
6,927 |
|
|
6,351 |
|
|
5,872 |
|
|
5,564 |
|
Utilization |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Average active railcars |
7,366 |
|
|
6,584 |
|
|
6,038 |
|
|
5,703 |
|
|
5,518 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20231024013723/en/
Contacts
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations, ESG, and External Communications
312-621-4285
shari.hellerman@gatx.com
