- Company increases 2022 full-year earnings guidance to $5.60 - $6.00 per diluted share
- Demand for railcars remains strong across all regions
- Investment volume was $314.1 million in the second quarter and totaled $684.5 million year to date
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE:GATX) today reported 2022 second-quarter net income of $2.6 million, or $0.07 per diluted share, compared to net income of $5.5 million, or $0.15 per diluted share, in the second quarter of 2021. The 2022 second-quarter results include net negative impacts of $35.9 million, or $1.00 per diluted share, from Tax Adjustments and Other Items. The most significant item was an impairment charge associated with the Company’s planned sale of its five remaining marine vessels.
Net income for the first six months of 2022 was $78.4 million, or $2.18 per diluted share, compared to $42.0 million, or $1.17 per diluted share, in the prior year period. The 2022 year-to-date results include net negative impacts of $44.4 million, or $1.23 per diluted share, from Tax Adjustments and Other Items. The 2021 second-quarter and year-to-date results included net negative impacts of $43.1 million, or $1.20 per diluted share, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
"Despite ongoing macroeconomic uncertainty, the operating environment remains strong across our global railcar leasing markets," said Robert C. Lyons, president and chief executive officer of GATX. "Rail North America’s fleet utilization was 99.4% at the end of the second quarter and our renewal success rate was 87.7%. Demand for the majority of railcar types in our fleet remains robust, and absolute lease rates increased sequentially for the eighth consecutive quarter. The renewal lease rate change of GATX’s Lease Price Index was positive 18.3% for the quarter, with an average renewal term of 34 months. In this environment, our commercial team remains focused on improving lease rates while beginning to increase lease terms on many car types.
"Rail International performed well as we continued to experience increases in renewal lease rates. GATX Rail Europe and GATX Rail India expanded their fleets during the quarter while also achieving virtually full fleet utilization at quarter end. In Portfolio Management, the Rolls-Royce and Partners Finance affiliates performed as expected in the second quarter."
Mr. Lyons concluded, "Year-to-date investment volume was nearly $685 million, and we continue to take delivery of new railcars to meet customer demand worldwide. Based on current strength in the global rail markets and a robust secondary market for railcars, we are increasing our 2022 full-year earnings expectations to be in the range of $5.60 to $6.00 per diluted share, excluding any impact from Tax Adjustments and Other Items."
RAIL NORTH AMERICA
Rail North America reported segment profit of $53.1 million in the second quarter of 2022, compared to $77.6 million in the second quarter of 2021. Lower second-quarter segment profit was driven by lower gains on asset dispositions, partially offset by lower maintenance expense. Year to date 2022, Rail North America reported segment profit of $173.5 million, compared to $143.3 million in the same period of 2021. Higher 2022 year-to-date results were predominantly driven by higher gains on asset dispositions.
At June 30, 2022, Rail North America’s wholly owned fleet was comprised of approximately 111,600 cars, including approximately 10,300 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.4% at the end of the second quarter, compared to 99.3% at the end of the prior quarter and 98.5% at the end of the second quarter of 2021. During the second quarter, the renewal lease rate change of the GATX Lease Price Index (LPI) was positive 18.3%. This compares to positive 9.3% in the prior quarter and negative 6.7% in the second quarter of 2021. The average lease renewal term for all cars included in the LPI during the second quarter was 34 months, compared to 30 months in the prior quarter and 29 months in the second quarter of 2021. Rail North America’s investment volume during the second quarter of 2022 was $253.7 million.
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided on the last page of this press release.
RAIL INTERNATIONAL
Rail International’s segment profit was $28.3 million in the second quarter of 2022, compared to $27.3 million in the second quarter of 2021. Year to date 2022, Rail International reported segment profit of $53.2 million, compared to $49.1 million for the same period of 2021. Results in the comparative periods were favorably impacted by more railcars on lease and negatively impacted by changes in foreign currency exchange rates.
At June 30, 2022, GATX Rail Europe’s (GRE) fleet consisted of approximately 27,500 cars. Utilization was 99.9%, compared to 99.0% at the end of the prior quarter and 98.4% at the end of the second quarter of 2021. Additional fleet statistics for GRE are provided on the last page of this press release.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment loss of $15.7 million in the second quarter of 2022, compared to segment profit of $12.2 million in the second quarter of 2021. Year to date 2022, segment loss was $19.6 million, compared to segment profit of $18.3 million for the same period of 2021.
Second-quarter 2022 segment results include an impairment charge of $31.5 million associated with the planned divestiture of five specialized gas vessels. These vessels represent the last assets of a legacy business activity that is not core to GATX operations. Additionally, year-to-date 2022 segment results include a net impairment charge associated with three aircraft spare engines in Russia that the Rolls-Royce and Partners Finance affiliates (RRPF) do not expect to recover, of which GATX’s share is $15.3 million. Excluding these impacts, second-quarter and year-to-date 2022 segment results increased relative to a year ago. Higher second-quarter 2022 segment results were primarily due to higher share of affiliates’ earnings from RRPF. Higher year-to-date 2022 segment results were driven by stronger marine operating results and higher share of affiliates’ earnings from RRPF.
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. GATX has been headquartered in Chicago, Illinois since its founding in 1898.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2022 second-quarter results. Call details are as follows:
Thursday, July 21, 2022
11 a.m. Eastern Time
Domestic Dial-In: 1-800-289-0720
International Dial-In: 1-323-701-0160
Replay: 1-888-203-1112 or 1-719-457-0820 / Access Code: 4208735
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 21, 2022.
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 “Investor Relations” 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, 2021, 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
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
284.9 |
|
|
$ |
287.6 |
|
|
$ |
568.2 |
|
|
$ |
568.2 |
|
Marine operating revenue |
|
5.2 |
|
|
|
5.1 |
|
|
|
11.4 |
|
|
|
8.7 |
|
Other revenue |
|
22.6 |
|
|
|
24.4 |
|
|
|
49.7 |
|
|
|
46.0 |
|
Total Revenues |
|
312.7 |
|
|
|
317.1 |
|
|
|
629.3 |
|
|
|
622.9 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
70.8 |
|
|
|
76.6 |
|
|
|
145.4 |
|
|
|
150.9 |
|
Marine operating expense |
|
3.9 |
|
|
|
5.5 |
|
|
|
8.1 |
|
|
|
10.1 |
|
Depreciation expense |
|
90.0 |
|
|
|
91.5 |
|
|
|
179.5 |
|
|
|
180.1 |
|
Operating lease expense |
|
9.0 |
|
|
|
10.2 |
|
|
|
18.1 |
|
|
|
21.1 |
|
Other operating expense |
|
9.3 |
|
|
|
11.4 |
|
|
|
20.0 |
|
|
|
21.6 |
|
Selling, general and administrative expense |
|
47.9 |
|
|
|
47.8 |
|
|
|
95.1 |
|
|
|
94.9 |
|
Total Expenses |
|
230.9 |
|
|
|
243.0 |
|
|
|
466.2 |
|
|
|
478.7 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net (loss) gain on asset dispositions |
|
(24.2 |
) |
|
|
34.7 |
|
|
|
49.5 |
|
|
|
57.2 |
|
Interest expense, net |
|
(51.9 |
) |
|
|
(50.0 |
) |
|
|
(103.1 |
) |
|
|
(103.6 |
) |
Other expense |
|
(11.3 |
) |
|
|
(8.1 |
) |
|
|
(13.3 |
) |
|
|
(9.4 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
(5.6 |
) |
|
|
50.7 |
|
|
|
96.2 |
|
|
|
88.4 |
|
Income taxes |
|
(2.7 |
) |
|
|
(13.6 |
) |
|
|
(25.1 |
) |
|
|
(22.0 |
) |
Share of affiliates’ earnings (losses), net of taxes |
|
10.9 |
|
|
|
(31.6 |
) |
|
|
7.3 |
|
|
|
(24.4 |
) |
Net Income |
$ |
2.6 |
|
|
$ |
5.5 |
|
|
$ |
78.4 |
|
|
$ |
42.0 |
|
|
|
|
|
|
|
|
|
||||||||
Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
0.07 |
|
|
$ |
0.16 |
|
|
$ |
2.21 |
|
|
$ |
1.19 |
|
Average number of common shares |
|
35.5 |
|
|
|
35.4 |
|
|
|
35.5 |
|
|
|
35.3 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
0.07 |
|
|
$ |
0.15 |
|
|
$ |
2.18 |
|
|
$ |
1.17 |
|
Average number of common shares and common share equivalents |
|
36.0 |
|
|
|
36.0 |
|
|
|
36.0 |
|
|
|
35.9 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.04 |
|
|
$ |
1.00 |
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
June 30 |
|
December 31 |
||||
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
180.3 |
|
|
$ |
344.3 |
|
Restricted Cash |
|
0.2 |
|
|
|
0.2 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
68.4 |
|
|
|
69.8 |
|
Finance leases (as lessor) |
|
103.1 |
|
|
|
100.2 |
|
Less: allowance for losses |
|
(6.2 |
) |
|
|
(6.2 |
) |
|
|
165.3 |
|
|
|
163.8 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
11,200.7 |
|
|
|
11,163.6 |
|
Less: allowance for depreciation |
|
(3,309.8 |
) |
|
|
(3,378.8 |
) |
|
|
7,890.9 |
|
|
|
7,784.8 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
254.4 |
|
|
|
270.7 |
|
Finance leases, net of accumulated depreciation |
|
— |
|
|
|
1.5 |
|
|
|
254.4 |
|
|
|
272.2 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
596.5 |
|
|
|
588.4 |
|
Goodwill |
|
115.3 |
|
|
|
123.0 |
|
Other Assets ($73.8 million and $3.8 million related to assets held for sale) |
|
321.3 |
|
|
|
265.0 |
|
Total Assets |
$ |
9,524.2 |
|
|
$ |
9,541.7 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
166.5 |
|
|
$ |
215.8 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
20.0 |
|
|
|
18.1 |
|
Recourse |
|
5,964.4 |
|
|
|
5,887.5 |
|
|
|
5,984.4 |
|
|
|
5,905.6 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
266.7 |
|
|
|
286.2 |
|
Finance leases |
|
— |
|
|
|
1.5 |
|
|
|
266.7 |
|
|
|
287.7 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,005.8 |
|
|
|
1,001.0 |
|
Other Liabilities |
|
119.3 |
|
|
|
112.4 |
|
Total Liabilities |
|
7,542.7 |
|
|
|
7,522.5 |
|
Total Shareholders’ Equity |
|
1,981.5 |
|
|
|
2,019.2 |
|
Total Liabilities and Shareholders’ Equity |
$ |
9,524.2 |
|
|
$ |
9,541.7 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended June 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
203.0 |
|
|
$ |
66.5 |
|
|
$ |
8.2 |
|
|
$ |
7.2 |
|
|
$ |
284.9 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
5.2 |
|
|
|
— |
|
|
|
5.2 |
|
Other revenue |
|
18.8 |
|
|
|
1.9 |
|
|
|
0.1 |
|
|
|
1.8 |
|
|
|
22.6 |
|
Total Revenues |
|
221.8 |
|
|
|
68.4 |
|
|
|
13.5 |
|
|
|
9.0 |
|
|
|
312.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
57.8 |
|
|
|
12.2 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
70.8 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
— |
|
|
|
3.9 |
|
Depreciation expense |
|
64.9 |
|
|
|
17.2 |
|
|
|
4.9 |
|
|
|
3.0 |
|
|
|
90.0 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
5.9 |
|
|
|
2.1 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
9.3 |
|
Total Expenses |
|
137.6 |
|
|
|
31.5 |
|
|
|
9.4 |
|
|
|
4.5 |
|
|
|
183.0 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
5.1 |
|
|
|
1.4 |
|
|
|
(30.8 |
) |
|
|
0.1 |
|
|
|
(24.2 |
) |
Interest expense, net |
|
(34.9 |
) |
|
|
(11.1 |
) |
|
|
(4.6 |
) |
|
|
(1.3 |
) |
|
|
(51.9 |
) |
Other (expense) income |
|
(1.3 |
) |
|
|
1.1 |
|
|
|
— |
|
|
|
(11.1 |
) |
|
|
(11.3 |
) |
Share of affiliates’ pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
15.6 |
|
|
|
— |
|
|
|
15.6 |
|
Segment profit (loss) |
$ |
53.1 |
|
|
$ |
28.3 |
|
|
$ |
(15.7 |
) |
|
$ |
(7.8 |
) |
|
$ |
57.9 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.9 |
|
||||||||||||||||
Income taxes (includes $4.7 related to affiliates’ earnings) |
|
7.4 |
|
||||||||||||||||
Net income |
$ |
2.6 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
253.7 |
|
|
$ |
48.8 |
|
|
$ |
— |
|
|
$ |
11.6 |
|
|
$ |
314.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
1.2 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
1.6 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
|
|
0.8 |
|
Non-remarketing net gains (1) |
|
3.8 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
4.9 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(31.5 |
) |
|
|
— |
|
|
|
(31.5 |
) |
|
$ |
5.1 |
|
|
$ |
1.4 |
|
|
$ |
(30.8 |
) |
|
$ |
0.1 |
|
|
$ |
(24.2 |
) |
__________ (1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended June 30, 2021 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
204.2 |
|
|
$ |
69.0 |
|
|
$ |
8.3 |
|
|
$ |
6.1 |
|
|
$ |
287.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
5.1 |
|
|
|
— |
|
|
|
5.1 |
|
Other revenue |
|
19.2 |
|
|
|
2.7 |
|
|
|
0.2 |
|
|
|
2.3 |
|
|
|
24.4 |
|
Total Revenues |
|
223.4 |
|
|
|
71.7 |
|
|
|
13.6 |
|
|
|
8.4 |
|
|
|
317.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
61.5 |
|
|
|
14.2 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
76.6 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
5.5 |
|
|
|
— |
|
|
|
5.5 |
|
Depreciation expense |
|
65.2 |
|
|
|
18.4 |
|
|
|
5.0 |
|
|
|
2.9 |
|
|
|
91.5 |
|
Operating lease expense |
|
10.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.2 |
|
Other operating expense |
|
8.4 |
|
|
|
1.7 |
|
|
|
0.4 |
|
|
|
0.9 |
|
|
|
11.4 |
|
Total Expenses |
|
145.3 |
|
|
|
34.3 |
|
|
|
10.9 |
|
|
|
4.7 |
|
|
|
195.2 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
33.1 |
|
|
|
0.8 |
|
|
|
0.5 |
|
|
|
0.3 |
|
|
|
34.7 |
|
Interest expense, net |
|
(32.6 |
) |
|
|
(11.1 |
) |
|
|
(4.4 |
) |
|
|
(1.9 |
) |
|
|
(50.0 |
) |
Other (expense) income |
|
(1.0 |
) |
|
|
0.2 |
|
|
|
— |
|
|
|
(7.3 |
) |
|
|
(8.1 |
) |
Share of affiliates’ pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
13.4 |
|
|
|
— |
|
|
|
13.4 |
|
Segment profit (loss) |
$ |
77.6 |
|
|
$ |
27.3 |
|
|
$ |
12.2 |
|
|
$ |
(5.2 |
) |
|
$ |
111.9 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.8 |
|
||||||||||||||||
Income taxes (includes $45.0 related to affiliates’ earnings) |
|
58.6 |
|
||||||||||||||||
Net income |
$ |
5.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
106.4 |
|
|
$ |
40.8 |
|
|
$ |
0.5 |
|
|
$ |
6.2 |
|
|
$ |
153.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
31.5 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
32.2 |
|
Residual sharing income |
|
0.5 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
1.0 |
|
Non-remarketing net gains (1) |
|
1.1 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
$ |
33.1 |
|
|
$ |
0.8 |
|
|
$ |
0.5 |
|
|
$ |
0.3 |
|
|
$ |
34.7 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Six Months Ended June 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
403.7 |
|
|
$ |
134.1 |
|
|
$ |
16.5 |
|
|
$ |
13.9 |
|
|
$ |
568.2 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
11.4 |
|
|
|
— |
|
|
|
11.4 |
|
Other revenue |
|
41.8 |
|
|
|
4.2 |
|
|
|
0.1 |
|
|
|
3.6 |
|
|
|
49.7 |
|
Total Revenues |
|
445.5 |
|
|
|
138.3 |
|
|
|
28.0 |
|
|
|
17.5 |
|
|
|
629.3 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
117.7 |
|
|
|
26.2 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
145.4 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
|
— |
|
|
|
8.1 |
|
Depreciation expense |
|
128.4 |
|
|
|
35.2 |
|
|
|
9.9 |
|
|
|
6.0 |
|
|
|
179.5 |
|
Operating lease expense |
|
18.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.1 |
|
Other operating expense |
|
13.2 |
|
|
|
4.5 |
|
|
|
1.1 |
|
|
|
1.2 |
|
|
|
20.0 |
|
Total Expenses |
|
277.4 |
|
|
|
65.9 |
|
|
|
19.1 |
|
|
|
8.7 |
|
|
|
371.1 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
76.7 |
|
|
|
2.4 |
|
|
|
(29.9 |
) |
|
|
0.3 |
|
|
|
49.5 |
|
Interest expense, net |
|
(69.3 |
) |
|
|
(22.3 |
) |
|
|
(9.3 |
) |
|
|
(2.2 |
) |
|
|
(103.1 |
) |
Other (expense) income |
|
(2.0 |
) |
|
|
0.7 |
|
|
|
(0.1 |
) |
|
|
(11.9 |
) |
|
|
(13.3 |
) |
Share of affiliates’ pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
10.8 |
|
|
|
— |
|
|
|
10.8 |
|
Segment profit (loss) |
$ |
173.5 |
|
|
$ |
53.2 |
|
|
$ |
(19.6 |
) |
|
$ |
(5.0 |
) |
|
$ |
202.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
95.1 |
|
||||||||||||||||
Income taxes (includes $3.5 related to affiliates’ earnings) |
|
28.6 |
|
||||||||||||||||
Net income |
$ |
78.4 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
534.1 |
|
|
$ |
127.7 |
|
|
$ |
— |
|
|
$ |
22.7 |
|
|
$ |
684.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
65.6 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
66.5 |
|
Residual sharing income |
|
2.1 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
3.7 |
|
Non-remarketing net gains (1) |
|
9.0 |
|
|
|
1.7 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
10.8 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(31.5 |
) |
|
|
— |
|
|
|
(31.5 |
) |
|
$ |
76.7 |
|
|
$ |
2.4 |
|
|
$ |
(29.9 |
) |
|
$ |
0.3 |
|
|
$ |
49.5 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Six Months Ended June 30, 2021 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
411.0 |
|
|
$ |
135.9 |
|
|
$ |
11.6 |
|
|
$ |
9.7 |
|
|
$ |
568.2 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
8.7 |
|
|
|
— |
|
|
|
8.7 |
|
Other revenue |
|
37.0 |
|
|
|
5.2 |
|
|
|
0.4 |
|
|
|
3.4 |
|
|
|
46.0 |
|
Total Revenues |
|
448.0 |
|
|
|
141.1 |
|
|
|
20.7 |
|
|
|
13.1 |
|
|
|
622.9 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
119.9 |
|
|
|
29.6 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
150.9 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
10.1 |
|
|
|
— |
|
|
|
10.1 |
|
Depreciation expense |
|
130.9 |
|
|
|
36.7 |
|
|
|
7.7 |
|
|
|
4.8 |
|
|
|
180.1 |
|
Operating lease expense |
|
21.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.1 |
|
Other operating expense |
|
16.0 |
|
|
|
3.7 |
|
|
|
0.6 |
|
|
|
1.3 |
|
|
|
21.6 |
|
Total Expenses |
|
287.9 |
|
|
|
70.0 |
|
|
|
18.4 |
|
|
|
7.5 |
|
|
|
383.8 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
54.6 |
|
|
|
1.1 |
|
|
|
1.1 |
|
|
|
0.4 |
|
|
|
57.2 |
|
Interest expense, net |
|
(69.6 |
) |
|
|
(23.3 |
) |
|
|
(7.5 |
) |
|
|
(3.2 |
) |
|
|
(103.6 |
) |
Other (expense) income |
|
(1.8 |
) |
|
|
0.2 |
|
|
|
— |
|
|
|
(7.8 |
) |
|
|
(9.4 |
) |
Share of affiliates’ pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
22.4 |
|
|
|
— |
|
|
|
22.4 |
|
Segment profit (loss) |
$ |
143.3 |
|
|
$ |
49.1 |
|
|
$ |
18.3 |
|
|
$ |
(5.0 |
) |
|
$ |
205.7 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
94.9 |
|
||||||||||||||||
Income taxes (includes $46.8 related to affiliates’ earnings) |
|
68.8 |
|
||||||||||||||||
Net income |
$ |
42.0 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
215.5 |
|
|
$ |
85.2 |
|
|
$ |
353.0 |
|
|
$ |
9.7 |
|
|
$ |
663.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
47.8 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.3 |
|
|
$ |
48.5 |
|
Residual sharing income |
|
0.6 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
|
1.7 |
|
Non-remarketing net gains (1) |
|
6.2 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
7.0 |
|
|
$ |
54.6 |
|
|
$ |
1.1 |
|
|
$ |
1.1 |
|
|
$ |
0.4 |
|
|
$ |
57.2 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
Contacts
GATX Corporation
Shari Hellerman
Senior Director
Investor Relations, ESG, and External Communications
312-621-4285
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