GATX Corporation Reports 2023 Fourth-Quarter and Full-Year Results

- Full-year 2023 net income was $259.2 million or $7.12 per diluted share, including a net positive impact from Tax Adjustments and Other Items of $0.05 per diluted share
- Full-year investment volume exceeded $1.6 billion
- Company initiates 2024 earnings guidance of $7.30–$7.70 per diluted share
CHICAGO–(BUSINESS WIRE)–GATX Corporation (NYSE: GATX) today reported 2023 fourth-quarter net income of $66.0 million or $1.81 per diluted share, compared to net income of $48.4 million or $1.36 per diluted share in the fourth quarter of 2022. The 2023 fourth-quarter results include a net positive impact from Tax Adjustments and Other Items of $0.07 per diluted share. The 2022 fourth-quarter results include a net negative impact from Tax Adjustments and Other Items of $0.18 per diluted share.
Net income for the full-year 2023 was $259.2 million or $7.12 per diluted share, compared to $155.9 million or $4.35 per diluted share in the prior year. The 2023 full-year results include a net positive impact from Tax Adjustments and Other Items of $0.05 per diluted share. The 2022 full-year results include a net negative impact from Tax Adjustments and Other Items of $1.72 per diluted share. Details related to Tax Adjustments and Other Items are provided in the attached Supplemental Information.
“GATX achieved excellent financial results in the fourth quarter, resulting in a very strong year in terms of net earnings, earnings per share and investment volume,” said Robert C. Lyons, president and chief executive officer of GATX. “The railcar leasing environment in North America remains solid. In 2023, we capitalized on the favorable market conditions by successfully increasing renewal lease rates while extending lease terms. This strategy enabled us to continue locking in high-quality, long-term committed cash flow. The renewal lease rate change of GATX’s Lease Price Index was positive 33.5% for the quarter, with an average renewal term of 65 months. Furthermore, we identified opportunities to invest in attractive markets while also optimizing our fleet by selling railcars into an active secondary market. For the full year, Rail North America’s investment volume was $977 million, while remarketing income was $112 million.
“Rail International also performed well as it maintained solid fleet utilization at year end and continued to experience increases in renewal lease rates compared to expiring rates for most railcar types. Both Rail Europe and Rail India progressed against their goal of growing and diversifying their fleets. In particular, Rail India had record investment volume in 2023 and increased its fleet size by over 2,900 new railcars.
“In Portfolio Management, the Rolls-Royce and Partners Finance affiliates outperformed our original expectation due to the strong recovery in global passenger air travel. Demand for engines within the RRPF portfolio was very strong, and revenues from GATX wholly owned engines exceeded our expectations for the year. Historically, global air travel has been extremely resilient through economic cycles and macro shocks, and this resiliency was proven once again as air travel continues its strong recovery from pandemic-era lows.
“In 2023, we executed our strategy to invest in attractive leasing assets across our global businesses. In addition to successfully placing deliveries of new railcars under our supply agreements in North America, we identified incremental opportunities to acquire over 2,300 railcars for $324 million. In Rail International, we invested over $380 million and added a combined total of over 4,600 new railcars in Europe and India. In Portfolio Management, we increased our direct investment in aircraft spare engines by acquiring 10 engines for over $260 million. Overall, our full-year investment volume exceeded $1.6 billion.”
Mr. Lyons added, “For 2024, we expect Rail North America’s segment profit to increase, driven by higher lease revenue as we continue to add new railcars to the fleet and renew expiring leases at higher lease rates across many car types. We also anticipate higher segment profit in Rail International due to more railcars on lease at higher lease rates. In Portfolio Management, we anticipate robust demand for aircraft spare engines, which should result in another year of strong earnings from RRPF and our wholly owned engines.
Mr. Lyons concluded, “Over the past several years, GATX has made disciplined investments that position us well for the future, and we will continue to look for opportunities to invest prudently across our global businesses. We remain intensely focused on generating attractive risk-adjusted returns for our shareholders. Based on our current outlook, we expect 2024 earnings to be in the range of $7.30–$7.70 per diluted share, which would represent another strong year for GATX.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $66.7 million in the fourth quarter of 2023, compared to $83.5 million in the fourth quarter of 2022. For the full year, Rail North America reported segment profit of $307.3 million in 2023, compared to $321.3 million in 2022. Lower fourth-quarter and full-year 2023 segment profit was primarily driven by higher maintenance expense due to higher repair volume and higher interest expense, partly offset by higher revenues.
As of Dec. 31, 2023, Rail North America’s wholly owned fleet was approximately 110,500 cars, including more than 9,300 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.3% at the end of the fourth quarter, compared to 99.3% at the end of the prior quarter and 99.5% at 2022 year end. During the fourth quarter, the renewal lease rate change of the GATX Lease Price Index (LPI) was positive 33.5%. This compares to positive 33.4% in the prior quarter and positive 24.4% in the fourth quarter of 2022. The average lease renewal term for railcars included in the LPI during the fourth quarter was 65 months, compared to 65 months in the prior quarter and 52 months in the fourth quarter of 2022. The 2023 fourth-quarter renewal success rate was 87.1%, compared to 83.6% in the prior quarter and 85.7% in the fourth quarter of 2022.
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 $34.4 million in the fourth quarter of 2023, compared to $18.2 million in the fourth quarter of 2022. Full-year segment profit was $113.4 million in 2023, compared to $85.9 million in 2022. 2023 full-year results include a net positive impact of $0.3 million from Tax Adjustments and Other Items. 2022 fourth-quarter and full-year results include net negative impacts of $3.8 million and $14.6 million, respectively, from Tax Adjustments and Other Items. Results in 2023 were favorably impacted by more railcars on lease.
As of Dec. 31, 2023, GATX Rail Europe’s (GRE) fleet consisted of over 29,200 cars and utilization was 95.9%, compared to 96.0% at the end of the prior quarter and 99.3% at 2022 year end.
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment profit of $31.3 million in the fourth quarter of 2023, compared to segment profit of $23.1 million in the fourth quarter of 2022. 2023 and 2022 fourth-quarter results include net negative impacts of $2.6 million and $2.8 million, respectively, from Tax Adjustments and Other Items. 2023 full-year segment profit was $106.4 million, compared to $14.7 million in 2022. 2023 and 2022 full-year results include net negative impacts of $4.0 million and $49.6 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.
Higher 2023 fourth-quarter and full-year segment profit was predominately driven by stronger operating performance and higher remarketing income at the Rolls-Royce and Partners Finance affiliates. Increased earnings from GATX Engine Leasing, the Company’s wholly owned engine portfolio, also contributed to higher segment profit in 2023.
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 fourth-quarter and full-year results. Call details are as follows:
Tuesday, Jan. 23, 2024
11 a.m. Eastern Time
Domestic Dial-In: 1-888-660-6118
International Dial-In: 1-929-203-1802
Replay: 1-800-770-2030 (Domestic) or 1-647-362-9199 (International) / 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), Jan. 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 “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, 2022, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
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GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||||||||||
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Three Months Ended December 31 |
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Twelve Months Ended December 31 |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
323.6 |
|
|
$ |
294.0 |
|
|
$ |
1,251.4 |
|
|
$ |
1,154.6 |
|
Non-dedicated engine revenue |
|
13.1 |
|
|
|
1.5 |
|
|
|
37.6 |
|
|
|
1.5 |
|
Marine operating revenue |
|
0.8 |
|
|
|
2.7 |
|
|
|
6.9 |
|
|
|
18.9 |
|
Other revenue |
|
31.2 |
|
|
|
24.5 |
|
|
|
115.0 |
|
|
|
98.0 |
|
Total Revenues |
|
368.7 |
|
|
|
322.7 |
|
|
|
1,410.9 |
|
|
|
1,273.0 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
90.7 |
|
|
|
71.4 |
|
|
|
344.8 |
|
|
|
292.7 |
|
Marine operating expense |
|
1.1 |
|
|
|
2.4 |
|
|
|
6.5 |
|
|
|
14.1 |
|
Depreciation expense |
|
98.2 |
|
|
|
89.3 |
|
|
|
376.3 |
|
|
|
357.5 |
|
Operating lease expense |
|
9.0 |
|
|
|
9.0 |
|
|
|
36.0 |
|
|
|
36.1 |
|
Other operating expense |
|
12.6 |
|
|
|
8.7 |
|
|
|
46.6 |
|
|
|
37.4 |
|
Selling, general and administrative expense |
|
59.3 |
|
|
|
52.3 |
|
|
|
212.7 |
|
|
|
195.0 |
|
Total Expenses |
|
270.9 |
|
|
|
233.1 |
|
|
|
1,022.9 |
|
|
|
932.8 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
25.2 |
|
|
|
24.5 |
|
|
|
130.3 |
|
|
|
77.9 |
|
Interest expense, net |
|
(72.6 |
) |
|
|
(57.3 |
) |
|
|
(263.4 |
) |
|
|
(214.0 |
) |
Other expense |
|
(2.3 |
) |
|
|
(11.2 |
) |
|
|
(9.4 |
) |
|
|
(27.0 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
48.1 |
|
|
|
45.6 |
|
|
|
245.5 |
|
|
|
177.1 |
|
Income taxes |
|
(6.4 |
) |
|
|
(16.0 |
) |
|
|
(58.7 |
) |
|
|
(54.8 |
) |
Share of affiliates’ earnings, net of taxes |
|
24.3 |
|
|
|
18.8 |
|
|
|
72.4 |
|
|
|
33.6 |
|
Net Income |
$ |
66.0 |
|
|
$ |
48.4 |
|
|
$ |
259.2 |
|
|
$ |
155.9 |
|
|
|
|
|
|
|
|
|
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Share Data |
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|
|
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Basic earnings per share |
$ |
1.82 |
|
|
$ |
1.38 |
|
|
$ |
7.13 |
|
|
$ |
4.41 |
|
Average number of common shares |
|
35.7 |
|
|
|
35.2 |
|
|
|
35.7 |
|
|
|
35.4 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
1.81 |
|
|
$ |
1.36 |
|
|
$ |
7.12 |
|
|
$ |
4.35 |
|
Average number of common shares and common share equivalents |
|
35.8 |
|
|
|
35.8 |
|
|
|
35.7 |
|
|
|
35.9 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.55 |
|
|
$ |
0.52 |
|
|
$ |
2.20 |
|
|
$ |
2.08 |
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GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
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|
December 31 |
|
December 31 |
||||
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
450.7 |
|
|
$ |
303.7 |
|
Restricted Cash |
|
0.1 |
|
|
|
0.3 |
|
Short-Term Investments |
|
— |
|
|
|
148.5 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
87.9 |
|
|
|
71.4 |
|
Finance leases (as lessor) |
|
136.4 |
|
|
|
96.5 |
|
Less: allowance for losses |
|
(5.9 |
) |
|
|
(5.9 |
) |
|
|
218.4 |
|
|
|
162.0 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
13,081.9 |
|
|
|
11,675.0 |
|
Less: allowance for depreciation |
|
(3,670.7 |
) |
|
|
(3,424.7 |
) |
|
|
9,411.2 |
|
|
|
8,250.3 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
212.0 |
|
|
|
243.5 |
|
|
|
212.0 |
|
|
|
243.5 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
627.0 |
|
|
|
575.1 |
|
Goodwill |
|
120.0 |
|
|
|
117.2 |
|
Other Assets ($0.8 million and $40.0 million related to assets held for sale) |
|
286.6 |
|
|
|
271.4 |
|
Total Assets |
$ |
11,326.0 |
|
|
$ |
10,072.0 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
239.6 |
|
|
$ |
202.2 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
11.0 |
|
|
|
17.3 |
|
Recourse |
|
7,388.1 |
|
|
|
6,431.5 |
|
|
|
7,399.1 |
|
|
|
6,448.8 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
226.8 |
|
|
|
257.9 |
|
|
|
226.8 |
|
|
|
257.9 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,081.1 |
|
|
|
1,031.5 |
|
Other Liabilities |
|
106.4 |
|
|
|
102.0 |
|
Total Liabilities |
|
9,053.0 |
|
|
|
8,042.4 |
|
Total Shareholders’ Equity |
|
2,273.0 |
|
|
|
2,029.6 |
|
Total Liabilities and Shareholders’ Equity |
$ |
11,326.0 |
|
|
$ |
10,072.0 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended December 31, 2023 (In millions) |
||||||||||||||||||
|
Rail North America |
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
229.6 |
|
|
$ |
77.5 |
|
|
$ |
8.1 |
|
|
$ |
8.4 |
|
$ |
323.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
13.1 |
|
|
|
— |
|
|
13.1 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
0.8 |
|
Other revenue |
|
25.9 |
|
|
|
3.3 |
|
|
|
— |
|
|
|
2.0 |
|
|
31.2 |
|
Total Revenues |
|
255.5 |
|
|
|
80.8 |
|
|
|
22.0 |
|
|
|
10.4 |
|
|
368.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
73.5 |
|
|
|
16.5 |
|
|
|
— |
|
|
|
0.7 |
|
|
90.7 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
|
1.1 |
|
Depreciation expense |
|
67.4 |
|
|
|
18.4 |
|
|
|
8.4 |
|
|
|
4.0 |
|
|
98.2 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
9.0 |
|
Other operating expense |
|
5.7 |
|
|
|
3.2 |
|
|
|
2.9 |
|
|
|
0.8 |
|
|
12.6 |
|
Total Expenses |
|
155.6 |
|
|
|
38.1 |
|
|
|
12.4 |
|
|
|
5.5 |
|
|
211.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain (loss) on asset dispositions |
|
23.1 |
|
|
|
4.6 |
|
|
|
(2.5 |
) |
|
|
— |
|
|
25.2 |
|
Interest (expense) income, net |
|
(49.5 |
) |
|
|
(15.7 |
) |
|
|
(8.9 |
) |
|
|
1.5 |
|
|
(72.6 |
) |
Other (expense) income |
|
(6.7 |
) |
|
|
2.8 |
|
|
|
0.7 |
|
|
|
0.9 |
|
|
(2.3 |
) |
Share of affiliates’ pre-tax (loss) earnings |
|
(0.1 |
) |
|
|
— |
|
|
|
32.4 |
|
|
|
— |
|
|
32.3 |
|
Segment profit |
$ |
66.7 |
|
|
$ |
34.4 |
|
|
$ |
31.3 |
|
|
$ |
7.3 |
|
$ |
139.7 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
59.3 |
|
|||||||||||||||
Income taxes (includes $8.0 related to affiliates’ earnings) |
|
14.4 |
|
|||||||||||||||
Net income |
$ |
66.0 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
322.1 |
|
|
$ |
94.4 |
|
|
$ |
— |
|
|
$ |
11.0 |
|
$ |
427.5 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain (loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains (losses) on disposition of owned assets |
$ |
23.3 |
|
|
$ |
4.4 |
|
|
$ |
(2.6 |
) |
|
$ |
— |
|
$ |
25.1 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
0.2 |
|
Non-remarketing net gains (1) |
|
(0.3 |
) |
|
|
0.5 |
|
|
|
— |
|
|
|
— |
|
|
0.2 |
|
Asset impairments |
|
— |
|
|
|
(0.3 |
) |
|
|
— |
|
|
|
— |
|
|
(0.3 |
) |
|
$ |
23.1 |
|
|
$ |
4.6 |
|
|
$ |
(2.5 |
) |
|
$ |
— |
|
$ |
25.2 |
_________ |
(1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended December 31, 2022 (In millions) |
|||||||||||||||||||
|
Rail North America |
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
211.0 |
|
|
$ |
66.8 |
|
|
$ |
8.2 |
|
|
$ |
8.0 |
|
|
$ |
294.0 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
1.5 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
2.7 |
|
|
|
— |
|
|
|
2.7 |
|
Other revenue |
|
20.2 |
|
|
|
2.6 |
|
|
|
0.1 |
|
|
|
1.6 |
|
|
|
24.5 |
|
Total Revenues |
|
231.2 |
|
|
|
69.4 |
|
|
|
12.5 |
|
|
|
9.6 |
|
|
|
322.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
58.4 |
|
|
|
12.4 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
71.4 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
2.4 |
|
Depreciation expense |
|
64.9 |
|
|
|
17.1 |
|
|
|
4.2 |
|
|
|
3.1 |
|
|
|
89.3 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
5.3 |
|
|
|
2.3 |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
8.7 |
|
Total Expenses |
|
137.6 |
|
|
|
31.8 |
|
|
|
7.2 |
|
|
|
4.2 |
|
|
|
180.8 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
29.7 |
|
|
|
(3.3 |
) |
|
|
(2.0 |
) |
|
|
0.1 |
|
|
|
24.5 |
|
Interest expense, net |
|
(38.8 |
) |
|
|
(12.1 |
) |
|
|
(5.1 |
) |
|
|
(1.3 |
) |
|
|
(57.3 |
) |
Other expense |
|
(1.2 |
) |
|
|
(4.0 |
) |
|
|
— |
|
|
|
(6.0 |
) |
|
|
(11.2 |
) |
Share of affiliates’ pre-tax earnings |
|
0.2 |
|
|
|
— |
|
|
|
24.9 |
|
|
|
— |
|
|
|
25.1 |
|
Segment profit (loss) |
$ |
83.5 |
|
|
$ |
18.2 |
|
|
$ |
23.1 |
|
|
$ |
(1.8 |
) |
|
$ |
123.0 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
52.3 |
|
||||||||||||||||
Income taxes (includes $6.3 related to affiliates’ earnings) |
|
22.3 |
|
||||||||||||||||
Net income |
$ |
48.4 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
139.3 |
|
|
$ |
66.1 |
|
|
$ |
149.7 |
|
|
$ |
12.8 |
|
|
$ |
367.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain (loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
27.8 |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
28.5 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.9 |
|
Non-remarketing net gains (1) |
|
1.8 |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
1.7 |
|
Asset impairments |
|
— |
|
|
|
(3.8 |
) |
|
|
(2.8 |
) |
|
|
— |
|
|
|
(6.6 |
) |
|
$ |
29.7 |
|
|
$ |
(3.3 |
) |
|
$ |
(2.0 |
) |
|
$ |
0.1 |
|
|
$ |
24.5 |
|
__________ |
(1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Twelve Months Ended December 31, 2023 (In millions) |
||||||||||||||||||
|
Rail North America |
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
888.8 |
|
|
$ |
296.6 |
|
|
$ |
32.6 |
|
|
$ |
33.4 |
|
$ |
1,251.4 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
37.6 |
|
|
|
— |
|
|
37.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
6.9 |
|
|
|
— |
|
|
6.9 |
|
Other revenue |
|
93.9 |
|
|
|
12.9 |
|
|
|
0.1 |
|
|
|
8.1 |
|
|
115.0 |
|
Total Revenues |
|
982.7 |
|
|
|
309.5 |
|
|
|
77.2 |
|
|
|
41.5 |
|
|
1,410.9 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
276.6 |
|
|
|
64.1 |
|
|
|
— |
|
|
|
4.1 |
|
|
344.8 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
6.5 |
|
|
|
— |
|
|
6.5 |
|
Depreciation expense |
|
265.9 |
|
|
|
68.2 |
|
|
|
28.3 |
|
|
|
13.9 |
|
|
376.3 |
|
Operating lease expense |
|
36.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
36.0 |
|
Other operating expense |
|
25.9 |
|
|
|
10.4 |
|
|
|
7.3 |
|
|
|
3.0 |
|
|
46.6 |
|
Total Expenses |
|
604.4 |
|
|
|
142.7 |
|
|
|
42.1 |
|
|
|
21.0 |
|
|
810.2 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
120.5 |
|
|
|
7.0 |
|
|
|
2.2 |
|
|
|
0.6 |
|
|
130.3 |
|
Interest (expense) income, net |
|
(182.9 |
) |
|
|
(56.2 |
) |
|
|
(29.8 |
) |
|
|
5.5 |
|
|
(263.4 |
) |
Other (expense) income |
|
(8.0 |
) |
|
|
(4.2 |
) |
|
|
0.2 |
|
|
|
2.6 |
|
|
(9.4 |
) |
Share of affiliates’ pre-tax (loss) earnings |
|
(0.6 |
) |
|
|
— |
|
|
|
98.7 |
|
|
|
— |
|
|
98.1 |
|
Segment profit |
$ |
307.3 |
|
|
$ |
113.4 |
|
|
$ |
106.4 |
|
|
$ |
29.2 |
|
$ |
556.3 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
212.7 |
|
|||||||||||||||
Income taxes (includes $25.7 related to affiliates’ earnings) |
|
84.4 |
|
|||||||||||||||
Net income |
$ |
259.2 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
976.9 |
|
|
$ |
382.4 |
|
|
$ |
267.3 |
|
|
$ |
38.4 |
|
$ |
1,665.0 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain (loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
111.7 |
|
|
$ |
4.9 |
|
|
$ |
2.9 |
|
|
$ |
0.3 |
|
$ |
119.8 |
|
Residual sharing income |
|
0.4 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
0.9 |
|
Non-remarketing net gains (1) |
|
8.4 |
|
|
|
2.4 |
|
|
|
— |
|
|
|
0.3 |
|
|
11.1 |
|
Asset impairments |
|
— |
|
|
|
(0.3 |
) |
|
|
(1.2 |
) |
|
|
— |
|
|
(1.5 |
) |
|
$ |
120.5 |
|
|
$ |
7.0 |
|
|
$ |
2.2 |
|
|
$ |
0.6 |
|
$ |
130.3 |
Contacts
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations, ESG, and External Communications
312-621-4285
shari.hellerman@gatx.com