- 2024 first-quarter net income was $74.3 million, or $2.03
per diluted share
- Rail North America’s fleet utilization remained high at
99.4%; Lease Price Index (LPI) at positive 33%
- First-quarter investment volume totaled $378.6
million
- Company reiterates 2024 full-year earnings guidance
GATX Corporation (NYSE: GATX) today reported 2024 first-quarter
net income of $74.3 million, or $2.03 per diluted share, compared
to net income of $77.4 million, or $2.16 per diluted share, in the
first quarter of 2023. The 2024 first-quarter results included a
net positive impact of $0.6 million, or $0.02 per diluted share,
from Tax Adjustments and Other Items. The 2023 first-quarter
results included a net negative impact of $1.3 million, or $0.04
per diluted share, from Tax Adjustments and Other Items. Details
related to Tax Adjustments and Other Items are provided in the
attached Supplemental Information.
"We continue to experience solid demand globally for most
railcar types in our fleets," said Robert C. Lyons, president and
chief executive officer of GATX. "At Rail North America, fleet
utilization remained high at 99.4% at the end of the first quarter
and the renewal success rate during the quarter was very strong at
83.4%. The renewal lease rate change of GATX’s Lease Price Index
was positive 33%, with an average renewal term of 64 months. In the
first quarter, we generated remarketing income of $33 million,
reflecting continued depth and strength in the secondary
market.
"Rail International performed as expected and took delivery of
over 1,000 new railcars during the quarter. Both Rail Europe and
Rail India continued to experience higher renewal lease rates
compared to expiring rates for most railcar types. In Engine
Leasing, the Rolls-Royce and Partners Finance affiliates and our
wholly owned engine portfolio continue to experience robust demand
for aircraft spare engines, driven by continued strength in global
air passenger traffic. We anticipate adding new aircraft spare
engines to our wholly owned portfolio at a similar level as 2023,
with investments likely to occur through the balance of the
year."
Mr. Lyons concluded, “First-quarter investment volume was $379
million and 2024 investment prospects remain favorable. As the year
is progressing in line with our original expectations, our 2024
full-year earnings estimate remains unchanged at $7.30–$7.70 per
diluted share, excluding the impact of Tax Adjustments and Other
Items.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $90.3 million in
the first quarter of 2024, compared to $95.2 million in the first
quarter of 2023. Lower 2024 first-quarter segment profit was
primarily driven by lower gains on asset dispositions and higher
interest expense, partially offset by higher lease revenue.
As of March 31, 2024, Rail North America’s wholly owned fleet
totaled approximately 111,400 cars, including 9,670 boxcars. The
following fleet statistics and performance discussion exclude the
boxcar fleet.
Fleet utilization was 99.4% at the end of the first quarter,
compared to 99.3% at the end of the prior quarter and 99.3% at the
end of the first quarter of 2023. During the first quarter of 2024,
the GATX Lease Price Index (LPI), a weighted-average lease renewal
rate for a group of railcars representative of Rail North America’s
fleet, was positive 33.0%. This compares to an LPI of positive
33.5% in the prior quarter and positive 28.3% in the first quarter
of 2023. The average lease renewal term for all cars included in
the LPI during the first quarter was 64 months, compared to 65
months in the prior quarter and 55 months in the first quarter of
2023. The 2024 first-quarter renewal success rate was 83.4%,
compared to 87.1% in the prior quarter and 77.9% in the first
quarter of 2023. Rail North America’s investment volume during the
first quarter was $321.7 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 $28.8 million in the
first quarter of 2024, compared to $23.5 million in the first
quarter of 2023. Higher 2024 first-quarter segment profit was
predominately driven by more railcars on lease.
As of March 31, 2024, GATX Rail Europe’s (GRE's) fleet consisted
of over 29,300 railcars. Fleet utilization was 95.3%, compared to
95.9% at the end of the prior quarter and 98.5% at the end of the
first quarter of 2023.
As of March 31, 2024, Rail India's fleet consisted of over 9,500
railcars. Fleet utilization was 100%, compared to 100% at the end
of the prior quarter and 100% at the end of the first quarter of
2023.
Additional fleet statistics for GRE and Rail India are provided
on the last page of this press release.
ENGINE LEASING
As of December 31, 2023, the Company had sold all marine assets,
including the Specialized Gas Vessels, and we no longer have any
marine operations. As a result, we have changed the name of this
business segment from Portfolio Management to Engine Leasing to
reflect the prospective operations of this business segment.
Engine Leasing reported segment profit of $25.7 million in the
first quarter of 2024, compared to segment profit of $28.3 million
in the first quarter of 2023. The 2024 first-quarter segment profit
included a net positive impact of $0.6 million from Tax Adjustments
and Other Items. The 2023 first-quarter segment profit included a
net negative impact of $1.6 million from Tax Adjustments and Other
Items. Additional details are provided in the attached Supplemental
Information under Tax Adjustments and Other Items. Lower 2024
first-quarter segment profit was driven by lower earnings at the
Rolls-Royce and Partners Finance (RRPF) affiliates, partially
offset by increased earnings from GATX Engine Leasing. Lower 2024
first-quarter earnings at RRPF was driven by 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 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 2024
first-quarter results. Call details are as follows:
Tuesday, April 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 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), April 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, could cause actual results to differ materially from our
current expectations expressed in forward-looking statements:
- a significant decline in customer demand for our transportation
assets or services, including as a result of:
- prolonged inflation or deflation
- high interest rates
- weak macroeconomic conditions and world trade policies
- weak market conditions in our customers' businesses
- adverse changes in the price of, or demand for,
commodities
- changes in railroad operations, efficiency, pricing and service
offerings, including those related to "precision scheduled
railroading" or labor strikes or shortages
- changes in, or disruptions to, supply chains
- availability of pipelines, trucks, and other alternative modes
of transportation
- changes in conditions affecting the aviation industry,
including global conflicts, geographic exposure and customer
concentrations
- customers' desire to buy, rather than lease, our transportation
assets
- other operational or commercial needs or decisions of our
customers
- inability to maintain our transportation assets on lease at
satisfactory rates due to oversupply of assets in the market or
other changes in supply and demand
- competitive factors in our primary markets, including
competitors with significantly lower costs of capital
- higher costs associated with increased assignments of our
transportation assets following non-renewal of leases, customer
defaults, and compliance maintenance programs or other maintenance
initiatives
- events having an adverse impact on assets, customers, or
regions where we have a concentrated investment exposure
- financial and operational risks associated with long-term
purchase commitments for transportation assets
- reduced opportunities to generate asset remarketing income
- inability to successfully consummate and manage ongoing
acquisition and divestiture activities
- reliance on Rolls-Royce in connection with our aircraft spare
engine leasing businesses, and the risks that certain factors that
adversely affect Rolls-Royce could have an adverse effect on our
businesses
- potential obsolescence of our assets
- risks related to our international operations and expansion
into new geographic markets, including laws, regulations, tariffs,
taxes, treaties or trade barriers affecting our activities in the
countries where we do business
- failure to successfully negotiate collective bargaining
agreements with the unions representing a substantial portion of
our employees
- inability to attract, retain, and motivate qualified personnel,
including key management personnel
- inability to maintain and secure our information technology
infrastructure from cybersecurity threats and related disruption of
our business
- exposure to damages, fines, criminal and civil penalties, and
reputational harm arising from a negative outcome in litigation,
including claims arising from an accident involving transportation
assets
- changes in, or failure to comply with, laws, rules, and
regulations
- environmental liabilities and remediation costs
- operational, functional and regulatory risks associated with
climate change, severe weather events and natural disasters, and
other environmental, social and governance matters
- U.S. and global political conditions and the impact of
increased geopolitical tension and wars, including the ongoing war
between Russia and Ukraine and resulting sanctions and
countermeasures, on domestic and global economic conditions in
general, including supply chain challenges and disruptions
- prolonged inflation or deflation
- fluctuations in foreign exchange rates
- deterioration of conditions in the capital markets, reductions
in our credit ratings, or increases in our financing costs
- the emergence of new variants of COVID-19 or the occurrence of
another widespread health crisis and the impact of measures taken
in response
- inability to obtain cost-effective insurance
- changes in assumptions, increases in funding requirements or
investment losses in our pension and post-retirement plans
- inadequate allowances to cover credit losses in our
portfolio
- asset impairment charges we may be required to recognize
- inability to maintain effective internal control over financial
reporting and disclosure controls and procedures
GATX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share
data)
Three Months Ended
March 31
2024
2023
Revenues
Lease revenue
$
333.3
$
302.0
Non-dedicated engine revenue
13.2
4.5
Marine operating revenue
—
3.5
Other revenue
33.4
28.9
Total Revenues
379.9
338.9
Expenses
Maintenance expense
91.4
83.9
Marine operating expense
—
2.0
Depreciation expense
96.0
89.8
Operating lease expense
9.0
9.0
Other operating expense
13.6
11.0
Selling, general and administrative
expense
55.9
50.4
Total Expenses
265.9
246.1
Other Income (Expense)
Net gain on asset dispositions
36.2
47.1
Interest expense, net
(77.8
)
(59.0
)
Other income (expense)
0.8
(4.0
)
Income before Income Taxes and Share of
Affiliates’ Earnings
73.2
76.9
Income taxes
(18.6
)
(20.2
)
Share of affiliates’ earnings, net of
taxes
19.7
20.7
Net Income
$
74.3
$
77.4
Share Data
Basic earnings per share
$
2.04
$
2.19
Average number of common shares
35.8
35.3
Diluted earnings per share
$
2.03
$
2.16
Average number of common shares and common
share equivalents
35.9
35.8
Dividends declared per common share
$
0.58
$
0.55
GATX CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(In millions)
March 31
December 31
2024
2023
Assets
Cash and Cash Equivalents
$
479.1
$
450.7
Restricted Cash
0.1
0.1
Receivables
Rent and other receivables
96.3
87.9
Finance leases (as lessor)
137.3
136.4
Less: allowance for losses
(6.1
)
(5.9
)
227.5
218.4
Operating Assets and Facilities
13,320.1
13,081.9
Less: allowance for depreciation
(3,700.3
)
(3,670.7
)
9,619.8
9,411.2
Lease Assets (as lessee)
Right-of-use assets, net of accumulated
depreciation
203.5
212.0
203.5
212.0
Investments in Affiliated
Companies
647.6
627.0
Goodwill
118.0
120.0
Other Assets ($1.8 and $0.8 related
to assets held for sale)
283.5
286.6
Total Assets
$
11,579.1
$
11,326.0
Liabilities and Shareholders’
Equity
Accounts Payable and Accrued
Expenses
$
208.2
$
239.6
Debt
Commercial paper and borrowings under bank
credit facilities
10.8
11.0
Recourse
7,624.5
7,388.1
7,635.3
7,399.1
Lease Obligations (as lessee)
Operating leases
215.2
226.8
215.2
226.8
Deferred Income Taxes
1,096.2
1,081.1
Other Liabilities
99.9
106.4
Total Liabilities
9,254.8
9,053.0
Total Shareholders’ Equity
2,324.3
2,273.0
Total Liabilities and Shareholders’
Equity
$
11,579.1
$
11,326.0
GATX CORPORATION AND
SUBSIDIARIES
SEGMENT DATA
(UNAUDITED)
Three Months Ended March 31,
2024
(In millions)
Rail North America
Rail International
Engine Leasing
Other
GATX Consolidated
Revenues
Lease revenue
$
236.5
$
80.6
$
8.1
$
8.1
$
333.3
Non-dedicated engine revenue
—
—
13.2
—
13.2
Other revenue
28.5
3.1
—
1.8
33.4
Total Revenues
265.0
83.7
21.3
9.9
379.9
Expenses
Maintenance expense
72.9
17.5
—
1.0
91.4
Depreciation expense
65.1
18.9
8.4
3.6
96.0
Operating lease expense
9.0
—
—
—
9.0
Other operating expense
6.7
3.5
2.5
0.9
13.6
Total Expenses
153.7
39.9
10.9
5.5
210.0
Other Income (Expense)
Net gain on asset dispositions
34.2
1.3
0.6
0.1
36.2
Interest (expense) income, net
(53.3
)
(16.7
)
(9.3
)
1.5
(77.8
)
Other (expense) income
(2.1
)
0.4
0.3
2.2
0.8
Share of affiliates' pre-tax earnings
0.2
—
23.7
—
23.9
Segment profit
$
90.3
$
28.8
$
25.7
$
8.2
$
153.0
Less:
Selling, general and administrative
expense
55.9
Income taxes (includes $4.2 related to
affiliates' earnings)
22.8
Net income
$
74.3
Selected
Data:
Investment volume
$
321.7
$
49.9
$
—
$
7.0
$
378.6
Net Gain on Asset Dispositions
Asset Remarketing
Income:
Net gains on disposition of owned
assets
$
32.9
$
0.1
$
0.6
$
0.1
$
33.7
Residual sharing income
0.1
—
—
—
0.1
Non-remarketing net gains (1)
1.2
1.2
—
—
2.4
$
34.2
$
1.3
$
0.6
$
0.1
$
36.2
__________
(1)
Includes net gains (losses) from scrapping
of railcars.
GATX CORPORATION AND
SUBSIDIARIES
SEGMENT DATA
(UNAUDITED)
Three Months Ended March 31,
2023
(In millions)
Rail North America
Rail International
Engine Leasing
Other
GATX Consolidated
Revenues
Lease revenue
$
215.1
$
70.4
$
8.3
$
8.2
$
302.0
Non-dedicated engine revenue
—
—
4.5
—
4.5
Marine operating revenue
—
—
3.5
—
3.5
Other revenue
23.8
2.9
—
2.2
28.9
Total Revenues
238.9
73.3
16.3
10.4
338.9
Expenses
Maintenance expense
66.9
15.9
—
1.1
83.9
Marine operating expense
—
—
2.0
—
2.0
Depreciation expense
65.5
15.7
5.4
3.2
89.8
Operating lease expense
9.0
—
—
—
9.0
Other operating expense
7.0
2.2
0.9
0.9
11.0
Total Expenses
148.4
33.8
8.3
5.2
195.7
Other Income (Expense)
Net gain (loss) on asset dispositions
47.8
0.8
(1.5
)
—
47.1
Interest (expense) income, net
(42.3
)
(12.5
)
(5.7
)
1.5
(59.0
)
Other (expense) income
(0.4
)
(4.3
)
(0.5
)
1.2
(4.0
)
Share of affiliates' pre-tax (losses)
earnings
(0.4
)
—
28.0
—
27.6
Segment profit
$
95.2
$
23.5
$
28.3
$
7.9
$
154.9
Less:
Selling, general and administrative
expense
50.4
Income taxes (includes $6.9 related to
affiliates' earnings)
27.1
Net income
$
77.4
Selected
Data:
Investment volume
$
296.5
$
81.1
$
—
$
9.4
$
387.0
Net Gain (Loss) on Asset
Dispositions
Asset Remarketing
Income:
Net gains (losses) on disposition of owned
assets
$
44.7
$
0.4
$
(0.4
)
$
—
$
44.7
Residual sharing income
0.1
—
0.1
—
0.2
Non-remarketing net gains (1)
3.0
0.4
—
—
3.4
Asset impairments
—
—
(1.2
)
—
(1.2
)
$
47.8
$
0.8
$
(1.5
)
$
—
$
47.1
__________
(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
March 31
2024
2023
Net income (GAAP)
$
74.3
$
77.4
Adjustments attributable to consolidated
pre-tax income:
(Gain) loss on Specialized Gas Vessels at
Engine Leasing (2)
$
(0.6
)
$
1.6
Net gain on Rail Russia at Rail
International (3)
—
(0.3
)
Total adjustments attributable to
consolidated pre-tax income
$
(0.6
)
$
1.3
Net income, excluding tax adjustments and
other items (non-GAAP)
$
73.7
$
78.7
Impact of Tax
Adjustments and Other Items on Diluted Earnings per Share
(1)
Three Months Ended
March 31
2024
2023
Diluted earnings per share (GAAP)
$
2.03
$
2.16
Diluted earnings per share, excluding tax
adjustments and other items (non-GAAP)
$
2.01
$
2.20
_________
(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 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.
(3)
In 2022, we made the decision to
exit our rail business in Russia ("Rail Russia"). In the first
quarter of 2023, we sold Rail Russia and recorded a gain on the
final sale of this business.
GATX CORPORATION AND
SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(UNAUDITED)
(In millions, except
leverage)
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Total Assets,
Excluding Cash, by Segment
Rail North America
$
7,214.1
$
6,984.9
$
6,760.5
$
6,671.3
$
6,610.8
Rail International
2,142.1
2,150.8
1,951.5
1,902.3
1,801.2
Engine Leasing
1,354.4
1,343.2
1,363.8
1,328.6
1,089.6
Other
389.3
396.3
368.5
370.2
368.9
Total Assets, excluding cash
$
11,099.9
$
10,875.2
$
10,444.3
$
10,272.4
$
9,870.5
Debt and Lease
Obligations, Net of Unrestricted Cash
Unrestricted cash
$
(479.1
)
$
(450.7
)
$
(203.1
)
$
(317.5
)
$
(177.4
)
Commercial paper and bank credit
facilities
10.8
11.0
12.3
10.9
20.3
Recourse debt
7,624.5
7,388.1
6,835.6
6,785.6
6,360.9
Operating lease obligations
215.2
226.8
233.2
241.1
246.2
Total debt and lease obligations, net of
unrestricted cash
$
7,371.4
$
7,175.2
$
6,878.0
$
6,720.1
$
6,450.0
Total recourse debt (1)
$
7,371.4
$
7,175.2
$
6,878.0
$
6,720.1
$
6,450.0
Shareholders’ Equity
$
2,324.3
$
2,273.0
$
2,174.5
$
2,178.9
$
2,101.5
Recourse Leverage (2)
3.2
3.2
3.2
3.1
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
$
11,579.1
$
11,326.0
$
10,647.5
$
10,590.1
$
10,048.1
Less: cash
(479.2
)
(450.8
)
(203.2
)
(317.7
)
(177.6
)
Total Assets, excluding cash
$
11,099.9
$
10,875.2
$
10,444.3
$
10,272.4
$
9,870.5
GATX CORPORATION AND
SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(UNAUDITED)
(Continued)
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Rail North
America Statistics
Lease Price Index (LPI) (1)
Average renewal lease rate change
33.0
%
33.5
%
33.4
%
33.1
%
28.3
%
Average renewal term (months)
64
65
65
61
55
Renewal Success Rate (2)
83.4
%
87.1
%
83.6
%
85.3
%
77.9
%
Fleet Rollforward (3)
Beginning balance
101,167
100,656
100,585
101,219
100,954
Railcars added
1,422
1,688
791
358
1,816
Railcars scrapped
(375
)
(354
)
(292
)
(316
)
(324
)
Railcars sold
(527
)
(823
)
(428
)
(676
)
(1,227
)
Ending balance
101,687
101,167
100,656
100,585
101,219
Utilization
99.4
%
99.3
%
99.3
%
99.3
%
99.3
%
Average active railcars
100,677
100,197
99,796
100,230
100,552
Boxcar Fleet Rollforward
Beginning balance
9,311
9,087
8,959
8,789
8,663
Boxcars added
587
424
316
279
229
Boxcars scrapped
(228
)
(152
)
(95
)
(109
)
(103
)
Boxcars sold
—
(48
)
(93
)
—
—
Ending balance
9,670
9,311
9,087
8,959
8,789
Utilization
99.8
%
100.0
%
99.7
%
99.8
%
100.0
%
Average active railcars
9,583
9,207
8,985
8,855
8,720
Rail North
America Industry Statistics
Manufacturing Capacity Utilization Index
(4)
78.4
%
78.7
%
79.5
%
78.9
%
79.5
%
Year-over-year Change in U.S. Carloadings
(excl. intermodal) (5)
(4.2
)%
0.7
%
30.0
%
0.6
%
(0.3
)%
Year-over-year Change in U.S. Carloadings
(chemical) (5)
4.5
%
(0.3
)%
(2.6
)%
(4.5
)%
(6.8
)%
Year-over-year Change in U.S. Carloadings
(petroleum) (5)
7.7
%
11.1
%
10.5
%
9.6
%
12.3
%
Production Backlog at Railcar
Manufacturers (6)
n/a
(7)
51,836
58,680
59,878
56,062
_________
(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 and revised by the
Federal Reserve.
(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)
3/31/2024
12/31/2023
9/30/2023
6/30/2023
3/31/2023
Rail Europe
Statistics
Fleet Rollforward
Beginning balance
29,216
29,102
28,759
28,461
28,005
Railcars added
322
371
446
376
502
Railcars scrapped/sold
(167
)
(257
)
(103
)
(78
)
(46
)
Ending balance
29,371
29,216
29,102
28,759
28,461
Utilization
95.3
%
95.9
%
96.0
%
96.9
%
98.5
%
Average active railcars
27,984
28,003
27,884
27,973
27,931
Rail India
Statistics
Fleet Rollforward
Beginning balance
8,805
7,884
6,927
6,351
5,872
Railcars added
696
921
957
576
479
Ending balance
9,501
8,805
7,884
6,927
6,351
Utilization
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Average active railcars
9,089
8,321
7,366
6,584
6,038
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423816890/en/
GATX Corporation Shari Hellerman Senior Director, Investor
Relations, ESG, and External Communications 312-621-4285
shari.hellerman@gatx.com
GATX (NYSE:GATX)
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