GATX Corporation Reports 2025 First-Quarter Results
- 2025 first-quarter net income was $78.6 million, or $2.15 per diluted share
- Rail North America's fleet utilization remained high at 99.2%; Lease Price Index (LPI) at 24.5%
- First-quarter investment volume was approximately $300 million
- Company reiterates 2025 full-year earnings guidance
GATX Corporation (NYSE:GATX) today reported 2025 first-quarter net income of $78.6 million, or $2.15 per diluted share, compared to net income of $74.3 million, or $2.03 per diluted share, in the first quarter of 2024. 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. Details related to Tax Adjustments and Other Items are provided in the attached Supplemental Information.
"We continued to experience solid demand for our assets globally," said Robert C. Lyons, president and chief executive officer of GATX. "At GATX Rail North America, fleet utilization was 99.2% at quarter end and the renewal success rate remained very strong at 85.1% during the quarter. The renewal lease rate change of GATX's Lease Price Index was 24.5% with an average renewal term of 61 months. We continued to optimize our fleet by selectively selling railcars in the secondary market, generating over $30 million of remarketing income in the quarter.
"Rail International performed as expected and also maintained high fleet utilization at quarter end. Both GATX Rail Europe and Rail India continued to experience increases in renewal lease rates compared to expiring rates for most car types. Within Engine Leasing, our aircraft spare engine portfolios—both wholly owned and at the joint venture level—produced outstanding first-quarter results as demand for aircraft spare engines remained strong.
"Investment volume during the quarter was approximately $300 million, reflective of the fact that we continued to find attractive opportunities to put capital to work in each of our business segments. Additionally, demand in the secondary market for GATX assets remains robust, as evidenced by the railcar sales activity in the first quarter, and we remain optimistic about continued interest from potential buyers."
Mr. Lyons concluded, "Our first quarter performance was in line with our expectations. Looking forward, the economic outlook is difficult to gauge given macro volatility. However, we remain confident in our current full-year earnings outlook based on the consistent strengths of GATX: long-lived assets on long-term leases to quality customers across diverse end markets, strong and stable cash flows, and the leading commercial and operational platforms across our global businesses. These competitive advantages have been honed and proven over decades, and we believe they provide us with a strong foundation from which we can effectively manage and grow through various conditions. Therefore, we continue to expect 2025 full-year earnings to be $8.30–$8.70 per diluted share, excluding the impact of Tax Adjustments and Other Items."
RAIL NORTH AMERICA
Rail North America reported segment profit of $88.8 million in the first quarter of 2025, compared to $90.3 million in the first quarter of 2024. Higher 2025 first-quarter lease revenue was offset by higher interest and maintenance expenses.
As of March 31, 2025, Rail North America's wholly owned fleet totaled 111,300 cars, including 7,990 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.2% at the end of the first quarter of 2025, compared to 99.1% at the end of the prior quarter and 99.4% at the end of the first quarter of 2024. During the first quarter of 2025, the renewal lease rate change of the GATX Lease Price Index (LPI) was 24.5%, compared to 26.7% in the prior quarter and 33.0% in the first quarter of 2024. The average lease renewal term for all cars included in the LPI during the first quarter of 2025 was 61 months, compared to 60 months in the prior quarter and 64 months in the first quarter of 2024. The 2025 first-quarter renewal success rate was 85.1%, compared to 89.1% in the prior quarter and 83.4% in the first quarter of 2024. Rail North America's investment volume during the first quarter was $227.7 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 $25.7 million in the first quarter of 2025, compared to $28.8 million in the first quarter of 2024. Compared to the prior year period, 2025 first-quarter results were favorably impacted by more railcars on lease and negatively impacted by higher interest expense and changes in foreign currency exchange rates.
As of March 31, 2025, GATX Rail Europe's (GRE) fleet consisted of over 30,200 railcars. Fleet utilization was 95.1%, compared to 96.1% at the end of the prior quarter and 95.3% at the end of the first quarter of 2024.
As of March 31, 2025, Rail India's fleet consisted of approximately 10,900 railcars. Fleet utilization was 99.6%, compared to 100% at the end of the prior quarter and at the end of the first quarter of 2024.
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
ENGINE LEASING
Engine Leasing reported segment profit of $38.6 million in the first quarter of 2025, compared to segment profit of $25.7 million in the first quarter of 2024. The 2024 first-quarter segment profit included a net positive impact of $0.6 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
The increase in 2025 first-quarter segment profit was driven by higher earnings at the Rolls-Royce and Partners Finance affiliates and more engines under ownership at GATX Engine Leasing, the Company's wholly owned engine portfolio.
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 its 2025 first-quarter results. Call details are as follows:
Wednesday, April 23, 2025
11 a.m. Eastern Time
Domestic Dial-In: 1-800-715-9871
International Dial-In: 1-646-307-1963
Replay: 1-800-770-2030 (Domestic) or 1-609-800-9909 (International) / Access Code: 4187876
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, 2025.
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 press releases and filings with the U.S. Securities and Exchange Commission, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
|
|
|
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share data)
|
Three Months Ended March 31 |
||||||
|
|
2025 |
|
|
|
2024 |
|
Revenues |
|
|
|
||||
Lease revenue |
$ |
359.6 |
|
|
$ |
333.3 |
|
Non-dedicated engine revenue |
|
21.5 |
|
|
|
13.2 |
|
Other revenue |
|
40.5 |
|
|
|
33.4 |
|
Total Revenues |
|
421.6 |
|
|
|
379.9 |
|
Expenses |
|
|
|
||||
Maintenance expense |
|
103.5 |
|
|
|
91.4 |
|
Depreciation expense |
|
103.6 |
|
|
|
96.0 |
|
Operating lease expense |
|
7.6 |
|
|
|
9.0 |
|
Other operating expense |
|
16.0 |
|
|
|
13.6 |
|
Selling, general and administrative expense |
|
56.6 |
|
|
|
55.9 |
|
Total Expenses |
|
287.3 |
|
|
|
265.9 |
|
Other Income (Expense) |
|
|
|
||||
Net gain on asset dispositions |
|
33.4 |
|
|
|
36.2 |
|
Interest expense, net |
|
(94.9 |
) |
|
|
(77.8 |
) |
Other (expense) income |
|
(2.7 |
) |
|
|
0.8 |
|
Income before Income Taxes and Share of Affiliates' Earnings |
|
70.1 |
|
|
|
73.2 |
|
Income taxes |
|
(16.6 |
) |
|
|
(18.6 |
) |
Share of affiliates' earnings, net of taxes |
|
25.1 |
|
|
|
19.7 |
|
Net Income |
$ |
78.6 |
|
|
$ |
74.3 |
|
|
|
|
|
||||
Share Data |
|
|
|
||||
Basic earnings per share |
$ |
2.15 |
|
|
$ |
2.04 |
|
Average number of common shares |
|
35.9 |
|
|
|
35.8 |
|
|
|
|
|
||||
Diluted earnings per share |
$ |
2.15 |
|
|
$ |
2.03 |
|
Average number of common shares and common share equivalents |
|
36.0 |
|
|
|
35.9 |
|
|
|
|
|
||||
Dividends declared per common share |
$ |
0.61 |
|
|
$ |
0.58 |
|
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions)
|
March 31 |
|
December 31 |
||||
|
|
2025 |
|
|
|
2024 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
757.2 |
|
|
$ |
401.6 |
|
Restricted Cash |
|
0.4 |
|
|
|
0.2 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
101.4 |
|
|
|
86.5 |
|
Finance leases (as lessor) |
|
121.6 |
|
|
|
118.3 |
|
Less: allowance for losses |
|
(5.7 |
) |
|
|
(5.7 |
) |
|
|
217.3 |
|
|
|
199.1 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
14,711.1 |
|
|
|
14,330.6 |
|
Less: allowance for depreciation |
|
(3,989.9 |
) |
|
|
(3,880.9 |
) |
|
|
10,721.2 |
|
|
|
10,449.7 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
156.6 |
|
|
|
165.4 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
688.9 |
|
|
|
663.3 |
|
Goodwill |
|
118.1 |
|
|
|
114.1 |
|
Other Assets |
|
306.6 |
|
|
|
303.1 |
|
Total Assets |
$ |
12,966.3 |
|
|
$ |
12,296.5 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
235.6 |
|
|
$ |
217.1 |
|
Debt |
|
|
|
||||
Borrowings under bank credit facilities |
|
101.5 |
|
|
|
10.4 |
|
Recourse |
|
8,653.1 |
|
|
|
8,215.3 |
|
|
|
8,754.6 |
|
|
|
8,225.7 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
174.4 |
|
|
|
180.0 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,150.1 |
|
|
|
1,127.3 |
|
Other Liabilities |
|
102.2 |
|
|
|
107.5 |
|
Total Liabilities |
|
10,416.9 |
|
|
|
9,857.6 |
|
Total Shareholders' Equity |
|
2,549.4 |
|
|
|
2,438.9 |
|
Total Liabilities and Shareholders' Equity |
$ |
12,966.3 |
|
|
$ |
12,296.5 |
|
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2025
(In millions)
|
Rail North America |
|
Rail
|
|
Engine
|
|
Other |
|
GATX Consolidated |
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
260.0 |
|
|
$ |
83.6 |
|
|
$ |
8.1 |
|
|
$ |
7.9 |
|
$ |
359.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
21.5 |
|
|
|
— |
|
|
21.5 |
|
Other revenue |
|
33.3 |
|
|
|
4.9 |
|
|
|
— |
|
|
|
2.3 |
|
|
40.5 |
|
Total Revenues |
|
293.3 |
|
|
|
88.5 |
|
|
|
29.6 |
|
|
|
10.2 |
|
|
421.6 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
83.7 |
|
|
|
18.5 |
|
|
|
— |
|
|
|
1.3 |
|
|
103.5 |
|
Depreciation expense |
|
70.4 |
|
|
|
20.1 |
|
|
|
9.4 |
|
|
|
3.7 |
|
|
103.6 |
|
Operating lease expense |
|
7.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
7.6 |
|
Other operating expense |
|
7.5 |
|
|
|
4.6 |
|
|
|
2.8 |
|
|
|
1.1 |
|
|
16.0 |
|
Total Expenses |
|
169.2 |
|
|
|
43.2 |
|
|
|
12.2 |
|
|
|
6.1 |
|
|
230.7 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
32.1 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
|
33.4 |
|
Interest (expense) income, net |
|
(64.7 |
) |
|
|
(19.1 |
) |
|
|
(12.2 |
) |
|
|
1.1 |
|
|
(94.9 |
) |
Other (expense) income |
|
(2.7 |
) |
|
|
(1.8 |
) |
|
|
— |
|
|
|
1.8 |
|
|
(2.7 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
33.4 |
|
|
|
— |
|
|
33.4 |
|
Segment profit |
$ |
88.8 |
|
|
$ |
25.7 |
|
|
$ |
38.6 |
|
|
$ |
7.0 |
|
$ |
160.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
56.6 |
|
|||||||||||||||
Income taxes (includes $8.3 related to affiliates' earnings) |
|
24.9 |
|
|||||||||||||||
Net income |
$ |
78.6 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume |
$ |
227.7 |
|
|
$ |
62.7 |
|
|
$ |
— |
|
|
$ |
5.9 |
|
$ |
296.3 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets |
$ |
30.5 |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
31.1 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
0.1 |
|
Non-remarketing net gains (1) |
|
5.1 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
5.8 |
|
Asset impairments |
|
(3.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(3.6 |
) |
|
$ |
32.1 |
|
|
$ |
1.3 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
33.4 |
|
_________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2024
(In millions)
|
Rail North America |
|
Rail
|
|
Engine
|
|
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 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 |
|||||
|
|
2025 |
|
|
2024 |
|
Net income (GAAP) |
$ |
78.6 |
|
$ |
74.3 |
|
Adjustments attributable to consolidated pre-tax income: |
|
|
|
|||
Net gain on Specialized Gas Vessels at Engine Leasing (2) |
|
— |
|
|
(0.6 |
) |
Total adjustments attributable to consolidated pre-tax income |
$ |
— |
|
$ |
(0.6 |
) |
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
78.6 |
|
$ |
73.7 |
|
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1)
|
Three Months Ended March 31 |
||||
|
|
2025 |
|
|
2024 |
Diluted earnings per share (GAAP) |
$ |
2.15 |
|
$ |
2.03 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
2.15 |
|
$ |
2.01 |
_________ |
|
(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. As of December 31, 2023, all vessels had been sold. |
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In millions, except leverage)
(Continued)
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
||||||||||
Total Assets, Excluding Cash, by Segment |
|||||||||||||||||||
Rail North America |
$ |
7,888.3 |
|
|
$ |
7,741.1 |
|
|
$ |
7,643.7 |
|
|
$ |
7,416.0 |
|
|
$ |
7,214.1 |
|
Rail International |
|
2,304.3 |
|
|
|
2,169.0 |
|
|
|
2,298.6 |
|
|
|
2,168.3 |
|
|
|
2,142.1 |
|
Engine Leasing |
|
1,619.8 |
|
|
|
1,603.9 |
|
|
|
1,544.7 |
|
|
|
1,431.7 |
|
|
|
1,354.4 |
|
Other |
|
396.3 |
|
|
|
380.7 |
|
|
|
389.1 |
|
|
|
382.8 |
|
|
|
389.3 |
|
Total Assets, excluding cash |
$ |
12,208.7 |
|
|
$ |
11,894.7 |
|
|
$ |
11,876.1 |
|
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
|||||||||||||||||||
Unrestricted cash |
$ |
(757.2 |
) |
|
$ |
(401.6 |
) |
|
$ |
(503.7 |
) |
|
$ |
(823.6 |
) |
|
$ |
(479.1 |
) |
Borrowings under bank credit facilities |
|
101.5 |
|
|
|
10.4 |
|
|
|
11.1 |
|
|
|
10.7 |
|
|
|
10.8 |
|
Recourse debt |
|
8,653.1 |
|
|
|
8,215.3 |
|
|
|
8,293.5 |
|
|
|
8,235.7 |
|
|
|
7,624.5 |
|
Operating lease obligations |
|
174.4 |
|
|
|
180.0 |
|
|
|
187.5 |
|
|
|
209.3 |
|
|
|
215.2 |
|
Total debt and lease obligations, net of unrestricted cash |
$ |
8,171.8 |
|
|
$ |
8,004.1 |
|
|
$ |
7,988.4 |
|
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
Total recourse debt (1) |
$ |
8,171.8 |
|
|
$ |
8,004.1 |
|
|
$ |
7,988.4 |
|
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
Shareholders' Equity |
$ |
2,549.4 |
|
|
$ |
2,438.9 |
|
|
$ |
2,436.7 |
|
|
$ |
2,343.4 |
|
|
$ |
2,324.3 |
|
Recourse Leverage (2) |
|
3.2 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
3.3 |
|
|
|
3.2 |
|
_________ |
|
(1) |
Includes recourse debt, borrowings under bank credit facilities, and operating lease obligations, net of unrestricted cash. |
(2) |
Calculated as total recourse debt / shareholder's equity. |
Reconciliation of Total Assets to Total Assets, Excluding Cash |
|||||||||||||||||||
Total Assets |
$ |
12,966.3 |
|
|
$ |
12,296.5 |
|
|
$ |
12,379.9 |
|
|
$ |
12,222.6 |
|
|
$ |
11,579.1 |
|
Less: cash |
|
(757.6 |
) |
|
|
(401.8 |
) |
|
|
(503.8 |
) |
|
|
(823.8 |
) |
|
|
(479.2 |
) |
Total Assets, excluding cash |
$ |
12,208.7 |
|
|
$ |
11,894.7 |
|
|
$ |
11,876.1 |
|
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
24.5 |
% |
|
26.7 |
% |
|
26.6 |
% |
|
29.4 |
% |
|
33.0 |
% |
Average renewal term (months) |
61 |
|
|
60 |
|
|
59 |
|
|
61 |
|
|
64 |
|
Renewal Success Rate (2) |
85.1 |
% |
|
89.1 |
% |
|
82.0 |
% |
|
84.1 |
% |
|
83.4 |
% |
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
102,966 |
|
|
102,697 |
|
|
102,086 |
|
|
101,687 |
|
|
101,167 |
|
Railcars added |
1,464 |
|
|
1,126 |
|
|
1,474 |
|
|
1,337 |
|
|
1,422 |
|
Railcars scrapped |
(316 |
) |
|
(309 |
) |
|
(360 |
) |
|
(389 |
) |
|
(375 |
) |
Railcars sold |
(804 |
) |
|
(548 |
) |
|
(503 |
) |
|
(549 |
) |
|
(527 |
) |
Ending balance |
103,310 |
|
|
102,966 |
|
|
102,697 |
|
|
102,086 |
|
|
101,687 |
|
Utilization |
99.2 |
% |
|
99.1 |
% |
|
99.3 |
% |
|
99.3 |
% |
|
99.4 |
% |
Average active railcars |
102,367 |
|
|
102,150 |
|
|
101,629 |
|
|
101,181 |
|
|
100,677 |
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
8,395 |
|
|
8,779 |
|
|
8,990 |
|
|
9,670 |
|
|
9,311 |
|
Railcars added |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
587 |
|
Railcars scrapped |
(405 |
) |
|
(349 |
) |
|
(211 |
) |
|
(555 |
) |
|
(228 |
) |
Railcars sold |
— |
|
|
(35 |
) |
|
— |
|
|
(125 |
) |
|
— |
|
Ending balance |
7,990 |
|
|
8,395 |
|
|
8,779 |
|
|
8,990 |
|
|
9,670 |
|
Utilization |
99.8 |
% |
|
99.8 |
% |
|
99.8 |
% |
|
99.8 |
% |
|
99.8 |
% |
Average active railcars |
8,163 |
|
|
8,552 |
|
|
8,848 |
|
|
9,304 |
|
|
9,583 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (4) |
77.8 |
% |
|
77.6 |
% |
|
77.5 |
% |
|
78.2 |
% |
|
77.8 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5) |
0.1 |
% |
|
(2.9 |
)% |
|
(3.3 |
)% |
|
(4.5 |
)% |
|
(4.2 |
)% |
Year-over-year Change in U.S. Carloadings (chemical) (5) |
2.0 |
% |
|
4.1 |
% |
|
4.2 |
% |
|
4.3 |
% |
|
4.5 |
% |
Year-over-year Change in U.S. Carloadings (petroleum) (5) |
1.9 |
% |
|
9.6 |
% |
|
10.4 |
% |
|
11.1 |
% |
|
7.7 |
% |
Production Backlog at Railcar Manufacturers (6) |
n/a (7) |
|
34,273 |
|
|
39,652 |
|
|
44,238 |
|
|
46,413 |
|
|
_________ |
|
(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 LPI calculation includes all renewal activity based on a 12-month trailing average, and the renewals are weighted by the count of all renewals over the 12 month period. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI. |
(2) |
The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers. |
(3) |
Excludes boxcar fleet. |
(4) |
As reported and revised by the Federal Reserve. |
(5) |
As reported by the Association of American Railroads (AAR). |
(6) |
As reported by the Railway Supply Institute (RSI). |
(7) |
Not available, not published as of the date of this release. |
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
|
3/31/2025 |
|
12/31/2024 |
|
9/30/2024 |
|
6/30/2024 |
|
3/31/2024 |
|||||
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
30,027 |
|
|
29,953 |
|
|
29,649 |
|
|
29,371 |
|
|
29,216 |
|
Railcars added |
446 |
|
|
196 |
|
|
410 |
|
|
388 |
|
|
322 |
|
Railcars scrapped or sold |
(250 |
) |
|
(122 |
) |
|
(106 |
) |
|
(110 |
) |
|
(167 |
) |
Ending balance |
30,223 |
|
|
30,027 |
|
|
29,953 |
|
|
29,649 |
|
|
29,371 |
|
Utilization |
95.1 |
% |
|
96.1 |
% |
|
95.9 |
% |
|
95.8 |
% |
|
95.3 |
% |
Average active railcars |
28,823 |
|
|
28,812 |
|
|
28,626 |
|
|
28,198 |
|
|
27,984 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
10,583 |
|
|
10,361 |
|
|
9,904 |
|
|
9,501 |
|
|
8,805 |
|
Railcars added |
312 |
|
|
222 |
|
|
457 |
|
|
408 |
|
|
696 |
|
Railcars scrapped or sold |
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
Ending balance |
10,895 |
|
|
10,583 |
|
|
10,361 |
|
|
9,904 |
|
|
9,501 |
|
Utilization |
99.6 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Average active railcars |
10,711 |
|
|
10,460 |
|
|
10,165 |
|
|
9,711 |
|
|
9,089 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250423371214/en/
FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations and Corporate Communications
312-621-4285
[email protected]