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    GATX Corporation Reports 2025 First-Quarter Results

    4/23/25 8:30:00 AM ET
    $GATX
    Transportation Services
    Consumer Discretionary
    Get the next $GATX alert in real time by email
    • 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:

     

    • 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 the impact of global trade disruptions on us and our customers, including the impact of tariffs on inflation, supply chains and consumer sentiment
      • 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 and term length due to reduced demand or oversupply of transportation assets in the market or other changes in supply and demand
    • competitive factors in our primary markets, including existing or new competitors with significantly greater financial resources, higher credit ratings or 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 matters, severe weather events and natural disasters
    • U.S. and global political conditions and the impact of increased geopolitical tension and wars 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
    • 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
    • the occurrence of a widespread health crisis and the impact of measures taken in response

     

    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

    International

     

    Engine

    Leasing

     

    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

    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 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]

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      GATX Corporation (NYSE:GATX), the leading global lessor of transportation assets, today announced three senior leadership promotions, effective immediately: Kevin J. Hillesland has been appointed Senior Vice President, Structured Finance, where he will continue to drive various strategic initiatives, including GATX's investment in aircraft spare engines. Since joining GATX in 1994, Mr. Hillesland has held leadership positions in corporate finance, portfolio investments and structured finance with increasing responsibility. He also serves as a board member of Rolls-Royce & Partners Finance, GATX's 50% owned aircraft spare engine leasing joint venture. In his most recent role as Vice Presid

      8/15/23 9:00:00 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    Insider Trading

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    • Director Bausch Shelley J was granted 163 shares, increasing direct ownership by 6% to 2,856 units (SEC Form 4)

      4 - GATX CORP (0000040211) (Issuer)

      5/2/25 7:36:06 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • Director Holmes John Mcclain Iii was granted 164 shares, increasing direct ownership by 6% to 3,010 units (SEC Form 4)

      4 - GATX CORP (0000040211) (Issuer)

      5/2/25 7:28:54 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • Director Yovovich Paul G was granted 135 shares, increasing direct ownership by 0.33% to 41,037 units (SEC Form 4)

      4 - GATX CORP (0000040211) (Issuer)

      5/2/25 7:18:39 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    Large Ownership Changes

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    • SEC Form SC 13G/A filed by GATX Corporation (Amendment)

      SC 13G/A - GATX CORP (0000040211) (Subject)

      2/12/24 9:35:06 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by GATX Corporation (Amendment)

      SC 13G/A - GATX CORP (0000040211) (Subject)

      2/12/24 3:18:59 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • SEC Form SC 13G/A filed by GATX Corporation (Amendment)

      SC 13G/A - GATX CORP (0000040211) (Subject)

      2/9/24 9:59:11 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    SEC Filings

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    • GATX Corporation filed SEC Form 8-K: Regulation FD Disclosure

      8-K - GATX CORP (0000040211) (Filer)

      5/30/25 8:45:54 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • GATX Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - GATX CORP (0000040211) (Filer)

      4/30/25 11:09:35 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • SEC Form 10-Q filed by GATX Corporation

      10-Q - GATX CORP (0000040211) (Filer)

      4/25/25 1:11:36 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • GATX downgraded by Sidoti with a new price target

      Sidoti downgraded GATX from Buy to Neutral and set a new price target of $158.00

      12/4/24 8:19:50 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • Goldman initiated coverage on GATX with a new price target

      Goldman initiated coverage of GATX with a rating of Buy and set a new price target of $185.00

      11/18/24 7:45:22 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • TD Cowen reiterated coverage on GATX with a new price target

      TD Cowen reiterated coverage of GATX with a rating of Market Perform and set a new price target of $136.00 from $122.00 previously

      1/24/24 7:40:33 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    Insider Purchases

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    • Amendment: Large owner State Farm Mutual Automobile Insurance Co decreased direct ownership by 0.71% to 3,312,294 units (SEC Form 4)

      4/A - GATX CORP (0000040211) (Issuer)

      10/11/24 12:00:42 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • Large owner State Farm Mutual Automobile Insurance Co decreased direct ownership by 0.42% to 3,298,454 units (SEC Form 4)

      4 - GATX CORP (0000040211) (Issuer)

      10/11/24 11:38:47 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • Large owner State Farm Mutual Automobile Insurance Co bought $1,200,728 worth of shares (8,984 units at $133.65), decreasing direct ownership by 0.71% to 3,312,294 units (SEC Form 4)

      4 - GATX CORP (0000040211) (Issuer)

      10/10/24 3:33:50 PM ET
      $GATX
      Transportation Services
      Consumer Discretionary

    $GATX
    Financials

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    • GATX Corporation and Brookfield Infrastructure to Acquire Wells Fargo's Rail Assets

      GATX and Brookfield Infrastructure form a joint venture and enter into an agreement to acquire Wells Fargo's rail operating lease portfolio, composed of approximately 105,000 railcars Additionally, Brookfield Infrastructure enters into an agreement to directly acquire Wells Fargo's rail finance lease portfolio, composed of approximately 23,000 railcars and approximately 440 locomotives GATX to serve as manager of the railcars in the joint venture and the finance lease railcars and locomotives directly owned by Brookfield Infrastructure GATX Corporation (NYSE:GATX) announced today a definitive agreement to acquire approximately 105,000 railcars from Wells Fargo for $4.4 billion thr

      5/29/25 4:39:00 PM ET
      $BIP
      $GATX
      Marine Transportation
      Consumer Discretionary
      Transportation Services
    • GATX Corporation Announces Quarterly Dividend

      The board of directors of GATX Corporation (NYSE:GATX) today declared a quarterly dividend of $0.61 per common share, payable June 30, 2025, to shareholders of record on June 13, 2025. This quarterly dividend is unchanged from the prior quarter. 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 Chic

      4/25/25 10:54:00 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary
    • 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 a

      4/23/25 8:30:00 AM ET
      $GATX
      Transportation Services
      Consumer Discretionary