Net income for the second quarter 2019 was $68.0 million or $1.86 per diluted share
Company reiterates 2019 full-year earnings guidance
Remarketing income in Rail North America was $26.9 million for the second quarter 2019
Rail North America’s fleet utilization increased to 99.5%
CHICAGO, IL, July 18, 2019 - GATX Corporation (NYSE:GATX) today reported 2019 second quarter net income of $68.0 million or $1.86 per diluted share, compared to net income of $38.8 million or $1.01 per diluted share in the second quarter of 2018. Net income for the first six months of 2019 was $109.5 million or $2.97 per diluted share, compared to $115.1 million or $2.99 per diluted share in the prior year period. The 2019 second quarter and year-to-date results include a net deferred tax benefit of $2.8 million or $0.08 per diluted share related to an enacted foreign tax rate reduction. The 2018 second quarter and year-to-date results include a net negative impact of $5.8 million or $0.15 per diluted share, attributed to costs associated with the closure of a railcar maintenance facility in Germany. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
Brian A. Kenney, president and chief executive officer of GATX stated, “Conditions in the North American railcar leasing market are consistent with our expectations coming into the year. Fleet utilization increased to 99.5% at the end of the quarter, and our renewal success rate was 85.3%. As expected, the renewal lease rate change of GATX’s Lease Price Index was negative 2.8% in the quarter, with an average renewal term of 53 months.
“Rail International continues to perform well with GATX Rail Europe’s fleet utilization remaining steady at 98.9% at quarter end. In India, customer demand for new railcar leases continues to gain momentum, and investment volume for 2019 remains robust.
“The Rolls-Royce and Partners Finance affiliates’ performance continues to provide outstanding results within the Portfolio Management segment. American Steamship Company successfully deployed eleven vessels and is benefiting from favorable operating conditions on the Great Lakes.
The following information was filed by Gatx Corp (GATX) on Thursday, July 18, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: GATX CIK: 40211 Form Type:10-Q Quarterly Report Accession Number: 0000040211-19-000062 Submitted to the SEC: Mon Jul 29 2019 10:29:28 AM EST Accepted by the SEC: Mon Jul 29 2019 Period: Sunday, June 30, 2019 Industry: Transportation Services