•Net income from continuing operations for the third quarter 2020 was $48.2 million or $1.36 per diluted share
•Rail North America’s fleet utilization remained high at 98.2%
•Portfolio Management realized an after-tax gain of $24.0 million or $0.68 per diluted share on a transaction involving the refinancing and sale of a group of aircraft spare engines at Rolls-Royce and Partners Finance affiliates (RRPF)
CHICAGO, Oct. 20, 2020 - GATX Corporation (NYSE:GATX) today reported 2020 third-quarter results. Results for the third quarter and nine months ending Sept. 30 are summarized below:
Three Months Ended September 30
Nine Months Ended September 30
Per Diluted Share
Income from Continuing Operations
Income from Discontinued Operations
2020 third-quarter net income from continuing operations was $48.2 million or $1.36 per diluted share, compared to net income from continuing operations of $37.2 million or $1.03 per diluted share in the third quarter of 2019. Net income from continuing operations for the first nine months of 2020 was $132.4 million or $3.74 per diluted share, compared to $138.7 million or $3.79 per diluted share in the prior year period. The 2020 third-quarter and year-to-date results include a net negative impact of $12.3 million or $0.35 per diluted share related to the elimination of a previously announced tax rate reduction in the United Kingdom. The 2019 year-to-date results include a net deferred tax benefit of $2.8 million or $0.07 per diluted share related to an enacted foreign tax rate reduction in Alberta, Canada. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
In the second quarter of 2020, GATX completed the sale of American Steamship Company. As a result, this segment is reported as discontinued operations and prior periods have been recast to conform to the current presentation.
“Despite continued challenges in our markets, GATX performed well in the third quarter," said Brian A. Kenney, president and chief executive officer of GATX. “Rail North America’s fleet utilization remained high at 98.2% and our renewal success rate was 58.1% during the quarter. While absolute lease rates were flat to slightly higher for most car types compared to the second quarter, the North American railcar leasing market remains negatively affected by a
The following information was filed by Gatx Corp (GATX) on Tuesday, October 20, 2020 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: 0000040211-20-000097 Submitted to the SEC: Fri Oct 30 2020 5:10:14 PM EST Accepted by the SEC: Fri Oct 30 2020 Period: Wednesday, September 30, 2020 Industry: Transportation Services