GATX Corp. (GATX) Tops Q2 EPS by 24c; Affirms Outlook

GATX Corp. (NYSE: GATX) reported Q2 EPS of $1.35, $0.24 better than the analyst estimate of $1.11. Revenue for the quarter came in at $348.4 million versus the consensus estimate of $353.33 million.

“GATX’s fleet utilization decreased slightly to 98.8% in the quarter, although we continue to displace competitors and protect high fleet utilization. The renewal lease rate change of GATX’s Lease Price Index was a negative 21.4% in the quarter, as absolute railcar lease rates have remained flat thus far in 2017. Our commercial team has been successful in keeping existing cars on lease, as evidenced by our renewal success rate of 75.1%.”

“Rail International is performing in line with our original 2017 expectations. GATX Rail Europe’s fleet utilization increased slightly to 95.7% in the quarter. At American Steamship Company, 12 vessels are sailing under favorable operating conditions. The Rolls-Royce and Partners Finance affiliates continue their excellent performance, and 2017 investment volume is strong due to the solid demand for aircraft spare engines.”

Mr. Kenney concluded, “Based on year-to-date performance and our outlook for the remainder of the year, we continue to expect our 2017 full-year earnings to be in the range of $4.40 to $4.60 per diluted share.”

For earnings history and earnings-related data on GATX Corp. (GATX) click here.

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