GATX Corporation Reports 2026 First-Quarter Results
-
First-quarter GAAP diluted earnings per share (EPS) of
$2.35 -
Rail North America's utilization for the combined fleet remains high at 98.1% at quarter end - First-quarter Lease Price Index (LPI) of 22.3%
- Demand for aircraft spare engines remains strong
- Company reiterates 2026 full-year earnings guidance
"Consistent with our expectations entering the year, our global businesses performed well in the first quarter," said
"At GATX Rail Europe, fleet utilization remained steady at 94.7% in the first quarter. Our European team achieved increases in renewal lease rates compared to expiring rates across the majority of car types, despite macroeconomic pressures weighing on our customers' fleet planning activities. At GATX Rail India, demand for railcars remained solid, with fleet utilization at 100.0% at quarter end.
"
RAIL
As of
Fleet utilization was 98.1% at the end of the first quarter of 2026, compared to 99.0% at the end of the prior quarter and 99.2% at the end of the first quarter of 2025. At the time of the Wells Fargo acquisition, GATX Rail North American's fleet utilization was 99.0%, while
During the first quarter of 2026, the renewal lease rate change of the GATX Lease Price Index (LPI) was 22.3%, compared to 21.9% in the prior quarter and 24.5% in the first quarter of 2025. The average lease renewal term for all cars included in the LPI during the first quarter of 2026 was 56 months, compared to 58 months in the prior quarter and 61 months in the first quarter of 2025. The 2026 first-quarter renewal success rate was 79.1%, compared to 91.4% in the prior quarter and 85.1% in the first quarter of 2025. Rail North America’s investment volume during the first quarter was approximately
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
As of
As of
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
ENGINE LEASING
COMPANY DESCRIPTION
At
TELECONFERENCE INFORMATION
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: 2050842
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
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using
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, except to the extent required by applicable law.
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
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
Revenues |
|
|
|
||||
|
Lease revenue |
$ |
518.7 |
|
|
$ |
359.6 |
|
|
Non-dedicated engine revenue |
|
22.1 |
|
|
|
21.5 |
|
|
Other revenue |
|
42.9 |
|
|
|
40.5 |
|
|
Total Revenues |
|
583.7 |
|
|
|
421.6 |
|
|
Expenses |
|
|
|
||||
|
Maintenance expense |
|
140.7 |
|
|
|
103.5 |
|
|
Depreciation expense |
|
169.2 |
|
|
|
103.6 |
|
|
Operating lease expense |
|
7.4 |
|
|
|
7.6 |
|
|
Other operating expense |
|
21.8 |
|
|
|
16.0 |
|
|
Selling, general and administrative expense |
|
71.3 |
|
|
|
56.6 |
|
|
Total Expenses |
|
410.4 |
|
|
|
287.3 |
|
|
Other Income (Expense) |
|
|
|
||||
|
Net gain on asset dispositions |
|
51.0 |
|
|
|
33.4 |
|
|
Interest expense, net |
|
(151.0 |
) |
|
|
(94.9 |
) |
|
Other income (expense) |
|
6.2 |
|
|
|
(2.7 |
) |
|
Income before Income Taxes and Share of Affiliates’ Earnings |
|
79.5 |
|
|
|
70.1 |
|
|
Income taxes |
|
(21.2 |
) |
|
|
(16.6 |
) |
|
Share of affiliates’ earnings, net of taxes |
|
20.8 |
|
|
|
25.1 |
|
|
Net Income |
|
79.1 |
|
|
|
78.6 |
|
|
Less: Net Loss Attributable to Non-Controlling Interest |
|
(6.4 |
) |
|
|
— |
|
|
Net Income Attributable to GATX |
$ |
85.5 |
|
|
$ |
78.6 |
|
|
|
|
|
|
||||
|
Share Data |
|
|
|
||||
|
Basic earnings per share |
$ |
2.35 |
|
|
$ |
2.15 |
|
|
Average number of common shares |
|
35.7 |
|
|
|
35.9 |
|
|
|
|
|
|
||||
|
Diluted earnings per share |
$ |
2.35 |
|
|
$ |
2.15 |
|
|
Average number of common shares and common share equivalents |
|
35.8 |
|
|
|
36.0 |
|
|
|
|
|
|
||||
|
Dividends declared per common share |
$ |
0.66 |
|
|
$ |
0.61 |
|
|
GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
|
|
|
|
||||
|
|
|
2026 |
|
|
|
2025 |
|
|
Assets |
|
|
|
||||
|
Cash and Cash Equivalents |
$ |
740.9 |
|
|
$ |
743.0 |
|
|
Restricted Cash |
|
0.1 |
|
|
|
4,241.9 |
|
|
Receivables |
|
|
|
||||
|
Rent and other receivables |
|
162.7 |
|
|
|
109.0 |
|
|
Finance leases (as lessor) |
|
192.2 |
|
|
|
104.2 |
|
|
Less: allowance for losses |
|
(6.1 |
) |
|
|
(6.0 |
) |
|
|
|
348.8 |
|
|
|
207.2 |
|
|
|
|
|
|
||||
|
Operating Assets and Facilities |
|
19,780.9 |
|
|
|
15,662.6 |
|
|
Less: allowance for depreciation |
|
(4,328.3 |
) |
|
|
(4,251.7 |
) |
|
|
|
15,452.6 |
|
|
|
11,410.9 |
|
|
Lease Assets (as lessee) |
|
|
|
||||
|
Right-of-use assets, net of accumulated depreciation |
|
134.7 |
|
|
|
137.4 |
|
|
|
|
|
|
||||
|
Investments in Affiliated Companies |
|
752.4 |
|
|
|
732.3 |
|
|
|
|
124.6 |
|
|
|
126.3 |
|
|
Other Assets |
|
390.1 |
|
|
|
400.5 |
|
|
Total Assets |
$ |
17,944.2 |
|
|
$ |
17,999.5 |
|
|
|
|
|
|
||||
|
Liabilities and Equity |
|
|
|
||||
|
Accounts Payable and Accrued Expenses |
$ |
278.7 |
|
|
$ |
318.4 |
|
|
Debt |
|
|
|
||||
|
Borrowings under bank credit facilities |
|
49.7 |
|
|
|
82.2 |
|
|
Recourse debt |
|
12,427.3 |
|
|
|
12,451.7 |
|
|
|
|
12,477.0 |
|
|
|
12,533.9 |
|
|
Lease Obligations (as lessee) |
|
|
|
||||
|
Operating leases |
|
150.9 |
|
|
|
154.3 |
|
|
|
|
|
|
||||
|
Deferred Income Taxes |
|
1,215.6 |
|
|
|
1,195.7 |
|
|
Other Liabilities |
|
165.8 |
|
|
|
162.1 |
|
|
Total Liabilities |
|
14,288.0 |
|
|
|
14,364.4 |
|
|
|
|
|
|
||||
|
Total GATX Shareholders’ Equity |
|
2,778.1 |
|
|
|
2,750.5 |
|
|
Non-Controlling Interest |
|
878.1 |
|
|
|
884.6 |
|
|
Total Equity |
|
3,656.2 |
|
|
|
3,635.1 |
|
|
Total Liabilities and Equity |
$ |
17,944.2 |
|
|
$ |
17,999.5 |
|
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED)
Three Months Ended (In millions) |
|||||||||||||||||||
|
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
|
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
|
Lease revenue |
$ |
400.7 |
|
|
$ |
100.4 |
|
|
$ |
9.5 |
|
|
$ |
8.1 |
|
|
$ |
518.7 |
|
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
22.1 |
|
|
|
— |
|
|
|
22.1 |
|
|
Other revenue |
|
36.0 |
|
|
|
4.8 |
|
|
|
— |
|
|
|
2.1 |
|
|
|
42.9 |
|
|
Total Revenues |
|
436.7 |
|
|
|
105.2 |
|
|
|
31.6 |
|
|
|
10.2 |
|
|
|
583.7 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
|
Maintenance expense |
|
120.6 |
|
|
|
19.1 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
140.7 |
|
|
Depreciation expense |
|
126.7 |
|
|
|
27.8 |
|
|
|
10.6 |
|
|
|
4.1 |
|
|
|
169.2 |
|
|
Operating lease expense |
|
7.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
7.4 |
|
|
|
Other operating expense |
|
13.1 |
|
|
|
5.3 |
|
|
|
3.1 |
|
|
|
0.3 |
|
|
|
21.8 |
|
|
Total Expenses |
|
267.8 |
|
|
|
52.2 |
|
|
|
13.7 |
|
|
|
5.4 |
|
|
|
339.1 |
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net gain on asset dispositions |
|
49.8 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
51.0 |
|
|
Interest (expense) income, net |
|
(114.0 |
) |
|
|
(25.0 |
) |
|
|
(13.3 |
) |
|
|
1.3 |
|
|
|
(151.0 |
) |
|
Other (expense) income |
|
(0.8 |
) |
|
|
2.5 |
|
|
|
3.1 |
|
|
|
1.4 |
|
|
|
6.2 |
|
|
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
27.6 |
|
|
|
— |
|
|
|
27.6 |
|
|
Segment Profit |
$ |
103.9 |
|
|
$ |
31.6 |
|
|
$ |
35.3 |
|
|
$ |
7.6 |
|
|
$ |
178.4 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Selling, general and administrative expense |
|
71.3 |
|
||||||||||||||||
|
Income taxes (includes |
|
28.0 |
|
||||||||||||||||
|
Net Income |
|
79.1 |
|
||||||||||||||||
|
Less: Net Loss Attributable to Non-Controlling Interest |
|
(6.4 |
) |
||||||||||||||||
|
Net Income Attributable to GATX |
$ |
85.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Investment volume |
$ |
4,464.2 |
|
|
$ |
47.4 |
|
|
$ |
0.2 |
|
|
$ |
8.2 |
|
|
$ |
4,520.0 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net gains on disposition of owned assets |
$ |
44.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
44.1 |
|
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
Non-remarketing net gains (1) |
|
7.4 |
|
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
|
|
8.5 |
|
|
Asset impairments |
|
(1.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.7 |
) |
|
|
$ |
49.8 |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
51.0 |
|
|
_________ (1) Includes net gains from scrapping of railcars. |
|||||||||||||||||||
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED)
Three Months Ended (In millions) |
|||||||||||||||||||
|
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
|
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 |
|
24.9 |
|
||||||||||||||||
|
Net Income |
|
78.6 |
|
||||||||||||||||
|
Less: Net Income Attributable to Non-Controlling Interest |
|
— |
|
||||||||||||||||
|
Net Income Attributable to GATX |
$ |
78.6 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Investment volume |
$ |
227.7 |
|
|
$ |
62.7 |
|
|
$ |
— |
|
|
$ |
5.9 |
|
|
$ |
296.3 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
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 SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total Assets, Excluding Cash, by Segment |
|||||||||||||||||||
|
|
$ |
12,242.6 |
|
|
$ |
7,969.0 |
|
|
$ |
7,865.3 |
|
|
$ |
7,886.8 |
|
|
$ |
7,888.3 |
|
|
|
|
2,738.0 |
|
|
|
2,825.1 |
|
|
|
2,522.9 |
|
|
|
2,514.9 |
|
|
|
2,304.3 |
|
|
|
|
1,805.3 |
|
|
|
1,786.9 |
|
|
|
1,805.9 |
|
|
|
1,626.5 |
|
|
|
1,619.8 |
|
|
Other |
|
417.3 |
|
|
|
433.6 |
|
|
|
415.3 |
|
|
|
416.8 |
|
|
|
396.3 |
|
|
Total Assets, excluding cash |
$ |
17,203.2 |
|
|
$ |
13,014.6 |
|
|
$ |
12,609.4 |
|
|
$ |
12,445.0 |
|
|
$ |
12,208.7 |
|
|
Debt and Lease Obligations, Net of Unrestricted Cash |
|||||||||||||||||||
|
Unrestricted cash |
$ |
(740.9 |
) |
|
$ |
(743.0 |
) |
|
$ |
(696.1 |
) |
|
$ |
(754.6 |
) |
|
$ |
(757.2 |
) |
|
Borrowings under bank credit facilities |
|
49.7 |
|
|
|
82.2 |
|
|
|
117.3 |
|
|
|
106.1 |
|
|
|
101.5 |
|
|
Recourse debt |
|
12,427.3 |
|
|
|
12,451.7 |
|
|
|
8,751.3 |
|
|
|
8,741.3 |
|
|
|
8,653.1 |
|
|
Operating lease obligations |
|
150.9 |
|
|
|
154.3 |
|
|
|
160.7 |
|
|
|
168.4 |
|
|
|
174.4 |
|
|
Total debt and lease obligations, net of unrestricted cash |
$ |
11,887.0 |
|
|
$ |
11,945.2 |
|
|
$ |
8,333.2 |
|
|
$ |
8,261.2 |
|
|
$ |
8,171.8 |
|
|
Total recourse debt (1) |
$ |
11,887.0 |
|
|
$ |
11,945.2 |
|
|
$ |
8,333.2 |
|
|
$ |
8,261.2 |
|
|
$ |
8,171.8 |
|
|
Total equity |
$ |
3,656.2 |
|
|
$ |
3,635.1 |
|
|
$ |
2,718.9 |
|
|
$ |
2,669.7 |
|
|
$ |
2,549.4 |
|
|
Recourse Leverage (2) |
|
3.3 |
|
|
|
3.3 |
|
|
|
3.1 |
|
|
|
3.1 |
|
|
|
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 / total equity. |
|
Reconciliation of Total Assets to Total Assets, Excluding Cash |
|||||||||||||||||||
|
Total Assets |
$ |
17,944.2 |
|
|
$ |
17,999.5 |
|
|
$ |
13,305.8 |
|
|
$ |
13,200.2 |
|
|
$ |
12,966.3 |
|
|
Less: cash |
|
(741.0 |
) |
|
|
(4,984.9 |
) |
|
|
(696.4 |
) |
|
|
(755.2 |
) |
|
|
(757.6 |
) |
|
Total Assets, excluding cash |
$ |
17,203.2 |
|
|
$ |
13,014.6 |
|
|
$ |
12,609.4 |
|
|
$ |
12,445.0 |
|
|
$ |
12,208.7 |
|
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
|
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
|
Average renewal lease rate change |
22.3 |
% |
|
21.9 |
% |
|
22.8 |
% |
|
24.2 |
% |
|
24.5 |
% |
|
Average renewal term (months) |
56 |
|
|
58 |
|
|
60 |
|
|
60 |
|
|
61 |
|
|
Renewal Success Rate (2) |
79.1 |
% |
|
91.4 |
% |
|
87.1 |
% |
|
84.2 |
% |
|
85.1 |
% |
|
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
|
Beginning balance |
100,593 |
|
|
101,288 |
|
|
102,317 |
|
|
103,310 |
|
|
102,966 |
|
|
Railcars added |
98,535 |
|
|
920 |
|
|
366 |
|
|
595 |
|
|
1,464 |
|
|
Railcars scrapped |
(1,355 |
) |
|
(898 |
) |
|
(478 |
) |
|
(614 |
) |
|
(316 |
) |
|
Railcars sold |
(1,540 |
) |
|
(717 |
) |
|
(917 |
) |
|
(974 |
) |
|
(804 |
) |
|
Ending balance |
196,233 |
|
|
100,593 |
|
|
101,288 |
|
|
102,317 |
|
|
103,310 |
|
|
Utilization |
98.1 |
% |
|
99.0 |
% |
|
98.9 |
% |
|
99.2 |
% |
|
99.2 |
% |
|
Average active railcars |
193,195 |
|
|
99,999 |
|
|
100,896 |
|
|
102,073 |
|
|
102,367 |
|
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
|
Beginning balance |
7,032 |
|
|
7,478 |
|
|
7,621 |
|
|
7,990 |
|
|
8,395 |
|
|
Railcars added |
3,411 |
|
|
1 |
|
|
172 |
|
|
27 |
|
|
— |
|
|
Railcars scrapped |
(266 |
) |
|
(365 |
) |
|
(285 |
) |
|
(396 |
) |
|
(405 |
) |
|
Railcars sold |
(289 |
) |
|
(82 |
) |
|
(30 |
) |
|
— |
|
|
— |
|
|
Ending balance |
9,888 |
|
|
7,032 |
|
|
7,478 |
|
|
7,621 |
|
|
7,990 |
|
|
Utilization |
97.6 |
% |
|
97.1 |
% |
|
96.9 |
% |
|
98.7 |
% |
|
99.8 |
% |
|
Average active railcars |
9,895 |
|
|
7,206 |
|
|
7,391 |
|
|
7,773 |
|
|
8,163 |
|
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
|
Manufacturing Capacity Utilization Index (4) |
75.7 |
% |
|
75.7 |
% |
|
76.1 |
% |
|
77.8 |
% |
|
77.6 |
% |
|
Year-over-year Change in |
4.2 |
% |
|
1.5 |
% |
|
2.1 |
% |
|
2.4 |
% |
|
0.1 |
% |
|
Year-over-year Change in |
3.8 |
% |
|
0.8 |
% |
|
1.5 |
% |
|
1.6 |
% |
|
2.0 |
% |
|
Year-over-year Change in |
7.3 |
% |
|
(1.6 |
)% |
|
(1.2 |
)% |
|
(0.9 |
)% |
|
1.9 |
% |
|
Production Backlog at Railcar Manufacturers (6) |
23,128 |
|
|
23,431 |
|
|
25,687 |
|
|
29,871 |
|
|
31,548 |
|
|
_________ |
|
|
(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 |
|
(5) |
As reported by the |
|
(6) |
As reported by the |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
|
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
|
Beginning balance |
36,484 |
|
|
30,572 |
|
|
30,492 |
|
|
30,223 |
|
|
30,027 |
|
|
Railcars added |
355 |
|
|
6,145 |
|
|
328 |
|
|
579 |
|
|
446 |
|
|
Railcars scrapped or sold |
(188 |
) |
|
(233 |
) |
|
(248 |
) |
|
(310 |
) |
|
(250 |
) |
|
Ending balance |
36,651 |
|
|
36,484 |
|
|
30,572 |
|
|
30,492 |
|
|
30,223 |
|
|
Utilization |
94.7 |
% |
|
94.7 |
% |
|
93.7 |
% |
|
93.3 |
% |
|
95.1 |
% |
|
Average active railcars |
34,588 |
|
|
32,671 |
|
|
28,592 |
|
|
28,572 |
|
|
28,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
|
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
|
Beginning balance |
12,165 |
|
|
11,712 |
|
|
11,112 |
|
|
10,895 |
|
|
10,583 |
|
|
Railcars added |
343 |
|
|
453 |
|
|
600 |
|
|
217 |
|
|
312 |
|
|
Ending balance |
12,508 |
|
|
12,165 |
|
|
11,712 |
|
|
11,112 |
|
|
10,895 |
|
|
Utilization |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
99.6 |
% |
|
99.6 |
% |
|
Average active railcars |
12,275 |
|
|
11,905 |
|
|
11,363 |
|
|
10,945 |
|
|
10,711 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260507459818/en/
FOR FURTHER INFORMATION CONTACT:
Vice President, Investor Relations and Corporate Communications
312-621-4285
shari.hellerman@gatx.com
Source: