GATX Corporation (NYSE:GATX) today reported 2017 fourth quarter net
income of $342.1 million or $8.83 per diluted share, compared to
net income of $30.9 million or $0.77 per diluted share in the
fourth quarter of 2016. The fourth-quarter 2017 and 2016 results
include impacts from Tax Adjustments and Other Items; 2017 includes
a net positive impact of $8.15 per diluted share, and 2016 includes
a net negative impact of $0.37 per diluted share.
Net income for the full-year 2017 was $502.0
million or $12.75 per diluted share, compared to $257.1 million or
$6.29 per diluted share in the prior year. The 2017 and 2016
full-year results include net benefits from Tax Adjustments and
Other Items of $8.05 per diluted share and $0.52 per diluted share,
respectively.
Details related to Tax Adjustments and Other
Items are provided in the attached Supplemental Information. The
2017 fourth quarter and full year Tax Adjustments and Other Items
each include an estimated one-time, non-cash net benefit associated
with the recently enacted Tax Cuts and Jobs Act. The most
significant component of this net benefit is a reduction in our net
deferred tax liability resulting from a lower future U.S. corporate
tax rate.
Brian A. Kenney, president and chief executive
officer of GATX stated, “We outperformed our original expectations
in 2017. Continued industry-wide railcar overcapacity negatively
impacted lease renewal pricing at Rail North America, however
outstanding performance by our commercial team enabled us to
maintain higher than expected fleet utilization throughout the
year. We also capitalized on continued strong North American
secondary market demand by optimizing the fleet through railcar
sales, generating significant remarketing income. Rail
International maintained higher average fleet utilization than
expected during the year, while American Steamship earned
significantly higher segment profit in 2017 by carrying more
tonnage and operating their fleet more efficiently. Lastly, within
Portfolio Management, our Rolls-Royce Partners Finance affiliates
produced another year of higher than expected financial
results.
Mr. Kenney added, “We anticipate railcar
overcapacity to continue in North America in 2018. However, certain
industry data points suggest that the railcar leasing market is
slowly improving. For example, throughout 2017, railcar loadings
generally improved; and absolute railcar lease rates increased
broadly, albeit off a very low base. Despite these positive
signs, we expect that absent an unforeseen demand catalyst, Rail
North America will earn lower segment profit in 2018, as market
lease rates are expected to remain below average expiring rates for
railcars renewing during the year. Rail International is
expected to show higher profitability in 2018, primarily due to a
stronger Euro. ASC is expected to produce higher segment profit in
2018 due to freight rate escalation and further fleet efficiencies.
We anticipate that Portfolio Management will generate lower
residual sharing income in 2018, however, this should be partially
offset by another strong year at our Rolls-Royce Partners Finance
affiliates.
“GATX has executed numerous strategic
initiatives to enhance our competitive advantage and outperform in
any market conditions. As a result, we currently expect 2018
earnings to be in the range of $4.55-$4.75 per diluted share, which
would be excellent financial performance at this point in the
industry cycle. This range incorporates an impact of approximately
$0.20 per diluted share resulting from lower U.S. corporate tax
rates effective in 2018.”
RAIL NORTH AMERICARail North
America reported segment profit of $61.2 million in the fourth
quarter of 2017, compared to $48.5 million in the fourth quarter of
2016. Full-year 2017, Rail North America reported segment profit of
$299.3 million, compared to $321.9 million in 2016. The decline in
full-year 2017 segment profit was primarily the result of lower
revenues. Segment profit in 2016 included an impairment loss of
$29.8 million for certain railcars in flammable service. This
impairment is included in Tax Adjustments and Other Items in the
attached Supplemental Information.
At December 31, 2017, Rail North America’s
wholly owned fleet was approximately 120,000 cars, including more
than 16,000 boxcars. The following fleet statistics exclude the
boxcar fleet.
Fleet utilization was 98.2% at the end of the
fourth quarter, compared to 98.5% at the end of the prior quarter
and 98.9% at 2016 year end. During the fourth quarter, the renewal
lease rate change of the GATX Lease Price Index (“LPI”) was
negative 32.4%. This compares to negative 27.0% in the prior
quarter and negative 36.2% in the fourth quarter of 2016. The
average lease renewal term for all cars included in the LPI during
the fourth quarter was 36 months, compared to 35 months in the
prior quarter and 29 months in the fourth quarter of 2016. The
fourth-quarter renewal success rate was 74.8%, compared to 74.9% at
the end of the prior quarter and 64.7% at 2016 year end.
For full-year 2017, the renewal lease rate
change of the LPI was negative 28.2% and the average renewal term
was 33 months, compared to negative 20.3% and 32 months in 2016.
Renewal success rate for the year was 74.7% compared to 66.7% in
2016. Asset remarketing income for the year was $44.6 million and
total investment volume was $460.9 million.
Additional fleet statistics, including
information on the boxcar fleet, and macroeconomic data related to
Rail North America’s business are provided on the last page of this
press release.
RAIL INTERNATIONALRail
International’s segment profit was $18.7 million in the fourth
quarter of 2017, compared to $14.1 million in the fourth quarter of
2016. Rail International reported full-year segment profit of $68.8
million in 2017, compared to $63.0 million in 2016. The fourth
quarter and full-year 2017 segment profit increase was primarily
driven by more railcars on lease at GATX Rail Europe (“GRE”) and
lower maintenance costs.
At the end of 2017, GRE’s fleet consisted of
approximately 23,000 cars and utilization was 96.8%, compared to
95.6% at the end of the third quarter and at 2016 year end.
Additional fleet statistics for GATX Rail Europe
are provided on the last page of this press release.
AMERICAN STEAMSHIP
COMPANYAmerican Steamship Company (“ASC”) reported a
segment profit of $6.1 million in the fourth quarter of 2017
compared to a segment loss of $2.8 million in the fourth quarter of
2016. Segment profit for full-year 2017 was $24.5 million, compared
to $10.1 million in 2016. The increase in quarterly and full year
segment profit is primarily attributable to more tonnage and
increased operational efficiency. Additionally, in the fourth
quarter of 2016, ASC reported $5.0 million of expense related to an
increased accrual for pending litigation and costs associated with
the scheduled return of a leased vessel.
ASC operated 12 vessels during the year and
carried approximately 27.8 million net tons of cargo, compared to
11 vessels which carried 25.4 million net tons in 2016.
PORTFOLIO MANAGEMENTPortfolio
Management reported segment profit of $9.0 million in the fourth
quarter of 2017 compared to $17.7 million in the fourth quarter of
2016. The decrease in fourth quarter profit was due to lower
contributions from the marine portfolio.
For full-year 2017, Portfolio Management
reported segment profit of $56.3 million compared to $136.9 million
in 2016. The 2016 results included $79.2 million related to
residual sharing gains and a residual settlement fee. The
settlement fee is included in Tax Adjustments and Other Items in
the attached Supplemental Information.
TAX CUTS AND JOBS ACTIn the
fourth quarter of 2017, GATX recorded a one-time non-cash net tax
benefit of $315.9 million which represents the estimated impact of
corporate income tax changes enacted by the Tax Cuts and Jobs Act
(“Tax Act”) signed into law on December 22, 2017. The components of
the net tax benefit are summarized as follows (in millions):
Re-measurement of
Deferred Tax Liabilities Based Upon the U.S. Tax Rate Change |
$371.4 |
Transition Tax on
Foreign Earnings and Profits |
(57.2) |
Other (net) |
1.7 |
Total Estimated Net Tax
Benefit |
$315.9 |
The ultimate impact of the Tax Act may differ from these
estimates, due to, among other things, changes in interpretations
and assumptions made by GATX, additional guidance that may be
issued by the U.S. Department of the Treasury and actions that GATX
may take.
COMPANY DESCRIPTIONGATX Corporation (NYSE:GATX)
strives to be recognized as the finest railcar leasing company in
the world by its customers, its shareholders, its employees and the
communities where it operates. As the leading global railcar
lessor, GATX has been providing quality railcars and services to
its customers for 120 years. GATX has been headquartered in
Chicago, Illinois, since its founding in 1898. For more
information, please visit the Company’s website at
www.gatx.com.
TELECONFERENCE INFORMATIONGATX Corporation will
host a teleconference to discuss its 2017 fourth-quarter and
full-year results. Call details are as follows:
Thursday, January 18th11:00 A.M.
Eastern TimeDomestic Dial-In:
1-888-740-6144International Dial-In: 1-719-457-2655Replay:
1-888-203-1112 or 1-719-457-0820/ Access Code: 9116999
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. Following the call, a
replay will be available on the same site.
FORWARD-LOOKING STATEMENTSStatements 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 statements 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,” “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 other filings with the SEC, including our Form
10-K for the year ended December 31, 2016 and subsequent reports on
Form 10-Q, could cause actual results to differ materially from our
current expectations expressed in forward-looking statements:
- 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 our
railcars
- inability to maintain our assets on lease at satisfactory rates
due to oversupply of railcars in the market or other changes in
supply and demand
- weak economic conditions and other factors that may decrease
demand for our assets and services
- decreased demand for portions of our railcar fleet due to
adverse changes in the price of, or demand for, commodities that
are shipped in our railcars
- higher costs associated with increased railcar assignments
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
railcar purchase commitments
- reduced opportunities to generate asset remarketing income
- operational and financial risks related to our affiliate
investments, including the Rolls-Royce & Partners Finance joint
ventures (collectively the “RRPF affiliates”)
- the impact of changes to the Internal Revenue Code as a result
of the recently enacted Tax Cuts and Jobs Act, and uncertainty as
to how this legislation will be interpreted and applied
|
|
- fluctuation in foreign exchange rates
- failure to successfully negotiate collective bargaining
agreements with the unions representing a substantial portion of
our employees
- changes in railroad operations that could decrease demand for
railcars, either due to increased railroad efficiency or decreased
attractiveness of rail service relative to other modes
- the impact of regulatory requirements applicable to tank cars
carrying crude, ethanol, and other flammable liquids
- asset impairment charges we may be required to recognize
- deterioration of conditions in the capital markets, reductions
in our credit ratings, or increases in our financing costs
- competitive factors in our primary markets, including
competitors with a significantly lower cost of capital than
GATX
- risks related to international operations and expansion into
new geographic markets
- changes in, or failure to comply with, laws, rules, and
regulations
- inability to obtain cost-effective insurance
- environmental remediation costs
- inadequate allowances to cover credit losses in our
portfolio
- inability to maintain and secure our information technology
infrastructure from cybersecurity threats and related disruption of
our business
|
FOR FURTHER INFORMATION CONTACT:GATX
CorporationJennifer McManusDirector, Investor RelationsGATX
Corporation312-621-6409jennifer.mcmanus@gatx.com
Investor, corporate, financial, historical
financial, and news release information may be found at
www.gatx.com.
(01/18/18)
--Tabular Follows--
GATX CORPORATION AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) |
(In millions, except per share
data) |
|
|
Three Months Ended December
31 |
|
Twelve Months Ended December
31 |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
|
|
|
|
|
|
|
Lease revenue |
$ |
274.7 |
|
|
$ |
279.6 |
|
|
$ |
1,098.1 |
|
|
$ |
1,127.1 |
|
Marine operating
revenue |
58.4 |
|
|
59.6 |
|
|
193.4 |
|
|
199.3 |
|
Other revenue |
19.7 |
|
|
22.9 |
|
|
85.4 |
|
|
91.9 |
|
Total
Revenues |
352.8 |
|
|
362.1 |
|
|
1,376.9 |
|
|
1,418.3 |
|
Expenses |
|
|
|
|
|
|
|
Maintenance
expense |
80.6 |
|
|
87.7 |
|
|
328.3 |
|
|
332.3 |
|
Marine operating
expense |
41.2 |
|
|
40.6 |
|
|
131.0 |
|
|
129.5 |
|
Depreciation
expense |
79.4 |
|
|
76.2 |
|
|
307.3 |
|
|
297.2 |
|
Operating lease
expense |
15.7 |
|
|
19.0 |
|
|
62.5 |
|
|
73.5 |
|
Other operating
expense |
8.5 |
|
|
10.1 |
|
|
34.4 |
|
|
43.8 |
|
Selling, general and
administrative expense |
52.7 |
|
|
46.9 |
|
|
181.5 |
|
|
174.7 |
|
Total
Expenses |
278.1 |
|
|
280.5 |
|
|
1,045.0 |
|
|
1,051.0 |
|
Other Income
(Expense) |
|
|
|
|
|
|
|
Net (loss) gain on
asset dispositions |
(2.2 |
) |
|
(24.8 |
) |
|
54.1 |
|
|
98.0 |
|
Interest expense,
net |
(41.1 |
) |
|
(38.2 |
) |
|
(160.5 |
) |
|
(148.1 |
) |
Other expense |
(6.6 |
) |
|
(8.9 |
) |
|
(11.1 |
) |
|
(11.8 |
) |
Income before
Income Taxes and Share of Affiliates’ Earnings |
24.8 |
|
|
9.7 |
|
|
214.4 |
|
|
305.4 |
|
Income taxes |
304.0 |
|
|
2.9 |
|
|
243.7 |
|
|
(95.7 |
) |
Share of affiliates’
earnings, net of taxes |
13.3 |
|
|
18.3 |
|
|
43.9 |
|
|
47.4 |
|
Net
Income |
$ |
342.1 |
|
|
$ |
30.9 |
|
|
$ |
502.0 |
|
|
$ |
257.1 |
|
|
|
|
|
|
|
|
|
Share
Data |
|
|
|
|
|
|
|
Basic earnings per
share |
$ |
8.98 |
|
|
$ |
0.78 |
|
|
$ |
12.95 |
|
|
$ |
6.35 |
|
Average number of
common shares |
38.1 |
|
|
39.7 |
|
|
38.8 |
|
|
40.5 |
|
Diluted earnings per
share |
$ |
8.83 |
|
|
$ |
0.77 |
|
|
$ |
12.75 |
|
|
$ |
6.29 |
|
Average number of
common shares and common share equivalents |
38.7 |
|
|
40.2 |
|
|
39.4 |
|
|
40.9 |
|
Dividends declared per
common share |
$ |
0.42 |
|
|
$ |
0.40 |
|
|
$ |
1.68 |
|
|
$ |
1.60 |
|
GATX CORPORATION AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(In millions) |
|
|
|
December 31 |
|
December 31 |
|
|
2017 |
|
2016 |
Assets |
|
|
|
|
Cash and Cash
Equivalents |
|
$ |
296.5 |
|
|
$ |
307.5 |
|
Restricted
Cash |
|
3.2 |
|
|
3.6 |
|
Receivables |
|
|
|
|
Rent and other
receivables |
|
83.4 |
|
|
85.9 |
|
Finance leases |
|
136.1 |
|
|
147.7 |
|
Less: allowance for
losses |
|
(6.4 |
) |
|
(6.1 |
) |
|
|
213.1 |
|
|
227.5 |
|
|
|
|
|
|
Operating
Assets and Facilities |
|
9,045.4 |
|
|
8,446.4 |
|
Less: allowance for
depreciation |
|
(2,853.3 |
) |
|
(2,641.7 |
) |
|
|
6,192.1 |
|
|
5,804.7 |
|
|
|
|
|
|
Investments in
Affiliated Companies |
|
441.0 |
|
|
387.0 |
|
Goodwill |
|
85.6 |
|
|
78.0 |
|
Other
Assets |
|
190.9 |
|
|
297.1 |
|
Total
Assets |
|
$ |
7,422.4 |
|
|
$ |
7,105.4 |
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
Accounts
Payable and Accrued Expenses |
|
$ |
154.3 |
|
|
$ |
174.8 |
|
Debt |
|
|
|
|
Commercial paper and
borrowings under bank credit facilities |
|
4.3 |
|
|
3.8 |
|
Recourse |
|
4,371.7 |
|
|
4,253.2 |
|
Capital lease
obligations |
|
12.5 |
|
|
14.9 |
|
|
|
4,388.5 |
|
|
4,271.9 |
|
|
|
|
|
|
Deferred Income
Taxes |
|
853.7 |
|
|
1,089.4 |
|
Other
Liabilities |
|
233.2 |
|
|
222.1 |
|
Total
Liabilities |
|
5,629.7 |
|
|
5,758.2 |
|
Total
Shareholders’ Equity |
|
1,792.7 |
|
|
1,347.2 |
|
Total
Liabilities and Shareholders’ Equity |
|
$ |
7,422.4 |
|
|
$ |
7,105.4 |
|
GATX CORPORATION AND
SUBSIDIARIES |
SEGMENT DATA (UNAUDITED) |
Three Months Ended December 31,
2017 |
(In millions) |
|
|
Rail N.A. |
|
Rail Int’l |
|
ASC |
|
PortfolioManagement |
|
Other |
|
GATXConsolidated |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
222.5 |
|
|
$ |
50.5 |
|
|
$ |
1.0 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
274.7 |
|
Marine operating
revenue |
— |
|
|
— |
|
|
55.2 |
|
|
3.2 |
|
|
— |
|
|
58.4 |
|
Other revenue |
17.5 |
|
|
2.1 |
|
|
— |
|
|
0.1 |
|
|
— |
|
|
19.7 |
|
Total Revenues |
240.0 |
|
|
52.6 |
|
|
56.2 |
|
|
4.0 |
|
|
— |
|
|
352.8 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance
expense |
62.7 |
|
|
10.3 |
|
|
7.6 |
|
|
— |
|
|
— |
|
|
80.6 |
|
Marine operating
expense |
— |
|
|
— |
|
|
35.6 |
|
|
5.6 |
|
|
— |
|
|
41.2 |
|
Depreciation
expense |
60.6 |
|
|
13.1 |
|
|
3.9 |
|
|
1.8 |
|
|
— |
|
|
79.4 |
|
Operating lease
expense |
15.4 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
— |
|
|
15.7 |
|
Other operating
expense |
7.0 |
|
|
1.2 |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
8.5 |
|
Total Expenses |
145.7 |
|
|
24.6 |
|
|
47.4 |
|
|
7.7 |
|
|
— |
|
|
225.4 |
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
asset dispositions |
2.6 |
|
|
0.5 |
|
|
(1.9 |
) |
|
(3.4 |
) |
|
— |
|
|
(2.2 |
) |
Interest (expense)
income, net |
(31.1 |
) |
|
(8.9 |
) |
|
(1.3 |
) |
|
(2.4 |
) |
|
2.6 |
|
|
(41.1 |
) |
Other (expense)
income |
(1.8 |
) |
|
(0.9 |
) |
|
0.5 |
|
|
— |
|
|
(4.4 |
) |
|
(6.6 |
) |
Share of affiliates’
pre-tax (loss) income |
(2.8 |
) |
|
— |
|
|
— |
|
|
18.5 |
|
|
— |
|
|
15.7 |
|
Segment profit (loss) |
$ |
61.2 |
|
|
$ |
18.7 |
|
|
$ |
6.1 |
|
|
$ |
9.0 |
|
|
$ |
(1.8 |
) |
|
$ |
93.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expense |
52.7 |
|
Income
taxes (includes $2.4 related to affiliates’ earnings) |
(301.6 |
) |
Net income |
$ |
342.1 |
|
Selected
Data: |
|
|
|
|
|
|
|
|
|
|
|
Investment volume |
$ |
127.2 |
|
|
$ |
16.2 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.6 |
|
|
$ |
144.4 |
|
Net Gain (Loss)
on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|
|
Asset
Remarketing Income: |
|
|
|
|
|
|
|
|
|
|
|
Disposition gains (losses) on owned assets |
$ |
4.5 |
|
|
$ |
— |
|
|
$ |
(1.8 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.7 |
|
Residual
sharing income |
0.1 |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Non-remarketing
disposition gains (losses) (1) |
0.7 |
|
|
0.8 |
|
|
(0.1 |
) |
|
— |
|
|
— |
|
|
1.4 |
|
Asset impairments |
(2.7 |
) |
|
(0.3 |
) |
|
— |
|
|
(3.7 |
) |
|
— |
|
|
(6.7 |
) |
|
$ |
2.6 |
|
|
$ |
0.5 |
|
|
$ |
(1.9 |
) |
|
$ |
(3.4 |
) |
|
$ |
— |
|
|
$ |
(2.2 |
) |
(1) Includes scrapping gains.
GATX CORPORATION AND
SUBSIDIARIES |
SEGMENT DATA (UNAUDITED) |
Three Months Ended December 31,
2016 |
(In millions) |
|
|
Rail N.A. |
|
Rail Int’l |
|
ASC |
|
PortfolioManagement |
|
Other |
|
GATXConsolidated |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
232.1 |
|
|
$ |
45.2 |
|
|
$ |
1.1 |
|
|
$ |
1.2 |
|
|
$ |
— |
|
|
$ |
279.6 |
|
Marine operating
revenue |
— |
|
|
— |
|
|
47.7 |
|
|
11.9 |
|
|
— |
|
|
59.6 |
|
Other revenue |
19.9 |
|
|
2.2 |
|
|
— |
|
|
0.8 |
|
|
— |
|
|
22.9 |
|
Total Revenues |
252.0 |
|
|
47.4 |
|
|
48.8 |
|
|
13.9 |
|
|
— |
|
|
362.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance
expense |
70.3 |
|
|
11.1 |
|
|
6.3 |
|
|
— |
|
|
— |
|
|
87.7 |
|
Marine operating
expense |
— |
|
|
— |
|
|
32.7 |
|
|
7.9 |
|
|
— |
|
|
40.6 |
|
Depreciation
expense |
58.8 |
|
|
11.3 |
|
|
4.3 |
|
|
1.8 |
|
|
— |
|
|
76.2 |
|
Operating lease
expense |
17.0 |
|
|
— |
|
|
2.0 |
|
|
— |
|
|
— |
|
|
19.0 |
|
Other operating
expense |
9.1 |
|
|
1.5 |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
10.1 |
|
Total Expenses |
155.2 |
|
|
23.9 |
|
|
45.3 |
|
|
9.2 |
|
|
— |
|
|
233.6 |
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
Net loss on asset
dispositions |
(19.8 |
) |
|
(0.4 |
) |
|
— |
|
|
(4.6 |
) |
|
— |
|
|
(24.8 |
) |
Interest (expense)
income, net |
(28.9 |
) |
|
(7.8 |
) |
|
(1.2 |
) |
|
(2.2 |
) |
|
1.9 |
|
|
(38.2 |
) |
Other income
(expense) |
0.2 |
|
|
(1.2 |
) |
|
(5.1 |
) |
|
— |
|
|
(2.8 |
) |
|
(8.9 |
) |
Share of affiliates’
pre-tax income |
0.2 |
|
|
— |
|
|
— |
|
|
19.8 |
|
|
— |
|
|
20.0 |
|
Segment profit (loss) |
$ |
48.5 |
|
|
$ |
14.1 |
|
|
$ |
(2.8 |
) |
|
$ |
17.7 |
|
|
$ |
(0.9 |
) |
|
$ |
76.6 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expense |
46.9 |
|
Income
taxes (includes $1.7 related to affiliates’ earnings) |
(1.2 |
) |
Net income |
$ |
30.9 |
|
Selected
Data: |
|
|
|
|
|
|
|
|
|
|
|
Investment volume |
$ |
128.9 |
|
|
$ |
23.9 |
|
|
$ |
— |
|
|
$ |
25.0 |
|
|
$ |
0.3 |
|
|
$ |
178.1 |
|
Net
Loss on Asset Dispositions |
|
|
|
|
|
|
|
|
Asset
Remarketing Income: |
|
|
|
|
|
|
|
|
|
|
|
Disposition gains on owned assets |
$ |
13.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13.0 |
|
Residual
sharing income |
0.1 |
|
|
— |
|
|
— |
|
|
0.3 |
|
|
— |
|
|
0.4 |
|
Non-remarketing
disposition (losses) gains (1) |
(1.7 |
) |
|
0.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
Asset impairments |
(31.2 |
) |
|
(0.6 |
) |
|
— |
|
|
(4.9 |
) |
|
— |
|
|
(36.7 |
) |
|
$ |
(19.8 |
) |
|
$ |
(0.4 |
) |
|
$ |
— |
|
|
$ |
(4.6 |
) |
|
$ |
— |
|
|
$ |
(24.8 |
) |
(1) Includes scrapping gains.
GATX CORPORATION AND
SUBSIDIARIES |
SEGMENT DATA (UNAUDITED) |
Twelve Months Ended December 31,
2017 |
(In millions) |
|
|
Rail N.A. |
|
Rail Int’l |
|
ASC |
|
PortfolioManagement |
|
Other |
|
GATXConsolidated |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
899.9 |
|
|
$ |
190.3 |
|
|
$ |
4.1 |
|
|
$ |
3.8 |
|
|
$ |
— |
|
|
$ |
1,098.1 |
|
Marine operating
revenue |
— |
|
|
— |
|
|
168.4 |
|
|
25.0 |
|
|
— |
|
|
193.4 |
|
Other revenue |
77.5 |
|
|
6.8 |
|
|
— |
|
|
1.1 |
|
|
— |
|
|
85.4 |
|
Total Revenues |
977.4 |
|
|
197.1 |
|
|
172.5 |
|
|
29.9 |
|
|
— |
|
|
1,376.9 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance
expense |
265.0 |
|
|
41.1 |
|
|
22.2 |
|
|
— |
|
|
— |
|
|
328.3 |
|
Marine operating
expense |
— |
|
|
— |
|
|
106.2 |
|
|
24.8 |
|
|
— |
|
|
131.0 |
|
Depreciation
expense |
239.4 |
|
|
48.9 |
|
|
12.0 |
|
|
7.0 |
|
|
— |
|
|
307.3 |
|
Operating lease
expense |
60.7 |
|
|
— |
|
|
1.8 |
|
|
— |
|
|
— |
|
|
62.5 |
|
Other operating
expense |
28.7 |
|
|
4.7 |
|
|
— |
|
|
1.0 |
|
|
— |
|
|
34.4 |
|
Total Expenses |
593.8 |
|
|
94.7 |
|
|
142.2 |
|
|
32.8 |
|
|
— |
|
|
863.5 |
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on
asset dispositions |
45.2 |
|
|
3.1 |
|
|
(1.9 |
) |
|
7.7 |
|
|
— |
|
|
54.1 |
|
Interest (expense)
income, net |
(121.2 |
) |
|
(33.4 |
) |
|
(5.2 |
) |
|
(9.2 |
) |
|
8.5 |
|
|
(160.5 |
) |
Other (expense)
income |
(5.9 |
) |
|
(3.2 |
) |
|
1.3 |
|
|
2.3 |
|
|
(5.6 |
) |
|
(11.1 |
) |
Share of affiliates’
pre-tax (loss) income |
(2.4 |
) |
|
(0.1 |
) |
|
— |
|
|
58.4 |
|
|
— |
|
|
55.9 |
|
Segment profit |
$ |
299.3 |
|
|
$ |
68.8 |
|
|
$ |
24.5 |
|
|
$ |
56.3 |
|
|
$ |
2.9 |
|
|
$ |
451.8 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expense |
181.5 |
|
Income
taxes (includes $12.0 related to affiliates’ earnings) |
(231.7 |
) |
Net income |
$ |
502.0 |
|
Selected
Data: |
|
|
|
|
|
|
|
|
|
|
|
Investment volume |
$ |
460.9 |
|
|
$ |
90.9 |
|
|
$ |
14.0 |
|
|
$ |
36.6 |
|
|
$ |
1.0 |
|
|
$ |
603.4 |
|
Net
Gain (Loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
Asset
Remarketing Income: |
|
|
|
|
|
|
|
|
|
|
|
Disposition gains (losses) on owned assets |
$ |
44.0 |
|
|
$ |
0.1 |
|
|
$ |
(1.8 |
) |
|
$ |
1.8 |
|
|
$ |
— |
|
|
$ |
44.1 |
|
Residual
sharing income |
0.6 |
|
|
— |
|
|
— |
|
|
9.6 |
|
|
— |
|
|
10.2 |
|
Non-remarketing
disposition gains (losses) (1) |
5.2 |
|
|
3.3 |
|
|
(0.1 |
) |
|
— |
|
|
— |
|
|
8.4 |
|
Asset impairments |
(4.6 |
) |
|
(0.3 |
) |
|
— |
|
|
(3.7 |
) |
|
— |
|
|
(8.6 |
) |
|
$ |
45.2 |
|
|
$ |
3.1 |
|
|
$ |
(1.9 |
) |
|
$ |
7.7 |
|
|
$ |
— |
|
|
$ |
54.1 |
|
(1) Includes scrapping gains.
GATX CORPORATION AND
SUBSIDIARIES |
SEGMENT DATA (UNAUDITED) |
Twelve Months Ended December 31,
2016 |
(In millions) |
|
|
Rail N.A. |
|
Rail Int’l |
|
ASC |
|
PortfolioManagement |
|
Other |
|
GATXConsolidated |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
935.1 |
|
|
$ |
182.0 |
|
|
$ |
4.2 |
|
|
$ |
5.8 |
|
|
$ |
— |
|
|
$ |
1,127.1 |
|
Marine operating
revenue |
— |
|
|
— |
|
|
150.0 |
|
|
49.3 |
|
|
— |
|
|
199.3 |
|
Other revenue |
83.4 |
|
|
7.0 |
|
|
— |
|
|
1.5 |
|
|
— |
|
|
91.9 |
|
Total Revenues |
1,018.5 |
|
|
189.0 |
|
|
154.2 |
|
|
56.6 |
|
|
— |
|
|
1,418.3 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance
expense |
266.5 |
|
|
47.2 |
|
|
18.6 |
|
|
— |
|
|
— |
|
|
332.3 |
|
Marine operating
expense |
— |
|
|
— |
|
|
96.7 |
|
|
32.8 |
|
|
— |
|
|
129.5 |
|
Depreciation
expense |
231.8 |
|
|
45.5 |
|
|
12.9 |
|
|
7.0 |
|
|
— |
|
|
297.2 |
|
Operating lease
expense |
67.6 |
|
|
— |
|
|
6.0 |
|
|
— |
|
|
(0.1 |
) |
|
73.5 |
|
Other operating
expense |
34.1 |
|
|
5.3 |
|
|
— |
|
|
4.4 |
|
|
— |
|
|
43.8 |
|
Total Expenses |
600.0 |
|
|
98.0 |
|
|
134.2 |
|
|
44.2 |
|
|
(0.1 |
) |
|
876.3 |
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
|
|
|
Net gain on asset
dispositions |
16.6 |
|
|
1.1 |
|
|
— |
|
|
80.3 |
|
|
— |
|
|
98.0 |
|
Interest (expense)
income, net |
(110.1 |
) |
|
(29.7 |
) |
|
(4.5 |
) |
|
(8.6 |
) |
|
4.8 |
|
|
(148.1 |
) |
Other (expense)
income |
(3.6 |
) |
|
0.8 |
|
|
(5.4 |
) |
|
— |
|
|
(3.6 |
) |
|
(11.8 |
) |
Share of affiliates’
pre-tax income (loss) |
0.5 |
|
|
(0.2 |
) |
|
— |
|
|
52.8 |
|
|
— |
|
|
53.1 |
|
Segment profit |
$ |
321.9 |
|
|
$ |
63.0 |
|
|
$ |
10.1 |
|
|
$ |
136.9 |
|
|
$ |
1.3 |
|
|
$ |
533.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expense |
174.7 |
|
Income
taxes (includes $5.7 related to affiliates’ earnings) |
101.4 |
|
Net income |
$ |
257.1 |
|
Selected
Data: |
|
|
|
|
|
|
|
|
|
|
|
Investment volume |
$ |
495.6 |
|
|
$ |
87.1 |
|
|
$ |
9.1 |
|
|
$ |
25.0 |
|
|
$ |
3.9 |
|
|
$ |
620.7 |
|
Net
Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
Asset
Remarketing Income: |
|
|
|
|
|
|
|
|
|
|
|
Disposition gains on owned assets |
$ |
45.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4.2 |
|
|
$ |
— |
|
|
$ |
49.7 |
|
Residual
sharing income |
0.8 |
|
|
— |
|
|
— |
|
|
82.8 |
|
|
— |
|
|
83.6 |
|
Non-remarketing
disposition gains (1) |
1.5 |
|
|
1.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
3.2 |
|
Asset impairments |
(31.2 |
) |
|
(0.6 |
) |
|
— |
|
|
(6.7 |
) |
|
— |
|
|
(38.5 |
) |
|
$ |
16.6 |
|
|
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
80.3 |
|
|
$ |
— |
|
|
$ |
98.0 |
|
(1) Includes scrapping gains.
GATX CORPORATION AND
SUBSIDIARIES |
SUPPLEMENTAL INFORMATION
(UNAUDITED) |
(In millions, except per share
data) |
|
Impact of Tax Adjustments and Other Items on Net
Income* |
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Net income (GAAP) |
$ |
342.1 |
|
|
$ |
30.9 |
|
|
$ |
502.0 |
|
|
$ |
257.1 |
|
Adjustments
attributable to consolidated pre-tax income: |
|
|
|
|
|
|
|
Railcar
impairment at Rail North America |
— |
|
|
29.8 |
|
|
— |
|
|
29.8 |
|
Net loss
(gain) on wholly owned Portfolio Management marine investments |
— |
|
|
4.9 |
|
|
(1.8 |
) |
|
2.5 |
|
Residual
sharing settlement at Portfolio Management |
— |
|
|
— |
|
|
— |
|
|
(49.1 |
) |
Total adjustments
attributable to consolidated pre-tax income |
$ |
— |
|
|
$ |
34.7 |
|
|
$ |
(1.8 |
) |
|
$ |
(16.8 |
) |
Income taxes thereon,
based on applicable effective tax rate |
$ |
— |
|
|
$ |
(12.5 |
) |
|
$ |
0.7 |
|
|
$ |
7.2 |
|
Other income tax
adjustments attributable to consolidated income: |
|
|
|
|
|
|
|
Impact of
the Tax Cuts and Jobs Act enacted in 2017 (1) |
(315.9 |
) |
|
— |
|
|
(315.9 |
) |
|
— |
|
Foreign
tax credit utilization |
— |
|
|
(7.1 |
) |
|
— |
|
|
(7.1 |
) |
Total other income tax
adjustments attributable to consolidated income |
(315.9 |
) |
|
(7.1 |
) |
|
(315.9 |
) |
|
(7.1 |
) |
Adjustments
attributable to affiliates' earnings, net of taxes: |
|
|
|
|
|
|
|
Net gain
on Portfolio Management marine affiliate |
— |
|
|
— |
|
|
— |
|
|
(0.6 |
) |
Income
tax rate change |
— |
|
|
— |
|
|
— |
|
|
(3.9 |
) |
Total adjustments
attributable to affiliates' earnings, net of taxes |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(4.5 |
) |
Net income, excluding
tax adjustments and other items (non-GAAP) |
$ |
26.2 |
|
|
$ |
46.0 |
|
|
$ |
185.0 |
|
|
$ |
235.9 |
|
_________(1) Amounts shown represent the estimated impact
of corporate income tax changes enacted by the Tax Cuts and Jobs
Act (“Tax Act”), signed into law on December 22, 2017. The ultimate
impact of the Tax Act may differ from these estimates, due to,
among other things, changes in interpretations and assumptions made
by GATX, additional guidance that may be issued by the U.S.
Department of the Treasury, and actions that GATX may take.
Impact of Tax Adjustments and Other
Items on Diluted Earnings per Share *
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Diluted earnings per
share (GAAP) |
$ |
8.83 |
|
|
$ |
0.77 |
|
|
$ |
12.75 |
|
|
$ |
6.29 |
|
Diluted earnings per
share, excluding tax adjustments and other items (non-GAAP) |
$ |
0.68 |
|
|
$ |
1.14 |
|
|
$ |
4.70 |
|
|
$ |
5.77 |
|
Impact of Tax Adjustments and Other
Items on Return on Equity*
|
Twelve Months Ended December 31 |
|
2017 |
|
2016 |
Return on Equity
(GAAP) |
32.0% |
|
|
19.6% |
|
Return on Equity,
excluding tax adjustments and other items (non-GAAP) |
13.1% |
|
|
18.0% |
|
(*) In addition to financial results reported in
accordance with GAAP, we provide certain non-GAAP financial
information. Specifically, we exclude the effects of certain tax
adjustments and other items for purposes of presenting net income,
diluted earnings per share, and return on equity because we believe
these items are not attributable to our business operations.
Management utilizes this information 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.
GATX CORPORATION AND
SUBSIDIARIES |
SUPPLEMENTAL INFORMATION
(UNAUDITED) |
(In millions, except leverage) |
(Continued) |
|
|
|
12/31/2016 |
|
3/31/2017 |
|
6/30/2017 |
|
9/30/2017 |
|
12/31/2017 |
|
Assets by Segment, as adjusted (non-GAAP)* |
|
|
|
|
|
|
|
|
|
Rail North America |
|
$ |
5,216.5 |
|
|
$ |
5,269.4 |
|
|
$ |
5,304.3 |
|
|
$ |
5,296.3 |
|
|
$ |
5,334.0 |
|
|
Rail International |
|
1,084.8 |
|
|
1,116.0 |
|
|
1,209.3 |
|
|
1,249.4 |
|
|
1,291.5 |
|
|
ASC |
|
281.3 |
|
|
307.5 |
|
|
322.0 |
|
|
310.2 |
|
|
286.6 |
|
|
Portfolio
Management |
|
589.9 |
|
|
597.4 |
|
|
573.2 |
|
|
614.0 |
|
|
580.6 |
|
|
Other |
|
80.9 |
|
|
72.2 |
|
|
63.9 |
|
|
60.6 |
|
|
65.7 |
|
|
Total Assets, excluding
cash, as adjusted (non-GAAP) |
|
$ |
7,253.4 |
|
|
$ |
7,362.5 |
|
|
$ |
7,472.7 |
|
|
$ |
7,530.5 |
|
|
$ |
7,558.4 |
|
|
Debt, Net of
Unrestricted Cash* |
|
|
|
|
|
|
|
|
|
|
|
Unrestricted cash |
|
$ |
(307.5 |
) |
|
$ |
(155.2 |
) |
|
$ |
(284.3 |
) |
|
$ |
(199.2 |
) |
|
$ |
(296.5 |
) |
|
Commercial paper and
bank credit facilities |
|
3.8 |
|
|
3.0 |
|
|
15.7 |
|
|
15.7 |
|
|
4.3 |
|
|
Recourse debt |
|
4,253.2 |
|
|
4,250.9 |
|
|
4,261.2 |
|
|
4,266.7 |
|
|
4,371.7 |
|
|
Capital lease
obligations |
|
14.9 |
|
|
13.5 |
|
|
13.1 |
|
|
12.8 |
|
|
12.5 |
|
|
Total debt, net of
unrestricted cash (GAAP) |
|
3,964.4 |
|
|
4,112.2 |
|
|
4,005.7 |
|
|
4,096.0 |
|
|
4,092.0 |
|
|
Off-balance sheet
recourse debt |
|
459.1 |
|
|
424.6 |
|
|
488.6 |
|
|
471.5 |
|
|
435.7 |
|
|
Total recourse debt,
net of unrestricted cash, as adjusted (non-GAAP) (1) |
|
$ |
4,423.5 |
|
|
$ |
4,536.8 |
|
|
$ |
4,494.3 |
|
|
$ |
4,567.5 |
|
|
$ |
4,527.7 |
|
|
Shareholders’
Equity |
|
$ |
1,347.2 |
|
|
$ |
1,385.2 |
|
|
$ |
1,443.0 |
|
|
$ |
1,470.2 |
|
|
$ |
1,792.7 |
|
|
Recourse Leverage
(2) |
|
3.3 |
|
|
3.3 |
|
|
3.1 |
|
|
3.1 |
|
|
2.5 |
|
(3) |
_________(1) Includes on- and off-balance sheet
recourse debt; capital lease obligations; commercial paper and bank
credit facilities, net of unrestricted cash.(2)
Calculated as total recourse debt / shareholder's
equity.(3) Excluding the impact of the Tax Cuts and
Jobs Act enacted in 2017, leverage would be 3.1.
Reconciliation of Total Assets, excluding cash (GAAP) to
Total Assets, excluding cash, as adjusted (non-GAAP) |
Total Assets |
|
$ |
7,105.4 |
|
|
$ |
7,096.9 |
|
|
$ |
7,272.1 |
|
|
$ |
7,261.9 |
|
|
$ |
7,422.4 |
|
|
Less:
cash |
|
(311.1 |
) |
|
(159.0 |
) |
|
(288.0 |
) |
|
(202.9 |
) |
|
(299.7 |
) |
|
Total Assets, excluding
cash (GAAP) |
|
6,794.3 |
|
|
6,937.9 |
|
|
6,984.1 |
|
|
7,059 |
|
|
7,122.7 |
|
|
Add off-balance sheet
assets: |
|
|
|
|
|
|
|
|
|
|
|
Rail
North America |
|
456.5 |
|
|
423.9 |
|
|
488.1 |
|
|
471.3 |
|
|
435.7 |
|
|
ASC |
|
2.6 |
|
|
0.7 |
|
|
0.5 |
|
|
0.2 |
|
|
— |
|
|
Total off-balance sheet
assets |
|
459.1 |
|
|
424.6 |
|
|
488.6 |
|
|
471.5 |
|
|
435.7 |
|
|
Total Assets, excluding
cash, as adjusted (non-GAAP) |
|
$ |
7,253.4 |
|
|
$ |
7,362.5 |
|
|
$ |
7,472.7 |
|
|
$ |
7,530.5 |
|
|
$ |
7,558.4 |
|
|
(*) We include total on- and off-balance sheet
assets because certain operating assets are accounted for as
operating leases and are not recorded on the balance sheet. We
include these leased-in assets in our calculation of total assets
(as adjusted) because we believe it gives investors a more
comprehensive representation of the magnitude of the assets we
operate and that drive our financial performance. In addition, this
calculation of total assets (as adjusted) provides consistency with
other non-financial information we disclose. We also provide
information regarding our leverage ratios, which are expressed as a
ratio of debt (including off-balance sheet debt) to equity. The
off-balance sheet debt amount in this calculation is the equivalent
of the off-balance sheet asset amount. We believe reporting
this corresponding off-balance sheet debt amount provides investors
and other users of our financial statements with a more
comprehensive representation of our debt obligations, leverage, and
capital structure.
GATX CORPORATION AND
SUBSIDIARIES |
SUPPLEMENTAL INFORMATION
(UNAUDITED) |
(Continued) |
|
|
12/31/2016 |
|
3/31/2017 |
|
6/30/2017 |
|
9/30/2017 |
|
12/31/2017 |
Rail North
America Statistics |
|
|
|
|
|
|
|
|
|
Lease Price
Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
Average renewal lease
rate change |
(36.2 |
)% |
|
(32.6 |
)% |
|
(21.4 |
)% |
|
(27.0 |
)% |
|
(32.4 |
)% |
Average renewal term
(months) |
29 |
|
|
29 |
|
|
32 |
|
|
35 |
|
|
36 |
|
Fleet
Rollforward (2) |
|
|
|
|
|
|
|
|
|
Beginning
balance |
104,874 |
|
|
104,522 |
|
|
103,672 |
|
|
104,007 |
|
|
103,692 |
|
Cars
added |
1,087 |
|
|
795 |
|
|
1,224 |
|
|
637 |
|
|
786 |
|
Cars
scrapped |
(579 |
) |
|
(806 |
) |
|
(640 |
) |
|
(854 |
) |
|
(600 |
) |
Cars
sold |
(860 |
) |
|
(839 |
) |
|
(249 |
) |
|
(98 |
) |
|
(148 |
) |
Ending
balance |
104,522 |
|
|
103,672 |
|
|
104,007 |
|
|
103,692 |
|
|
103,730 |
|
Utilization |
98.9 |
% |
|
99.1 |
% |
|
98.8 |
% |
|
98.5 |
% |
|
98.2 |
% |
Average active
railcars |
103,702 |
|
|
102,976 |
|
|
102,760 |
|
|
102,555 |
|
|
102,078 |
|
Boxcar
Fleet |
|
|
|
|
|
|
|
|
|
Ending balance |
17,706 |
|
|
17,415 |
|
|
17,138 |
|
|
16,555 |
|
|
16,398 |
|
Utilization |
93.8 |
% |
|
92.9 |
% |
|
90.2 |
% |
|
92.4 |
% |
|
92.6 |
% |
Rail Europe
Statistics |
|
|
|
|
|
|
|
|
|
Fleet
Rollforward |
|
|
|
|
|
|
|
|
|
Beginning
balance |
22,966 |
|
|
23,122 |
|
|
23,131 |
|
|
23,180 |
|
|
23,227 |
|
Cars
added |
287 |
|
|
207 |
|
|
288 |
|
|
179 |
|
|
197 |
|
Cars
scrapped/sold |
(131 |
) |
|
(198 |
) |
|
(239 |
) |
|
(132 |
) |
|
(258 |
) |
Ending
balance |
23,122 |
|
|
23,131 |
|
|
23,180 |
|
|
23,227 |
|
|
23,166 |
|
Utilization |
95.6 |
% |
|
95.0 |
% |
|
95.7 |
% |
|
95.6 |
% |
|
96.8 |
% |
Average active
railcars |
22,002 |
|
|
22,012 |
|
|
22,024 |
|
|
22,215 |
|
|
22,290 |
|
Rail North
America Industry Statistics |
|
|
|
|
|
|
|
|
|
Manufacturing Capacity
Utilization Index (3) |
76.0 |
% |
|
75.8 |
% |
|
76.6 |
% |
|
76.1 |
% |
|
77.9 |
% |
Year-over-year Change
in U.S. Carloadings (excl. intermodal) (4) |
(8.2 |
)% |
|
5.7 |
% |
|
6.4 |
% |
|
3.8 |
% |
|
2.9 |
% |
Year-over-year Change
in U.S. Carloadings (chemical) (4) |
1.5 |
% |
|
(1.2 |
)% |
|
0.1 |
% |
|
0.2 |
% |
|
1.2 |
% |
Year-over-year Change
in U.S. Carloadings (petroleum) (4) |
(21.4 |
)% |
|
(13.2 |
)% |
|
(14.1 |
)% |
|
(14.8 |
)% |
|
(12.2 |
)% |
Production Backlog at
Railcar Manufacturers (5) |
66,681 |
|
|
60,471 |
|
|
66,561 |
|
|
64,253 |
|
|
n/a
(6) |
|
American
Steamship Company Statistics |
|
|
|
|
|
|
|
|
|
Total Net Tons Carried
(millions) |
7.2 |
|
|
1.0 |
|
|
8.5 |
|
|
9.8 |
|
|
8.5 |
|
_________(1) GATX's Lease Price Index (LPI) is an
internally-generated business indicator that measures lease rate
pricing on renewals for our North American railcar fleet, excluding
boxcars. The index is calculated using the weighted average lease
rate for a group of railcar types that GATX believes best
represents its overall North American fleet, excluding boxcars. The
average renewal lease rate change is reported as the percentage
change between the average renewal lease rate and the average
expiring lease rate, weighted by fleet composition. The average
renewal lease term is reported in months and reflects the average
renewal lease term of railcar types in the LPI, weighted by fleet
composition.(2) Excludes boxcar fleet.(3) As reported and revised
by the Federal Reserve.(4) As reported by the Association of
American Railroads (AAR).(5) As reported by the Railway Supply
Institute (RSI).(6) Not available, not published as of the date of
this release.
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