GATX(GATX)

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GATX(GATX) - 2022 Q4 - Annual Report
2023-02-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36-1124040 (State or Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Ide ...
GATX(GATX) - 2022 Q4 - Earnings Call Transcript
2023-01-24 19:34
Financial Data and Key Metrics Changes - For the full year 2022, GATX reported net income of $155.9 million or $4.35 per diluted share, compared to $143.1 million or $3.98 per diluted share in 2021, indicating a year-over-year increase in net income [3] - The fourth quarter of 2022 saw net income of $48.4 million or $1.36 per diluted share, down from $61 million or $1.69 per diluted share in the fourth quarter of 2021, reflecting a net negative impact from tax adjustments and other items of $0.18 per diluted share [69][81] Business Line Data and Key Metrics Changes - Rail North America reported a substantial increase in segment profit for the year due to higher remarketing gains, higher revenue, and lower net maintenance expenses [6][30] - In Rail International, despite strong demand, segment profit was impacted by significant market disruptions, particularly due to supply chain issues stemming from the war in Ukraine [30] - The company anticipates segment profit at Rail International to increase by $10 million to $15 million in 2023, driven by strong demand and planned additions to the fleet [32] Market Data and Key Metrics Changes - Lease rates for existing railcars were reported to be generally over long-term averages, with tank cars slightly higher than freight cars [25] - The company expects lease revenue to increase by $30 million to $45 million in 2023, supported by the full-year impact of last year's rate increases [85] Company Strategy and Development Direction - GATX plans to continue focusing on generating attractive risk-adjusted returns for shareholders while navigating inflationary pressures and rising interest rates [5][31] - The company aims to maintain a disciplined approach to asset acquisition, emphasizing the attractiveness of underlying assets and economic returns [27][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for improved railroad velocity and the ability to move freight that is currently sidelined, viewing this as a positive development [45] - The company acknowledges ongoing economic uncertainties, including inflation and potential recession risks, but remains confident in its position and ability to adapt [117] Other Important Information - GATX has paid dividends consecutively for 104 years and is considering its dividend policy during an upcoming Board meeting [10] - The company invested over $1.2 billion in core markets in 2022, demonstrating its commitment to capital deployment despite rising asset prices [72] Q&A Session Summary Question: Clarification on Portfolio Management guidance for 2023 - Management indicated a $10 million to $15 million increase in segment profit, with expectations for RRPF to remain relatively flat year-over-year [14] Question: Insights on secondary market activity - Management noted a robust secondary market, with opportunities for both selling and acquiring assets, driven by high-quality assets and strong customer demand [18][41] Question: Lease rates and market dynamics - Management reported sequential improvement in lease rates for both tank and freight cars, with expectations for continued increases in 2023 [76][89] Question: Average lease terms and market conditions - The average lease term has not increased significantly despite strong market conditions, with management expecting a gradual increase in 2023 [65][91] Question: Scrappage rates and fleet management - Management confirmed a healthy scrappage rate of about 500 cars per quarter, reflective of industry trends, and indicated ongoing interest in maintaining fleet size [140]
GATX(GATX) - 2022 Q3 - Quarterly Report
2022-10-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q __________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York ...
GATX(GATX) - 2022 Q3 - Earnings Call Transcript
2022-10-25 18:45
GATX Corporation (NYSE:GATX) Q3 2022 Earnings Conference Call October 25, 2022 11:00 AM ET Company Participants Shari Hellerman - Head of IR Paul Titterton - EVP and President of Rail North America Robert Lyons - President and CEO Thomas Ellman - EVP and CFO Conference Call Participants Allison Poliniak - Wells Fargo Matt Elkott - Cowen Bascome Majors - Susquehanna Justin Long - Stephens Justin Bergner - Gabelli Funds Operator Good morning. My name is Colby and I'll be your conference operator today. At thi ...
GATX(GATX) - 2022 Q2 - Quarterly Report
2022-07-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q __________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36-11 ...
GATX(GATX) - 2022 Q1 - Quarterly Report
2022-04-27 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q __________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36 ...
GATX(GATX) - 2022 Q1 - Earnings Call Transcript
2022-04-20 18:12
GATX Corporation (NYSE:GATX) Q1 2022 Earnings Conference Call April 20, 2022 11:00 AM ET Company Participants Brian Kenney - President and Chief Executive Officer Robert Lyons - Executive Vice President and President, Rail North America Shari Hellerman - Director, Investor Relations Thomas Ellman - Executive Vice President and Chief Financial Officer Conference Call Participants Justin Long - Stephens Inc Bascome Majors - Susquehanna Matt Elkott - Cowen and Company Allison Poliniak - Wells Fargo Marla Backe ...
GATX(GATX) - 2021 Q4 - Annual Report
2022-02-16 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Identification No.) New ...
GATX(GATX) - 2021 Q4 - Earnings Call Transcript
2022-01-25 19:29
GATX Corporation (NYSE:GATX) Q4 2021 Earnings Conference Call January 25, 2022 11:00 AM ET Company Participants Shari Hellerman - Director, Investor Relations Brian Kenney - President and CEO Tom Ellman - Executive Vice President and CFO Bob Lyons - Executive Vice President and President, Rail North America Conference Call Participants Allison Poliniak - Wells Fargo Justin Long - Stephens Matt Elkott - Cowen Bascome Majors - Susquehanna Justin Bergner - Gabelli Funds Operator Please standby, we are about to ...
GATX(GATX) - 2021 Q3 - Quarterly Report
2021-10-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-Q __________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New Yor ...