GATX Q1 2024 – Net Income $74.3M, Rail NA Profit Down

GATX Corporation has reported its first-quarter results for 2024, revealing a net income of $74.3 million, or $2.03 per diluted share. This represents a slight decrease from the first quarter of 2023, where net income was $77.4 million, or $2.16 per diluted share. The company's Rail North America segment saw a decrease in segment profit from $95.2 million in the first quarter of 2023 to $90.3 million in the first quarter of 2024. However, fleet utilization remained high at 99.4%, with a positive lease price index (LPI) of 33%.

The company's investment volume for the first quarter of 2024 totaled $378.6 million, and it reiterates its full-year earnings guidance of $7.30–$7.70 per diluted share, excluding the impact of tax adjustments and other items.

Rail International's segment profit increased to $28.8 million in the first quarter of 2024 from $23.5 million in the same period in 2023, driven by more railcars on lease. Meanwhile, Engine Leasing reported a segment profit of $25.7 million in the first quarter of 2024, compared to $28.3 million in the first quarter of 2023.

Rail North America's fleet totaled approximately 111,400 cars, with fleet utilization at 99.4%. Rail International's fleet consisted of over 29,300 railcars, with a fleet utilization of 95.3%, and Rail India's fleet consisted of over 9,500 railcars, with 100% fleet utilization.

As a result of these announcements, the company's shares have moved -1.9% on the market, and are now trading at a price of $127.44. Check out the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.