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.
