GATX Reports Strong Financial Results

By Bobby Samwell • Thursday, January 23 15:37 • Permanent Link

Gatx Corporation (NYSE: GATX) has reported its fourth-quarter and full-year 2024 financial results, showing a strong performance. The company's net income for the fourth quarter of 2024 was $76.5 million, or $2.10 per diluted share, compared to $66.0 million, or $1.81 per diluted share in the same period in 2023. For the full year 2024, net income was $284.2 million, or $7.78 per diluted share, an increase from $259.2 million, or $7.12 per diluted share in the prior year.

In the Rail North America segment, the company reported a segment profit of $84.5 million in the fourth quarter of 2024, compared to $66.7 million in the fourth quarter of 2023. For the full year, Rail North America reported a segment profit of $356.0 million in 2024, compared to $307.3 million in 2023. Fleet utilization in this segment remained at a high level of 99.1% at the end of the fourth quarter of 2024.

Rail International's segment profit was $30.6 million in the fourth quarter of 2024, compared to $34.4 million in the same period in 2023. The full-year segment profit for Rail International was $119.8 million in 2024, compared to $113.4 million in 2023.

In the Engine Leasing segment, Gatx reported a segment profit of $35.7 million in the fourth quarter of 2024, compared to $31.3 million in the fourth quarter of 2023. The full-year segment profit for Engine Leasing was $117.3 million in 2024, an increase from $106.4 million in 2023.

Looking ahead to 2025, Gatx expects a stable railcar leasing market in North America. The company anticipates higher lease revenue as it continues to renew expiring leases at higher rates across many car types. However, net maintenance expense is likely to be higher, and combined with higher interest expense and modestly lower asset remarketing income, Gatx expects Rail North America's 2025 segment profit to be up slightly from 2024.

As a result of these announcements, the company's shares have moved 4.9% on the market, and are now trading at a price of $162.04. Check out the company's full 8-K submission here.

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