– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Rail North America’s fleet utilization remained high at 99.3%
Company reiterates 2022 full-year earnings guidance
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE:GATX) today reported 2022 first-quarter net income of $75.8 million, or $2.10 per diluted share, compared to net income of $36.5 million, or $1.02 per diluted share, in the first quarter of 2021. The 2022 first-quarter results included a net negative impact of $11.5 million, or $0.32 per diluted share, attributed to a net impairment charge for aircraft spare engines in Russia at the Rolls-Royce and Partners Finance affiliates and a net positive impact of $3.0 million, or $0.08 per diluted share, related to an enacted tax rate reduction in Austria. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
"Conditions continue to strengthen across our global railcar leasing markets despite increased economic uncertainty due to the war in Ukraine," said Brian A. Kenney, president and chief executive officer of GATX. "Rail North America's fleet utilization remained high at 99.3% and its renewal success rate was 80%. As the number of idle railcars in the industry continues to decline, the pace of lease rate increases from the prior quarter accelerated for most car types. As expected, the renewal lease rate change of GATX’s Lease Price Index turned positive in the quarter. The secondary railcar market remains very active as evidenced by our first-quarter remarketing income of $66.4 million, which represents the majority of our anticipated remarketing activity for 2022.
"Rail International continues to perform well as demand for railcars in Europe and India remains strong. Fleet utilization was at 99% or above and renewal lease rates for most car types continued to increase versus the expiring rates. In Portfolio Management, our Rolls-Royce and Partners Finance affiliates continued to perform as expected in a challenging environment for global passenger air travel."
Mr. Kenney concluded, “First-quarter investment volume totaled $370.4 million, primarily focused on our global rail assets. Based on our solid start in the first quarter, we continue to expect our 2022 full-year earnings to be in the range of $5.50 to $5.80 per diluted share, excluding the impact of Tax Adjustments and Other Items.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $120.4 million in the first quarter of 2022, compared to $65.7 million in the first quarter of 2021. Higher segment profit was primarily a result of higher gains on asset dispositions.
At March 31, 2022, Rail North America’s wholly owned fleet was comprised of approximately 110,700 cars, including approximately 10,300 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.3% at the end of the first quarter, compared to 99.2% at the end of the prior quarter and 97.8% at the end of the first quarter of 2021. During the first quarter of 2022, the GATX Lease Price Index (LPI), a weighted-average lease renewal rate for a group of railcars representative of Rail North America’s fleet, was positive 9.3%. This compares to an LPI of negative 0.7% in the prior quarter and negative 18.1% in the first quarter of 2021. The average lease renewal term for all cars included in the LPI during the first quarter was 30 months, compared to 37 months in the prior quarter and 30 months in the first quarter of 2021. Rail North America’s investment volume during the first quarter was $280.4 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 INTERNATIONAL
Rail International’s segment profit was $24.9 million in the first quarter of 2022, compared to $21.8 million in the first quarter of 2021. Higher segment profit was predominately driven by more railcars on lease.
At March 31, 2021, GATX Rail Europe’s (GRE) fleet consisted of approximately 27,200 cars. Utilization was 99.0%, compared to 98.7% at the end of the prior quarter and 98.2% at the end of the first quarter of 2021. Additional fleet statistics for GRE are provided on the last page of this press release.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment loss of $3.9 million in the first quarter of 2022, compared to segment profit of $6.1 million in the first quarter of 2021. In the first quarter of 2022, the Rolls-Royce and Partners Finance affiliates (RRPF) terminated leases with its Russian airline customer. RRPF recorded a net impairment charge associated with three aircraft spare engines in Russia that RRPF does not expect to recover, of which GATX's share was $15.3 million ($11.5 million after-tax). Excluding this impact, first-quarter segment profit was higher driven primarily by GATX Engine Leasing earnings. Details related to the impairment charge are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
COMPANY DESCRIPTION
At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably, while championing the well-being of our employees and communities. GATX has been headquartered in Chicago, Illinois since its founding in 1898.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2022 first-quarter results. Call details are as follows:
Wednesday, April 20, 2022 11 a.m. Eastern Time Domestic Dial-In: 1-800-289-0720 International Dial-In: 1-323-701-0160 Replay: 1-888-203-1112 or 1-719-457-0820 /Access Code: 4973176
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. A replay will be available on the same site starting at 2 p.m. (Eastern Time), April 20, 2022.
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investor Relations” tab.
FORWARD-LOOKING STATEMENTS
Statements 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 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,” “outlook,” “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, 2021, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
|
|
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||
|
Three Months Ended
March 31 |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
||||
Lease revenue |
$ |
283.3 |
|
|
$ |
280.6 |
|
Marine operating revenue |
|
6.2 |
|
|
|
3.6 |
|
Other revenue |
|
27.1 |
|
|
|
21.6 |
|
Total Revenues |
|
316.6 |
|
|
|
305.8 |
|
Expenses |
|
|
|
||||
Maintenance expense |
|
74.6 |
|
|
|
74.3 |
|
Marine operating expense |
|
4.2 |
|
|
|
4.6 |
|
Depreciation expense |
|
89.5 |
|
|
|
88.6 |
|
Operating lease expense |
|
9.1 |
|
|
|
10.9 |
|
Other operating expense |
|
10.7 |
|
|
|
10.2 |
|
Selling, general and administrative expense |
|
47.2 |
|
|
|
47.1 |
|
Total Expenses |
|
235.3 |
|
|
|
235.7 |
|
Other Income (Expense) |
|
|
|
||||
Net gain on asset dispositions |
|
73.7 |
|
|
|
22.5 |
|
Interest expense, net |
|
(51.2 |
) |
|
|
(53.6 |
) |
Other expense |
|
(2.0 |
) |
|
|
(1.3 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
101.8 |
|
|
|
37.7 |
|
Income taxes |
|
(22.4 |
) |
|
|
(8.4 |
) |
Share of affiliates’ (losses) earnings, net of taxes |
|
(3.6 |
) |
|
|
7.2 |
|
Net Income |
$ |
75.8 |
|
|
$ |
36.5 |
|
|
|
|
|
||||
Share Data |
|
|
|
||||
Basic earnings per share |
$ |
2.13 |
|
|
$ |
1.04 |
|
Average number of common shares |
|
35.5 |
|
|
|
35.2 |
|
|
|
|
|
||||
Diluted earnings per share |
$ |
2.10 |
|
|
$ |
1.02 |
|
Average number of common shares and common share equivalents |
|
36.0 |
|
|
|
35.9 |
|
|
|
|
|
||||
Dividends declared per common share |
$ |
0.52 |
|
|
$ |
0.50 |
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
March 31 |
|
December 31 |
||||
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
649.3 |
|
|
$ |
344.3 |
|
Restricted Cash |
|
0.2 |
|
|
|
0.2 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
69.9 |
|
|
|
69.8 |
|
Finance leases (as lessor) |
|
98.9 |
|
|
|
100.2 |
|
Less: allowance for losses |
|
(6.1 |
) |
|
|
(6.2 |
) |
|
|
162.7 |
|
|
|
163.8 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
11,203.2 |
|
|
|
11,163.6 |
|
Less: allowance for depreciation |
|
(3,328.3 |
) |
|
|
(3,378.8 |
) |
|
|
7,874.9 |
|
|
|
7,784.8 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
262.8 |
|
|
|
270.7 |
|
Finance leases, net of accumulated depreciation |
|
— |
|
|
|
1.5 |
|
|
|
262.8 |
|
|
|
272.2 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
585.0 |
|
|
|
588.4 |
|
Goodwill |
|
120.3 |
|
|
|
123.0 |
|
Other Assets |
|
253.4 |
|
|
|
265.0 |
|
Total Assets |
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
170.5 |
|
|
$ |
215.8 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
18.6 |
|
|
|
18.1 |
|
Recourse |
|
6,256.9 |
|
|
|
5,887.5 |
|
|
|
6,275.5 |
|
|
|
5,905.6 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
273.4 |
|
|
|
286.2 |
|
Finance leases |
|
— |
|
|
|
1.5 |
|
|
|
273.4 |
|
|
|
287.7 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,013.5 |
|
|
|
1,001.0 |
|
Other Liabilities |
|
114.9 |
|
|
|
112.4 |
|
Total Liabilities |
|
7,847.8 |
|
|
|
7,522.5 |
|
Total Shareholders’ Equity |
|
2,060.8 |
|
|
|
2,019.2 |
|
Total Liabilities and Shareholders’ Equity |
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended March 31, 2022 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
200.7 |
|
|
$ |
67.6 |
|
|
$ |
8.3 |
|
|
$ |
6.7 |
|
|
$ |
283.3 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
6.2 |
|
|
|
— |
|
|
|
6.2 |
|
Other revenue |
|
23.0 |
|
|
|
2.3 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
27.1 |
|
Total Revenues |
|
223.7 |
|
|
|
69.9 |
|
|
|
14.5 |
|
|
|
8.5 |
|
|
|
316.6 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
59.9 |
|
|
|
14.0 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
74.6 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
Depreciation expense |
|
63.5 |
|
|
|
18.0 |
|
|
|
5.0 |
|
|
|
3.0 |
|
|
|
89.5 |
|
Operating lease expense |
|
9.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.1 |
|
Other operating expense |
|
7.3 |
|
|
|
2.4 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
10.7 |
|
Total Expenses |
|
139.8 |
|
|
|
34.4 |
|
|
|
9.7 |
|
|
|
4.2 |
|
|
|
188.1 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
71.6 |
|
|
|
1.0 |
|
|
|
0.9 |
|
|
|
0.2 |
|
|
|
73.7 |
|
Interest expense, net |
|
(34.4 |
) |
|
|
(11.2 |
) |
|
|
(4.7 |
) |
|
|
(0.9 |
) |
|
|
(51.2 |
) |
Other expense |
|
(0.7 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(0.8 |
) |
|
|
(2.0 |
) |
Share of affiliates' pre-tax losses |
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
— |
|
|
|
(4.8 |
) |
Segment profit (loss) |
$ |
120.4 |
|
|
$ |
24.9 |
|
|
$ |
(3.9 |
) |
|
$ |
2.8 |
|
|
$ |
144.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.2 |
|
||||||||||||||||
Income taxes (includes $1.2 of income tax benefit related to affiliates' losses) |
|
21.2 |
|
||||||||||||||||
Net income |
$ |
75.8 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
280.4 |
|
|
$ |
78.9 |
|
|
$ |
— |
|
|
$ |
11.1 |
|
|
$ |
370.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
64.4 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
64.9 |
|
Residual sharing income |
|
2.0 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
2.9 |
|
Non-remarketing net gains (1) |
|
5.2 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
5.9 |
|
|
$ |
71.6 |
|
|
$ |
1.0 |
|
|
$ |
0.9 |
|
|
$ |
0.2 |
|
|
$ |
73.7 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
|||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended March 31, 2021 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
206.8 |
|
|
$ |
66.9 |
|
|
$ |
3.3 |
|
|
$ |
3.6 |
|
|
$ |
280.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
|
3.6 |
|
Other revenue |
|
17.8 |
|
|
|
2.5 |
|
|
|
0.2 |
|
|
|
1.1 |
|
|
|
21.6 |
|
Total Revenues |
|
224.6 |
|
|
|
69.4 |
|
|
|
7.1 |
|
|
|
4.7 |
|
|
|
305.8 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
58.4 |
|
|
|
15.4 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
74.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
4.6 |
|
Depreciation expense |
|
65.7 |
|
|
|
18.3 |
|
|
|
2.7 |
|
|
|
1.9 |
|
|
|
88.6 |
|
Operating lease expense |
|
10.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
Other operating expense |
|
7.6 |
|
|
|
2.0 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
|
10.2 |
|
Total Expenses |
|
142.6 |
|
|
|
35.7 |
|
|
|
7.5 |
|
|
|
2.8 |
|
|
|
188.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
21.5 |
|
|
|
0.3 |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
22.5 |
|
Interest expense, net |
|
(37.0 |
) |
|
|
(12.2 |
) |
|
|
(3.1 |
) |
|
|
(1.3 |
) |
|
|
(53.6 |
) |
Other expense |
|
(0.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.5 |
) |
|
|
(1.3 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
9.0 |
|
|
|
— |
|
|
|
9.0 |
|
Segment profit |
$ |
65.7 |
|
|
$ |
21.8 |
|
|
$ |
6.1 |
|
|
$ |
0.2 |
|
|
$ |
93.8 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.1 |
|
||||||||||||||||
Income taxes (includes $1.8 related to affiliates' earnings) |
|
10.2 |
|
||||||||||||||||
Net income |
$ |
36.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
109.1 |
|
|
$ |
44.4 |
|
|
$ |
352.5 |
|
|
$ |
3.5 |
|
|
$ |
509.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
16.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16.3 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.7 |
|
Non-remarketing net gains (1) |
|
5.1 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
5.5 |
|
|
$ |
21.5 |
|
|
$ |
0.3 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
22.5 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
|||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except per share data) |
||||||
Impact of Tax Adjustments and Other Items on Net Income(1) |
||||||
|
Three Months Ended
March 31 |
|||||
|
2022 |
|
2021 |
|||
Net income (GAAP) |
$ |
75.8 |
|
|
$ |
36.5 |
Other income tax adjustments attributable to consolidated income: |
|
|
|
|||
Income tax rate change (2) |
|
(3.0 |
) |
|
|
— |
Total other income tax adjustments attributable to consolidated income |
$ |
(3.0 |
) |
|
$ |
— |
Adjustments attributable to affiliates' earnings, net of taxes: |
|
|
|
|||
Aircraft spare engine impairment at RRPF (3) |
|
11.5 |
|
|
|
— |
Total adjustments attributable to affiliates' earnings, net of taxes |
$ |
11.5 |
|
|
$ |
— |
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
84.3 |
|
|
$ |
36.5 |
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1) |
|||||
|
Three Months Ended
March 31 |
||||
|
2022 |
|
2021 |
||
Diluted earnings per share (GAAP) |
$ |
2.10 |
|
$ |
1.02 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
2.34 |
|
$ |
1.02 |
_________ |
||
(1) |
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, 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. |
|
(2) |
Deferred income tax adjustment due to an enacted corporate income tax rate reduction in Austria in 2022. |
|
(3) |
Impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover. |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) |
||||||||||||||||||||
|
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
||||||||||
Total Assets, Excluding Cash, by Segment |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rail North America |
|
$ |
6,183.7 |
|
|
$ |
6,101.6 |
|
|
$ |
5,976.8 |
|
|
$ |
5,916.3 |
|
|
$ |
5,896.5 |
|
Rail International |
|
|
1,677.9 |
|
|
|
1,689.2 |
|
|
|
1,672.2 |
|
|
|
1,695.8 |
|
|
|
1,653.4 |
|
Portfolio Management |
|
|
1,031.5 |
|
|
|
1,040.0 |
|
|
|
1,019.6 |
|
|
|
1,023.2 |
|
|
|
1,057.5 |
|
Other |
|
|
366.0 |
|
|
|
366.4 |
|
|
|
351.5 |
|
|
|
347.1 |
|
|
|
348.8 |
|
Total Assets, excluding cash |
|
$ |
9,259.1 |
|
|
$ |
9,197.2 |
|
|
$ |
9,020.1 |
|
|
$ |
8,982.4 |
|
|
$ |
8,956.2 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrestricted cash |
|
$ |
(649.3 |
) |
|
$ |
(344.3 |
) |
|
$ |
(566.0 |
) |
|
$ |
(417.9 |
) |
|
$ |
(958.9 |
) |
Commercial paper and bank credit facilities |
|
|
18.6 |
|
|
|
18.1 |
|
|
|
20.7 |
|
|
|
17.9 |
|
|
|
19.6 |
|
Recourse debt |
|
|
6,256.9 |
|
|
|
5,887.5 |
|
|
|
6,029.8 |
|
|
|
5,803.1 |
|
|
|
6,374.6 |
|
Operating lease obligations |
|
|
273.4 |
|
|
|
286.2 |
|
|
|
292.1 |
|
|
|
298.7 |
|
|
|
328.0 |
|
Finance lease obligations |
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
43.6 |
|
|
|
— |
|
Total debt and lease obligations, net of unrestricted cash |
|
$ |
5,899.6 |
|
|
$ |
5,849.0 |
|
|
$ |
5,776.6 |
|
|
$ |
5,745.4 |
|
|
$ |
5,763.3 |
|
Shareholders’ Equity |
|
$ |
2,060.8 |
|
|
$ |
2,019.2 |
|
|
$ |
1,976.9 |
|
|
$ |
1,971.4 |
|
|
$ |
1,960.0 |
|
Recourse Leverage (1) |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
_________ (1) Calculated as total recourse debt / shareholder's equity. |
||||||||||||||||||||
Reconciliation of Total Assets to Total Assets, Excluding Cash |
||||||||||||||||||||
Total Assets |
|
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
|
$ |
9,586.3 |
|
|
$ |
9,400.5 |
|
|
$ |
9,915.3 |
|
Less: cash |
|
|
(649.5 |
) |
|
|
(344.5 |
) |
|
|
(566.2 |
) |
|
|
(418.1 |
) |
|
|
(959.1 |
) |
Total Assets, excluding cash |
|
$ |
9,259.1 |
|
|
$ |
9,197.2 |
|
|
$ |
9,020.1 |
|
|
$ |
8,982.4 |
|
|
$ |
8,956.2 |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
9.3 |
% |
|
(0.7 |
) % |
|
(8.1 |
) % |
|
(6.7 |
) % |
|
(18.1 |
) % |
Average renewal term (months) |
30 |
|
|
37 |
|
|
32 |
|
|
29 |
|
|
30 |
|
Fleet Rollforward (2) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
101,570 |
|
|
101,341 |
|
|
102,144 |
|
|
102,903 |
|
|
103,745 |
|
Cars added |
943 |
|
|
959 |
|
|
742 |
|
|
693 |
|
|
977 |
|
Cars scrapped |
(547 |
) |
|
(358 |
) |
|
(947 |
) |
|
(770 |
) |
|
(1,002 |
) |
Cars sold |
(1,514 |
) |
|
(372 |
) |
|
(598 |
) |
|
(682 |
) |
|
(817 |
) |
Ending balance |
100,452 |
|
|
101,570 |
|
|
101,341 |
|
|
102,144 |
|
|
102,903 |
|
Utilization |
99.3 |
% |
|
99.2 |
% |
|
99.2 |
% |
|
98.5 |
% |
|
97.8 |
% |
Average active railcars |
100,253 |
|
|
100,658 |
|
|
100,467 |
|
|
100,722 |
|
|
101,099 |
|
Boxcar Fleet |
|
|
|
|
|
|
|
|
|
|||||
Ending balance |
10,283 |
|
|
12,946 |
|
|
12,809 |
|
|
12,659 |
|
|
13,880 |
|
Utilization |
99.8 |
% |
|
99.7 |
% |
|
98.4 |
% |
|
97.1 |
% |
|
97.1 |
% |
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
27,109 |
|
|
26,840 |
|
|
26,727 |
|
|
26,498 |
|
|
26,343 |
|
Cars added |
225 |
|
|
333 |
|
|
213 |
|
|
359 |
|
|
226 |
|
Cars scrapped/sold |
(142 |
) |
|
(64 |
) |
|
(100 |
) |
|
(130 |
) |
|
(71 |
) |
Ending balance |
27,192 |
|
|
27,109 |
|
|
26,840 |
|
|
26,727 |
|
|
26,498 |
|
Utilization |
99.0 |
% |
|
98.7 |
% |
|
98.1 |
% |
|
98.4 |
% |
|
98.2 |
% |
Average active railcars |
26,850 |
|
|
26,562 |
|
|
26,310 |
|
|
26,156 |
|
|
25,917 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (3) |
78.3 |
% |
|
76.3 |
% |
|
75.2 |
% |
|
75.6 |
% |
|
74.6 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) |
2.6 |
% |
|
6.6 |
% |
|
7.9 |
% |
|
9.4 |
% |
|
(2.6 |
) % |
Year-over-year Change in U.S. Carloadings (chemical) (4) |
9.4 |
% |
|
5.6 |
% |
|
5.6 |
% |
|
5.9 |
% |
|
(3.8 |
) % |
Year-over-year Change in U.S. Carloadings (petroleum) (4) |
(15.3 |
) % |
|
(4.5 |
) % |
|
(3.6 |
) % |
|
(4.3 |
) % |
|
(14.4 |
) % |
Production Backlog at Railcar Manufacturers (5) |
n/a (6) |
|
42,993 |
|
|
37,779 |
|
|
37,470 |
|
|
34,829 |
|
|
_________ |
||
(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. GATX calculates the index 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. |
|
Загрузка парка железных дорог Северной Америки оставалась высокой на уровне 99,3%
Компания подтверждает прогноз по прибыли за весь год на 2022 год
ЧИКАГО -- (BUSINESS WIRE)-- Корпорация GATX (NYSE:GATX) сегодня сообщила о чистой прибыли за первый квартал 2022 года в размере 75,8 млн долларов, или 2,10 доллара на разводненную акцию, по сравнению с чистой прибылью в размере 36,5 млн долларов, или 1,02 доллара на разводненную акцию, в первом квартале 2021 года. Результаты первого квартала 2022 года включали чистое негативное влияние в размере 11,5 млн долларов, или 0,32 доллара на разводненную акцию, обусловленное чистыми убытками от обесценения авиационных запасных двигателей в России у дочерних компаний Rolls-Royce и Partners Finance, и чистое положительное влияние в размере 3,0 млн долларов, или 0,08 доллара на разводненную акцию, связанные с введенным в действие снижением налоговой ставки в Австрии. Подробная информация, относящаяся к этим статьям, представлена в прилагаемой Дополнительной информации в разделе Налоговые корректировки и Другие статьи.
"Условия на наших глобальных рынках лизинга вагонов продолжают улучшаться, несмотря на возросшую экономическую неопределенность из-за войны в Украине", - сказал Брайан А. Кенни, президент и главный исполнительный директор GATX. "Загрузка парка поездов Rail North America оставалась высокой и составляла 99,3%, а показатель успешного обновления составил 80%. Поскольку количество простаивающих вагонов в отрасли продолжает сокращаться, темпы роста арендных ставок по сравнению с предыдущим кварталом ускорились для большинства типов вагонов. Как и ожидалось, изменение ставки продления аренды Индекса цен аренды GATX в этом квартале стало положительным. Вторичный рынок вагонов остается очень активным, о чем свидетельствует наш доход от ремаркетинга за первый квартал в размере 66,4 миллиона долларов, что составляет большую часть нашей ожидаемой активности в области ремаркетинга на 2022 год.
"Rail International продолжает демонстрировать хорошие результаты, поскольку спрос на железнодорожные вагоны в Европе и Индии остается высоким. Загрузка автопарка составляла 99% или выше, а ставки продления аренды для большинства типов автомобилей продолжали расти по сравнению с истекающими ставками. Что касается управления портфелем, то наши филиалы Rolls-Royce и Partners Finance продолжали работать так, как ожидалось, в сложных условиях для глобальных пассажирских авиаперевозок".
Г-н Кенни заключил: “Объем инвестиций в первом квартале составил 370,4 миллиона долларов, в основном сосредоточенных на наших глобальных железнодорожных активах. Основываясь на нашем уверенном старте в первом квартале, мы по-прежнему ожидаем, что наша прибыль за весь 2022 год составит от $ 5,50 до $ 5,80 на разводненную акцию, исключая влияние налоговых корректировок и других статей”.
железная дорога Северной Америки
Rail North America сообщила о прибыли сегмента в размере 120,4 млн долларов в первом квартале 2022 года по сравнению с 65,7 млн долларов в первом квартале 2021 года. Более высокая прибыль сегмента была в основном результатом более высокой прибыли от продажи активов.
По состоянию на 31 марта 2022 года полностью принадлежащий Rail North America автопарк состоял примерно из 110 700 вагонов, включая примерно 10 300 товарных вагонов. Приведенная ниже статистика парка и обсуждение производительности исключают парк товарных вагонов.
Загрузка автопарка составила 99,3% на конец первого квартала по сравнению с 99,2% на конец предыдущего квартала и 97,8% на конец первого квартала 2021 года. В течение первого квартала 2022 года Индекс цен аренды GATX (LPI), средневзвешенный показатель продления аренды для группы вагонов, представляющих парк Rail North America, составил 9,3%. Это сопоставимо с отрицательным показателем LPI в 0,7% в предыдущем квартале и отрицательным показателем в 18,1% в первом квартале 2021 года. Средний срок продления аренды для всех автомобилей, включенных в LPI, в течение первого квартала составил 30 месяцев по сравнению с 37 месяцами в предыдущем квартале и 30 месяцами в первом квартале 2021 года. Объем инвестиций Rail North America в первом квартале составил 280,4 миллиона долларов.
Дополнительная статистика парка вагонов, включая информацию о парке товарных вагонов, и макроэкономические данные, относящиеся к бизнесу Rail North America, представлены на последней странице этого пресс-релиза.
железнодорожный международный
Прибыль сегмента Rail International в первом квартале 2022 года составила 24,9 млн долларов по сравнению с 21,8 млн долларов в первом квартале 2021 года. Более высокая прибыль сегмента была в основном обусловлена увеличением количества вагонов, сданных в аренду.
По состоянию на 31 марта 2021 года парк GATX Rail Europe (GRE) состоял примерно из 27 200 вагонов. Загрузка составила 99,0% по сравнению с 98,7% на конец предыдущего квартала и 98,2% на конец первого квартала 2021 года. Дополнительная статистика автопарка для GRE приведена на последней странице этого пресс-релиза.
управление портфелем ценных бумаг
Портфельное управление сообщило об убытке сегмента в размере 3,9 млн долларов в первом квартале 2022 года по сравнению с прибылью сегмента в размере 6,1 млн долларов в первом квартале 2021 года. В первом квартале 2022 года Rolls-Royce and Partners Finance affiliates (RRPF) расторгла договоры аренды со своим российским клиентом-авиакомпанией. RRPF отразил чистые убытки от обесценения, связанные с тремя запасными двигателями для самолетов в России, которые RRPF не ожидает возмещать, из которых доля GATX составила 15,3 млн долларов США (11,5 млн долларов США после уплаты налогов). Без учета этого влияния прибыль сегмента в первом квартале была выше, в основном за счет доходов от лизинга двигателей GATX. Подробная информация, касающаяся расходов на обесценение, представлена в прилагаемой Дополнительной информации в разделе Налоговые корректировки и Другие статьи.
описание компании
В GATX Corporation (NYSE: GATX) мы даем возможность нашим клиентам продвигать мир вперед. GATX сдает в аренду транспортные активы, включая железнодорожные вагоны, запасные двигатели для самолетов и контейнеры-цистерны, клиентам по всему миру. Наша миссия заключается в предоставлении инновационных, не имеющих аналогов услуг, которые позволяют нашим клиентам безопасно и устойчиво перевозить то, что имеет значение, защищая при этом благополучие наших сотрудников и сообществ. Штаб-квартира GATX находится в Чикаго, штат Иллинойс, с момента ее основания в 1898 году.
информация о телеконференции
Корпорация GATX проведет телеконференцию для обсуждения результатов первого квартала 2022 года. Детали вызова следующие:
Среда, 20 апреля 2022 г. 11 утра по Восточному времени Внутренний дозвон: 1-800-289-0720 Международный телефонный номер: 1-323-701-0160 Повтор: 1-888-203-1112 или 1-719-457-0820 /Код доступа: 4973176
Подробная информация о звонке, копия этого пресс-релиза и доступ к аудиозаписи в режиме реального времени доступны по адресу www.GATX.com . Пожалуйста, ответьте на звонок за 15 минут до начала. Повтор будет доступен на том же сайте, начиная с 14 часов дня (по восточному времени) 20 апреля 2022 года.
наличие информации на веб-сайте GATX
Инвесторам и другим лицам следует отметить, что GATX регулярно сообщает существенную информацию инвесторам и рынку с помощью заявок SEC, пресс-релизов, публичных телефонных конференций, веб-трансляций и веб-сайта GATX по связям с инвесторами. Хотя не вся информация, которую Компания размещает на веб-сайте по связям с инвесторами GATX, носит существенный характер, некоторая информация может считаться существенной. Соответственно, Компания призывает инвесторов, средства массовой информации и других лиц, заинтересованных в GATX, ознакомиться с информацией, которой она делится на www.GATX.com на вкладке “Отношения с инвесторами”.
прогнозные заявления
Заявления в этом Отчете о доходах, не основанные на исторических фактах, являются “прогнозными заявлениями” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года и, соответственно, связаны с известными и неизвестными рисками и неопределенностями, которые трудно предсказать и которые могут привести к тому, что наши фактические результаты, показатели или достижения будут существенно отличаться от те, которые обсуждались. Они включают заявления относительно наших будущих ожиданий, убеждений, планов, стратегий, целей, событий, условий, финансовых показателей, перспектив или будущих событий. В некоторых случаях прогнозные заявления могут быть идентифицированы с помощью таких слов, как “может”, “может”, “ожидать”, “намереваться”, “планировать”, “стремиться”, “предвидеть”, “полагать”, “оценивать”, “прогнозировать”, “потенциал, ”перспективы“, ”продолжение“, ”вероятно“, ”будет“, ”будет“ и подобные слова и фразы. Прогнозные заявления обязательно основаны на оценках и предположениях, которые, хотя и считаются разумными нами и нашим руководством, по своей сути являются неопределенными. Соответственно, вы не должны чрезмерно полагаться на прогнозные заявления, которые действуют только на дату их составления и не являются гарантией будущих результатов. Мы не берем на себя никаких обязательств по публичному обновлению или пересмотру этих прогнозных заявлений.
Следующие факторы, в дополнение к тем, которые обсуждались в других наших заявках в SEC, включая нашу форму 10-K за год, закончившийся 31 декабря 2021 года, могут привести к тому, что фактические результаты будут существенно отличаться от наших текущих ожиданий, выраженных в прогнозных заявлениях:
|
|
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||
|
Three Months Ended
March 31 |
||||||
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
||||
Lease revenue |
$ |
283.3 |
|
|
$ |
280.6 |
|
Marine operating revenue |
|
6.2 |
|
|
|
3.6 |
|
Other revenue |
|
27.1 |
|
|
|
21.6 |
|
Total Revenues |
|
316.6 |
|
|
|
305.8 |
|
Expenses |
|
|
|
||||
Maintenance expense |
|
74.6 |
|
|
|
74.3 |
|
Marine operating expense |
|
4.2 |
|
|
|
4.6 |
|
Depreciation expense |
|
89.5 |
|
|
|
88.6 |
|
Operating lease expense |
|
9.1 |
|
|
|
10.9 |
|
Other operating expense |
|
10.7 |
|
|
|
10.2 |
|
Selling, general and administrative expense |
|
47.2 |
|
|
|
47.1 |
|
Total Expenses |
|
235.3 |
|
|
|
235.7 |
|
Other Income (Expense) |
|
|
|
||||
Net gain on asset dispositions |
|
73.7 |
|
|
|
22.5 |
|
Interest expense, net |
|
(51.2 |
) |
|
|
(53.6 |
) |
Other expense |
|
(2.0 |
) |
|
|
(1.3 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
101.8 |
|
|
|
37.7 |
|
Income taxes |
|
(22.4 |
) |
|
|
(8.4 |
) |
Share of affiliates’ (losses) earnings, net of taxes |
|
(3.6 |
) |
|
|
7.2 |
|
Net Income |
$ |
75.8 |
|
|
$ |
36.5 |
|
|
|
|
|
||||
Share Data |
|
|
|
||||
Basic earnings per share |
$ |
2.13 |
|
|
$ |
1.04 |
|
Average number of common shares |
|
35.5 |
|
|
|
35.2 |
|
|
|
|
|
||||
Diluted earnings per share |
$ |
2.10 |
|
|
$ |
1.02 |
|
Average number of common shares and common share equivalents |
|
36.0 |
|
|
|
35.9 |
|
|
|
|
|
||||
Dividends declared per common share |
$ |
0.52 |
|
|
$ |
0.50 |
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
March 31 |
|
December 31 |
||||
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
649.3 |
|
|
$ |
344.3 |
|
Restricted Cash |
|
0.2 |
|
|
|
0.2 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
69.9 |
|
|
|
69.8 |
|
Finance leases (as lessor) |
|
98.9 |
|
|
|
100.2 |
|
Less: allowance for losses |
|
(6.1 |
) |
|
|
(6.2 |
) |
|
|
162.7 |
|
|
|
163.8 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
11,203.2 |
|
|
|
11,163.6 |
|
Less: allowance for depreciation |
|
(3,328.3 |
) |
|
|
(3,378.8 |
) |
|
|
7,874.9 |
|
|
|
7,784.8 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
262.8 |
|
|
|
270.7 |
|
Finance leases, net of accumulated depreciation |
|
— |
|
|
|
1.5 |
|
|
|
262.8 |
|
|
|
272.2 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
585.0 |
|
|
|
588.4 |
|
Goodwill |
|
120.3 |
|
|
|
123.0 |
|
Other Assets |
|
253.4 |
|
|
|
265.0 |
|
Total Assets |
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
170.5 |
|
|
$ |
215.8 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
18.6 |
|
|
|
18.1 |
|
Recourse |
|
6,256.9 |
|
|
|
5,887.5 |
|
|
|
6,275.5 |
|
|
|
5,905.6 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
273.4 |
|
|
|
286.2 |
|
Finance leases |
|
— |
|
|
|
1.5 |
|
|
|
273.4 |
|
|
|
287.7 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,013.5 |
|
|
|
1,001.0 |
|
Other Liabilities |
|
114.9 |
|
|
|
112.4 |
|
Total Liabilities |
|
7,847.8 |
|
|
|
7,522.5 |
|
Total Shareholders’ Equity |
|
2,060.8 |
|
|
|
2,019.2 |
|
Total Liabilities and Shareholders’ Equity |
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended March 31, 2022 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
200.7 |
|
|
$ |
67.6 |
|
|
$ |
8.3 |
|
|
$ |
6.7 |
|
|
$ |
283.3 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
6.2 |
|
|
|
— |
|
|
|
6.2 |
|
Other revenue |
|
23.0 |
|
|
|
2.3 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
27.1 |
|
Total Revenues |
|
223.7 |
|
|
|
69.9 |
|
|
|
14.5 |
|
|
|
8.5 |
|
|
|
316.6 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
59.9 |
|
|
|
14.0 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
74.6 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.2 |
|
|
|
— |
|
|
|
4.2 |
|
Depreciation expense |
|
63.5 |
|
|
|
18.0 |
|
|
|
5.0 |
|
|
|
3.0 |
|
|
|
89.5 |
|
Operating lease expense |
|
9.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.1 |
|
Other operating expense |
|
7.3 |
|
|
|
2.4 |
|
|
|
0.5 |
|
|
|
0.5 |
|
|
|
10.7 |
|
Total Expenses |
|
139.8 |
|
|
|
34.4 |
|
|
|
9.7 |
|
|
|
4.2 |
|
|
|
188.1 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
71.6 |
|
|
|
1.0 |
|
|
|
0.9 |
|
|
|
0.2 |
|
|
|
73.7 |
|
Interest expense, net |
|
(34.4 |
) |
|
|
(11.2 |
) |
|
|
(4.7 |
) |
|
|
(0.9 |
) |
|
|
(51.2 |
) |
Other expense |
|
(0.7 |
) |
|
|
(0.4 |
) |
|
|
(0.1 |
) |
|
|
(0.8 |
) |
|
|
(2.0 |
) |
Share of affiliates' pre-tax losses |
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
— |
|
|
|
(4.8 |
) |
Segment profit (loss) |
$ |
120.4 |
|
|
$ |
24.9 |
|
|
$ |
(3.9 |
) |
|
$ |
2.8 |
|
|
$ |
144.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.2 |
|
||||||||||||||||
Income taxes (includes $1.2 of income tax benefit related to affiliates' losses) |
|
21.2 |
|
||||||||||||||||
Net income |
$ |
75.8 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
280.4 |
|
|
$ |
78.9 |
|
|
$ |
— |
|
|
$ |
11.1 |
|
|
$ |
370.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
64.4 |
|
|
$ |
0.4 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
64.9 |
|
Residual sharing income |
|
2.0 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
2.9 |
|
Non-remarketing net gains (1) |
|
5.2 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
5.9 |
|
|
$ |
71.6 |
|
|
$ |
1.0 |
|
|
$ |
0.9 |
|
|
$ |
0.2 |
|
|
$ |
73.7 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
|||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended March 31, 2021 (In millions) |
|||||||||||||||||||
|
Rail
North America |
|
Rail
|
|
Portfolio
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
206.8 |
|
|
$ |
66.9 |
|
|
$ |
3.3 |
|
|
$ |
3.6 |
|
|
$ |
280.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
|
3.6 |
|
Other revenue |
|
17.8 |
|
|
|
2.5 |
|
|
|
0.2 |
|
|
|
1.1 |
|
|
|
21.6 |
|
Total Revenues |
|
224.6 |
|
|
|
69.4 |
|
|
|
7.1 |
|
|
|
4.7 |
|
|
|
305.8 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
58.4 |
|
|
|
15.4 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
74.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.6 |
|
|
|
— |
|
|
|
4.6 |
|
Depreciation expense |
|
65.7 |
|
|
|
18.3 |
|
|
|
2.7 |
|
|
|
1.9 |
|
|
|
88.6 |
|
Operating lease expense |
|
10.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10.9 |
|
Other operating expense |
|
7.6 |
|
|
|
2.0 |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
|
10.2 |
|
Total Expenses |
|
142.6 |
|
|
|
35.7 |
|
|
|
7.5 |
|
|
|
2.8 |
|
|
|
188.6 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
21.5 |
|
|
|
0.3 |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
22.5 |
|
Interest expense, net |
|
(37.0 |
) |
|
|
(12.2 |
) |
|
|
(3.1 |
) |
|
|
(1.3 |
) |
|
|
(53.6 |
) |
Other expense |
|
(0.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.5 |
) |
|
|
(1.3 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
9.0 |
|
|
|
— |
|
|
|
9.0 |
|
Segment profit |
$ |
65.7 |
|
|
$ |
21.8 |
|
|
$ |
6.1 |
|
|
$ |
0.2 |
|
|
$ |
93.8 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.1 |
|
||||||||||||||||
Income taxes (includes $1.8 related to affiliates' earnings) |
|
10.2 |
|
||||||||||||||||
Net income |
$ |
36.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
109.1 |
|
|
$ |
44.4 |
|
|
$ |
352.5 |
|
|
$ |
3.5 |
|
|
$ |
509.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
16.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16.3 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.7 |
|
Non-remarketing net gains (1) |
|
5.1 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
5.5 |
|
|
$ |
21.5 |
|
|
$ |
0.3 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
22.5 |
|
__________ (1) Includes net gains (losses) from scrapping of railcars. |
|||||||||||||||||||
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except per share data) |
||||||
Impact of Tax Adjustments and Other Items on Net Income(1) |
||||||
|
Three Months Ended
March 31 |
|||||
|
2022 |
|
2021 |
|||
Net income (GAAP) |
$ |
75.8 |
|
|
$ |
36.5 |
Other income tax adjustments attributable to consolidated income: |
|
|
|
|||
Income tax rate change (2) |
|
(3.0 |
) |
|
|
— |
Total other income tax adjustments attributable to consolidated income |
$ |
(3.0 |
) |
|
$ |
— |
Adjustments attributable to affiliates' earnings, net of taxes: |
|
|
|
|||
Aircraft spare engine impairment at RRPF (3) |
|
11.5 |
|
|
|
— |
Total adjustments attributable to affiliates' earnings, net of taxes |
$ |
11.5 |
|
|
$ |
— |
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
84.3 |
|
|
$ |
36.5 |
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share(1) |
|||||
|
Three Months Ended
March 31 |
||||
|
2022 |
|
2021 |
||
Diluted earnings per share (GAAP) |
$ |
2.10 |
|
$ |
1.02 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
2.34 |
|
$ |
1.02 |
_________ |
||
(1) |
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, 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. |
|
(2) |
Deferred income tax adjustment due to an enacted corporate income tax rate reduction in Austria in 2022. |
|
(3) |
Impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover. |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) |
||||||||||||||||||||
|
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
||||||||||
Total Assets, Excluding Cash, by Segment |
|
|
|
|
|
|
|
|
|
|
||||||||||
Rail North America |
|
$ |
6,183.7 |
|
|
$ |
6,101.6 |
|
|
$ |
5,976.8 |
|
|
$ |
5,916.3 |
|
|
$ |
5,896.5 |
|
Rail International |
|
|
1,677.9 |
|
|
|
1,689.2 |
|
|
|
1,672.2 |
|
|
|
1,695.8 |
|
|
|
1,653.4 |
|
Portfolio Management |
|
|
1,031.5 |
|
|
|
1,040.0 |
|
|
|
1,019.6 |
|
|
|
1,023.2 |
|
|
|
1,057.5 |
|
Other |
|
|
366.0 |
|
|
|
366.4 |
|
|
|
351.5 |
|
|
|
347.1 |
|
|
|
348.8 |
|
Total Assets, excluding cash |
|
$ |
9,259.1 |
|
|
$ |
9,197.2 |
|
|
$ |
9,020.1 |
|
|
$ |
8,982.4 |
|
|
$ |
8,956.2 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
|
|
|
|
|
|
|
|
|
|
||||||||||
Unrestricted cash |
|
$ |
(649.3 |
) |
|
$ |
(344.3 |
) |
|
$ |
(566.0 |
) |
|
$ |
(417.9 |
) |
|
$ |
(958.9 |
) |
Commercial paper and bank credit facilities |
|
|
18.6 |
|
|
|
18.1 |
|
|
|
20.7 |
|
|
|
17.9 |
|
|
|
19.6 |
|
Recourse debt |
|
|
6,256.9 |
|
|
|
5,887.5 |
|
|
|
6,029.8 |
|
|
|
5,803.1 |
|
|
|
6,374.6 |
|
Operating lease obligations |
|
|
273.4 |
|
|
|
286.2 |
|
|
|
292.1 |
|
|
|
298.7 |
|
|
|
328.0 |
|
Finance lease obligations |
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
43.6 |
|
|
|
— |
|
Total debt and lease obligations, net of unrestricted cash |
|
$ |
5,899.6 |
|
|
$ |
5,849.0 |
|
|
$ |
5,776.6 |
|
|
$ |
5,745.4 |
|
|
$ |
5,763.3 |
|
Shareholders’ Equity |
|
$ |
2,060.8 |
|
|
$ |
2,019.2 |
|
|
$ |
1,976.9 |
|
|
$ |
1,971.4 |
|
|
$ |
1,960.0 |
|
Recourse Leverage (1) |
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
|
|
2.9 |
|
_________ (1) Calculated as total recourse debt / shareholder's equity. |
||||||||||||||||||||
Reconciliation of Total Assets to Total Assets, Excluding Cash |
||||||||||||||||||||
Total Assets |
|
$ |
9,908.6 |
|
|
$ |
9,541.7 |
|
|
$ |
9,586.3 |
|
|
$ |
9,400.5 |
|
|
$ |
9,915.3 |
|
Less: cash |
|
|
(649.5 |
) |
|
|
(344.5 |
) |
|
|
(566.2 |
) |
|
|
(418.1 |
) |
|
|
(959.1 |
) |
Total Assets, excluding cash |
|
$ |
9,259.1 |
|
|
$ |
9,197.2 |
|
|
$ |
9,020.1 |
|
|
$ |
8,982.4 |
|
|
$ |
8,956.2 |
|
GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) |
||||||||||||||
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
9.3 |
% |
|
(0.7 |
) % |
|
(8.1 |
) % |
|
(6.7 |
) % |
|
(18.1 |
) % |
Average renewal term (months) |
30 |
|
|
37 |
|
|
32 |
|
|
29 |
|
|
30 |
|
Fleet Rollforward (2) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
101,570 |
|
|
101,341 |
|
|
102,144 |
|
|
102,903 |
|
|
103,745 |
|
Cars added |
943 |
|
|
959 |
|
|
742 |
|
|
693 |
|
|
977 |
|
Cars scrapped |
(547 |
) |
|
(358 |
) |
|
(947 |
) |
|
(770 |
) |
|
(1,002 |
) |
Cars sold |
(1,514 |
) |
|
(372 |
) |
|
(598 |
) |
|
(682 |
) |
|
(817 |
) |
Ending balance |
100,452 |
|
|
101,570 |
|
|
101,341 |
|
|
102,144 |
|
|
102,903 |
|
Utilization |
99.3 |
% |
|
99.2 |
% |
|
99.2 |
% |
|
98.5 |
% |
|
97.8 |
% |
Average active railcars |
100,253 |
|
|
100,658 |
|
|
100,467 |
|
|
100,722 |
|
|
101,099 |
|
Boxcar Fleet |
|
|
|
|
|
|
|
|
|
|||||
Ending balance |
10,283 |
|
|
12,946 |
|
|
12,809 |
|
|
12,659 |
|
|
13,880 |
|
Utilization |
99.8 |
% |
|
99.7 |
% |
|
98.4 |
% |
|
97.1 |
% |
|
97.1 |
% |
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
27,109 |
|
|
26,840 |
|
|
26,727 |
|
|
26,498 |
|
|
26,343 |
|
Cars added |
225 |
|
|
333 |
|
|
213 |
|
|
359 |
|
|
226 |
|
Cars scrapped/sold |
(142 |
) |
|
(64 |
) |
|
(100 |
) |
|
(130 |
) |
|
(71 |
) |
Ending balance |
27,192 |
|
|
27,109 |
|
|
26,840 |
|
|
26,727 |
|
|
26,498 |
|
Utilization |
99.0 |
% |
|
98.7 |
% |
|
98.1 |
% |
|
98.4 |
% |
|
98.2 |
% |
Average active railcars |
26,850 |
|
|
26,562 |
|
|
26,310 |
|
|
26,156 |
|
|
25,917 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (3) |
78.3 |
% |
|
76.3 |
% |
|
75.2 |
% |
|
75.6 |
% |
|
74.6 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) |
2.6 |
% |
|
6.6 |
% |
|
7.9 |
% |
|
9.4 |
% |
|
(2.6 |
) % |
Year-over-year Change in U.S. Carloadings (chemical) (4) |
9.4 |
% |
|
5.6 |
% |
|
5.6 |
% |
|
5.9 |
% |
|
(3.8 |
) % |
Year-over-year Change in U.S. Carloadings (petroleum) (4) |
(15.3 |
) % |
|
(4.5 |
) % |
|
(3.6 |
) % |
|
(4.3 |
) % |
|
(14.4 |
) % |
Production Backlog at Railcar Manufacturers (5) |
n/a (6) |
|
42,993 |
|
|
37,779 |
|
|
37,470 |
|
|
34,829 |
|
|
_________ |
||
(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. GATX calculates the index 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. |
|
