GATX third-quarter profit falls 73 percent

GATX third-quarter profit falls 73 percent to $19.6 million as sales plunge

• On 5:09 pm EDT, Thursday October 22, 2009

CHICAGO (AP) -- Rail and marine leasing company GATX Corp. said Thursday that its third-quarter profit fell more than 73 percent to $19.6 million as sales plunged 27 percent.

The net income for the three months ended Sept. 30 was equivalent to 42 cents a share, compared to a profit of $73.9 million, or $1.46 a share, a year ago.

Revenue in the quarter fell to $276.5 million from $380.4 million a year ago.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting third-quarter earnings of 42 cents a share on revenue of $288.9 million.

The company said it continues to expect full-year earnings to be in the range of $2 per share, excluding certain items.