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Free Research Report as GATX’s Revenues and Adjusted Earnings Topped Estimates

LONDON, UK / ACCESSWIRE / July 23, 2018 / If you want access to our free earnings report on GATX Corp. (NYSE: GATX), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GATX. The Company reported its financial results on July 19, 2018, for the second quarter of the fiscal year 2018 (Q2 FY18). The equipment finance Company surpassed analysts' estimates for revenues and earnings in Q2 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, GATX most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=GATX

Earnings Highlights and Summary

For the second quarter ended June 30, 2018, GATX's total revenues marginally increased 0.3% to $349.5 million compared to $348.4 million in the second quarter of the fiscal year 2017. The Company's revenue numbers exceeded analysts' estimates of $339.6 million.

During Q2 FY18, GATX incurred total expenses of $268.7 million versus $265.8 million in Q2 FY17, increasing 1.1% on a y-o-y basis.

For the reported quarter, GATX's net income dropped 27.3% to $38.8 million versus $53.4 million in the year ago comparable period. The Company posted a non-GAAP net income of $44.6 million in Q2 FY18 compared to $52.3 million in Q2 FY17.

GATX posted diluted earnings per share (EPS) of $1.01 in the reported quarter compared to $1.35 in the year ago corresponding period, declining 25.2% on a y-o-y basis. The Company's non-GAAP EPS decreased 12.1% to $1.16 in Q2 FY18 compared to $1.32 in Q2 FY17, beating analysts' estimates of $0.92.

Segment Details

GATX has four primary business segments, namely: (i) Rail North America; (ii) Rail International; (iii) Portfolio Management; and (iv) American Steamship Co. ("ASC").

During Q2 FY18, GATX's Rail North America segment generated revenues of $237.7 million compared to $243.0 million in Q2 FY17, decreasing 2.2% on a y-o-y basis. The decline in the segment's reported revenues was due to lower lease revenues and lower gains on asset dispositions. The segment's profit declined 14.3% to $64.2 million in the reported quarter compared to $74.9 million in the year ago same period. At June 30, 2018, the Rail North America segment's wholly-owned fleet had approximately 119,000 railcars. For Q2 FY18, the segment's fleet utilization came in at 98.9% compared to 98.8% at the end of Q2 FY17.

For the reported quarter, GATX's Rail International segment's total revenues grew 13.8% to $54.4 million versus $47.8 million in the comparable quarter of last year, driven by more railcars on lease and positive foreign exchange movements. The segment posted a profit of $12.8 million in Q2 FY18 compared to $16.6 million in Q2 FY17, decreasing 22.9% on a y-o-y basis. At June 30, 2018, GATX Rail Europe's (GRE) fleet had approximately 23,100 cars and its utilization was 97.8% compared to 95.7% at the end of Q2 FY17.

GATX's Portfolio Management segment's total revenues declined 53.9% to $4.1 million in Q2 FY18 compared to $8.9 million in Q2 FY17. The segment's profit dropped 42.4% to $11.4 million in the reported quarter compared to $19.8 million in prior year's corresponding period, primarily due to lower residual sharing fees.

For Q2 FY18, GATX's ASC segment's total revenues were $53.3 million, up by 9.4% from $48.7 million in Q2 FY17. The segment's profit increased 23.1% to $8.0 million in the reported quarter compared to $6.5 million in the same period of the prior fiscal year, mainly driven by a more efficient fleet performance.

Cash Matters

As of June 30, 2018, GATX's cash and cash equivalents stood at $237.4 million compared to $296.5 million as of December 31, 2017. The Company had a restricted cash balance of $3.7 million as of June 30, 2018, compared to $3.2 million as of December 31, 2018.

Stock Performance Snapshot

July 20, 2018 - At Friday's closing bell, GATX's stock climbed 4.91%, ending the trading session at $88.28.

Volume traded for the day: 976.81 thousand shares, which was above the 3-month average volume of 256.84 thousand shares.

Stock performance in the last month – up 22.48%; previous three-month period – up 28.59%; past twelve-month period – up 40.39%; and year-to-date – up 42.02%

After last Friday's close, GATX's market cap was at $3.35 billion.

Price to Earnings (P/E) ratio was at 17.88.

The stock has a dividend yield of 1.99%.

The stock is part of the Services sector, categorized under the Rental & Leasing Services industry.

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