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GATX Corporation leases transportation assets to customers worldwide, including railcars, aircraft spare engines and tank containers. News about GATX centers on its Rail North America, Rail International, Engine Leasing and other transportation-asset activities, with recurring updates on fleet utilization, lease pricing, renewal terms, investment volume and demand for aircraft spare engines.
Company updates also cover earnings releases, conference calls, dividends, share repurchase authorizations and capital deployment. GATX’s completed acquisition of a large rail operating lease portfolio through a joint venture expanded its North American railcar platform and added recurring coverage of fleet integration, railcar management and related financing activity.
On July 31, 2020, GATX Corporation declared a quarterly dividend of $0.48 per common share, set for payment on September 30, 2020, to shareholders on record as of September 15, 2020. This dividend remains unchanged from the previous quarter, reflecting the company's stable payout policy. GATX, headquartered in Chicago since 1898, is committed to being a top railcar leasing provider, serving clients with quality services for over 121 years.
GATX Corporation reported a net income of $37.0 million or $1.05 per diluted share for Q2 2020, down from $60.3 million or $1.65 per diluted share in Q2 2019. Revenue pressures are evident, with a notable decline in lease renewal rates, which changed negatively by 28%. Despite high fleet utilization rates at 98.7%, the company is facing significant challenges due to COVID-19, leading to a lack of guidance for 2020. The sale of American Steamship Company for $260 million has been recognized as a discontinued operation.
GATX Corporation (NYSE: GATX) will announce its second-quarter 2020 results on July 21, 2020, before the market opens. A conference call to discuss these results will be held at 11 a.m. Eastern Time that same day, accessible via phone and webcast. Investors are encouraged to join the call 15 minutes early. Replay information will also be available on their website after 2 p.m. Eastern Time on the same day. GATX, a leading railcar leasing company, has been serving customers for over 121 years, with headquarters in Chicago, Illinois.
On May 14, 2020, GATX Corporation (NYSE:GATX) announced the completion of the sale of its American Steamship Company (ASC) to Rand Logistics, LLC for approximately $260 million in cash. This sale finalizes the previously announced transaction from February 10, 2020. GATX plans to utilize the net proceeds to repay debts under its $250 million revolving credit facility, enhancing its financial stability.
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