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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.
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GATX Corporation (NYSE:GATX) reported strong first-quarter results for 2023, with net income of $77.4 million or $2.16 per diluted share, compared to $75.8 million or $2.10 per diluted share in 2022. The results included a $1.3 million negative impact from tax adjustments. Demand for railcars remains robust, with fleet utilization at 99.3% and a renewal success rate of 77.9%. The Lease Price Index saw a positive change of 34.3%, up from 29.7% in the previous quarter. GATX's full-year earnings guidance is unchanged at $6.50–$6.90 per diluted share. The company also invested $387 million in the first quarter, acquiring over 1,000 railcars on long-term leases. Portfolio Management segment profit improved significantly, driven by better performance in affiliate earnings.