Stock Track | GATX Corp Reports Strong Q3 2024 Results, Raises Full-Year Earnings Guidance

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Railcar leasing company GATX Corporation (NYSE:GATX) reported strong financial results for the third quarter of 2024, driven by robust demand across its global markets.

For the quarter ended September 30, 2024, GATX posted net income of $89.0 million, or $2.43 per diluted share, up significantly from $52.5 million, or $1.44 per share, in the prior-year period. Excluding certain one-time items, adjusted earnings came in at $2.50 per share, beating the consensus estimate of $1.85.

Revenue grew 12.6% year-over-year to $405.4 million, surpassing analysts' expectations of $391.65 million. The strong top-line performance was driven by higher lease revenue and gains from asset dispositions.

GATX's fleet utilization remained high across its operations, with Rail North America's utilization at 99.3%, Rail Europe at 95.9%, and Rail India at 100%. The company noted continued strong demand for railcars, particularly in India.

During the quarter, GATX invested $504.5 million in new assets, bringing its year-to-date investment to over $1.3 billion. The company's aircraft spare engine portfolio also continued to perform well.

Based on the strong year-to-date performance and favorable market conditions, GATX raised its full-year 2024 earnings guidance to a range of $7.50 to $7.70 per diluted share, up from its previous estimate of $7.30 to $7.70.

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Excluding certain one-time items, adjusted earnings came in at $2.50 per share, beating the consensus estimate of $1.85.</p>\n\n<p>Revenue grew 12.6% year-over-year to $405.4 million, surpassing analysts' expectations of $391.65 million. The strong top-line performance was driven by higher lease revenue and gains from asset dispositions.</p>\n\n<p>GATX's fleet utilization remained high across its operations, with Rail North America's utilization at 99.3%, Rail Europe at 95.9%, and Rail India at 100%. The company noted continued strong demand for railcars, particularly in India.</p>\n\n<p>During the quarter, GATX invested $504.5 million in new assets, bringing its year-to-date investment to over $1.3 billion. 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