GATX 3Q Profit Climbs as Railcar Demand Holds Up

Dow Jones10-22

By Dean Seal

GATX recorded a big jump in revenue and earnings for the third quarter as strong demand across its global markets kept fleet utilization high.

The Chicago-based railcar leasing company posted a profit of $89 million, or $2.43 a share, compared with $52.5 million, or $1.44 a share, in the same quarter a year ago. Stripping out one-time items, adjusted earnings were $2.50 a share.

Revenue climbed to $405.4 million from $360.1 million in the year-ago quarter.

GATX ended the quarter with fleet utilization at 99.3% in North America, 95.9% in Europe and 100% in India, which is seeing strong demand for railcars.

Chief Executive Robert Lyons said operational conditions across the company's markets remain consistent with expectations coming into the year, though GATX did give profit guidance a small bump.

The company is now expecting earnings of $7.50 to $7.70 a share for the year, adding 20 cents to the lower-end of its previous outlook.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 22, 2024 08:52 ET (12:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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