GATX Shares Rise 7% on 3Q Earnings Beat

Dow Jones10-23

By Jasmine Li

Shares of GATX rose after the railcar leasing company reported a jump in revenue and profit for the third quarter.

The Chicago-based company's stock climbed 7% to $140.01 in Tuesday afternoon trading. Shares are up 32% year over year. The stock is set to close at its highest price in five weeks, and is on pace for its biggest one-day percentage increase since Jan. 25, 2022.

GATX posted a profit of $89 million, up from $52.5 million in the same quarter a year ago. It said it saw strong demand across the globe, reporting fleet utilization rates of 99.3% in North America, 95.9% in Europe and 100% in India.

"Rail North America continues to experience strong demand for the majority of car types in our existing fleet," Chief Executive Robert Lyons told analysts on a call. He added that absolute lease rates for many car types are remaining at historically high levels in the U.S.

Meanwhile, GATX saw rate increases for the majority of its fleet in Europe and dramatic growth in India, Lyons said.

GATX raised the low end of its outlook by 20 cents per share, and is now expecting between $7.50 and $7.70 per share for the year.

Write to Jasmine Li at jasmine.li@wsj.com

(END) Dow Jones Newswires

October 22, 2024 15:38 ET (19:38 GMT)

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

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