CHICAGO--(BUSINESS WIRE)--Apr. 25, 2013--
GATX Corporation (NYSE:GMT) reported 2013 first quarter net income of
$27.1 million or $0.57 per diluted share, compared to net income of
$30.3 million or $0.64 per diluted share in the first quarter of 2012.
The first quarter results include the negative impact from Other Items
of $1.3 million or $0.03 per diluted share in 2013 and $2.2 million or
$0.05 per diluted share in 2012. Details related to the Other Items are
provided in the attached Supplemental Information.
Brian A. Kenney, president and chief executive officer of GATX, said,
“The North American railcar leasing market remains strong. Our fleet
utilization was 97.8% at March 31, and first quarter renewal success was
80.7%, driven by high demand for tank cars. We continue to capitalize on
the current market conditions by increasing lease rates and stretching
lease terms. GATX's Lease Price Index (“LPI”) was positive 30.8% for the
quarter and the average renewal term for cars in the LPI was 65 months.
Demand for new tank cars continues at unprecedented levels, and our
scheduled deliveries through 2014 have been placed with customers on
long-term leases at attractive rates.”
Mr. Kenney added, “In GATX Rail International, our European tank car
fleet performed well in a weaker environment and we continue to pursue
attractive investment opportunities in the European tank car market.
“American Steamship's operating season began in late March. Consistent
with our previous indications, record low water levels on the Great
Lakes will negatively impact operating efficiency in 2013. In Portfolio
Management, the Rolls-Royce joint ventures continued to perform very
well while certain ocean-going marine markets showed modest improvement.
"Remarketing income, which often varies materially from quarter to
quarter, was lower in the first quarter of 2013 versus the prior year
period. Based on strong demand for our assets and transactions expected
to close, remarketing income should increase in future quarters. First
quarter investment volume totaled $149.9 million, focused primarily on
North American and European rail assets."
Mr. Kenney concluded, “Based on our solid start in the first quarter,
our 2013 full-year earnings estimate remains unchanged at $3.10 - $3.20
per diluted share, excluding the impact of Tax Benefits and Other Items.”
RAIL NORTH AMERICA
Rail North America segment profit was $50.3 million in the first quarter
of 2013, compared to $50.7 million in the first quarter of 2012. The
change in segment profit was driven by lower remarketing activity and
increased maintenance expense, substantially offset by higher lease
revenues. The increase in maintenance expense is consistent with the
company's previously stated expectation and primarily relates to the
number of railcars scheduled for regulatory compliance work in 2013.
At March 31, 2013, Rail North America's wholly-owned fleet totaled
approximately 110,000 cars. Fleet utilization was 97.8%, compared to
97.9% at year end and 98.5% at March 31, 2012. During the first quarter,
the change in the LPI was a positive 30.8%, which compares to a positive
32.3% in the prior quarter and a positive 19.2% in the first quarter of
2012. The average lease renewal term for cars in the LPI was 65 months,
which was consistent with the 65 month term in the prior quarter and
greater than the 55 months in the first quarter of 2012.
Rail North America investment volume was $85.7 million for the first
quarter.
RAIL INTERNATIONAL
Rail International segment profit was $18.6 million in the first quarter
of 2013, compared to $7.9 million in the first quarter of 2012. The
first quarter results include the pre-tax impact from Other Items of
negative $1.4 million in 2013 and $2.5 million in 2012. The increase in
segment profit from the prior year was primarily due to higher lease
revenue and share of affiliates' earnings.
Within Rail International, the wholly-owned tank car fleet in Europe
totaled approximately 22,000 cars and utilization was 95.5%, compared to
95.1% at year end and 96.7% at March 31, 2012. Investment volume during
the first quarter at Rail International was $44.3 million, primarily for
new tank cars in Europe.
Additional current and historical fleet and operating data as well as
macroeconomic data related to Rail North America's and Rail
International's business can be found on the last page of this press
release.
AMERICAN STEAMSHIP COMPANY
American Steamship Company (“ASC”) reported segment profit of $0.8
million in the first quarter of 2013 compared to $2.1 million in the
first quarter 2012. ASC's operations are limited during the first
quarter as the vessels are in winter lay-up from mid-January through
late March.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment profit of $12.5 million in the
first quarter of 2013 compared to $22.0 million in the first quarter of
2012. The decline in segment profit was primarily due to the timing of
asset remarketing activity, which is expected to increase in coming
quarters.
The Portfolio Management segment currently consists of approximately
$766.3 million of owned assets and third-party managed portfolios
totaling approximately $140.7 million.
COMPANY DESCRIPTION
GATX Corporation (NYSE:GMT) strives to be recognized as the finest
railcar leasing company in the world by its customers, its shareholders,
its employees and the communities where it operates. Controlling one of
the largest railcar fleets in the world, GATX has been providing quality
railcars and services to its customers for 115 years. GATX has been
headquartered in Chicago, Illinois since its founding in 1898 and has
traded on the New York Stock Exchange since 1916. For more information,
visit the Company's website at www.gatx.com.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2013 first
quarter results. Teleconference details are as follows:
Thursday, April 25th 11:00 A.M. Eastern
Time Domestic Dial-In: 1-888-487-0360 International
Dial-In: 1-719-325-4856 Replay: 1-888-203-1112 or 1-719-457-0820
/Access Code: 5519935
Call-in details, a copy of this press release and real-time audio access
are available at www.gatx.com.
Please access the call 15 minutes prior to the start time. Following the
call, a replay will be available on the same site.
FORWARD-LOOKING STATEMENTS
Certain statements in this document may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and are subject to the safe harbor provisions of those
sections and the Private Securities Litigation Reform Act of 1995. These
statements refer to information that is not purely historical, such as
estimates, projections and statements relating to our business plans,
objectives and expected operating results, and the assumptions on which
those statements are based. Some of these statements may be identified
by words like “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“plan,” “predict,” “project” or other similar words. Investors are
cautioned that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, including those
described in GATX's Annual Report on Form 10-K/A for the year ended
December 31, 2012 and other filings with the SEC, and that actual
results or events may differ materially from the forward-looking
statements.
Specific risks and uncertainties that might cause actual results to
differ from expectations include, but are not limited to, (1) general
economic, market, regulatory and political conditions affecting the
rail, marine and other industries served by GATX and its customers; (2)
competitive factors in GATX's primary markets, including lease pricing
and asset availability; (3) lease rates, utilization levels and
operating costs in GATX's primary operating segments; (4) conditions in
the capital markets or changes in GATX's credit ratings and financing
costs; (5) risks related to GATX's international operations and
expansion into new geographic markets; (6) risks related to compliance
with, or changes to, laws, rules and regulations applicable to GATX and
its rail, marine and other assets; (7) operational disruption and
increased costs associated with compliance maintenance programs and
other maintenance initiatives; (8) operational and financial risks
associated with long-term railcar purchase commitments; (9) changes in
loss provision levels within GATX's portfolio; (10) conditions affecting
certain assets, customers or regions where GATX has a large investment;
(11) impaired asset charges that may result from changing market
conditions or portfolio management decisions implemented by GATX; (12)
opportunities for remarketing income; (13) labor relations with unions
representing GATX employees; and (14) the outcome of pending or
threatened litigation.
Given these risks and uncertainties, readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the
date hereof. GATX has based these forward-looking statements on
information currently available and disclaims any intention or
obligation to update or revise these forward-looking statements to
reflect subsequent events or circumstances.
Investor, corporate, financial, historical financial, photographic
and news release information may be found at www.gatx.com.
(4/25/2013)
—Tabular Follows—
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
(In millions, except share data)
|
|
|
|
|
|
Three Months Ended March 31
|
|
|
2013
|
|
2012
|
Revenues
|
|
|
|
|
Lease revenue
|
|
$
|
237.2
|
|
|
$
|
225.5
|
|
Marine operating revenue
|
|
18.5
|
|
|
17.5
|
|
Other revenue
|
|
16.6
|
|
|
13.5
|
|
Total Revenues
|
|
272.3
|
|
|
256.5
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
Maintenance expense
|
|
66.7
|
|
|
60.9
|
|
Marine operating expense
|
|
16.6
|
|
|
13.5
|
|
Depreciation expense
|
|
57.9
|
|
|
55.7
|
|
Operating lease expense
|
|
32.3
|
|
|
31.4
|
|
Other operating expense
|
|
5.3
|
|
|
3.7
|
|
Selling, general and administrative expense
|
|
42.0
|
|
|
38.1
|
|
Total Expenses
|
|
220.8
|
|
|
203.3
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
Net gain on asset dispositions
|
|
16.7
|
|
|
28.0
|
|
Interest expense, net
|
|
(40.9
|
)
|
|
(42.6
|
)
|
Other expense
|
|
(1.1
|
)
|
|
(0.6
|
)
|
Income before Income Taxes and Share of Affiliates’ Earnings
|
|
26.2
|
|
|
38.0
|
|
|
|
|
|
|
|
|
Income Taxes
|
|
(7.5
|
)
|
|
(10.8
|
)
|
Share of Affiliates’ Earnings (net of tax)
|
|
8.4
|
|
|
3.1
|
|
Net Income
|
|
$
|
27.1
|
|
|
$
|
30.3
|
|
|
|
|
|
|
Share Data
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.58
|
|
|
$
|
0.65
|
|
Average number of common shares
|
|
46.9
|
|
|
46.7
|
|
Diluted earnings per share
|
|
$
|
0.57
|
|
|
$
|
0.64
|
|
Average number of common shares and common share equivalents
|
|
47.7
|
|
|
47.5
|
|
Dividends declared per common share
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
(In millions)
|
|
|
|
|
|
|
|
March 31
|
|
December 31
|
|
|
2013
|
|
2012
|
Assets
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
321.1
|
|
|
$
|
234.2
|
|
Restricted Cash
|
|
26.9
|
|
|
29.7
|
|
Receivables
|
|
|
|
|
Rent and other receivables
|
|
66.5
|
|
|
88.4
|
|
Loans
|
|
34.1
|
|
|
27.2
|
|
Finance leases
|
|
239.5
|
|
|
245.7
|
|
Less: allowance for losses
|
|
(4.3
|
)
|
|
(4.6
|
)
|
|
|
335.8
|
|
|
356.7
|
|
|
|
|
|
|
Operating Assets and Facilities
|
|
6,918.2
|
|
|
6,855.2
|
|
Less: allowance for depreciation
|
|
(2,224.7
|
)
|
|
(2,200.8
|
)
|
|
|
4,693.5
|
|
|
4,654.4
|
|
|
|
|
|
|
Investments in Affiliated Companies
|
|
485.5
|
|
|
502.0
|
|
Goodwill
|
|
89.8
|
|
|
91.7
|
|
Other Assets
|
|
192.1
|
|
|
186.7
|
|
Total Assets
|
|
$
|
6,144.7
|
|
|
$
|
6,055.4
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
Accounts Payable and Accrued Expenses
|
|
$
|
151.7
|
|
|
$
|
177.4
|
|
|
|
|
|
|
Debt
|
|
|
|
|
Commercial paper and borrowings under bank credit facilities
|
|
120.3
|
|
|
273.6
|
|
Recourse
|
|
3,483.5
|
|
|
3,152.4
|
|
Nonrecourse
|
|
127.9
|
|
|
130.6
|
|
Capital lease obligations
|
|
10.1
|
|
|
11.3
|
|
|
|
3,741.8
|
|
|
3,567.9
|
|
|
|
|
|
|
Deferred Income Taxes
|
|
789.3
|
|
|
783.0
|
|
Other Liabilities
|
|
238.4
|
|
|
282.9
|
|
Total Liabilities
|
|
4,921.2
|
|
|
4,811.2
|
|
Total Shareholders’ Equity
|
|
1,223.5
|
|
|
1,244.2
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
6,144.7
|
|
|
$
|
6,055.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
SEGMENT DATA (UNAUDITED)
|
Three Months Ended March 31, 2013
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
|
|
|
|
GATX
|
|
|
Rail N.A.
|
|
Rail Int’l
|
|
ASC
|
|
Management
|
|
Other
|
|
Consolidated
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
183.8
|
|
|
$
|
43.0
|
|
|
$
|
1.1
|
|
|
$
|
9.3
|
|
|
$
|
—
|
|
|
$
|
237.2
|
|
Marine operating revenue
|
|
—
|
|
|
—
|
|
|
12.3
|
|
|
6.2
|
|
|
—
|
|
|
18.5
|
|
Other revenue
|
|
13.8
|
|
|
2.2
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
16.6
|
|
Total Revenues
|
|
197.6
|
|
|
45.2
|
|
|
13.4
|
|
|
16.1
|
|
|
—
|
|
|
272.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance expense
|
|
54.6
|
|
|
11.5
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
66.7
|
|
Marine operating expense
|
|
—
|
|
|
—
|
|
|
9.8
|
|
|
6.8
|
|
|
—
|
|
|
16.6
|
|
Depreciation expense
|
|
42.3
|
|
|
10.1
|
|
|
—
|
|
|
5.5
|
|
|
—
|
|
|
57.9
|
|
Operating lease expense
|
|
32.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32.3
|
|
Other operating expense
|
|
4.0
|
|
|
0.9
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
5.3
|
|
Total Expenses
|
|
133.2
|
|
|
22.5
|
|
|
10.4
|
|
|
12.7
|
|
|
—
|
|
|
178.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on asset dispositions
|
|
10.2
|
|
|
1.2
|
|
|
—
|
|
|
5.3
|
|
|
—
|
|
|
16.7
|
|
Interest expense, net
|
|
(25.7
|
)
|
|
(5.6
|
)
|
|
(1.6
|
)
|
|
(6.7
|
)
|
|
(1.3
|
)
|
|
(40.9
|
)
|
Other income (expense)
|
|
(0.8
|
)
|
|
0.5
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
(1.1
|
)
|
Share of affiliates’ earnings (pretax)
|
|
2.2
|
|
|
(0.2
|
)
|
|
—
|
|
|
10.5
|
|
|
—
|
|
|
12.5
|
|
Segment Profit (Loss)
|
|
$
|
50.3
|
|
|
$
|
18.6
|
|
|
$
|
0.8
|
|
|
$
|
12.5
|
|
|
$
|
(1.5
|
)
|
|
$
|
80.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expense
|
|
|
|
|
|
|
|
|
|
42.0
|
|
Income taxes ($4.1 million related to affiliates’ earnings)
|
|
|
|
11.6
|
|
Net Income
|
|
|
|
|
|
$
|
27.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Volume
|
|
$
|
85.7
|
|
|
$
|
44.3
|
|
|
$
|
3.2
|
|
|
$
|
16.0
|
|
|
$
|
0.7
|
|
|
$
|
149.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gain on Asset Dispositions
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Remarketing Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposition gains on owned assets
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4.2
|
|
|
$
|
—
|
|
|
$
|
5.8
|
|
Residual sharing income
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
3.9
|
|
Non-remarketing disposition gains (a)
|
|
6.5
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
Asset impairment
|
|
(0.7
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
Total Net Gain on Asset Dispositions
|
|
$
|
10.2
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
|
$
|
5.3
|
|
|
$
|
—
|
|
|
$
|
16.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes scrapping gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
SEGMENT DATA (UNAUDITED)
|
Three Months Ended March 31, 2012
|
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio
|
|
|
|
GATX
|
|
|
Rail N.A.
|
|
Rail Int’l
|
|
ASC
|
|
Management
|
|
Other
|
|
Consolidated
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue
|
|
$
|
174.6
|
|
|
$
|
40.0
|
|
|
$
|
1.1
|
|
|
$
|
9.8
|
|
|
$
|
—
|
|
|
$
|
225.5
|
|
Marine operating revenue
|
|
—
|
|
|
—
|
|
|
10.7
|
|
|
6.8
|
|
|
—
|
|
|
17.5
|
|
Other revenue
|
|
11.8
|
|
|
0.9
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
13.5
|
|
Total Revenues
|
|
186.4
|
|
|
40.9
|
|
|
11.8
|
|
|
17.4
|
|
|
—
|
|
|
256.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance expense
|
|
48.0
|
|
|
12.5
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
60.9
|
|
Marine operating expense
|
|
—
|
|
|
—
|
|
|
7.7
|
|
|
5.8
|
|
|
—
|
|
|
13.5
|
|
Depreciation expense
|
|
41.7
|
|
|
8.6
|
|
|
—
|
|
|
5.4
|
|
|
—
|
|
|
55.7
|
|
Operating lease expense
|
|
31.4
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
31.4
|
|
Other operating expense
|
|
4.4
|
|
|
1.1
|
|
|
(0.2
|
)
|
|
(1.6
|
)
|
|
—
|
|
|
3.7
|
|
Total Expenses
|
|
125.5
|
|
|
22.2
|
|
|
7.9
|
|
|
9.7
|
|
|
(0.1
|
)
|
|
165.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain on asset dispositions
|
|
16.0
|
|
|
0.9
|
|
|
—
|
|
|
11.1
|
|
|
—
|
|
|
28.0
|
|
Interest expense, net
|
|
(25.8
|
)
|
|
(6.4
|
)
|
|
(1.8
|
)
|
|
(7.2
|
)
|
|
(1.4
|
)
|
|
(42.6
|
)
|
Other income (expense)
|
|
(1.9
|
)
|
|
(1.8
|
)
|
|
—
|
|
|
2.9
|
|
|
0.2
|
|
|
(0.6
|
)
|
Share of affiliates’ earnings (pretax)
|
|
1.5
|
|
|
(3.5
|
)
|
|
—
|
|
|
7.5
|
|
|
—
|
|
|
5.5
|
|
Segment Profit (Loss)
|
|
$
|
50.7
|
|
|
$
|
7.9
|
|
|
$
|
2.1
|
|
|
$
|
22.0
|
|
|
$
|
(1.1
|
)
|
|
$
|
81.6
|
|
Selling, general and administrative expense
|
|
|
|
|
|
|
|
|
|
38.1
|
|
Income taxes ($2.4 million related to affiliates’ earnings)
|
|
|
|
13.2
|
|
Net Income
|
|
|
|
|
|
$
|
30.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Volume
|
|
$
|
98.9
|
|
|
$
|
44.8
|
|
|
$
|
5.9
|
|
|
$
|
3.1
|
|
|
$
|
1.0
|
|
|
$
|
153.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Gain on Asset Dispositions
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Remarketing Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposition gains on owned assets
|
|
$
|
10.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.8
|
|
|
$
|
—
|
|
|
$
|
18.2
|
|
Residual sharing income
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
3.4
|
|
Non-remarketing disposition gains (a)
|
|
5.2
|
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.4
|
|
Asset impairment
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
Total Net Gain on Asset Dispositions
|
|
$
|
16.0
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
11.1
|
|
|
$
|
—
|
|
|
$
|
28.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes scrapping gains
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION (UNAUDITED)
|
(In millions, except per share data)
|
|
Tax Adjustments and Other Items Impact on
Net Income:
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31
|
|
|
2013
|
|
2012
|
Tax adjustments
|
|
$
|
—
|
|
|
$
|
—
|
|
Other Items
|
|
|
|
|
Interest rate swaps at AAE (a)
|
|
(1.3
|
)
|
|
(2.2
|
)
|
Total impact on net income
|
|
$
|
(1.3
|
)
|
|
$
|
(2.2
|
)
|
|
|
|
Tax Adjustments and Other Items Impact on
Diluted Earnings Per Share:
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31
|
|
|
2013
|
|
2012
|
Tax adjustments
|
|
$
|
—
|
|
|
$
|
—
|
|
Other Items
|
|
|
|
|
Interest rate swaps at AAE (a)
|
|
(0.03
|
)
|
|
(0.05
|
)
|
Total impact on diluted earnings per share
|
|
$
|
(0.03
|
)
|
|
$
|
(0.05
|
)
|
_________
(a) Unrealized losses recognized on certain interest rate swaps at AAE
Cargo AG, an affiliate of Rail International.
We highlight these items to allow for a more meaningful comparison of
financial performance between years and to provide transparency into the
operating results of our business.
|
|
|
|
|
|
|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION (UNAUDITED)
|
(In millions, except leverage)
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2012
|
|
6/30/2012
|
|
9/30/2012
|
|
12/31/2012
|
|
3/31/2013
|
Assets by Segment (includes
off-balance-sheet assets)
|
|
|
|
|
|
|
|
|
Rail North America
|
|
$
|
4,315.1
|
|
|
$
|
4,361.1
|
|
|
$
|
4,340.6
|
|
|
$
|
4,427.1
|
|
|
$
|
4,399.3
|
|
Rail International
|
|
955.5
|
|
|
935.6
|
|
|
984.5
|
|
|
1,070.1
|
|
|
1,076.9
|
|
ASC
|
|
274.2
|
|
|
324.6
|
|
|
312.7
|
|
|
305.1
|
|
|
291.5
|
|
Portfolio Management
|
|
808.6
|
|
|
802.5
|
|
|
812.9
|
|
|
789.6
|
|
|
763.5
|
|
Other
|
|
81.1
|
|
|
79.2
|
|
|
81.9
|
|
|
84.1
|
|
|
82.7
|
|
Total Assets, Excluding Cash
|
|
$
|
6,434.5
|
|
|
$
|
6,503.0
|
|
|
$
|
6,532.6
|
|
|
$
|
6,676.0
|
|
|
$
|
6,613.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Structure
|
|
|
|
|
|
|
|
|
|
|
Commercial paper and bank credit facilities,
|
|
|
|
|
|
|
|
|
|
|
Net of Unrestricted Cash
|
|
$
|
35.0
|
|
|
$
|
(127.2
|
)
|
|
$
|
(214.5
|
)
|
|
$
|
39.4
|
|
|
$
|
(200.8
|
)
|
On-balance-sheet recourse debt
|
|
3,141.4
|
|
|
3,328.2
|
|
|
3,347.4
|
|
|
3,152.4
|
|
|
3,483.5
|
|
On-balance-sheet nonrecourse debt
|
|
146.3
|
|
|
136.5
|
|
|
133.3
|
|
|
130.6
|
|
|
127.9
|
|
Off-balance-sheet recourse debt
|
|
646.3
|
|
|
678.9
|
|
|
706.1
|
|
|
730.1
|
|
|
667.2
|
|
Off-balance-sheet nonrecourse debt
|
|
168.2
|
|
|
163.9
|
|
|
159.7
|
|
|
154.4
|
|
|
150.0
|
|
Capital lease obligations
|
|
13.2
|
|
|
12.5
|
|
|
11.3
|
|
|
11.3
|
|
|
10.1
|
|
Total Borrowings, Net of Unrestricted Cash
|
|
$
|
4,150.4
|
|
|
$
|
4,192.8
|
|
|
$
|
4,143.3
|
|
|
$
|
4,218.2
|
|
|
$
|
4,237.9
|
|
Total Recourse Debt (a)
|
|
$
|
3,835.9
|
|
|
$
|
3,892.4
|
|
|
$
|
3,850.3
|
|
|
$
|
3,933.2
|
|
|
$
|
3,960.0
|
|
Shareholders’ Equity
|
|
$
|
1,175.5
|
|
|
$
|
1,170.7
|
|
|
$
|
1,225.4
|
|
|
$
|
1,244.2
|
|
|
$
|
1,223.5
|
|
Recourse Leverage (b)
|
|
3.3
|
|
|
3.3
|
|
|
3.1
|
|
|
3.2
|
|
|
3.2
|
|
_________
(a)
|
|
Includes on- and off-balance-sheet recourse debt; capital lease
obligations; commercial paper and bank credit facilities, net of
unrestricted cash.
|
(b)
|
|
Calculated as total recourse debt / shareholder's equity.
|
|
Reconciliation of Total Assets to Total Assets (Including
Off-Balance-Sheet Assets), Excluding Cash:
|
Total Assets
|
|
$
|
5,792.9
|
|
|
$
|
5,917.9
|
|
|
$
|
6,125.1
|
|
|
$
|
6,055.4
|
|
|
$
|
6,144.7
|
|
Less: cash
|
|
(172.9
|
)
|
|
(257.7
|
)
|
|
(458.3
|
)
|
|
(263.9
|
)
|
|
(348.0
|
)
|
Add off-balance-sheet assets:
|
|
|
|
|
|
|
|
|
|
|
Rail North America
|
|
813.7
|
|
|
819.5
|
|
|
843.6
|
|
|
863.5
|
|
|
797.3
|
|
ASC
|
|
—
|
|
|
23.3
|
|
|
22.2
|
|
|
21.0
|
|
|
19.9
|
|
Portfolio Management
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Assets, Excluding Cash
|
|
$
|
6,434.5
|
|
|
$
|
6,503.0
|
|
|
$
|
6,532.6
|
|
|
$
|
6,676.0
|
|
|
$
|
6,613.9
|
|
|
|
|
|
|
|
|
|
|
|
|
GATX CORPORATION AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION (UNAUDITED)
|
(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3/31/2012
|
|
6/30/2012
|
|
9/30/2012
|
|
12/31/2012
|
|
3/31/2013
|
Rail North America Statistics
(wholly-owned fleet)
|
|
|
|
|
|
|
|
|
|
|
Lease Price Index (LPI) (a)
|
|
|
|
|
|
|
|
|
|
|
Average renewal lease rate change
|
|
19.2
|
%
|
|
23.9
|
%
|
|
26.4
|
%
|
|
32.3
|
%
|
|
30.8
|
%
|
Average renewal term (months)
|
|
55
|
|
|
59
|
|
|
59
|
|
|
65
|
|
|
65
|
|
Fleet Rollforward
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
109,070
|
|
|
109,116
|
|
|
109,187
|
|
|
109,162
|
|
|
109,551
|
|
Cars added
|
|
1,223
|
|
|
1,385
|
|
|
858
|
|
|
1,106
|
|
|
988
|
|
Cars scrapped
|
|
(544
|
)
|
|
(591
|
)
|
|
(544
|
)
|
|
(366
|
)
|
|
(810
|
)
|
Cars sold
|
|
(633
|
)
|
|
(723
|
)
|
|
(339
|
)
|
|
(351
|
)
|
|
(92
|
)
|
Ending balance
|
|
109,116
|
|
|
109,187
|
|
|
109,162
|
|
|
109,551
|
|
|
109,637
|
|
Utilization
|
|
98.5
|
%
|
|
98.3
|
%
|
|
98.2
|
%
|
|
97.9
|
%
|
|
97.8
|
%
|
Average active railcars
|
|
107,328
|
|
|
107,452
|
|
|
107,224
|
|
|
107,062
|
|
|
106,964
|
|
|
|
|
|
|
|
|
|
|
|
|
Rail International Statistics
(wholly-owned fleet)
|
|
|
|
|
|
|
|
|
|
|
Fleet Rollforward
|
|
|
|
|
|
|
|
|
|
|
Beginning balance
|
|
20,927
|
|
|
21,064
|
|
|
21,209
|
|
|
21,314
|
|
|
21,840
|
|
Cars added
|
|
304
|
|
|
273
|
|
|
355
|
|
|
650
|
|
|
361
|
|
Cars scrapped/sold
|
|
(167
|
)
|
|
(128
|
)
|
|
(250
|
)
|
|
(124
|
)
|
|
(305
|
)
|
Ending balance
|
|
21,064
|
|
|
21,209
|
|
|
21,314
|
|
|
21,840
|
|
|
21,896
|
|
Utilization
|
|
96.7
|
%
|
|
96.3
|
%
|
|
96.6
|
%
|
|
95.1
|
%
|
|
95.5
|
%
|
Average active railcars
|
|
20,356
|
|
|
20,386
|
|
|
20,490
|
|
|
20,635
|
|
|
20,817
|
|
|
|
|
|
|
|
|
|
|
|
|
Rail Industry Statistics
|
|
|
|
|
|
|
|
|
|
|
Manufacturing Capacity Utilization Index (b)
|
|
77.3
|
%
|
|
78.8
|
%
|
|
78.4
|
%
|
|
77.7
|
%
|
|
78.5
|
%
|
Year-over-year Change in U.S. Carloadings (excl. intermodal) (c)
|
|
(2.5
|
)%
|
|
(2.9
|
)%
|
|
(2.5
|
)%
|
|
(3.1
|
)%
|
|
(3.0
|
)%
|
Year-over-year Change in U.S. Carloadings (chemical) (c)
|
|
(1.3
|
)%
|
|
(1.2
|
)%
|
|
(1.1
|
)%
|
|
(0.8
|
)%
|
|
(1.5
|
)%
|
Year-over-year Change in U.S. Carloadings (petroleum) (c)
|
|
28.4
|
%
|
|
38.2
|
%
|
|
42.6
|
%
|
|
46.3
|
%
|
|
57.2
|
%
|
Production Backlog at Railcar Manufacturers (d)
|
|
60,191
|
|
|
58,674
|
|
|
61,400
|
|
|
60,244
|
|
|
71,704
|
|
|
|
|
|
|
|
|
|
|
|
|
American Steamship Company Statistics
|
|
|
|
|
|
|
|
|
|
|
Total Net Tons Carried (millions)
|
|
1.3
|
|
|
9.2
|
|
|
10.4
|
|
|
8.8
|
|
|
1.5
|
|
_________
(a)
|
|
Our Lease Price Index ("LPI") is an internally-generated business
indicator that measures general lease rate pricing on renewals
within our North American railcar fleet. We calculate the index
using the weighted average lease rate for a group of railcar types
that we believe best represents our overall North American fleet. In
addition to our LPI, we use this representative group of North
American railcars to calculate an average renewal lease rate change
and an average renewal term. The average renewal lease rate change
is the percentage change between the weighted average renewal lease
rate and the weighted average expiring lease rate. The average
renewal lease term index is reported in months. It reflects the
average renewal lease term of railcar types in the LPI weighted by
fleet composition.
|
(b)
|
|
As reported and revised by the Federal Reserve.
|
(c)
|
|
As reported by the Association of American Railroads (AAR).
|
(d)
|
|
As reported by the Railway Supply Institute (RSI).
|

Source: GATX Corporation
GATX Corporation Irma Dominguez Investor Relations Coordinator 312-621-8799 ir@gatx.com
|