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GATX Corporation Reports 2012 Second Quarter Results

July 19, 2012

CHICAGO--(BUSINESS WIRE)--Jul. 19, 2012-- GATX Corporation (NYSE:GMT) today reported 2012 second quarter net income of $23.5 million or $.49 per diluted share, compared to net income of $26.4 million or $.56 per diluted share in the second quarter of 2011. The 2012 and 2011 second quarter results include the aggregate impact from Tax Adjustments and Other Items of negative $15.3 million or $.31 per diluted share and positive $6.2 million or $.13 per diluted share, respectively.

Net income for the first six months of 2012 was $53.8 million or $1.13 per diluted share, compared to $46.3 million or $.98 per diluted share in the prior year period. The 2012 and 2011 year-to-date results include the impact from Tax Adjustments and Other Items of negative $17.5 million or $.36 per diluted share and positive $12.6 million or $.27 per diluted share, respectively. Details related to the Tax Adjustments and Other Items are provided in the attached Supplemental Information.

Brian A. Kenney, president and chief executive officer of GATX, said, "We are seeing continued strong demand for most railcar types in our fleet. During the second quarter, GATX's Lease Price Index ("LPI") was a positive 23.9% and the average renewal term for cars in the LPI was 59 months. These results were achieved while maintaining over 98% utilization of the North American railcar fleet.

"There is also healthy demand for new railcars delivering under our five-year supply agreement. Railcars scheduled to deliver through the end of 2013 have already been allocated to customers on long-term leases at very attractive rates."

Mr. Kenney continued, "In Europe, we are placing new tank car deliveries at favorable rates and demand for existing tank cars remains solid. Also, during the quarter we announced our entry into the Indian railcar leasing market with the purchase of railcars that will begin to deliver in August.

"The sailing season is off to a good start for American Steamship Company ("ASC"). Customer demand was strong throughout the quarter, particularly for iron ore shipments. In the Portfolio Management segment, Rolls-Royce and Partners Finance ("RRPF") performed well and charter rates improved for the ocean-going marine joint ventures carrying ethylene."

Mr. Kenney concluded, "Based on year-to-date performance and continued strength in rail, we are increasing our 2012 full-year earnings expectations to a range $2.65-$2.75 per diluted share. This guidance excludes any impact related to Tax Adjustments and Other Items."

RAIL

Rail segment profit was $49.6 million in the second quarter of 2012, compared to $56.7 million in the second quarter of 2011. The 2012 and 2011 second quarter results include the pre-tax impact from Other Items of negative $16.3 million and positive $6.9 million, respectively.

Rail reported segment profit of $108.2 million year-to-date 2012, compared to $108.3 million in the same period of 2011. The 2012 and 2011 year-to-date results include the pre-tax impact from Other Items of negative $18.8 million and positive $14.1 million, respectively. Excluding the impact from Other Items, segment profit improved compared to prior year periods primarily due to higher lease rates in North America, increased asset remarketing activity and lower maintenance expense due to the high renewal success rate.

At June 30, 2012, Rail's wholly-owned North American fleet totaled approximately 109,000 cars, and fleet utilization was 98.3% compared to 98.5% at the end of the first quarter and 98.2% at June 30, 2011. GATX's LPI was a positive 23.9% in the second quarter, compared to a positive 19.2% in the first quarter and a positive 4.4% in the 2011 second quarter. The average lease renewal term for cars in the LPI during the second quarter was 59 months, up from 55 months in the first quarter and 41 months in the second quarter of 2011.

The European wholly-owned tank car fleet totaled approximately 21,000 cars and utilization was 96.3% compared to 96.7% at the end of the first quarter and 95.7% at June 30, 2011.

Additional current and historical fleet and operating data as well as macroeconomic data related to Rail's business can be found on the last page of this press release.

AMERICAN STEAMSHIP COMPANY

American Steamship Company ("ASC") reported segment profit of $14.0 million in the second quarter of 2012 compared to $8.6 million in the second quarter 2011. Segment profit year-to-date 2012 was $16.1 million, compared to $9.4 million year-to-date 2011. ASC carried 10.5 million net tons through the second quarter of 2012 compared to 9.0 million net tons in the prior year period. The increased tonnage and improved rates drove the improvement in segment profit.

PORTFOLIO MANAGEMENT

Portfolio Management reported segment profit of $14.6 million in the second quarter of 2012 compared to $8.8 million in the prior year period. The improvement in segment profit was primarily attributable to higher affiliate earnings, which included asset remarketing at Rolls-Royce and Partners Finance ("RRPF") and improved results from the ocean-going marine joint ventures operating in the ethylene market. During the second quarter, GATX and the Clipper Group sold the two remaining handy-size bulk carriers from the Clipper Third joint venture.

Year to date, Portfolio Management reported segment profit of $36.6 million compared to $19.5 million in the same period of 2011. Increased asset remarketing activity and the improved affiliate earnings described above are the primary drivers of the increase in segment profit compared to the prior year period.

The Portfolio Management segment currently consists of approximately $804.7 million of owned assets and third-party managed portfolios totaling approximately $149.0 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 114 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 http://www.gatx.com.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2012 second quarter. Teleconference details are as follows:

Thursday, July 19th
11:00 A.M. Eastern Time
Domestic Dial-In: 1-800-946-0708
International Dial-In: 1-719-457-2640
Replay: 1-888-203-1112 or 1-719-457-0820 /Access Code: 4451310

Call-in details, a copy of this press release and real-time audio access are available at http://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

This document contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. 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 for the year ended December 31, 2011 and other filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements.

Specific factors 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 compliance with, or changes to, laws, rules and regulations applicable to GATX and its rail, marine and other assets; (6) costs associated with maintenance initiatives; (7) operational and financial risks associated with long-term railcar purchase commitments; (8) changes in loss provision levels within GATX's portfolio; (9) conditions affecting certain assets, customers or regions where GATX has a large investment; (10) impaired asset charges that may result from changing market conditions or portfolio management decisions implemented by GATX; (11) opportunities for remarketing income; (12) labor relations with unions representing GATX employees; and (13) 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.

(7/19/12)

--Tabular Follows--

 
 
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
             
      Three Months Ended     Six Months Ended
      June 30     June 30
      2012     2011     2012     2011
Gross Income                        
Lease income     $ 232.6       $ 227.2     $ 464.9     $ 452.0
Marine operating revenue       76.2         56.6       86.9       67.7
Asset remarketing income       15.0         8.2       36.6       17.1
Other income       19.2         22.6       39.1       42.8
Revenues       343.0         314.6       627.5       579.6
Share of affiliates' earnings       (1.3 )       15.0       4.2       32.1
Total Gross Income       341.7         329.6       631.7       611.7
                         
Ownership Costs                        
Depreciation       59.5         57.3       115.2       109.6
Interest expense, net       41.6         43.1       84.2       86.0
Operating lease expense       32.5         33.3       63.9       67.9
Total Ownership Costs       133.6         133.7       263.3       263.5
                         
Other Costs and Expenses                        
Maintenance expense       67.6         70.8       128.3       140.1
Marine operating expense       49.6         39.2       57.3       48.1
Selling, general and administrative       38.9         37.4       77.0       73.8
Other       13.2         12.8       23.5       24.7
Total Other Costs and Expenses       169.3         160.2       286.1       286.7
                         
Income before Income Taxes       38.8         35.7       82.3       61.5
Income Taxes       15.3         9.3       28.5       15.2
Net Income     $ 23.5       $ 26.4     $ 53.8     $ 46.3
                                   
 
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
             
      Three Months Ended     Six Months Ended
      June 30     June 30
      2012     2011     2012     2011
Per Share Data                        
                         
Basic     $ 0.50     $ 0.57     $ 1.15     $ 1.00
                         
Average number of common shares       46.8       46.4       46.8       46.4
                         
                         
Diluted     $ 0.49     $ 0.56     $ 1.13     $ 0.98
                         
Average number of common shares and                        
common share equivalents       47.5       47.2       47.5       47.1
                         
Dividends declared per common share     $ 0.30     $ 0.29     $ 0.60     $ 0.58
                                 
 
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)
             
      June 30     December 31
      2012     2011
             
Assets            
             
Cash and Cash Equivalents     $ 227.7       $ 248.4  
Restricted Cash       30.0         35.2  
             
Receivables            
Rent and other receivables       84.1         76.7  
Loans       29.6         30.4  
Finance leases       241.1         334.9  
Less: allowance for losses       (3.1 )       (11.8 )
        351.7         430.2  
             
Operating Assets and Facilities            
Rail       5,868.0         5,692.6  
ASC       386.1         374.7  
Portfolio Management       361.4         348.7  
Less: allowance for depreciation       (2,107.4 )       (2,056.7 )
        4,508.1         4,359.3  
             
Investments in Affiliated Companies       519.5         513.8  
Goodwill       89.0         90.5  
Other Assets       191.9         180.1  
Total Assets     $ 5,917.9       $ 5,857.5  
             
Liabilities and Shareholders' Equity            
             
Accounts Payable and Accrued Expenses     $ 137.4       $ 135.6  
             
Debt            
Commercial paper and borrowings under bank credit facilities       100.5         28.6  
Recourse       3,328.2         3,354.8  
Nonrecourse       136.5         149.4  
Capital lease obligations       12.5         14.3  
        3,577.7         3,547.1  
             
Deferred Income Taxes       785.8         765.9  
Other Liabilities       246.3         281.6  
Total Liabilities       4,747.2         4,730.2  
Total Shareholders' Equity       1,170.7         1,127.3  
Total Liabilities and Shareholders' Equity     $ 5,917.9       $ 5,857.5  
                     
 
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2012
(In Millions)
                               
                  Portfolio           GATX
      Rail     ASC     Management     Other     Consolidated
Gross Income                              
Lease income     $ 215.7       $ 1.0       $ 15.9     $ -       $ 232.6  
Marine operating revenue       -         76.2         -       -         76.2  
Asset remarketing income       12.4         -         2.6       -         15.0  
Other income       18.3         -         0.6       0.3         19.2  
Revenues       246.4         77.2         19.1       0.3         343.0  
Share of affiliates' earnings       (14.5 )       -         13.2       -         (1.3 )
Total Gross Income       231.9         77.2         32.3       0.3         341.7  
                               
Ownership Costs                              
Depreciation       50.4         3.9         5.2       -         59.5  
Interest expense, net       32.4         1.9         6.5       0.8         41.6  
Operating lease expense       31.3         1.2         0.1       (0.1 )       32.5  
Total Ownership Costs       114.1         7.0         11.8       0.7         133.6  
                               
Other Costs and Expenses                              
Maintenance expense       60.9         6.7         -       -         67.6  
Marine operating expense       -         49.6         -       -         49.6  
Other       7.3         (0.1 )       5.9       0.1         13.2  
Total Other Costs and Expenses       68.2         56.2         5.9       0.1         130.4  
                               
Segment Profit (Loss)     $ 49.6       $ 14.0       $ 14.6     $ (0.5 )       77.7  
Selling, general and administrative                               38.9  
                               
Income before Income Taxes                               38.8  
Income Taxes                               15.3  
Net Income                             $ 23.5  
                               

Selected Data:

                              
                               
Investment Volume     $ 176.9       $ 5.5       $ 53.4     $ 2.3       $ 238.1  
                               
Asset Remarketing Income:                              
Disposition Gains on Owned Assets       11.4         -         1.5       -         12.9  
Residual Sharing Income       1.0         -         1.1       -         2.1  
Total Asset Remarketing Income     $ 12.4       $ -       $ 2.6     $ -       $ 15.0  
                               
Scrapping Gains (a)     $ 4.7       $ -       $ -     $ -       $ 4.7  
                                                 

(a) Included in Other income

 
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2012
(In Millions)
                               
                  Portfolio           GATX
      Rail     ASC     Management     Other     Consolidated
Gross Income                              
Lease income     $ 430.3       $ 2.1       $ 32.5     $ -       $ 464.9
Marine operating revenue       -         86.9         -       -         86.9
Asset remarketing income       23.2         -         13.4       -         36.6
Other income       37.3         -         1.3       0.5         39.1
Revenues       490.8         89.0         47.2       0.5         627.5
Share of affiliates' earnings       (16.5 )       -         20.7       -         4.2
Total Gross Income       474.3         89.0         67.9       0.5         631.7
                               
Ownership Costs                              
Depreciation       100.7         3.9         10.6       -         115.2
Interest expense, net       64.6         3.7         13.7       2.2         84.2
Operating lease expense       62.7         1.2         0.2       (0.2 )       63.9
Total Ownership Costs       228.0         8.8         24.5       2.0         263.3
                               
Other Costs and Expenses                              
Maintenance expense       121.2         7.1         -       -         128.3
Marine operating expense       -         57.3         -       -         57.3
Other       16.9         (0.3 )       6.8       0.1         23.5
Total Other Costs and Expenses       138.1         64.1         6.8       0.1         209.1
                               
Segment Profit (Loss)     $ 108.2       $ 16.1       $ 36.6     $ (1.6 )       159.3
Selling, general and administrative                               77.0
                               
Income before Income Taxes                               82.3
Income Taxes                               28.5
Net Income                             $ 53.8
                               

Selected Data:

                              
                               
Investment Volume     $ 320.6       $ 11.4       $ 56.5     $ 3.3       $ 391.8
                               
Asset Remarketing Income:                              
Disposition Gains on Owned Assets       21.8         -         9.3       -         31.1
Residual Sharing Income       1.4         -         4.1       -         5.5
Total Asset Remarketing Income     $ 23.2       $ -       $ 13.4     $ -       $ 36.6
                               
Scrapping Gains (a)     $ 11.1       $ -       $ -     $ -       $ 11.1
                                               

(a) Included in Other income

 
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2011
(In Millions)
                               
                  Portfolio           GATX
      Rail     ASC     Management     Other     Consolidated
Gross Income                              
Lease income     $ 211.3     $ 1.1     $ 14.8     $ -       $ 227.2
Marine operating revenue       -       56.6       -       -         56.6
Asset remarketing income       7.1       -       1.1       -         8.2
Other income       19.3       1.1       1.7       0.5         22.6
Revenues       237.7       58.8       17.6       0.5         314.6
Share of affiliates' earnings       8.3       -       6.7       -         15.0
Total Gross Income       246.0       58.8       24.3       0.5         329.6
                               
Ownership Costs                              
Depreciation       48.9       3.9       4.5       -         57.3
Interest expense, net       32.6       2.0       7.3       1.2         43.1
Operating lease expense       33.0       -       0.4       (0.1 )       33.3
Total Ownership Costs       114.5       5.9       12.2       1.1         133.7
                               
Other Costs and Expenses                              
Maintenance expense       65.7       5.1       -       -         70.8
Marine operating expense       -       39.2       -       -         39.2
Other       9.1       -       3.3       0.4         12.8
Total Other Costs and Expenses       74.8       44.3       3.3       0.4         122.8
                               
Segment Profit (Loss)     $ 56.7     $ 8.6     $ 8.8     $ (1.0 )       73.1
Selling, general and administrative                               37.4
                               
Income before Income Taxes                               35.7
Income Taxes                               9.3
Net Income                             $ 26.4
                               

Selected Data:

                              
                               
Investment Volume     $ 102.4     $ 7.4     $ 52.9     $ 1.2       $ 163.9
                               
Asset Remarketing Income:                              
Disposition Gains on Owned Assets       6.6       -       -       -         6.6
Residual Sharing Income       0.5       -       1.1       -         1.6
Total Asset Remarketing Income     $ 7.1     $ -     $ 1.1     $ -       $ 8.2
                               
Scrapping Gains (a)     $ 6.4     $ -     $ -     $ -       $ 6.4
                                           

(a) Included in Other income

 
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2011
(In Millions)
                               
                  Portfolio           GATX
      Rail     ASC     Management     Other     Consolidated
Gross Income                              
Lease income     $ 420.7     $ 2.1     $ 29.2     $ -       $ 452.0
Marine operating revenue       -       67.7       -       -         67.7
Asset remarketing income       14.7       -       2.4       -         17.1
Other income       39.1       1.1       1.9       0.7         42.8
Revenues       474.5       70.9       33.5       0.7         579.6
Share of affiliates' earnings       15.4       -       16.7       -         32.1
Total Gross Income       489.9       70.9       50.2       0.7         611.7
                               
Ownership Costs                              
Depreciation       96.8       3.9       8.9       -         109.6
Interest expense, net       65.3       4.0       14.4       2.3         86.0
Operating lease expense       67.4       -       0.7       (0.2 )       67.9
Total Ownership Costs       229.5       7.9       24.0       2.1         263.5
                               
Other Costs and Expenses                              
Maintenance expense       134.6       5.5       -       -         140.1
Marine operating expense       -       48.1       -       -         48.1
Other       17.5       -       6.7       0.5         24.7
Total Other Costs and Expenses       152.1       53.6       6.7       0.5         212.9
                               
Segment Profit (Loss)     $ 108.3     $ 9.4     $ 19.5     $ (1.9 )       135.3
Selling, general and administrative                               73.8
                               
Income before Income Taxes                               61.5
Income Taxes                               15.2
Net Income                             $ 46.3
                               

Selected Data:

                              
                               
Investment Volume     $ 156.3     $ 12.6     $ 89.3     $ 1.9       $ 260.1
                               
Asset Remarketing Income:                              
Disposition Gains on Owned Assets       14.2       -       0.2       -         14.4
Residual Sharing Income       0.5       -       2.2       -         2.7
Total Asset Remarketing Income     $ 14.7     $ -     $ 2.4     $ -       $ 17.1
                               
Scrapping Gains (a)     $ 12.9     $ -     $ -     $ -       $ 12.9
                                           

(a) Included in Other income

       
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     Six Months Ended
    June 30     June 30
    2012     2011     2012     2011
Tax Adjustments (a)   $ (0.7 )     $ -     $ (0.7 )     $ -
Interest rate swaps at AAE (b)     (14.6 )       6.2       (16.8 )       12.6
    $ (15.3 )     $ 6.2     $ (17.5 )     $ 12.6
                       
                       

Tax Adjustments and other Items impact on Diluted Earnings Per Share:

  
                       
    Three Months Ended     Six Months Ended
    June 30     June 30
    2012     2011     2012     2011
Tax Adjustments (a)   $ (0.01 )     $ -     $ (0.01 )     $ -
Interest rate swaps at AAE (b)     (0.30 )       0.13       (0.35 )       0.27
    $ (0.31 )     $ 0.13     $ (0.36 )     $ 0.27

______________________

Management believes that highlighting these items allows the reader to better analyze ongoing operating results and trends.

(a)   Deferred tax adjustment due to an enacted rate increase in Ontario, Canada.
(b)   Realized and unrealized gains (losses) recognized in connection with certain interest rate swaps at GATX's European rail affiliate, AAE Cargo AG.
     
 
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Leverage)
(Continued)
                               
                               
      6/30/2011     9/30/2011     12/31/2011     3/31/2012     6/30/2012
                               

Assets by Segment (includes off-balance sheet assets)

                              
Rail     $ 5,284.9       $ 5,244.4       $ 5,270.5       $ 5,270.6       $ 5,296.7  
ASC       286.1         286.1         275.9         274.2         324.6  
Portfolio Management       794.2         855.9         828.3         808.6         802.5  
Other       83.9         86.8         86.3         81.1         79.2  
Total Assets, Excluding Cash     $ 6,449.1       $ 6,473.2       $ 6,461.0       $ 6,434.5       $ 6,503.0  
                               
                               
                               

Capital Structure

                              
Commercial Paper and Bank Credit Facilities,                              
Net of Unrestricted Cash     $ 52.0       $ 9.2       $ (219.8 )     $ 35.0       $ (127.2 )
On Balance Sheet Recourse Debt       2,990.1         3,145.6         3,354.8         3,141.4         3,328.2  
On Balance Sheet Nonrecourse Debt       189.8         157.8         149.4         146.3         136.5  
Off Balance Sheet Recourse Debt       728.5         705.6         714.2         646.3         678.9  
Off Balance Sheet Nonrecourse Debt       180.7         176.7         172.9         168.2         163.9  
Capital Lease Obligations       15.4         14.3         14.3         13.2         12.5  
Total Borrowings, Net of Unrestricted Cash     $ 4,156.5       $ 4,209.2       $ 4,185.8       $ 4,150.4       $ 4,192.8  
Total Recourse Debt (a)     $ 3,786.0       $ 3,874.7       $ 3,863.5       $ 3,835.9       $ 3,892.4  
Shareholders' Equity     $ 1,191.1       $ 1,155.3       $ 1,127.3       $ 1,175.5       $ 1,170.7  
Recourse Leverage (b)       3.2         3.4         3.4         3.3         3.3  
                               

______________________

                              

(a) Total Recourse Debt = On Balance Sheet Recourse + Off Balance Sheet Recourse

+ Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash

(b) Recourse Leverage = Total Recourse Debt / Shareholders' Equity
                               
                               

Reconciliation of Total Assets to Total Assets

                             

(including off-balance sheet assets), Excluding Cash:

                                                  
Total Assets     $ 5,642.5       $ 5,756.5       $ 5,857.5       $ 5,792.9       $ 5,917.9  
Less: Cash       (102.6 )       (165.6 )       (283.6 )       (172.9 )       (257.7 )
Add Off-Balance Sheet Assets:                              
Rail       906.2         879.5         884.5         813.7         819.5  
ASC       -         -         -         -         23.3  
Portfolio Management       3.0         2.8         2.6         0.8         -  
Total Assets, Excluding Cash     $ 6,449.1       $ 6,473.2       $ 6,461.0       $ 6,434.5       $ 6,503.0  
                                                   
                               
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
                               
                               
      6/30/2011     9/30/2011     12/31/2011     3/31/2012     6/30/2012

North American Rail Statistics (wholly-owned fleet)

                              
Lease Price Index (LPI) (a)                              
Average Renewal Lease Rate Change     4.4 %     9.6 %     13.2 %     19.2 %     23.9 %
Average Renewal Term (months)     41       49       48       55       59  
                               
Fleet Rollforward                              
Beginning Balance     109,780       108,764       109,091       109,070       109,116  
Cars Added     657       1,069       972       1,223       1,385  
Cars Scrapped     (1,102 )     (602 )     (696 )     (544 )     (591 )
Cars Sold     (571 )     (140 )     (297 )     (633 )     (723 )
Ending Balance     108,764       109,091       109,070       109,116       109,187  
Utilization     98.2 %     98.2 %     98.2 %     98.5 %     98.3 %
Average active railcars     106,935       106,984       107,121       107,328       107,452  
                               

GATX Rail Europe Statistics (wholly-owned fleet)

                              
Fleet Rollforward                              
Beginning Balance     20,524       20,675       20,828       20,927       21,064  
Cars Added     164       200       368       304       273  
Cars Scrapped/Sold     (13 )     (47 )     (269 )     (167 )     (128 )
Ending Balance     20,675       20,828       20,927       21,064       21,209  
Utilization     95.7 %     96.0 %     97.1 %     96.7 %     96.3 %
Average active railcars     19,728       19,881       20,112       20,356       20,386  
                               

Rail Industry Statistics

                              
Manufacturing Capacity Utilization Index (b)     76.3 %     77.7 %     78.3 %     78.4 %     78.9 %
Year-over-year Change in U.S. Carloadings (total, excl. intermodal) (c)     2.7 %     1.8 %     2.2 %     (2.5 )%     (2.9 )%
Year-over-year Change in U.S. Carloadings (chemical) (c)     5.1 %     4.2 %     3.4 %     (1.3 )%     (1.2 )%
Year-over-year Change in U.S. Carloadings (petroleum products) (c)     6.3 %     8.0 %     11.1 %     28.4 %     38.2 %
Production Backlog at Railcar Manufacturers (d)     57,308       65,044       64,575       60,191       n/a (e)
                               

American Steamship Company (ASC) Statistics

                              
Total Net Tons Carried (millions)     7.8       9.7       9.7       1.3       9.2  
                                         

______________________

(a)   LPI is an internally generated business indicator that measures general lease rate pricing on renewals within GATX's North American rail fleet. The index reflects the weighted average lease rate for a select group of railcar types that GATX believes to be representative of its overall North American fleet. The average renewal lease rate change reflects the percentage change between the weighted average renewal lease rate and the weighted average expiring lease rate for railcars in the LPI. The average renewal term reflects the weighted average renewal lease term in months for railcars in the LPI.
(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).
(e)   Not available, not published by RSI as of the date of this release.

Source: GATX Corporation

GATX Corporation
Jennifer Van Aken, 312-621-6689
jennifer.vanaken@gatx.com

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