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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 __________________________ 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 23, 2024
GATX Corporation
(Exact name of registrant as specified in its charter)
New York 1-2328 36-1124040
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
233 South Wacker Drive
Chicago, Illinois 60606-7147
(Address of principal executive offices, including zip code)
(312) 621-6200
(Registrant’s telephone number, including area code)
 __________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockGATXNew York Stock Exchange
Chicago Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure" and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On July 23, 2024, GATX Corporation ("GATX") issued a press release that included unaudited financial statements and supplemental financial information for the quarter ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

GATX will host a teleconference to discuss its 2024 second quarter financial results on July 23, 2024, beginning at 11:00 a.m. Eastern Time. Investors may access the conference by dialing 1-800-715-9871 (or 1-646-307-1963 if dialing from outside the United States).

Item 9.01. Financial Statements and Exhibits.
    (d) Exhibits
Exhibit No.  Description
99.1  
104Cover Page Interactive Data File (embedded within the Inline XBRL document).






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
GATX CORPORATION
(Registrant)
/s/ Thomas A. Ellman
Thomas A. Ellman
Executive Vice President and Chief Financial Officer
July 23, 2024



Exhibit 99.1
NEWS RELEASE
image0a04a01a46.jpg


FOR IMMEDIATE RELEASE

GATX CORPORATION REPORTS 2024 SECOND-QUARTER RESULTS
•Demand for railcars remains robust across all regions; Rail North America’s fleet utilization remains above 99%
•Aircraft spare engine portfolio continues to benefit from strong demand for global air travel
•Investment volume was $442.0 million in the second quarter and totaled $820.6 million year to date
•Company reiterates 2024 full-year earnings guidance
 
CHICAGO, July 23, 2024—GATX Corporation (NYSE: GATX) today reported 2024 second-quarter net income of $44.4 million, or $1.21 per diluted share, compared to net income of $63.3 million, or $1.74 per diluted share, in the second quarter of 2023. The 2024 second-quarter results include a net negative impact of $8.0 million, or $0.22 per diluted share, from Tax Adjustments and Other Items. The 2023 second-quarter results include a net positive impact of $0.2 million, or $0.01 per diluted share, from Tax Adjustments and Other Items.

Net income for the first six months of 2024 was $118.7 million, or $3.25 per diluted share, compared to $140.7 million, or $3.87 per diluted share, in the prior year period. The 2024 and 2023 year-to-date results include net negative impacts of $7.4 million, or $0.20 per diluted share, and $1.1 million, or $0.03 per diluted share, respectively, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
 
"Consistent with our initial outlook, conditions remain robust across our global markets," said Robert C. Lyons, president and chief executive officer of GATX. "At Rail North America, fleet utilization remained high at 99.3% at the end of the quarter and the renewal success rate was strong at 84.1%. The renewal lease rate change of GATX’s Lease Price Index was positive 29.4% with an average renewal term of 61 months. We continue to successfully place deliveries of new railcars under our existing supply agreement. In addition, we acquired over 600 railcars in the secondary and spot markets during the quarter.

"Rail International produced solid operating results. Demand for most railcar types remains stable and GATX Rail Europe's fleet utilization was 95.8% at quarter end. We continue to take delivery of new railcars in Europe and India, and in July, Rail India celebrated the delivery of its 10,000th railcar. This milestone is reflective of our ongoing commitment to India and the impressive growth outlook for its freight rail market."

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Mr. Lyons added, "Engine Leasing performed well as demand for aircraft spare engines remains very strong. We anticipate favorable operating conditions for Engine Leasing for the balance of the year. Further, capitalizing on attractive opportunities to increase our direct investment in aircraft spare engines, we acquired three engines for $71.3 million during the quarter, and we foresee an active investment calendar during the second half of this year."

Mr. Lyons concluded, "We came into the year with positive expectations, and market conditions and trends have been as anticipated. Therefore, our 2024 full-year earnings estimate remains unchanged at $7.30–$7.70 per diluted share, excluding the impact of Tax Adjustments and Other Items."
 
RAIL NORTH AMERICA
Rail North America reported segment profit of $78.8 million in the second quarter of 2024, compared to $79.3 million in the second quarter of 2023. Year to date 2024, Rail North America reported segment profit of $169.1 million, compared to $174.5 million in the same period of 2023. Lower 2024 second-quarter and year-to-date results were due to lower gains on asset dispositions and higher interest expense, largely offset by higher revenue driven by higher lease rates. Demand for railcars being sold in the secondary market remains strong, and full-year remarketing income is expected to be in line with original expectations.
 
At June 30, 2024, Rail North America’s wholly owned fleet was composed of approximately 111,100 cars, including approximately 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.

Fleet utilization was 99.3% at the end of the second quarter of 2024, compared to 99.4% at the end of the prior quarter and 99.3% at the end of the second quarter of 2023. During the second quarter of 2024, the renewal lease rate change of the Lease Price Index (LPI) was positive 29.4%, compared to positive 33.0% in the prior quarter and positive 33.1% in the second quarter of 2023. The average lease renewal term for all cars included in the LPI during the second quarter of 2024 was 61 months, compared to 64 months in the prior quarter and 61 months in the second quarter of 2023. The 2024 second-quarter renewal success rate was 84.1%, compared to 83.4% in the prior quarter and 85.3% in the second quarter of 2023. Rail North America’s investment volume during the second quarter of 2024 was $308.1 million.
 
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided in the attached Supplemental Information under Rail North America Statistics.
 
RAIL INTERNATIONAL
Rail International’s segment profit was $26.5 million in the second quarter of 2024, compared to $27.3 million in the second quarter of 2023. Year to date 2024, Rail International reported segment profit of $55.3 million, compared to $50.8 million in the same period of 2023. 2023 year-to-date results include a net positive impact of $0.3 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax

Page 3


Adjustments and Other Items. Excluding the impact of these items, 2024 second-quarter and year-to-date results were favorably impacted by more railcars on lease and higher lease rates and negatively impacted by higher interest and maintenance expenses.
 
At June 30, 2024, GATX Rail Europe’s (GRE) fleet consisted of over 29,600 cars. Fleet utilization was 95.8%, compared to 95.3% at the end of the prior quarter and 96.9% at the end of the second quarter of 2023.
 
At June 30, 2024, Rail India's fleet consisted of over 9,900 railcars. Fleet utilization was 100%, compared to 100% at the end of the prior quarter and 100% at the end of the second quarter of 2023.

Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
 
ENGINE LEASING
Engine Leasing reported segment profit of $18.4 million in the second quarter of 2024, compared to segment profit of $26.6 million in the second quarter of 2023. Year to date 2024, segment profit was $44.1 million, compared to segment profit of $54.9 million in the same period of 2023.
 
2023 second-quarter results include a net positive impact of $0.2 million from Tax Adjustments and Other Items. 2024 and 2023 year-to-date results include a net positive impact of $0.6 million and a net negative impact of $1.4 million, respectively, from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
 
Excluding the impact of these items, lower 2024 second-quarter and year-to-date results were driven by lower earnings from the Rolls-Royce and Partners Finance (RRPF) affiliates, partly offset by increased earnings from GATX Engine Leasing, the Company’s wholly owned engine portfolio. During the comparative periods, lower RRPF earnings was driven by the timing of remarketing events and resulting lower remarketing income.




Page 4


COMPANY DESCRIPTION
At GATX Corporation (NYSE: GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.

TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2024 second-quarter results. Call details are as follows:

Tuesday, July 23, 2024
11 a.m. Eastern Time
Domestic Dial-In: 1-800-715-9871
International Dial-In: 1-646-307-1963
Replay: 1-800-770-2030 or 1-609-800-9909 / Access Code: 1721810

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. A replay will be available on the same site starting at 2 p.m. (Eastern Time), July 23, 2024.

AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investors” tab.











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FORWARD-LOOKING STATEMENTS
Statements in this Earnings Release not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

The following factors, in addition to those discussed under "Risk Factors" and elsewhere in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:


•a significant decline in customer demand for our transportation assets or services, including as a result of:
◦prolonged inflation or deflation
◦high interest rates
◦weak macroeconomic conditions and world trade policies
◦weak market conditions in our customers' businesses
◦adverse changes in the price of, or demand for, commodities
◦changes in railroad operations, efficiency, pricing and service offerings, including those related to "precision scheduled railroading" or labor strikes or shortages
◦changes in, or disruptions to, supply chains
◦availability of pipelines, trucks, and other alternative modes of transportation
◦changes in conditions affecting the aviation industry, including global conflicts, geographic exposure and customer concentrations
◦customers' desire to buy, rather than lease, our transportation assets
◦other operational or commercial needs or decisions of our customers
•inability to maintain our transportation assets on lease at satisfactory rates due to oversupply of assets in the market or other changes in supply and demand
•competitive factors in our primary markets, including competitors with significantly lower costs of capital
•higher costs associated with increased assignments of our transportation assets following non-renewal of leases, customer defaults, and compliance maintenance programs or other maintenance initiatives
•events having an adverse impact on assets, customers, or regions where we have a concentrated investment exposure
•financial and operational risks associated with long-term purchase commitments for transportation assets
•reduced opportunities to generate asset remarketing income
•inability to successfully consummate and manage ongoing acquisition and divestiture activities
•reliance on Rolls-Royce in connection with our aircraft spare engine leasing businesses, and the risks that certain factors that adversely affect Rolls-Royce could have an adverse effect on our businesses
•potential obsolescence of our assets

•risks related to our international operations and expansion into new geographic markets, including laws, regulations, tariffs, taxes, treaties or trade barriers affecting our activities in the countries where we do business
•failure to successfully negotiate collective bargaining agreements with the unions representing a substantial portion of our employees
•inability to attract, retain, and motivate qualified personnel, including key management personnel
•inability to maintain and secure our information technology infrastructure from cybersecurity threats and related disruption of our business
•exposure to damages, fines, criminal and civil penalties, and reputational harm arising from a negative outcome in litigation, including claims arising from an accident involving transportation assets
•changes in, or failure to comply with, laws, rules, and regulations
•environmental liabilities and remediation costs
•operational, functional and regulatory risks associated with climate change, severe weather events and natural disasters, and other environmental, social and governance matters
•U.S. and global political conditions and the impact of increased geopolitical tension and wars, including the ongoing war between Russia and Ukraine and resulting sanctions and countermeasures, on domestic and global economic conditions in general, including supply chain challenges and disruptions
•prolonged inflation or deflation
•fluctuations in foreign exchange rates
•deterioration of conditions in the capital markets, reductions in our credit ratings, or increases in our financing costs
•the emergence of new variants of COVID-19 or the occurrence of another widespread health crisis and the impact of measures taken in response
•inability to obtain cost-effective insurance
•changes in assumptions, increases in funding requirements or investment losses in our pension and post-retirement plans
•inadequate allowances to cover credit losses in our portfolio
•asset impairment charges we may be required to recognize
•inability to maintain effective internal control over financial reporting and disclosure controls and procedures



Page 6


FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations, ESG, and External Communications
312-621-4285
shari.hellerman@gatx.com


(7/23/2024)



Page 7


GATX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In millions, except per share data)
 
Three Months Ended
June 30		Six Months Ended
June 30
2024202320242023
Revenues
Lease revenue
$339.6 $308.6 $672.9 $610.6 
Non-dedicated engine revenue
13.7 6.4 26.9 10.9 
Marine operating revenue
— 2.0 — 5.5 
Other revenue
33.4 26.2 66.8 55.1 
Total Revenues
386.7 343.2  766.6 682.1 
Expenses
Maintenance expense
96.6 82.3 188.0 166.2 
Marine operating expense
— 2.4 — 4.4 
Depreciation expense
98.5 92.1 194.5 181.9 
Operating lease expense
9.0 9.0 18.0 18.0 
Other operating expense
13.8 11.0 27.4 22.0 
Selling, general and administrative expense
58.6 52.0 114.5 102.4 
Total Expenses
276.5  248.8 542.4 494.9 
Other Income (Expense)
Net gain on asset dispositions
25.6 41.1 61.8 88.2 
Interest expense, net
(82.8)(63.7)(160.6)(122.7)
Other expense
(10.8)(4.9)(10.0)(8.9)
Income before Income Taxes and Share of Affiliates’ Earnings
42.2 66.9 115.4 143.8 
Income taxes
(10.4)(17.6)(29.0)(37.8)
Share of affiliates’ earnings, net of taxes
12.6 14.0 32.3 34.7 
Net Income
$44.4 $63.3 $118.7 $140.7 
Share Data
Basic earnings per share
$1.22 $1.74 $3.25 $3.88 
Average number of common shares
35.8 35.6 35.8 35.6 
Diluted earnings per share
$1.21 $1.74 $3.25 $3.87 
Average number of common shares and common share equivalents
35.9 35.7 35.9 35.7 
Dividends declared per common share
$0.58 $0.55 $1.16 $1.10 

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GATX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In millions)
 
June 30December 31
20242023
Assets
Cash and Cash Equivalents
$823.6 $450.7 
Restricted Cash
0.2 0.1 
Receivables
Rent and other receivables
96.9 87.9 
 Finance leases (as lessor)
124.7 136.4 
Less: allowance for losses
(5.3)(5.9)
216.3 218.4 
Operating Assets and Facilities
13,675.9 13,081.9 
Less: allowance for depreciation
(3,764.1)(3,670.7)
9,911.8 9,411.2 
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation
195.8 212.0 
195.8 212.0 
Investments in Affiliated Companies
660.8 627.0 
Goodwill
117.3 120.0 
Other Assets ($1.8 and $0.8 related to assets held for sale)
296.8 286.6 
Total Assets
$12,222.6 $11,326.0 
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses
$209.1 $239.6 
Debt
Commercial paper and borrowings under bank credit facilities
10.7 11.0 
Recourse
8,235.7 7,388.1 
8,246.4 7,399.1 
Lease Obligations (as lessee)
Operating leases
209.3 226.8 
209.3 226.8 
Deferred Income Taxes
1,103.8 1,081.1 
Other Liabilities
110.6 106.4 
Total Liabilities
9,879.2 9,053.0 
Total Shareholders’ Equity
2,343.4 2,273.0 
Total Liabilities and Shareholders’ Equity
$12,222.6 $11,326.0 



Page 9


GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2024
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
Revenues
Lease revenue
$242.1 $82.0 $8.1 $7.4 $339.6 
Non-dedicated engine revenue
— — 13.7 — 13.7 
Other revenue
28.3 3.2 — 1.9 33.4 
Total Revenues
270.4 85.2 21.8 9.3 386.7 
  Expenses
Maintenance expense
77.4 18.2 — 1.0 96.6 
Depreciation expense
66.8 19.4 8.6 3.7 98.5 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.4 3.6 1.9 1.9 13.8 
 Total Expenses
159.6 41.2 10.5 6.6 217.9 
Other Income (Expense)
Net gain on asset dispositions
24.9 0.7 — — 25.6 
Interest (expense) income, net
(56.4)(17.5)(9.7)0.8 (82.8)
Other expense
(0.3)(0.7)(0.1)(9.7)(10.8)
Share of affiliates' pre-tax (losses) earnings
(0.2)— 16.9 — 16.7 
Segment profit (loss)$78.8 $26.5 $18.4 $(6.2)$117.5 
Less:
Selling, general and administrative expense
58.6 
Income taxes (includes $4.1 related to affiliates' earnings)
14.5 
  Net income
$44.4 
Selected Data:
Investment volume
$308.1 $59.6 $71.3 $3.0 $442.0 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$19.8 $— $— $— $19.8 
Residual sharing income
0.1 — — — 0.1 
Non-remarketing net gains (1)
5.0 0.7 — — 5.7 
$24.9 $0.7 $— $— $25.6 
__________
(1) Includes net gains from scrapping of railcars.



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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2023
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
Revenues
Lease revenue
$218.9 $73.1 $8.1 $8.5 $308.6 
Non-dedicated engine revenue
— — 6.4 — 6.4 
Marine operating revenue
— — 2.0 — 2.0 
Other revenue
21.5 3.1 — 1.6 26.2 
Total Revenues
240.4  76.2 16.5 10.1 343.2 
  Expenses
Maintenance expense
66.8 14.6 — 0.9 82.3 
Marine operating expense
— — 2.4 — 2.4 
Depreciation expense
66.1 16.6 6.1 3.3 92.1 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.7 2.3 1.4 0.6 11.0 
Total Expenses
148.6 33.5 9.9 4.8 196.8 
Other Income (Expense)
Net gain on asset dispositions
34.1 0.7 6.0 0.3 41.1 
Interest (expense) income, net
(44.5)(13.5)(6.5)0.8 (63.7)
Other (expense) income
(2.1)(2.6)0.2 (0.4)(4.9)
Share of affiliates' pre-tax earnings
— — 20.3 — 20.3 
Segment profit
$79.3 $27.3 $26.6 $6.0 $139.2 
Less:
Selling, general and administrative expense
52.0 
Income taxes (includes $6.3 related to affiliates' earnings)
23.9 
  Net income
$63.3 
Selected Data:
Investment volume
$161.3 $77.3 $239.0 $9.0 $486.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$30.7 $0.1 $5.9 $0.2 $36.9 
Residual sharing income
0.1 — 0.1 — 0.2 
Non-remarketing net gains (1)
3.3 0.6 — 0.1 4.0 
$34.1 $0.7 $6.0 $0.3 $41.1 
__________
(1) Includes net gains from scrapping of railcars.



Page 11


GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2024
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
Revenues
Lease revenue
$478.6 $162.6 $16.2 $15.5 $672.9 
Non-dedicated engine revenue
— — 26.9 — 26.9 
Other revenue
56.8 6.3 — 3.7 66.8 
Total Revenues
535.4 168.9 43.1 19.2 766.6 
  Expenses
Maintenance expense
150.3 35.7 — 2.0 188.0 
Depreciation expense
131.9 38.3 17.0 7.3 194.5 
Operating lease expense
18.0 — — — 18.0 
Other operating expense
13.1 7.1 4.4 2.8 27.4 
 Total Expenses
313.3 81.1 21.4 12.1 427.9 
Other Income (Expense)
Net gain on asset dispositions
59.1 2.0 0.6 0.1 61.8 
Interest (expense) income, net
(109.7)(34.2)(19.0)2.3 (160.6)
Other (expense) income
(2.4)(0.3)0.2 (7.5)(10.0)
Share of affiliates' pre-tax earnings
— — 40.6 — 40.6 
Segment profit
$169.1 $55.3 $44.1 $2.0 $270.5 
Less:
Selling, general and administrative expense
114.5 
Income taxes (includes $8.3 related to affiliates' earnings)
37.3 
Net income
$118.7 
Selected Data:
Investment volume
$629.8 $109.5 $71.3 $10.0 $820.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$52.7 $0.1 $0.6 $0.1 $53.5 
Residual sharing income
0.2 — — — 0.2 
Non-remarketing net gains (1)
6.2 1.9 — — 8.1 
$59.1 $2.0 $0.6 $0.1 $61.8 
__________
(1) Includes net gains from scrapping of railcars.













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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2023
(In millions)


Rail North America
Rail International		Engine LeasingOtherGATX Consolidated
Revenues
Lease revenue
$434.0 $143.5 $16.4 $16.7 $610.6 
Non-dedicated engine revenue
— — 10.9 — 10.9 
Marine operating revenue
— — 5.5 — 5.5 
Other revenue
45.3 6.0 — 3.8 55.1 
Total Revenues
479.3 149.5 32.8 20.5 682.1 
  Expenses
Maintenance expense
133.7 30.5 — 2.0 166.2 
Marine operating expense
— — 4.4 — 4.4 
Depreciation expense
131.6 32.3 11.5 6.5 181.9 
Operating lease expense
18.0 — — — 18.0 
Other operating expense
13.7 4.5 2.3 1.5 22.0 
 Total Expenses
297.0 67.3 18.2 10.0 392.5 
Other Income (Expense)
Net gain on asset dispositions
81.9 1.5 4.5 0.3 88.2 
Interest (expense) income, net
(86.8)(26.0)(12.2)2.3 (122.7)
Other (expense) income
(2.5)(6.9)(0.3)0.8 (8.9)
Share of affiliates' pre-tax (losses) earnings
(0.4)— 48.3 — 47.9 
Segment profit
$174.5 $50.8 $54.9 $13.9 $294.1 
Less:
Selling, general and administrative expense
102.4 
Income taxes (includes $13.2 related to affiliates' earnings)
51.0 
  Net income
$140.7 
Selected Data:
Investment volume
$457.8 $158.4 $239.0 $18.4 $873.6 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$75.4 $0.5 $5.5 $0.2 $81.6 
Residual sharing income
0.2 — 0.2 — 0.4 
Non-remarketing net gains (1)
6.3 1.0 — 0.1 7.4 
Asset impairments
— — (1.2)— (1.2)
$81.9 $1.5 $4.5 $0.3 $88.2 
__________
(1) Includes net gains from scrapping of railcars.



Page 13


GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In millions, except per share data)

Impact of Tax Adjustments and Other Items on Net Income (1)
Three Months Ended
June 30		Six Months Ended
June 30
2024202320242023
Net income (GAAP)$44.4 $63.3 $118.7 $140.7 
Adjustments attributable to consolidated pre-tax income:
Environmental reserves (2)$10.7 $— $10.7 $— 
Net (gain) loss on Specialized Gas Vessels at Engine Leasing (3)— (0.2)(0.6)1.4 
Net gain on Rail Russia at Rail International (4)— — — (0.3)
Total adjustments attributable to consolidated pre-tax income$10.7 $(0.2)$10.1 $1.1 
Income taxes thereon, based on applicable effective tax rate(2.7)— (2.7)— 
Net income, excluding tax adjustments and other items (non-GAAP)$52.4 $63.1 $126.1 $141.8 

Impact of Tax Adjustments and Other Items on Diluted Earnings per Share (1)
Three Months Ended
June 30		Six Months Ended
June 30
2024202320242023
Diluted earnings per share (GAAP)$1.21 $1.74 $3.25 $3.87 
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP)$1.43 $1.73 $3.45 $3.90 
_________
(1)    In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management’s ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends.
(2)    Reserves recorded for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses.
(3)    In 2022, we made the decision to sell the Specialized Gas Vessels. We have recorded gains and losses associated with the subsequent impairments and sales of these assets. All vessels were sold as of December 31, 2023.
(4)    In 2022, we made the decision to exit our rail business in Russia ("Rail Russia"). In the first quarter of 2023, we sold Rail Russia and recorded a gain on the final sale of this business.



Page 14


GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In millions, except leverage)

6/30/20243/31/202412/31/20239/30/20236/30/2023
Total Assets, Excluding Cash, by Segment
Rail North America$7,416.0 $7,214.1 $6,984.9 $6,760.5 $6,671.3 
Rail International2,168.3 2,142.1 2,150.8 1,951.5 1,902.3 
Engine Leasing1,431.7 1,354.4 1,343.2 1,363.8 1,328.6 
Other382.8 389.3 396.3 368.5 370.2 
Total Assets, excluding cash$11,398.8 $11,099.9 $10,875.2 $10,444.3 $10,272.4 
Debt and Lease Obligations, Net of Unrestricted Cash
Unrestricted cash$(823.6)$(479.1)$(450.7)$(203.1)$(317.5)
Commercial paper and bank credit facilities10.7 10.8 11.0 12.3 10.9 
Recourse debt8,235.7 7,624.5 7,388.1 6,835.6 6,785.6 
Operating lease obligations209.3 215.2 226.8 233.2 241.1 
Total debt and lease obligations, net of unrestricted cash$7,632.1 $7,371.4 $7,175.2 $6,878.0 $6,720.1 
Total recourse debt (1)$7,632.1 $7,371.4 $7,175.2 $6,878.0 $6,720.1 
Shareholders’ Equity$2,343.4 $2,324.3 $2,273.0 $2,174.5 $2,178.9 
Recourse Leverage (2)3.3 3.2 3.2 3.2 3.1 
  _________
(1)    Includes recourse debt, commercial paper and bank credit facilities, and operating and finance lease obligations, net of unrestricted cash.
(2)    Calculated as total recourse debt / shareholder's equity.
Reconciliation of Total Assets to Total Assets, Excluding Cash
Total Assets$12,222.6 $11,579.1 $11,326.0 $10,647.5 $10,590.1 
Less: cash(823.8)(479.2)(450.8)(203.2)(317.7)
Total Assets, excluding cash$11,398.8 $11,099.9 $10,875.2 $10,444.3 $10,272.4 



Page 15


 GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)

6/30/20243/31/202412/31/20239/30/20236/30/2023
Rail North America Statistics
Lease Price Index (LPI) (1)
Average renewal lease rate change29.4 %33.0 %33.5 %33.4 %33.1 %
Average renewal term (months)61 64 65 65 61 
Renewal Success Rate (2)84.1 %83.4 %87.1 %83.6 %85.3 %
Fleet Rollforward (3)
Beginning balance101,687 101,167 100,656 100,585 101,219 
Railcars added1,337 1,422 1,688 791 358 
Railcars scrapped(389)(375)(354)(292)(316)
Railcars sold(549)(527)(823)(428)(676)
Ending balance102,086 101,687 101,167 100,656 100,585 
Utilization99.3 %99.4 %99.3 %99.3 %99.3 %
Average active railcars101,181 100,677 100,197 99,796 100,230 
Boxcar Fleet Rollforward
Beginning balance9,670 9,311 9,087 8,959 8,789 
Boxcars added— 587 424 316 279 
Boxcars scrapped(555)(228)(152)(95)(109)
Boxcars sold(125)— (48)(93)— 
Ending balance8,990 9,670 9,311 9,087 8,959 
Utilization99.8 %99.8 %100.0 %99.7 %99.8 %
Average active railcars9,304 9,583 9,207 8,985 8,855 
Rail North America Industry Statistics
Manufacturing Capacity Utilization Index (4)78.8 %77.8 %78.7 %79.5 %78.9 %
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5)(4.5)%(4.2)%0.7 %30.0 %0.6 %
Year-over-year Change in U.S. Carloadings (chemical) (5)4.3 %4.5 %(0.3)%(2.6)%(4.5)%
Year-over-year Change in U.S. Carloadings (petroleum) (5)11.1 %7.7 %11.1 %10.5 %9.6 %
Production Backlog at Railcar Manufacturers (6)n/a (7)46,413 51,836 58,680 59,878 
_________
(1)    GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI.
(2)    The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers.
(3)    Excludes boxcar fleet.
(4)    As reported and revised by the Federal Reserve.
(5)    As reported by the Association of American Railroads (AAR).
(6)    As reported by the Railway Supply Institute (RSI).
(7)    Not available, not published as of the date of this release.




Page 16


GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)

6/30/20243/31/202412/31/20239/30/20236/30/2023
Rail Europe Statistics
Fleet Rollforward
Beginning balance29,371 29,216 29,102 28,759 28,461 
Railcars added388 322 371 446 376 
Railcars scrapped or sold(110)(167)(257)(103)(78)
Ending balance29,649 29,371 29,216 29,102 28,759 
Utilization95.8 %95.3 %95.9 %96.0 %96.9 %
Average active railcars28,198 27,984 28,003 27,884 27,973 
Rail India Statistics
Fleet Rollforward
Beginning balance9,501 8,805 7,884 6,927 6,351 
Railcars added408 696 921 957 576 
Railcars scrapped or sold(5)— — — — 
Ending balance9,904 9,501 8,805 7,884 6,927 
Utilization100.0 %100.0 %100.0 %100.0 %100.0 %
Average active railcars9,711 9,089 8,321 7,366 6,584 


v3.24.2
Document and Entity Information Statement
Jul. 23, 2024
Document Information [Line Items]  
Document Period End Date Jul. 23, 2024
Entity Registrant Name false
Entity Incorporation, State or Country Code NY
Entity File Number 1-2328
Entity Tax Identification Number 36-1124040
Entity Address, Address Line One 233 South Wacker Drive
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606
City Area Code 312
Local Phone Number 621-6200
Written Communications false
Soliciting Material false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol GATX
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000040211
Document Type 8-K
Entity Registrant Name GATX Corporation
CHICAGO STOCK EXCHANGE, INC [Member]  
Document Information [Line Items]  
Security Exchange Name CHX
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