GATX reports Q4 EPS $1.81, consensus $1.58

Reports Q4 revenue $368.7M, consensus $365.4M. “GATX achieved excellent financial results in the fourth quarter, resulting in a very strong year in terms of net earnings, earnings per share and investment volume,” said Robert C. Lyons, president and chief executive officer of GATX. “The railcar leasing environment in North America remains solid. In 2023, we capitalized on the favorable market conditions by successfully increasing renewal lease rates while extending lease terms. This strategy enabled us to continue locking in high-quality, long-term committed cash flow. The renewal lease rate change of GATX’s Lease Price Index was positive 33.5% for the quarter, with an average renewal term of 65 months. Furthermore, we identified opportunities to invest in attractive markets while also optimizing our fleet by selling railcars into an active secondary market. For the full year, Rail North America’s investment volume was $977 million, while remarketing income was $112 million.”