GATX Corp. 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,” Lyons added. “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.”
