2023-04-25 14:30:54 ET
GATX Corporation ( NYSE: GATX ) shares rose after topping earnings expectations and reiterating full-year forecasts.
For the first quarter, the Chicago-based railcar leasing company notched $2.20 in earnings per share on $338.9M in revenue. The consensus EPS and revenue estimates stood at $1.71 and $328.2M, respectively.
“Consistent with our expectations coming into the year, demand across our global railcar fleets remains robust,” CEO Robert C. Lyons said. “At Rail North America, fleet utilization remained high at 99.3% at the end of the first quarter and the renewal success rate during the quarter was 77.9%. The renewal lease rate change of GATX’s Lease Price Index was positive 34.3%. We continue to capitalize on current market conditions by increasing renewal lease rates and lengthening lease terms, thereby locking in high-quality, long-term cash flow.”
He added that performance across India and Europe was strong as well. The company added a combined total of nearly 1,000 newly built cars in the first quarter. Given the positive print for the first quarter, the company maintained an EPS projection of $6.50 to $6.90 for the full year.
Shares of GATX ( GATX ) rose 2% in afternoon trading on Tuesday.
Read the earnings call transcript .
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GATX stop gains as international growth drives earnings beat