(Source: Business Wire)
GATX Corporation (NYSE:GMT) today reported 2009 third quarter net income
of $19.6 million or $.42 per diluted share, compared to 2008 third
quarter net income of $73.9 million or $1.46 per diluted share. Third
quarter 2008 results include after-tax benefits of $24.4 million or $.48
per diluted share of income from the sale of real estate in Europe, a
reversal of certain European environmental reserves, and unrealized
gains related to certain interest rate swaps at GATX's AAE Cargo
affiliate (AAE).
Net income for the first nine months of 2009 was $59.9 million or $1.24
per diluted share, compared to $165.9 million or $3.31 per diluted share
in the prior year period. The 2009 year-to-date results include
after-tax unrealized losses of $18.5 million or $.38 per diluted share
related to the AAE interest rate swaps. The 2008 year-to-date results
include $26.4 million or $.52 per diluted share in aggregate benefits
from the reversal of an income tax accrual reported in the first
quarter, income from the sale of real estate and the reversal of certain
environmental reserves in Europe, and net unrealized gains from the AAE
interest rate swaps.
"Our markets remain extremely challenging and competitive," said Brian
A. Kenney, president and chief executive officer of GATX. "We maintained
our rail fleet's utilization at almost 96% in the third quarter.
However, lease rates continued to decline. While we have shortened the
term of lease renewals in 2009 in anticipation of an eventual market
recovery, the current pressure on rates will have a dampening effect on
lease income through 2010.
"Charter rates at the marine joint ventures in Specialty remain well
below rates in recent years, with little change between the second and
third quarters of 2009. At American Steamship Company (ASC), vessel
demand has moved up slightly as steel manufacturers recently restarted a
small number of blast furnaces. However, ASC continues to operate in a
difficult environment with dramatically lower demand for iron ore
shipments than in previous years.
"Investment volume was approximately $186 million in the third quarter.
Asset prices have declined dramatically from 2007 peaks, a positive for
companies like GATX with the capacity and interest in purchasing assets."
Mr. Kenney concluded, "We continue to expect 2009 full-year earnings to
be in the range of $2.00 per diluted share, excluding the unrealized
losses noted above. Despite the market conditions, GATX is well
positioned to manage through this downturn and is focused on
strengthening our position in the market while generating attractive
long-term returns for our shareholders."
RAIL
Rail segment profit was $47.8 million in the third quarter of 2009,
compared to third quarter 2008 segment profit of $106.3 million. The
third quarter results for 2008 include $29.4 million of pre-tax benefits
from the sale of real estate in Europe, a reversal of certain European
environmental reserves, and unrealized gains related to certain interest
rate swaps at AAE. Rail reported segment profit of $135.2 million
year-to-date 2009, compared to $250.4 million in the same period 2008.
The 2009 year-to-date results include pre-tax unrealized losses of $22.0
million related to the AAE interest rate swaps noted above. The 2008
year-to-date results include $23.9 million of pre-tax benefits from the
sale of real estate in Europe, a reversal of certain European
environmental reserves, and net unrealized gains from the AAE interest
rate swaps. Scrap gains (included in "Other income") at Rail were $6.2
million in year-to-date 2009 versus $25.9 million in 2008 reflecting a
decline in scrap prices.
At September 30, 2009, Rail's North American fleet totaled approximately
111,000 cars. Fleet utilization was 95.9% compared to 96.0% at the end
of the second quarter and 97.9% at year end. Renewal lease rates in the
Lease Price Index (LPI) declined 8.5% over the expiring rate, compared
to a 9.8% decline in the second quarter 2009 and a decline of 0.3% in
the third quarter 2008. The average renewal term in the third quarter
was 39 months, compared to 36 months in the second quarter 2009 and 57
months in the third quarter of 2008. Rail's European wholly-owned tank
car fleet totaled approximately 20,000 cars and utilization was 94.7%,
compared to 95.6% at the end of the second quarter and 97.1% at year end.
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.
SPECIALTY
Specialty reported segment profit of $13.2 million in the third quarter
of 2009 compared to $31.9 million in third quarter 2008. Year to date,
Specialty reported segment profit of $43.5 million, compared to $92.4
million in the same period in 2008. The year-over-year decline in
segment profit was primarily due to decreased remarketing income and
lower share of affiliates' earnings as the marine market remains soft
compared to recent years and certain vessels were inactive for repairs.
The Specialty portfolio currently consists of $676.9 million of owned
assets (including on and off balance sheet assets) and third-party
managed portfolios totaling $262.3 million.
AMERICAN STEAMSHIP COMPANY
American Steamship Company (ASC) reported segment profit of $1.3 million
in the third quarter 2009 compared to $13.9 million in the third quarter
2008. Segment profit year-to-date 2009 was $10.1 million, which included
income of $5.6 million from receipt of a litigation settlement in the
first quarter 2009. These results compare to segment profit of $19.8
million year-to-date 2008, which was negatively impacted by $2.9 million
in the second quarter 2008 when ASC received an adverse ruling in a
litigation matter. Steel mill capacity utilization is down dramatically
from the prior year and ASC's tonnage volumes have declined accordingly.
Year-to-date 2009, ASC has carried 12.6 million net tons compared to
26.6 million net tons carried year-to-date 2008, with the most
significant decline evident in iron ore shipments.
COMPANY DESCRIPTION
GATX Corporation (NYSE:GMT) provides leasing and related services to
customers operating rail, marine and other targeted assets. GATX is a
leader in leasing transportation assets and controls one of the largest
railcar fleets in the world. Applying over a century of operating
experience and strong market and asset expertise, GATX provides quality
assets and services to customers worldwide. 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 www.gatx.com.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2009 third
quarter results. Teleconference details are as follows:
Thursday, October 22(nd)
11:00 A.M. Eastern Time
Domestic Dial-In: 1-888-378-4350
International Dial-In: 1-719-325-2383
Replay: 1-888-203-1112 or 1-719-457-0820/ Access Code: 2048724
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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. 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 such as "anticipate," "believe," "estimate,"
"expect," "intend," "predict," "project" or other words and terms of
similar meaning. 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, 2008, Quarterly Report on Form
10-Q for the quarter ended June 30, 2009 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, general economic, market, regulatory and political conditions in the
rail, marine, industrial and other industries served by GATX and its
customers; lease rates, utilization levels and operating costs in GATX's
primary asset segments; conditions in the capital markets; changes in
GATX's credit ratings and financing costs; regulatory rulings that may
impact the economic value and operating costs of assets; costs
associated with maintenance initiatives; competitive factors in GATX's
primary markets including lease pricing and asset availability; changes
in loss provision levels within GATX's portfolio; impaired asset charges
that may result from changing market conditions or portfolio management
decisions implemented by GATX; the opportunity for remarketing income;
the outcome of pending or threatened litigation; and other factors.
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.
(10/22/09)
--Tabular Follows--
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
Gross Income
Lease income $ 223.0 $ 233.6 $ 678.9 $ 703.4
Marine operating revenue 36.3 98.4 75.7 200.7
Asset remarketing income 3.1 14.5 25.2 44.6
Other income 14.1 33.9 42.4 80.1
Revenues 276.5 380.4 822.2 1,028.8
Share of affiliates' earnings 15.6 40.1 23.0 81.1
Total Gross Income 292.1 420.5 845.2 1,109.9
Ownership Costs
Depreciation 55.3 54.4 161.8 156.5
Interest expense, net 40.3 36.0 125.0 107.8
Operating lease expense 34.2 35.1 101.7 110.8
Total Ownership Costs 129.8 125.5 388.5 375.1
Other Costs and Expenses
Maintenance expense 65.8 65.4 195.3 193.9
Marine operating expense 25.8 73.6 51.0 153.5
Selling, general and administrative 35.0 48.1 102.1 129.1
Other 8.8 7.8 22.2 31.0
Total Other Costs and Expenses 135.4 194.9 370.6 507.5
Income before Income Taxes 26.9 100.1 86.1 227.3
Income Tax Provision 7.3 26.2 26.2 61.4
Net Income $ 19.6 $ 73.9 $ 59.9 $ 165.9
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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
Per Share Data
Basic $ 0.43 $ 1.52 $ 1.28 $ 3.51
Average number of common shares 45.9 48.6 46.8 47.3
Diluted $ 0.42 $ 1.46 $ 1.24 $ 3.31
Average number of common shares and
common share equivalents 48.0 50.9 48.9 51.1
Dividends declared per common share $ 0.28 $ 0.27 $ 0.84 $ 0.81
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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)
September 30 December 31
2009 2008
Assets
Cash and Cash Equivalents $ 83.6 $ 102.2
Restricted Cash 37.4 41.1
Receivables
Rent and other receivables 57.8 79.5
Finance leases 317.5 331.8
Loans 1.0 4.9
Less: allowance for possible losses (12.1 ) (18.6 )
364.2 397.6
Operating Lease Assets, Facilities and Other
Rail 5,378.1 5,232.3
Specialty 243.8 271.4
ASC 380.0 373.1
Less: allowance for depreciation (1,974.2 ) (1,955.2 )
4,027.7 3,921.6
Investments in Affiliated Companies 450.6 399.3
Goodwill 99.2 95.7
Other Assets 195.2 232.9
Total Assets $ 5,257.9 $ 5,190.4
Liabilities and Shareholders' Equity
Accounts Payable and Accrued Expenses $ 114.7 $ 146.6
Debt
Commercial paper and borrowings under bank credit facilities 83.9 125.1
Recourse 2,627.7 2,376.2
Nonrecourse 236.9 243.3
Capital lease obligations 56.1 64.7
3,004.6 2,809.3
Deferred Income Taxes 728.2 710.9
Other Liabilities 298.2 399.1
Total Liabilities 4,145.7 4,065.9
Total Shareholders' Equity 1,112.2 1,124.5
Total Liabilities and Shareholders' Equity $ 5,257.9 $ 5,190.4
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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended September 30, 2009
(In Millions)
GATX
Rail Specialty ASC Other Consolidated
Gross Income
Lease income $ 208.8 $ 13.2 $ 1.0 $ - $ 223.0
Marine operating revenue - - 36.3 - 36.3
Asset remarketing income 0.2 2.9 - - 3.1
Other income 13.6 0.3 - 0.2 14.1
Revenues 222.6 16.4 37.3 0.2 276.5
Share of affiliates' earnings 3.6 12.0 - - 15.6
Total Gross Income 226.2 28.4 37.3 0.2 292.1
Ownership Costs
Depreciation 47.4 4.7 3.2 - 55.3
Interest expense, net 30.6 6.9 2.2 0.6 40.3
Operating lease expense 34.0 0.2 - - 34.2
Total Ownership Costs 112.0 11.8 5.4 0.6 129.8
Other Costs and Expenses
Maintenance expense 61.0 - 4.8 - 65.8
Marine operating expense - - 25.8 - 25.8
Other 5.4 3.4 - - 8.8
Total Other Costs and Expenses 66.4 3.4 30.6 - 100.4
Segment Profit (Loss) $ 47.8 $ 13.2 $ 1.3 $ (0.4 ) 61.9
Selling, general and administrative 35.0
Income before Income Taxes 26.9
Income Tax Provision 7.3
Net Income $ 19.6
Selected Data:
Investment Volume $ 105.3 $ 78.3 $ 0.3 $ 2.2 $ 186.1
Asset Remarketing Income:
Disposition Gains on Owned Assets 0.2 1.8 - - 2.0
Residual Sharing Income - 1.1 - - 1.1
Total Asset Remarketing Income $ 0.2 $ 2.9 $ - $ - $ 3.1
Scrapping Gains (a) $ 2.8 - - - $ 2.8
(a) Included in Other income
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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended September 30, 2008
(In Millions)
GATX
Rail Specialty ASC Other Consolidated
Gross Income
Lease income $ 218.5 $ 14.0 $ 1.1 $ - $ 233.6
Marine operating revenue - - 98.4 - 98.4
Asset remarketing income 8.5 6.0 - - 14.5
Other income 35.9 1.6 - (3.6 ) 33.9
Revenues 262.9 21.6 99.5 (3.6 ) 380.4
Share of affiliates' earnings 14.2 25.9 - - 40.1
Total Gross Income 277.1 47.5 99.5 (3.6 ) 420.5
Ownership Costs
Depreciation 45.9 4.2 4.3 - 54.4
Interest expense, net 28.4 4.9 2.4 0.3 36.0
Operating lease expense 34.7 0.4 - - 35.1
Total Ownership Costs 109.0 9.5 6.7 0.3 125.5
Other Costs and Expenses
Maintenance expense 60.0 0.2 5.2 - 65.4
Marine operating expense - - 73.6 - 73.6
Other 1.8 5.9 0.1 - 7.8
Total Other Costs and Expenses 61.8 6.1 78.9 - 146.8
Segment Profit (Loss) $ 106.3 $ 31.9 $ 13.9 $ (3.9 ) 148.2
Selling, general and administrative 48.1
Income before Income Taxes 100.1
Income Tax Provision 26.2
Net Income $ 73.9
Selected Data:
Investment Volume $ 138.7 $ 89.0 $ (1.4 ) $ 1.9 $ 228.2
Asset Remarketing Income:
Disposition Gains on Owned Assets 8.4 - - - 8.4
Residual Sharing Income 0.1 6.0 - - 6.1
Total Asset Remarketing Income $ 8.5 $ 6.0 $ - $ - $ 14.5
Scrapping Gains (a) $ 11.0 - - - $ 11.0
(a) Included in Other income
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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Nine Months Ended September 30, 2009
(In Millions)
GATX
Rail Specialty ASC Other Consolidated
Gross Income
Lease income $ 634.3 $ 41.5 $ 3.1 $ - $ 678.9
Marine operating revenue - - 75.7 - 75.7
Asset remarketing income 11.4 13.8 - - 25.2
Other income 39.7 1.7 - 1.0 42.4
Revenues 685.4 57.0 78.8 1.0 822.2
Share of affiliates' earnings (8.8 ) 31.8 - - 23.0
Total Gross Income 676.6 88.8 78.8 1.0 845.2
Ownership Costs
Depreciation 141.0 14.5 6.3 - 161.8
Interest expense, net 95.7 19.5 6.8 3.0 125.0
Operating lease expense 100.9 1.0 - (0.2 ) 101.7
Total Ownership Costs 337.6 35.0 13.1 2.8 388.5
Other Costs and Expenses
Maintenance expense 185.1 - 10.2 - 195.3
Marine operating expense - - 51.0 - 51.0
Other 18.7 10.3 (5.6 ) (1.2 ) 22.2
Total Other Costs and Expenses 203.8 10.3 55.6 (1.2 ) 268.5
Segment Profit (Loss) $ 135.2 $ 43.5 $ 10.1 $ (0.6 ) 188.2
Selling, general and administrative 102.1
Income before Income Taxes 86.1
Income Tax Provision 26.2
Net Income $ 59.9
Selected Data:
Investment Volume $ 277.3 $ 85.9 $ 6.9 $ 6.4 $ 376.5
Asset Remarketing Income:
Disposition Gains on Owned Assets 7.3 3.2 - - 10.5
Residual Sharing Income 4.1 10.6 - - 14.7
Total Asset Remarketing Income $ 11.4 $ 13.8 $ - $ - $ 25.2
Scrapping Gains (a) $ 6.2 - - - $ 6.2
(a) Included in Other income
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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Nine Months Ended September 30, 2008
(In Millions)
GATX
Rail Specialty ASC Other Consolidated
Gross Income
Lease income $ 658.5 $ 41.7 $ 3.2 $ - $ 703.4
Marine operating revenue - - 200.7 - 200.7
Asset remarketing income 21.7 22.9 - - 44.6
Other income 78.8 4.5 - (3.2 ) 80.1
Revenues 759.0 69.1 203.9 (3.2 ) 1,028.8
Share of affiliates' earnings 19.1 62.0 - - 81.1
Total Gross Income 778.1 131.1 203.9 (3.2 ) 1,109.9
Ownership Costs
Depreciation 135.7 12.2 8.6 - 156.5
Interest expense, net 84.8 13.0 7.3 2.7 107.8
Operating lease expense 109.7 1.3 - (0.2 ) 110.8
Total Ownership Costs 330.2 26.5 15.9 2.5 375.1
Other Costs and Expenses
Maintenance expense 182.0 0.2 11.7 - 193.9
Marine operating expense - - 153.5 - 153.5
Other 15.5 12.0 3.0 0.5 31.0
Total Other Costs and Expenses 197.5 12.2 168.2 0.5 378.4
Segment Profit (Loss) $ 250.4 $ 92.4 $ 19.8 $ (6.2 ) 356.4
Selling, general and administrative 129.1
Income before Income Taxes 227.3
Income Tax Provision 61.4
Net Income $ 165.9
Selected Data:
Investment Volume $ 266.7 $ 158.6 $ 6.4 $ 13.1 $ 444.8
Asset Remarketing Income:
Disposition Gains on Owned Assets 20.5 8.7 - - 29.2
Residual Sharing Income 1.2 14.2 - - 15.4
Total Asset Remarketing Income $ 21.7 $ 22.9 $ - $ - $ 44.6
Scrapping Gains (a) $ 25.9 - - - $ 25.9
(a) Included in Other income
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GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Leverage)
9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009
Assets by Segment (includes off-balance sheet assets)
Rail $ 4,943.4 $ 5,098.9 $ 4,958.9 $ 5,035.4 $ 5,118.0
Specialty 653.8 644.5 614.8 611.2 676.7
ASC 296.0 275.0 266.7 280.0 262.1
Other 165.9 89.9 90.7 85.8 88.5
Total Assets, Excluding Cash $ 6,059.1 $ 6,108.3 $ 5,931.1 $ 6,012.4 $ 6,145.3
Non-performing Investments $ 19.4 $ 19.2 $ 19.0 $ 25.6 $ 18.4
Capital Structure
Commercial Paper and Bank Credit Facilities,
Net of Unrestricted Cash $ 112.8 $ 22.9 $ 66.0 $ 198.6 $ 0.3
On Balance Sheet Recourse Debt 2,299.4 2,376.2 2,363.1 2,321.8 2,627.7
On Balance Sheet Nonrecourse Debt 73.3 243.3 240.5 238.8 236.9
Off Balance Sheet Recourse Debt 834.0 845.8 779.9 784.0 801.7
Off Balance Sheet Nonrecourse Debt 218.2 215.4 212.5 209.6 206.7
Capital Lease Obligations 66.1 64.7 60.8 59.2 56.1
Total Borrowings, Net of Unrestricted Cash $ 3,603.8 $ 3,768.3 $ 3,722.8 $ 3,812.0 $ 3,929.4
Total Recourse Debt (a) $ 3,312.3 $ 3,309.6 $ 3,269.8 $ 3,363.6 $ 3,485.8
Shareholders' Equity $ 1,274.6 $ 1,124.5 $ 1,069.7 $ 1,069.8 $ 1,112.2
Recourse Leverage (b) 2.6 2.9 3.1 3.1 3.1
(a) Total Recourse Debt = On Balance Sheet Recourse Debt + Off Balance Sheet Recourse Debt + Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash
(b) Recourse Leverage = Total Recourse Debt / Shareholders' Equity
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GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009
North American Rail Statistics (wholly-owned fleet)
Lease Price Index (LPI) (a)
Average Renewal Lease Rate Change -0.3 % 3.3 % -5.5 % -9.8 % -8.5 %
Average Renewal Term (months) 57 65 45 36 39
Fleet Rollforward
Beginning Balance 110,195 109,874 112,976 112,326 111,154
Cars Added 1,535 4,411 354 711 1,478
Cars Scrapped (1,078 ) (970 ) (855 ) (1,056 ) (1,302 )
Cars Sold (778 ) (339 ) (149 ) (827 ) (124 )
Ending Balance 109,874 112,976 112,326 111,154 111,206
Utilization 97.8 % 97.9 % 96.5 % 96.0 % 95.9 %
GATX Rail Europe Statistics (wholly-owned fleet)
Fleet Rollforward
Beginning Balance 19,507 19,583 19,724 19,886 20,000
Cars Added 135 144 190 124 91
Cars Scrapped/Sold (59 ) (3 ) (28 ) (10 ) (86 )
Ending Balance 19,583 19,724 19,886 20,000 20,005
Utilization 97.6 % 97.1 % 96.5 % 95.6 % 94.7 %
Rail Industry Statistics
Manufacturing Capacity Utilization Index (b) 74.5 % 72.7 % 69.3 % 68.0 % 70.5 %
Year-over-year Change in U.S. Carloadings (total, excl. intermodal) (c) -0.2 % -2.5 % -16.3 % -19.5 % -18.1 %
Year-over-year Change in U.S. Carloadings (chemical) (c) 1.7 % -2.4 % -18.1 % -17.3 % -14.0 %
Year-over-year Change in U.S. Carloadings (petroleum products) (c) -3.2 % -6.2 % -11.9 % -14.8 % -13.4 %
Production Backlog at Railcar Manufacturers (d) 52,154 31,921 26,171 21,558 n/a (e)
American Steamship Company (ASC) Statistics
Total Net Tons Carried (millions) 12.7 9.1 0.2 6.3 6.1
(a) LPI is an internally generated business indicator that measures general lease pricing on renewals. The index reflects the weighted average lease rate for a selected group of railcar types that GATX believes to be representative of its overall North American fleet. The LPI measures the percentage change between the weighted average expiring lease rate and the weighted average renewal lease rate.
(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) n/a = not available; not published by the RSI as of the date of this release
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