GATX Corporation (NYSE:GATX) recorded its second quarter earnings results on Tuesday 21st July 2020 before market open.
The provider of leasing and remarkets assets in the rail and marine, reported $ 1.11 income per share for the quarter
On adjusted basis, GATX Corporation reported income for the quarter of $ 1.11 per share, beat the consensus estimate of $ 0.94 income per share by $ 0.17 or 18.09 percent.
The quarterly earnings contracted 40.32 percent compared with the same quarter last year.
The firm had revenue of $ 300.50 million for the quarter, compared to the consensus estimate of $ 331.40 million. The revenues fell short of analysts estimates by $ 30.9 million or 9.32 percent.
The financial report showed revenues enlarged 1.01 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Brian A. Kenney, president and chief executive officer of GATX, stated, In the second quarter, COVID-19 and its effect on the global economy negatively impacted all of our business segments. Despite the difficult business conditions, our Rail North America team continued to effectively deploy railcars on lease and displace competitors, resulting in a renewal success rate of 71.8% and fleet utilization of 98.7% at quarter-end. However, as customers right-size their fleets, railcar lessors are competing aggressively to place both new deliveries and their existing idle railcars, resulting in significant pressure on lease rates.
