GATX Corporation (NYSE:GATX) revealed its third quarter earnings results on Tuesday 20th October 2020 before market open.
The provider of leasing and remarkets assets in the rail and marine, reported $ 1.35 income per share for the quarter
On adjusted basis, GATX Corporation reported income for the quarter of $ 1.70 per share, beat the consensus estimate of $ 0.92 income per share by $ 0.78 or 84.78 percent.
The quarterly earnings elevated 8.00 percent compared with the same quarter last year.
GATX Corporation had revenue of $ 304.40 million for the quarter, compared to the consensus estimate of $ 293.50 million. The revenues outshined analysts estimates by $ 10.90 million or 3.71 percent.
The financial report showed revenues raised 2.15 percent versus third 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, Despite continued challenges in our markets, GATX performed well in the third quarter. While absolute lease rates were flat to slightly higher for most car types compared to the second quarter, the North American railcar leasing market remains negatively affected by a persistent oversupply of railcars and weakness in certain markets—exacerbated by COVID-19 economic impact.
