GATX Beats On Q2 Earnings, Provides Robust FY21 Outlook

GATX Corporation GATX reported second-quarter revenue growth of 5.5% year-over-year to $317.1 million, beating the consensus of $312.7 million.
Adjusted EPS of $1.35 beat consensus of $1.02.
The company's fleet utilization increased to 98.5% at quarter-end, and the renewal success rate was 77.5%
Revenue by segments: Lease $287.6 million (+6.8% Y/Y), Marine operating $5.1 million (+54.5% y/Y) and others $24.4 million (-12.5% Y/Y).
Rail North America segment profit was $77.6 million, compared to $50 million in the 2Q20, reflecting higher gains on asset dispositions, reflective of a robust secondary market for railcar sales.
Rail North America Fleet consists of approximately 114,800 cars, including approximately 12,700 boxcars, with the utilization at 98.5%. Rail international fleet consisted of about 26,700 cars, and utilization was at 98.4%.
Portfolio Management segment profit was $12.2 million, compared to $19.3 million in 2Q21. Rail International's segment profit was $27.3 million, compared to $20 a year ago.
Outlook: GATX raised the FY21 EPS guidance to $4.30 to $4.50 (prior $4.00 to $4.30) vs. consensus of $4.19.
Price Action: GATX shares are down 0.03% at $85.97 on the last check Tuesday.

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