Thursday, July 18, 2013

GATX net rises in second quarter

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GATX Corp. Thursday, July 18, 2013, reported higher second-quarter net income of $35.1 million, or 74 cents per share, compared with $23.5 million, or 49 cents per share, in the second quarter of 2012.

Revenue of $338.9 million was up from $323.1 million in the second quarter, but falling short of Wall Street consensus estimates of $342.8 million. Wall Street also expected earnings per share of 85 cents, excluding one-time items.

Chicago-based GATX noted the latest results included a benefit from Tax Adjustments and Other Items of $3.0 million, or 6 cents per share, while the prior year's results included the negative impact from Tax Adjustments and Other Items of $15.3 million, or 31 cents per share.

"Based on year-to-date performance, continued strength in North American rail, and our expectation that remarketing income will be strong during the second half of the year, we are increasing our 2013 full year earnings expectations to $3.20- $3.30 per diluted share," the company said in a statement. "This guidance excludes any impact from Tax Adjustments and Other Items."

Shares of GATX were up 0.46% in early Thursday afternoon trading on the New York Stock Exchange.