Third-quarter revenue was $343.4 million, up from $337.9 million in the third quarter of 2011.
The results exceeded Wall Street consensus estimates of 66 cents per share on revenue of $350.6 million.
In a note to investors Thursday, Keyban Capital Markets Inc. analyst Steve Barger noted, "With regards to the Rail Group, the company experienced improvements in lease rates as the Lease Price Index (which measures the change in prices of initiated leases vs. those rolling off) came in at 26.4%, up from 2Q12 of 23.9% and above our estimate of 22.0%. Notably, this the strongest reading in the LPI Index in the history of the data set.
"In our view, this data point coupled with the continued strength in utilization (98.2%) supports the notion that the railcar leasing market remains tight," Barger said. "Further, we believe GMT is effectively moving to capitalize on this strength by extending lease terms."