GATX Rail quarterly profit nearly doubles
Written by William C. Vantuono, Editor-in-ChiefGATX Rail earned a profit $56.7 million in the second quarter of 2011, compared with $29.4 million to second-quarter 2010. GATX Corp. said the improvement in Rail segment profit was driven by higher lease income and increased asset remarketing activity, partially offset by higher maintenance expense in Europe.
Rail segment profit was $108.3 million for the year to date, compared with $78.7 million in the same period of 2010.
On June 30, GATX Rail’s wholly owned North American fleet totaledapproximately 109,000 cars, and fleet utilization was 98.2% compared with 97.8% at the end of the first quarter and 96.5% at June 30, 2010.
Rail’s European wholly owned tank car fleet totaled approximately 21,000 cars and utilization was 95.7%, compared with 95.8% at the end of the first quarter and 94.4% on June 30, 2010.
