The global railcar lessor’s diluted earnings per share stood at $1.44 for Q1 2017, down from Q1 2016, but still surpassing analyst expectations thanks to higher-than-expected gains on railcar sales.
Global railcar lessor GATX Corporation reported a net income of $57.5 million for the first quarter of 2017, falling 17 percent from the corresponding 2016 period.
However, first quarter 2016 results included a net gain of approximately $1.5 million associated with the planned exit of the majority of the Portfolio Management segment’s marine investments, GATX said.
Diluted earnings per share fell from $1.66 for the first quarter of 2016 to $1.44 per share for the first quarter of 2017, which industry analyst Stifel said beat the street consensus estimate of $1.15 per share and its estimate of $1.04 per share, primarily from higher-than-expected gains on railcar sales.
Meanwhile, revenues for the quarter slipped 5.5 percent year-over-year to $316.1 million, according to GATX’s financial statements.
Broken down by segment, Rail North America reported a profit of $93 million, followed by Portfolio Management at $14.7 million, Rail International at $13.4 million and American Steamship Company with a loss of $0.2 million.
Chicago-based GATX Corporation owns railcar fleets in North America, Europe and Asia, in addition to operating the largest fleet of U.S.-flagged vessels on the Great Lakes.
GATX posts drop in Q1 earnings despite beating expectations
