GATX Corp Files 10-Q for Q1 2024

Ticker: GATX · Form: 10-Q · Filed: Apr 26, 2024 · CIK: 40211

Sentiment: neutral

Topics: 10-Q, financials, reporting

Related Tickers: GATX

TL;DR

**GATX Q1 2024 10-Q FILED: Check financials for railcar giant.**

AI Summary

GATX Corporation reported its quarterly results for the period ended March 31, 2024. The company, incorporated in New York with its principal executive offices in Chicago, Illinois, is registered with the SEC under file number 1-2328. Its common stock is traded on the New York Stock Exchange and the Chicago Stock Exchange under the ticker symbol GATX.

Why It Matters

This filing provides investors with the latest financial performance and operational details of GATX Corporation, a key player in the railcar leasing industry.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks beyond those typically associated with publicly traded companies.

Key Players & Entities

FAQ

What is the primary business of GATX Corporation?

The filing indicates GATX Corporation is a registrant whose common stock is traded on exchanges, suggesting it is a publicly held company, likely involved in significant business operations, though the specific business is not detailed in this excerpt.

When did the reported quarterly period end?

The quarterly period ended on March 31, 2024.

On which stock exchanges is GATX Corporation's common stock traded?

GATX Corporation's common stock is traded on the New York Stock Exchange and the Chicago Stock Exchange.

What is the Commission File Number for GATX Corporation?

The Commission File Number for GATX Corporation is 1-2328.

Where are GATX Corporation's principal executive offices located?

GATX Corporation's principal executive offices are located at 233 South Wacker Drive, Chicago, Illinois 60606-7147.

Filing Stats: 4,421 words · 18 min read · ~15 pages · Grade level 10 · Accepted 2024-04-26 11:09:50

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 1

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements

Item 1 Financial Statements Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 4 Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Description of Business 6 Note 2. Basis of Presentation 6 Note 3. Revenue 8 Note 4. Operating Assets and Facilities 9 Note 5. Leases 9 Note 6. Fair Value 10 Note 7. Pension and Other Post-Retirement Benefits 14 Note 8. Share-Based Compensation 14 Note 9. Income Taxes 14 Note 10. Commercial Commitments 15 Note 11. Earnings per Share 15 Note 12. Accumulated Other Comprehensive Loss 16 Note 13. Legal Proceedings and Other Contingencies 16 Note 14. Financial Data of Business Segments 17

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Overview 20 Discussion of Operating Results 20 Segment Operations 21 Cash Flow Discussion 35 Liquidity and Capital Resources 36 Critical Accounting Policies and Estimates 38 Non-GAAP Financial Measures 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 40

Controls and Procedures

Item 4 Controls and Procedures 40

- OTHER INFORMATION

Part II - OTHER INFORMATION

Legal Proceedings

Item 1 Legal Proceedings 41

Risk Factors

Item 1A Risk Factors 41

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 41

Other Information

Item 5 Other Information 41

Exhibits

Item 6 Exhibits 42 SIGNATURE 43

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The following factors, in addition to those discussed under "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, could cause actual results to differ materially from our current expectations expressed in forward-looking statements: a significant decline in customer demand for our transportation assets or services, including as a result of: prolonged inflation or deflation high interest rates weak macroeconomic conditions and world trade policies weak market conditions in our customers' businesses adverse changes in the price of, or demand for, commodities cha

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except share data) March 31 December 31 2024 2023 Assets Cash and Cash Equivalents $ 479.1 $ 450.7 Restricted Cash 0.1 0.1 Receivables Rent and other receivables 96.3 87.9 Finance leases (as lessor) 137.3 136.4 Less: allowance for losses ( 6.1 ) ( 5.9 ) 227.5 218.4 Operating Assets and Facilities 13,320.1 13,081.9 Less: allowance for depreciation ( 3,700.3 ) ( 3,670.7 ) 9,619.8 9,411.2 Lease Assets (as lessee) Right-of-use assets, net of accumulated depreciation 203.5 212.0 203.5 212.0 Investments in Affiliated Companies 647.6 627.0 Goodwill 118.0 120.0 Other Assets (includes $ 1.8 and $ 0.8 related to assets held for sale) 283.5 286.6 Total Assets $ 11,579.1 $ 11,326.0 Liabilities and Shareholders' Equity Accounts Payable and Accrued Expenses $ 208.2 $ 239.6 Debt Commercial paper and borrowings under bank credit facilities 10.8 11.0 Recourse 7,624.5 7,388.1 7,635.3 7,399.1 Lease Obligations (as lessee) Operating leases 215.2 226.8 215.2 226.8 Deferred Income Taxes 1,096.2 1,081.1 Other Liabilities 99.9 106.4 Total Liabilities 9,254.8 9,053.0 Shareholders' Equity Common stock, $ 0.625 par value: Authorized shares — 120,000,000 Issued shares — 68,946,287 and 68,797,027 Outstanding shares — 35,577,357 and 35,464,841 42.6 42.5 Additional paid in capital 828.8 816.1 Retained earnings 3,062.4 3,009.5 Accumulated other comprehensive loss ( 177.4 ) ( 167.6 ) Treasury stock at cost ( 33,368,930 and 33,332,186 shares) ( 1,432.1 ) ( 1,427.5 ) Total Shareholders' Equity 2,324.3 2,273.0 Total Liabilities and Shareholders' Equity $ 11,579.1 $ 11,326.0 See accompanying notes to condensed consolidated financial statements . 2 GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions, except per share dat

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