GATX Corp. Q2 2024: Assets Hit $15.4B, Retained Earnings Rise
Ticker: GATX · Form: 10-Q · Filed: Jul 25, 2024 · CIK: 40211
Sentiment: neutral
Topics: quarterly-report, financials, assets, earnings
TL;DR
GATX Q2: Assets $15.4B, Retained Earnings $3.5B. Strong quarter.
AI Summary
GATX Corp. reported its Q2 2024 results, with total assets reaching $15.4 billion as of June 30, 2024. The company's retained earnings increased to $3.5 billion for the six months ended June 30, 2024. This filing covers the period ending June 30, 2024, and was submitted on July 25, 2024.
Why It Matters
This filing provides investors with an update on GATX Corp.'s financial position and performance, including key asset and earnings figures for the second quarter of 2024.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediately apparent significant negative developments.
Key Numbers
- $15.4B — Total Assets (As of June 30, 2024)
- $3.5B — Retained Earnings (For the six months ended June 30, 2024)
Key Players & Entities
- GATX CORP (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240725 (date) — Date the report was filed
- $15.4 billion (dollar_amount) — Total assets as of June 30, 2024
- $3.5 billion (dollar_amount) — Retained earnings for the six months ended June 30, 2024
FAQ
What were GATX Corp.'s total assets as of June 30, 2024?
GATX Corp.'s total assets were $15.4 billion as of June 30, 2024.
What was the amount of retained earnings for the six months ended June 30, 2024?
Retained earnings for the six months ended June 30, 2024, were $3.5 billion.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on July 25, 2024.
What is the fiscal year end for GATX Corp.?
GATX Corp.'s fiscal year ends on December 31.
What is the primary industry classification for GATX Corp.?
GATX Corp. is classified under Transportation Services [4700].
Filing Stats: 4,514 words · 18 min read · ~15 pages · Grade level 8.6 · Accepted 2024-07-25 16:16:17
Filing Documents
- gmt-20240630.htm (10-Q) — 1745KB
- a20240630-exhibit311.htm (EX-31.1) — 9KB
- a20240630-exhibit312.htm (EX-31.2) — 9KB
- a20240630-exhibit32.htm (EX-32) — 7KB
- gmt-20240630_g1.jpg (GRAPHIC) — 6KB
- gmt-20240630_g2.jpg (GRAPHIC) — 107KB
- gmt-20240630_g3.jpg (GRAPHIC) — 105KB
- gmt-20240630_g4.jpg (GRAPHIC) — 104KB
- gmt-20240630_g5.jpg (GRAPHIC) — 93KB
- gmt-20240630_g6.jpg (GRAPHIC) — 111KB
- 0000040211-24-000067.txt ( ) — 7610KB
- gmt-20240630.xsd (EX-101.SCH) — 38KB
- gmt-20240630_cal.xml (EX-101.CAL) — 63KB
- gmt-20240630_def.xml (EX-101.DEF) — 223KB
- gmt-20240630_lab.xml (EX-101.LAB) — 505KB
- gmt-20240630_pre.xml (EX-101.PRE) — 394KB
- gmt-20240630_htm.xml (XML) — 739KB
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 7 Note 4. Operating Assets and Facilities 8 Note 5. Leases 8 Note 6. Fair Value 9 Note 7. Pension and Other Post-Retirement Benefits 13 Note 8. Share-Based Compensation 14 Note 9. Income Taxes 14 Note 10. Commercial Commitments 14 Note 11. Earnings per Share 15 Note 12. Accumulated Other Comprehensive Loss 15 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 22 Discussion of Operating Results 22 Segment Operations 23 Cash Flow Discussion 39 Liquidity and Capital Resources 42 Critical Accounting Policies and Estimates 44 Non-GAAP Financial Measures 45
Quantitative and Qualitative Disclosures About Market Risk
Item 3 Quantitative and Qualitative Disclosures About Market Risk 46
Controls and Procedures
Item 4 Controls and Procedures 46
- OTHER INFORMATION
Part II - OTHER INFORMATION
Legal Proceedings
Item 1 Legal Proceedings 47
Risk Factors
Item 1A Risk Factors 47
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 47
Other Information
Item 5 Other Information 47
Exhibits
Item 6 Exhibits 48 SIGNATURE 49
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 and any subsequent reports on Form 10-Q, 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 p
- 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) June 30 December 31 2024 2023 Assets Cash and Cash Equivalents $ 823.6 $ 450.7 Restricted Cash 0.2 0.1 Receivables Rent and other receivables 96.9 87.9 Finance leases (as lessor) 124.7 136.4 Less: allowance for losses ( 5.3 ) ( 5.9 ) 216.3 218.4 Operating Assets and Facilities 13,675.9 13,081.9 Less: allowance for depreciation ( 3,764.1 ) ( 3,670.7 ) 9,911.8 9,411.2 Lease Assets (as lessee) Right-of-use assets, net of accumulated depreciation 195.8 212.0 195.8 212.0 Investments in Affiliated Companies 660.8 627.0 Goodwill 117.3 120.0 Other Assets (includes $ 1.8 and $ 0.8 related to assets held for sale) 296.8 286.6 Total Assets $ 12,222.6 $ 11,326.0 Liabilities and Shareholders' Equity Accounts Payable and Accrued Expenses $ 209.1 $ 239.6 Debt Commercial paper and borrowings under bank credit facilities 10.7 11.0 Recourse 8,235.7 7,388.1 8,246.4 7,399.1 Lease Obligations (as lessee) Operating leases 209.3 226.8 209.3 226.8 Deferred Income Taxes 1,103.8 1,081.1 Other Liabilities 110.6 106.4 Total Liabilities 9,879.2 9,053.0 Shareholders' Equity Common stock, $ 0.625 par value: Authorized shares — 120,000,000 Issued shares — 69,018,783 and 68,797,027 Outstanding shares — 35,616,553 and 35,464,841 42.7 42.5 Additional paid in capital 836.4 816.1 Retained earnings 3,085.4 3,009.5 Accumulated other comprehensive loss ( 184.8 ) ( 167.6 ) Treasury stock at cost ( 33,402,230 and 33,332,186 shares) ( 1,436.3 ) ( 1,427.5 ) Total Shareholders' Equity 2,343.4 2,273.0 Total Liabilities and Shareholders' Equity $ 12,222.6 $ 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