GATX Corp Files Q3 2024 10-Q
Ticker: GATX · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 40211
Sentiment: neutral
Topics: 10-Q, quarterly-report, transportation
TL;DR
GATX Q3 2024 10-Q filed. Financials look solid.
AI Summary
GATX Corp filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Chicago, IL, operates in the transportation services sector. Key financial data and operational details for the third quarter and year-to-date periods of 2024 are presented, alongside comparative figures from 2023.
Why It Matters
This filing provides investors and analysts with a detailed look at GATX Corp's financial performance and position as of the end of the third quarter of 2024, crucial for understanding the company's operational health and future outlook.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report with no immediate red flags indicating elevated risk.
Key Numbers
- 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
- 2023 — Comparative Period (Provides comparative financial data from 2023)
Key Players & Entities
- GATX CORP (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of reporting period
- 2024-10-24 (date) — Filing date
- CHICAGO (location) — Company headquarters city
- GENERAL AMERICAN TRANSPORTATION CORP (company) — Former company name
FAQ
What is the primary business of GATX Corp?
GATX Corp operates in the Transportation Services sector, as indicated by its Standard Industrial Classification code [4700].
When is the fiscal year end for GATX Corp?
GATX Corp's fiscal year ends on December 31st, as stated in the filing.
What was the filing date of this 10-Q report?
This 10-Q report was filed on October 24, 2024.
What is the SEC file number for GATX Corp?
The SEC file number for GATX Corp is 001-02328.
What is the address of GATX Corp's principal executive offices?
GATX Corp's business address is 233 SOUTH WACKER DRIVE, CHICAGO, IL 60606-7147.
Filing Stats: 4,491 words · 18 min read · ~15 pages · Grade level 8.7 · Accepted 2024-10-24 16:23:02
Filing Documents
- gmt-20240930.htm (10-Q) — 1768KB
- a20240930-exhibit311.htm (EX-31.1) — 9KB
- a20240930-exhibit312.htm (EX-31.2) — 9KB
- a20240930-exhibit32.htm (EX-32) — 7KB
- gmt-20240930_g1.jpg (GRAPHIC) — 6KB
- gmt-20240930_g2.jpg (GRAPHIC) — 108KB
- gmt-20240930_g3.jpg (GRAPHIC) — 97KB
- gmt-20240930_g4.jpg (GRAPHIC) — 103KB
- gmt-20240930_g5.jpg (GRAPHIC) — 94KB
- gmt-20240930_g6.jpg (GRAPHIC) — 111KB
- 0000040211-24-000088.txt ( ) — 7799KB
- gmt-20240930.xsd (EX-101.SCH) — 37KB
- gmt-20240930_cal.xml (EX-101.CAL) — 63KB
- gmt-20240930_def.xml (EX-101.DEF) — 229KB
- gmt-20240930_lab.xml (EX-101.LAB) — 527KB
- gmt-20240930_pre.xml (EX-101.PRE) — 410KB
- gmt-20240930_htm.xml (XML) — 764KB
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 16 Note 13. Legal Proceedings and Other Contingencies 16 Note 14. Financial Data of Business Segments 18
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 23 Discussion of Operating Results 23 Segment Operations 24 Cash Flow Discussion 40 Liquidity and Capital Resources 43 Critical Accounting Policies and Estimates 45 Non-GAAP Financial Measures 46
Quantitative and Qualitative Disclosures About Market Risk
Item 3 Quantitative and Qualitative Disclosures About Market Risk 47
Controls and Procedures
Item 4 Controls and Procedures 48
- OTHER INFORMATION
Part II - OTHER INFORMATION
Legal Proceedings
Item 1 Legal Proceedings 49
Risk Factors
Item 1A Risk Factors 49
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 49
Other Information
Item 5 Other Information 49
Exhibits
Item 6 Exhibits 50 SIGNATURE 51
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) September 30 December 31 2024 2023 Assets Cash and Cash Equivalents $ 503.7 $ 450.7 Restricted Cash 0.1 0.1 Receivables Rent and other receivables 93.9 87.9 Finance leases (as lessor) 124.8 136.4 Less: allowance for losses ( 5.3 ) ( 5.9 ) 213.4 218.4 Operating Assets and Facilities 14,243.1 13,081.9 Less: allowance for depreciation ( 3,866.7 ) ( 3,670.7 ) 10,376.4 9,411.2 Lease Assets (as lessee) Right-of-use assets, net of accumulated depreciation 173.5 212.0 173.5 212.0 Investments in Affiliated Companies 690.3 627.0 Goodwill 120.9 120.0 Other Assets (includes $ 0.4 and $ 0.8 related to assets held for sale) 301.6 286.6 Total Assets $ 12,379.9 $ 11,326.0 Liabilities and Shareholders' Equity Accounts Payable and Accrued Expenses $ 210.1 $ 239.6 Debt Commercial paper and borrowings under bank credit facilities 11.1 11.0 Recourse 8,293.5 7,388.1 8,304.6 7,399.1 Lease Obligations (as lessee) Operating leases 187.5 226.8 187.5 226.8 Deferred Income Taxes 1,132.2 1,081.1 Other Liabilities 108.8 106.4 Total Liabilities 9,943.2 9,053.0 Shareholders' Equity Common stock, $ 0.625 par value: Authorized shares — 120,000,000 Issued shares — 69,037,897 and 68,797,027 Outstanding shares — 35,539,311 and 35,464,841 42.7 42.5 Additional paid in capital 840.9 816.1 Retained earnings 3,153.0 3,009.5 Accumulated other comprehensive loss ( 150.6 ) ( 167.6 ) Treasury stock at cost ( 33,498,586 and 33,332,186 shares) ( 1,449.3 ) ( 1,427.5 ) Total Shareholders' Equity 2,436.7 2,273.0 Total Liabilities and Shareholders' Equity $ 12,379.9 $ 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 sha