gatx

Rising steel costs, Ukraine conflict shape GATX’s view of 2022

A photograph of a GATX tank car next to other tank cars in a rail yard,

The conflict between Ukraine and Russia isn’t likely to affect the North American business of railcar lessor GATX, although the company’s European arm is seeing some operational impact, executives said during GATX’s first-quarter earnings call on Wednesday.

While GATX’s profit from its international segment is unlikely to be affected, the company is exposed operationally. GATX (NYSE: GATX) is the leading railcar lessor in Poland, according to CFO Thomas Ellman. It also has a large railcar...

https://www.freightwaves.com/news/rising-steel-costs-ukraine-conflict-shape-gatxs-view-of-2022

North American rail equipment makers keep close watch on Ukraine-Russia

A photograph of a tank car.

The North American railcar and rail equipment manufacturing industry is keeping its eye on what’s happening in Ukraine and Russia since many companies deal with customers or have facilities in or near the region.

“Historically the railway supply industry has been concentrated in North America, however, many equipment manufacturers have been feeling the effects of broader supply chain challenges that predated this crisis,” said John Hebert, spokesman for the Railway Supply Institute. “We are...

https://www.freightwaves.com/news/north-american-rail-equipment-makers-keep-close-watch-on-ukraine-russia

‘Deep railroad industry knowledge’ garners GATX, CSX promotions

GATX and CSX recently promoted two longtime employees, Paul F. Titterton and Sean R. Pelkey.

Railcar lessor GATX announced that Titterton will be the next president of the company’s Rail North America division, effective April 22. 

Titterton will succeed Bob Lyons, who will become GATX’s (NYSE: GATX) next CEO on that same date, taking over the role from the retiring Brian Kenney. Titterton currently serves as senior vice president and chief operating officer of Rail North America. 

“Paul has been...

https://www.freightwaves.com/news/deep-railroad-industry-knowledge-garners-gatx-csx-promotions

GATX upbeat on 2022 railcar leasing market

Railcar lessor GATX anticipates a favorable railcar leasing market for 2022 amid demand for railcars in North America and Europe.

The company expects market lease rates to increase above average expiring rates for railcars renewing during the year, said GATX (NYSE: GATX) President and CEO Brian A. Kenney in a Tuesday release. Combined with higher asset disposition plans, GATX’s North America segment is expected to see higher segment profit in 2022.

“For the first time in years, the market for...

https://www.freightwaves.com/news/gatx-upbeat-on-2022-railcar-leasing-market

GATX CEO Kenney retiring in April; EVP to succeed him

Leadership at railcar lessor GATX will be changing next spring.

President and CEO Brian A. Kenney is retiring, effective April 22, and Robert C. Lyons, a GATX executive vice president and president of its Rail North America division, will succeed him, the company announced Tuesday.

Kenney will stay on as a nonexecutive chairman with GATX’s (NYSE: GATX) board of directors through Oct. 31 to ensure a smooth transition. 

Lyons leads GATX’s largest business and served as chief financial officer from...

https://www.freightwaves.com/news/gatx-ceo-kenney-retiring-in-april-evp-to-succeed-him

Trinity Industries, GATX anticipate market growth to be ‘nonlinear’

A photograph of a train hauling a variety of railcars.

Railcar lessors Trinity Industries and GATX recenyl reported their third-quarter 2021 financial results:

Trinity eyes ‘stronger underlying leasing dynamics’

Although higher railcar loadings and increased levels of rail traffic are boosting demand for leasing railcars, Trinity Industries expects market growth for railcar leasing to be choppy as supply chain disruptions continue to be a headwind.

“We believe stronger underlying leasing dynamics and higher car pricing should continue to positively...

https://www.freightwaves.com/news/trinity-industries-gatx-anticipate-market-growth-to-be-nonlinear

Railcar lessors and rail manufacturers eye recovering market in 2021

A photograph of hopper cars on a train track.

The market for freight railcars is showing signs of improvement but data for railcar orders, deliveries and backlogs still reflects current market softness.

Railcar orders rose by 80% to 6,227 railcars in the first quarter of 2021 from the fourth quarter of 2020, although orders are still below pre-pandemic levels, according to the Railway Supply Institute (RSI). 

In comparison to Q1 orders, the quarterly average for 2019 was about 9,300 railcars, RSI said. RSI’s American Railcar Institute...

https://www.freightwaves.com/news/railcar-lessors-and-rail-manufacturers-eye-recovering-market-in-2021

GATX fourth-quarter net income totals nearly $18 million

A photograph of tank cars parked at a rail yard.

Despite higher revenue and lower expenses, fourth-quarter net profit for rail lessor and manufacturer GATX (NYSE: GATX) was down from a year ago on lower affiliate income related to a joint venture with Rolls-Royce. The fourth quarter of 2019 also included income from operations that have since been discontinued.

Fourth-quarter 2020 net income was $17.8 million, or 50 cents per diluted share from consolidated operations, compared with $56.6 million, or $1.59 per diluted share from consolidated...

https://s29755.pcdn.co/news/gatx-fourth-quarter-net-income-totals-nearly-18-million

GATX Corporation acquires Trifleet Leasing

Chicago-based GATX Corporation has announced that it has acquired the Dutch company Trifleet Leasing Holding BV, the world’s fourth largest global tank container lessor, in a €175 million (US$214.75 million) deal that was concluded on 29 December.

The acquisition of Trifleet comes two weeks after GATX announced a US$500 million loan arrangement with the Bank of America, the term loan, which, “Provides delayed draw term loan commitments to the Company in an aggregate principal amount of $500.0...

https://container-news.com/gatx-corporation-acquires-trifleet-leasing/

GATX picks up 18,000 tank containers in latest deal

GATX adds tank container fleet to portfolio

GATX (NYSE: GATX) announced Wednesday the acquisition of the fourth-largest tank container lessor globally, Trifleet Leasing Holding B.V., for 175 million euros ($215 million) in cash.

The Netherlands-based Trifleet owns and manages a portfolio of more than 18,000 tank containers, which it leases to providers in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical sectors as well as tank container operators and shipping lines.

The all-cash deal closed Tuesday.

“Trifleet...

https://s29755.pcdn.co/news/gatx-picks-up-18000-tank-containers-in-latest-deal

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