New York | 1-2328 | 36-1124040 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
GATX CORPORATION |
(Registrant) |
/s/ Robert C. Lyons |
Robert C. Lyons |
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | Method of Filing | ||
99.1 | Press Release of GATX Corporation, dated April 21, 2016, reporting GATX Corporation's financial results for the quarter ended March 31, 2016. | Filed Electronically |
Three Months Ended March 31 | |||||||
2016 | 2015 | ||||||
Revenues | |||||||
Lease revenue | $ | 284.5 | $ | 278.3 | |||
Marine operating revenue | 20.3 | 24.2 | |||||
Other revenue | 29.6 | 17.2 | |||||
Total Revenues | 334.4 | 319.7 | |||||
Expenses | |||||||
Maintenance expense | 78.5 | 78.3 | |||||
Marine operating expense | 12.3 | 18.9 | |||||
Depreciation expense | 69.3 | 68.5 | |||||
Operating lease expense | 16.8 | 20.7 | |||||
Other operating expense | 8.8 | 7.3 | |||||
Selling, general and administrative expense | 38.8 | 45.7 | |||||
Total Expenses | 224.5 | 239.4 | |||||
Other Income (Expense) | |||||||
Net gain on asset dispositions | 23.2 | 45.3 | |||||
Interest expense, net | (37.2 | ) | (40.9 | ) | |||
Other expense | (3.3 | ) | (4.0 | ) | |||
Income before Income Taxes and Share of Affiliates’ Earnings | 92.6 | 80.7 | |||||
Income Taxes | (30.8 | ) | (27.0 | ) | |||
Share of Affiliates’ Earnings (net of tax) | 7.5 | 8.5 | |||||
Net Income | $ | 69.3 | $ | 62.2 | |||
Share Data | |||||||
Basic earnings per share | $ | 1.67 | $ | 1.41 | |||
Average number of common shares | 41.4 | 44.1 | |||||
Diluted earnings per share | $ | 1.66 | $ | 1.39 | |||
Average number of common shares and common share equivalents | 41.8 | 44.8 | |||||
Dividends declared per common share | $ | 0.40 | $ | 0.38 |
March 31 | December 31 | |||||||
2016 | 2015 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 216.2 | $ | 202.4 | ||||
Restricted Cash | 17.3 | 17.3 | ||||||
Receivables | ||||||||
Rent and other receivables | 71.0 | 69.4 | ||||||
Loans | 7.7 | 8.8 | ||||||
Finance leases | 166.2 | 167.6 | ||||||
Less: allowance for losses | (10.3 | ) | (10.3 | ) | ||||
234.6 | 235.5 | |||||||
Operating Assets and Facilities | 8,440.4 | 8,204.0 | ||||||
Less: allowance for depreciation | (2,563.9 | ) | (2,505.6 | ) | ||||
5,876.5 | 5,698.4 | |||||||
Investments in Affiliated Companies | 356.3 | 348.5 | ||||||
Goodwill | 82.4 | 79.7 | ||||||
Other Assets | 278.7 | 312.4 | ||||||
Total Assets | $ | 7,062.0 | $ | 6,894.2 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Accounts Payable and Accrued Expenses | $ | 144.3 | $ | 170.9 | ||||
Debt | ||||||||
Commercial paper and borrowings under bank credit facilities | 17.9 | 7.4 | ||||||
Recourse | 4,304.3 | 4,171.5 | ||||||
Nonrecourse | 4.7 | 6.9 | ||||||
Capital lease obligations | 16.9 | 18.4 | ||||||
4,343.8 | 4,204.2 | |||||||
Deferred Income Taxes | 1,049.2 | 1,018.3 | ||||||
Other Liabilities | 219.4 | 220.6 | ||||||
Total Liabilities | 5,756.7 | 5,614.0 | ||||||
Total Shareholders’ Equity | 1,305.3 | 1,280.2 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 7,062.0 | $ | 6,894.2 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenue | $ | 236.6 | $ | 44.9 | $ | 1.0 | $ | 2.0 | $ | — | $ | 284.5 | |||||||||||
Marine operating revenue | — | — | 4.1 | 16.2 | — | 20.3 | |||||||||||||||||
Other revenue | 27.8 | 1.6 | — | 0.2 | — | 29.6 | |||||||||||||||||
Total Revenues | 264.4 | 46.5 | 5.1 | 18.4 | — | 334.4 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Maintenance expense | 65.8 | 12.5 | 0.2 | — | — | 78.5 | |||||||||||||||||
Marine operating expense | — | — | 2.9 | 9.4 | — | 12.3 | |||||||||||||||||
Depreciation expense | 56.5 | 11.1 | — | 1.7 | — | 69.3 | |||||||||||||||||
Operating lease expense | 16.8 | — | — | — | — | 16.8 | |||||||||||||||||
Other operating expense | 6.9 | 1.4 | — | 0.5 | — | 8.8 | |||||||||||||||||
Total Expenses | 146.0 | 25.0 | 3.1 | 11.6 | — | 185.7 | |||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Net gain on asset dispositions | 18.6 | 0.7 | — | 3.9 | — | 23.2 | |||||||||||||||||
Interest expense, net | (27.2 | ) | (7.3 | ) | (1.1 | ) | (2.2 | ) | 0.6 | (37.2 | ) | ||||||||||||
Other (expense) income | (1.3 | ) | (2.2 | ) | — | — | 0.2 | (3.3 | ) | ||||||||||||||
Share of affiliates’ earnings (pretax) | 0.2 | (0.1 | ) | — | 10.1 | — | 10.2 | ||||||||||||||||
Segment Profit | $ | 108.7 | $ | 12.6 | $ | 0.9 | $ | 18.6 | $ | 0.8 | $ | 141.6 | |||||||||||
Selling, general and administrative expense | 38.8 | ||||||||||||||||||||||
Income taxes (includes $2.7 related to affiliates’ earnings) | 33.5 | ||||||||||||||||||||||
Net Income | $ | 69.3 | |||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||
Investment Volume | $ | 112.9 | $ | 22.0 | $ | 4.7 | $ | — | $ | 0.6 | $ | 140.2 | |||||||||||
Net Gain on Asset Dispositions | |||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||
Disposition gains on owned assets | $ | 17.6 | $ | — | $ | — | $ | 2.4 | $ | — | $ | 20.0 | |||||||||||
Residual sharing income | 0.3 | — | — | 1.5 | — | 1.8 | |||||||||||||||||
Non-remarketing disposition gains (1) | 0.7 | 0.7 | — | — | — | 1.4 | |||||||||||||||||
Asset impairment | — | — | — | — | — | — | |||||||||||||||||
Total Net Gain on Asset Dispositions | $ | 18.6 | $ | 0.7 | $ | — | $ | 3.9 | $ | — | $ | 23.2 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 228.5 | $ | 42.1 | $ | 1.0 | $ | 6.7 | $ | — | $ | 278.3 | ||||||||||||
Marine operating revenue | — | — | 7.0 | 17.2 | — | 24.2 | ||||||||||||||||||
Other revenue | 14.7 | 1.9 | — | 0.6 | — | 17.2 | ||||||||||||||||||
Total Revenues | 243.2 | 44.0 | 8.0 | 24.5 | — | 319.7 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 69.2 | 8.9 | 0.2 | — | — | 78.3 | ||||||||||||||||||
Marine operating expense | — | — | 6.9 | 12.0 | — | 18.9 | ||||||||||||||||||
Depreciation expense | 52.3 | 10.7 | — | 5.5 | — | 68.5 | ||||||||||||||||||
Operating lease expense | 20.7 | — | — | — | — | 20.7 | ||||||||||||||||||
Other operating expense | 5.5 | 0.9 | — | 0.9 | — | 7.3 | ||||||||||||||||||
Total Expenses | 147.7 | 20.5 | 7.1 | 18.4 | — | 193.7 | ||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain on asset dispositions | 36.8 | 4.9 | — | 3.6 | — | 45.3 | ||||||||||||||||||
Interest expense, net | (24.5 | ) | (6.5 | ) | (1.3 | ) | (5.2 | ) | (3.4 | ) | (40.9 | ) | ||||||||||||
Other expense | (2.2 | ) | — | — | — | (1.8 | ) | (4.0 | ) | |||||||||||||||
Share of affiliates’ earnings (pretax) | 0.2 | (0.1 | ) | — | 11.4 | — | 11.5 | |||||||||||||||||
Segment Profit (Loss) | $ | 105.8 | $ | 21.8 | $ | (0.4 | ) | $ | 15.9 | $ | (5.2 | ) | $ | 137.9 | ||||||||||
Selling, general and administrative expense | 45.7 | |||||||||||||||||||||||
Income taxes (includes $3.0 related to affiliates’ earnings) | 30.0 | |||||||||||||||||||||||
Net Income | $ | 62.2 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 129.8 | $ | 41.4 | $ | 9.3 | $ | — | $ | 0.4 | $ | 180.9 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 35.9 | $ | — | $ | — | $ | 2.0 | $ | — | $ | 37.9 | ||||||||||||
Residual sharing income | 0.2 | — | — | 1.6 | — | 1.8 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 0.7 | 5.0 | — | — | — | 5.7 | ||||||||||||||||||
Asset impairment | — | (0.1 | ) | — | — | — | (0.1 | ) | ||||||||||||||||
Total Net Gain on Asset Dispositions | $ | 36.8 | $ | 4.9 | $ | — | $ | 3.6 | $ | — | $ | 45.3 |
Three Months Ended March 31 | |||||||
2016 | 2015 | ||||||
Adjustments attributable to consolidated income: | |||||||
Gain on wholly owned Portfolio Management marine investments, net of tax | $ | 1.5 | $ | — | |||
Total impact on Net Income | $ | 1.5 | $ | — |
Three Months Ended March 31 | |||||||
2016 | 2015 | ||||||
Adjustments attributable to consolidated income: | |||||||
Gain on wholly owned Portfolio Management marine investments, net of tax | $ | 0.04 | $ | — | |||
Total impact on Diluted Earnings per Share | $ | 0.04 | $ | — |
3/31/2015 | 6/30/2015 | 9/30/2015 | 12/31/2015 | 3/31/2016 | ||||||||||||||||
Assets by Segment (includes off-balance-sheet assets) | ||||||||||||||||||||
Rail North America | $ | 5,057.5 | $ | 5,081.1 | $ | 5,076.6 | $ | 5,082.4 | $ | 5,173.3 | ||||||||||
Rail International | 1,028.7 | 1,075.2 | 1,101.2 | 1,089.2 | 1,150.9 | |||||||||||||||
ASC | 283.8 | 317.0 | 304.9 | 291.4 | 285.5 | |||||||||||||||
Portfolio Management | 792.1 | 793.4 | 730.7 | 626.9 | 597.3 | |||||||||||||||
Other | 81.9 | 67.4 | 78.9 | 80.1 | 75.9 | |||||||||||||||
Total Assets, excluding cash | $ | 7,244.0 | $ | 7,334.1 | $ | 7,292.3 | $ | 7,170.0 | $ | 7,282.9 | ||||||||||
Capital Structure | ||||||||||||||||||||
Commercial paper and bank credit facilities, net of unrestricted cash | $ | (348.6 | ) | $ | (54.8 | ) | $ | (97.9 | ) | $ | (195.0 | ) | $ | (198.3 | ) | |||||
On-balance-sheet recourse debt | 4,421.8 | 4,187.6 | 4,251.4 | 4,171.5 | 4,304.3 | |||||||||||||||
On-balance-sheet nonrecourse debt | 13.7 | 11.5 | 9.2 | 6.9 | 4.7 | |||||||||||||||
Off-balance-sheet recourse debt | 527.4 | 519.1 | 493.5 | 495.5 | 454.4 | |||||||||||||||
Off-balance-sheet nonrecourse debt | 49.2 | 47.4 | 45.4 | — | — | |||||||||||||||
Capital lease obligations | 5.0 | 5.0 | 3.6 | 18.4 | 16.9 | |||||||||||||||
Total Borrowings, net of unrestricted cash | $ | 4,668.5 | $ | 4,715.8 | $ | 4,705.2 | $ | 4,497.3 | $ | 4,582.0 | ||||||||||
Total Recourse Debt (1) | $ | 4,605.6 | $ | 4,656.9 | $ | 4,650.6 | $ | 4,490.4 | $ | 4,577.3 | ||||||||||
Shareholders’ Equity | $ | 1,282.5 | $ | 1,285.4 | $ | 1,269.0 | $ | 1,280.2 | $ | 1,305.3 | ||||||||||
Recourse Leverage (2) | 3.6 | 3.6 | 3.7 | 3.5 | 3.5 |
Reconciliation of Total Assets to Total Assets (Including Off-Balance-Sheet Assets), Excluding Cash: | ||||||||||||||||||||
Total Assets | $ | 7,034.4 | $ | 6,839.5 | $ | 6,884.9 | $ | 6,894.2 | $ | 7,062.0 | ||||||||||
Less: cash | (367.0 | ) | (71.9 | ) | (131.5 | ) | (219.7 | ) | (233.5 | ) | ||||||||||
Add off-balance-sheet assets: | ||||||||||||||||||||
Rail North America | 566.1 | 557.2 | 530.9 | 488.7 | 447.3 | |||||||||||||||
ASC | 10.5 | 9.3 | 8.0 | 6.8 | 7.1 | |||||||||||||||
Total Assets, excluding cash | $ | 7,244.0 | $ | 7,334.1 | $ | 7,292.3 | $ | 7,170.0 | $ | 7,282.9 |
3/31/2015 | 6/30/2015 | 9/30/2015 | 12/31/2015 | 3/31/2016 | ||||||||||
Rail North America Statistics | ||||||||||||||
Lease Price Index (LPI) (1) | ||||||||||||||
Average renewal lease rate change | 43.2 | % | 36.3 | % | 25.6 | % | 20.5 | % | 6.4 | % | ||||
Average renewal term (months) | 59 | 54 | 60 | 43 | 34 | |||||||||
Fleet Rollforward (2) | ||||||||||||||
Beginning balance | 107,343 | 106,949 | 106,984 | 106,392 | 106,146 | |||||||||
Cars added | 1,013 | 823 | 620 | 1,306 | 811 | |||||||||
Cars scrapped | (261 | ) | (347 | ) | (396 | ) | (441 | ) | (743 | ) | ||||
Cars sold | (1,146 | ) | (441 | ) | (816 | ) | (1,111 | ) | (792 | ) | ||||
Ending balance | 106,949 | 106,984 | 106,392 | 106,146 | 105,422 | |||||||||
Utilization | 99.3 | % | 99.3 | % | 99.2 | % | 99.1 | % | 98.9 | % | ||||
Average active railcars | 106,541 | 106,211 | 105,896 | 105,294 | 104,505 | |||||||||
Boxcar Fleet | ||||||||||||||
Ending balance | 18,912 | 18,651 | 18,567 | 18,429 | 18,338 | |||||||||
Utilization | 92.8 | % | 97.3 | % | 96.6 | % | 97.7 | % | 97.1 | % | ||||
Rail Europe Statistics | ||||||||||||||
Fleet Rollforward | ||||||||||||||
Beginning balance | 22,451 | 22,497 | 22,483 | 22,745 | 22,923 | |||||||||
Cars added | 249 | 301 | 412 | 459 | 191 | |||||||||
Cars scrapped/sold | (203 | ) | (315 | ) | (150 | ) | (281 | ) | (255 | ) | ||||
Ending balance | 22,497 | 22,483 | 22,745 | 22,923 | 22,859 | |||||||||
Utilization | 95.9 | % | 95.5 | % | 95.7 | % | 95.8 | % | 95.1 | % | ||||
Average active railcars | 21,479 | 21,427 | 21,630 | 21,861 | 21,854 | |||||||||
Rail North America Industry Statistics | ||||||||||||||
Manufacturing Capacity Utilization Index (3) | 79.0 | % | 77.5 | % | 77.9 | % | 75.4 | % | 74.8% | |||||
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) | 0.3 | % | (3.8 | )% | (4.4 | )% | (6.1 | )% | (13.8 | )% | ||||
Year-over-year Change in U.S. Carloadings (chemical) (4) | 1.8 | % | 0.4 | % | 0.5 | % | 0.4 | % | 3.2 | % | ||||
Year-over-year Change in U.S. Carloadings (petroleum) (4) | 0.4 | % | (1.1 | )% | (5.9 | )% | (9.7 | )% | (20.9 | )% | ||||
Production Backlog at Railcar Manufacturers (5) | 138,856 | 135,805 | 122,591 | 111,019 | n/a (6) | |||||||||
American Steamship Company Statistics | ||||||||||||||
Total Net Tons Carried (millions) | 0.8 | 8.4 | 10.3 | 7.0 | 0.6 |
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