New York | 1-2328 | 36-1124040 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
¨ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | 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 25, 2013, reporting GATX Corporation's financial results for the quarter ended March 31, 2013. | Filed Electronically |
Three Months Ended March 31 | ||||||||
2013 | 2012 | |||||||
Revenues | ||||||||
Lease revenue | $ | 237.2 | $ | 225.5 | ||||
Marine operating revenue | 18.5 | 17.5 | ||||||
Other revenue | 16.6 | 13.5 | ||||||
Total Revenues | 272.3 | 256.5 | ||||||
Expenses | ||||||||
Maintenance expense | 66.7 | 60.9 | ||||||
Marine operating expense | 16.6 | 13.5 | ||||||
Depreciation expense | 57.9 | 55.7 | ||||||
Operating lease expense | 32.3 | 31.4 | ||||||
Other operating expense | 5.3 | 3.7 | ||||||
Selling, general and administrative expense | 42.0 | 38.1 | ||||||
Total Expenses | 220.8 | 203.3 | ||||||
Other Income (Expense) | ||||||||
Net gain on asset dispositions | 16.7 | 28.0 | ||||||
Interest expense, net | (40.9 | ) | (42.6 | ) | ||||
Other expense | (1.1 | ) | (0.6 | ) | ||||
Income before Income Taxes and Share of Affiliates’ Earnings | 26.2 | 38.0 | ||||||
Income Taxes | (7.5 | ) | (10.8 | ) | ||||
Share of Affiliates’ Earnings (net of tax) | 8.4 | 3.1 | ||||||
Net Income | $ | 27.1 | $ | 30.3 | ||||
Share Data | ||||||||
Basic earnings per share | $ | 0.58 | $ | 0.65 | ||||
Average number of common shares | 46.9 | 46.7 | ||||||
Diluted earnings per share | $ | 0.57 | $ | 0.64 | ||||
Average number of common shares and common share equivalents | 47.7 | 47.5 | ||||||
Dividends declared per common share | $ | 0.31 | $ | 0.30 |
March 31 2013 | December 31 2012 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 321.1 | $ | 234.2 | ||||
Restricted Cash | 26.9 | 29.7 | ||||||
Receivables | ||||||||
Rent and other receivables | 66.5 | 88.4 | ||||||
Loans | 34.1 | 27.2 | ||||||
Finance leases | 239.5 | 245.7 | ||||||
Less: allowance for losses | (4.3 | ) | (4.6 | ) | ||||
335.8 | 356.7 | |||||||
Operating Assets and Facilities | 6,918.2 | 6,855.2 | ||||||
Less: allowance for depreciation | (2,224.7 | ) | (2,200.8 | ) | ||||
4,693.5 | 4,654.4 | |||||||
Investments in Affiliated Companies | 485.5 | 502.0 | ||||||
Goodwill | 89.8 | 91.7 | ||||||
Other Assets | 192.1 | 186.7 | ||||||
Total Assets | $ | 6,144.7 | $ | 6,055.4 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Accounts Payable and Accrued Expenses | $ | 151.7 | $ | 177.4 | ||||
Debt | ||||||||
Commercial paper and borrowings under bank credit facilities | 120.3 | 273.6 | ||||||
Recourse | 3,483.5 | 3,152.4 | ||||||
Nonrecourse | 127.9 | 130.6 | ||||||
Capital lease obligations | 10.1 | 11.3 | ||||||
3,741.8 | 3,567.9 | |||||||
Deferred Income Taxes | 789.3 | 783.0 | ||||||
Other Liabilities | 238.4 | 282.9 | ||||||
Total Liabilities | 4,921.2 | 4,811.2 | ||||||
Total Shareholders’ Equity | 1,223.5 | 1,244.2 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 6,144.7 | $ | 6,055.4 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 183.8 | $ | 43.0 | $ | 1.1 | $ | 9.3 | $ | — | $ | 237.2 | ||||||||||||
Marine operating revenue | — | — | 12.3 | 6.2 | — | 18.5 | ||||||||||||||||||
Other revenue | 13.8 | 2.2 | — | 0.6 | — | 16.6 | ||||||||||||||||||
Total Revenues | 197.6 | 45.2 | 13.4 | 16.1 | — | 272.3 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 54.6 | 11.5 | 0.6 | — | — | 66.7 | ||||||||||||||||||
Marine operating expense | — | — | 9.8 | 6.8 | — | 16.6 | ||||||||||||||||||
Depreciation expense | 42.3 | 10.1 | — | 5.5 | — | 57.9 | ||||||||||||||||||
Operating lease expense | 32.3 | — | — | — | — | 32.3 | ||||||||||||||||||
Other operating expense | 4.0 | 0.9 | — | 0.4 | — | 5.3 | ||||||||||||||||||
Total Expenses | 133.2 | 22.5 | 10.4 | 12.7 | — | 178.8 | ||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain on asset dispositions | 10.2 | 1.2 | — | 5.3 | — | 16.7 | ||||||||||||||||||
Interest expense, net | (25.7 | ) | (5.6 | ) | (1.6 | ) | (6.7 | ) | (1.3 | ) | (40.9 | ) | ||||||||||||
Other income (expense) | (0.8 | ) | 0.5 | (0.6 | ) | — | (0.2 | ) | (1.1 | ) | ||||||||||||||
Share of affiliates’ earnings (pretax) | 2.2 | (0.2 | ) | — | 10.5 | — | 12.5 | |||||||||||||||||
Segment Profit (Loss) | $ | 50.3 | $ | 18.6 | $ | 0.8 | $ | 12.5 | $ | (1.5 | ) | $ | 80.7 | |||||||||||
Selling, general and administrative expense | 42.0 | |||||||||||||||||||||||
Income taxes ($4.1 million related to affiliates’ earnings) | 11.6 | |||||||||||||||||||||||
Net Income | $ | 27.1 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 85.7 | $ | 44.3 | $ | 3.2 | $ | 16.0 | $ | 0.7 | $ | 149.9 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 1.6 | $ | — | $ | — | $ | 4.2 | $ | — | $ | 5.8 | ||||||||||||
Residual sharing income | 2.8 | — | — | 1.1 | — | 3.9 | ||||||||||||||||||
Non-remarketing disposition gains (a) | 6.5 | 1.4 | — | — | — | 7.9 | ||||||||||||||||||
Asset impairment | (0.7 | ) | (0.2 | ) | — | — | — | (0.9 | ) | |||||||||||||||
Total Net Gain on Asset Dispositions | $ | 10.2 | $ | 1.2 | $ | — | $ | 5.3 | $ | — | $ | 16.7 |
(a) | Includes scrapping gains |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 174.6 | $ | 40.0 | $ | 1.1 | $ | 9.8 | $ | — | $ | 225.5 | ||||||||||||
Marine operating revenue | — | — | 10.7 | 6.8 | — | 17.5 | ||||||||||||||||||
Other revenue | 11.8 | 0.9 | — | 0.8 | — | 13.5 | ||||||||||||||||||
Total Revenues | 186.4 | 40.9 | 11.8 | 17.4 | — | 256.5 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 48.0 | 12.5 | 0.4 | — | — | 60.9 | ||||||||||||||||||
Marine operating expense | — | — | 7.7 | 5.8 | — | 13.5 | ||||||||||||||||||
Depreciation expense | 41.7 | 8.6 | — | 5.4 | — | 55.7 | ||||||||||||||||||
Operating lease expense | 31.4 | — | — | 0.1 | (0.1 | ) | 31.4 | |||||||||||||||||
Other operating expense | 4.4 | 1.1 | (0.2 | ) | (1.6 | ) | — | 3.7 | ||||||||||||||||
Total Expenses | 125.5 | 22.2 | 7.9 | 9.7 | (0.1 | ) | 165.2 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain on asset dispositions | 16.0 | 0.9 | — | 11.1 | — | 28.0 | ||||||||||||||||||
Interest expense, net | (25.8 | ) | (6.4 | ) | (1.8 | ) | (7.2 | ) | (1.4 | ) | (42.6 | ) | ||||||||||||
Other income (expense) | (1.9 | ) | (1.8 | ) | — | 2.9 | 0.2 | (0.6 | ) | |||||||||||||||
Share of affiliates’ earnings (pretax) | 1.5 | (3.5 | ) | — | 7.5 | — | 5.5 | |||||||||||||||||
Segment Profit (Loss) | $ | 50.7 | $ | 7.9 | $ | 2.1 | $ | 22.0 | $ | (1.1 | ) | $ | 81.6 | |||||||||||
Selling, general and administrative expense | 38.1 | |||||||||||||||||||||||
Income taxes ($2.4 million related to affiliates’ earnings) | 13.2 | |||||||||||||||||||||||
Net Income | $ | 30.3 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 98.9 | $ | 44.8 | $ | 5.9 | $ | 3.1 | $ | 1.0 | $ | 153.7 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 10.4 | $ | — | $ | — | $ | 7.8 | $ | — | $ | 18.2 | ||||||||||||
Residual sharing income | 0.4 | — | — | 3.0 | — | 3.4 | ||||||||||||||||||
Non-remarketing disposition gains (a) | 5.2 | 1.2 | — | — | — | 6.4 | ||||||||||||||||||
Asset impairment | — | (0.3 | ) | — | 0.3 | — | — | |||||||||||||||||
Total Net Gain on Asset Dispositions | $ | 16.0 | $ | 0.9 | $ | — | $ | 11.1 | $ | — | $ | 28.0 |
(a) | Includes scrapping gains |
Three Months Ended March 31 | |||||||
2013 | 2012 | ||||||
Tax adjustments | $ | — | $ | — | |||
Other Items | |||||||
Interest rate swaps at AAE (a) | (1.3 | ) | (2.2 | ) | |||
Total impact on net income | $ | (1.3 | ) | $ | (2.2 | ) |
Three Months Ended March 31 | |||||||
2013 | 2012 | ||||||
Tax adjustments | $ | — | $ | — | |||
Other Items | |||||||
Interest rate swaps at AAE (a) | (0.03 | ) | (0.05 | ) | |||
Total impact on diluted earnings per share | $ | (0.03 | ) | $ | (0.05 | ) |
(a) | Unrealized losses recognized on certain interest rate swaps at AAE Cargo AG, an affiliate of Rail International. |
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | ||||||||||||||||
Assets by Segment (includes off-balance-sheet assets) | ||||||||||||||||||||
Rail North America | $ | 4,315.1 | $ | 4,361.1 | $ | 4,340.6 | $ | 4,427.1 | $ | 4,399.3 | ||||||||||
Rail International | 955.5 | 935.6 | 984.5 | 1,070.1 | 1,076.9 | |||||||||||||||
ASC | 274.2 | 324.6 | 312.7 | 305.1 | 291.5 | |||||||||||||||
Portfolio Management | 808.6 | 802.5 | 812.9 | 789.6 | 763.5 | |||||||||||||||
Other | 81.1 | 79.2 | 81.9 | 84.1 | 82.7 | |||||||||||||||
Total Assets, Excluding Cash | $ | 6,434.5 | $ | 6,503.0 | $ | 6,532.6 | $ | 6,676.0 | $ | 6,613.9 | ||||||||||
Capital Structure | ||||||||||||||||||||
Commercial paper and bank credit facilities, | ||||||||||||||||||||
Net of Unrestricted Cash | $ | 35.0 | $ | (127.2 | ) | $ | (214.5 | ) | $ | 39.4 | $ | (200.8 | ) | |||||||
On-balance-sheet recourse debt | 3,141.4 | 3,328.2 | 3,347.4 | 3,152.4 | 3,483.5 | |||||||||||||||
On-balance-sheet nonrecourse debt | 146.3 | 136.5 | 133.3 | 130.6 | 127.9 | |||||||||||||||
Off-balance-sheet recourse debt | 646.3 | 678.9 | 706.1 | 730.1 | 667.2 | |||||||||||||||
Off-balance-sheet nonrecourse debt | 168.2 | 163.9 | 159.7 | 154.4 | 150.0 | |||||||||||||||
Capital lease obligations | 13.2 | 12.5 | 11.3 | 11.3 | 10.1 | |||||||||||||||
Total Borrowings, Net of Unrestricted Cash | $ | 4,150.4 | $ | 4,192.8 | $ | 4,143.3 | $ | 4,218.2 | $ | 4,237.9 | ||||||||||
Total Recourse Debt (a) | $ | 3,835.9 | $ | 3,892.4 | $ | 3,850.3 | $ | 3,933.2 | $ | 3,960.0 | ||||||||||
Shareholders’ Equity | $ | 1,175.5 | $ | 1,170.7 | $ | 1,225.4 | $ | 1,244.2 | $ | 1,223.5 | ||||||||||
Recourse Leverage (b) | 3.3 | 3.3 | 3.1 | 3.2 | 3.2 |
(a) | Includes on- and off-balance-sheet recourse debt; capital lease obligations; commercial paper and bank credit facilities, net of unrestricted cash. |
(b) | Calculated as total recourse debt / shareholder's equity. |
Reconciliation of Total Assets to Total Assets (Including Off-Balance-Sheet Assets), Excluding Cash: | ||||||||||||||||||||
Total Assets | $ | 5,792.9 | $ | 5,917.9 | $ | 6,125.1 | $ | 6,055.4 | $ | 6,144.7 | ||||||||||
Less: cash | (172.9 | ) | (257.7 | ) | (458.3 | ) | (263.9 | ) | (348.0 | ) | ||||||||||
Add off-balance-sheet assets: | ||||||||||||||||||||
Rail North America | 813.7 | 819.5 | 843.6 | 863.5 | 797.3 | |||||||||||||||
ASC | — | 23.3 | 22.2 | 21.0 | 19.9 | |||||||||||||||
Portfolio Management | 0.8 | — | — | — | — | |||||||||||||||
Total Assets, Excluding Cash | $ | 6,434.5 | $ | 6,503.0 | $ | 6,532.6 | $ | 6,676.0 | $ | 6,613.9 |
3/31/2012 | 6/30/2012 | 9/30/2012 | 12/31/2012 | 3/31/2013 | |||||||||||
Rail North America Statistics (wholly-owned fleet) | |||||||||||||||
Lease Price Index (LPI) (a) | |||||||||||||||
Average renewal lease rate change | 19.2 | % | 23.9 | % | 26.4 | % | 32.3 | % | 30.8 | % | |||||
Average renewal term (months) | 55 | 59 | 59 | 65 | 65 | ||||||||||
Fleet Rollforward | |||||||||||||||
Beginning balance | 109,070 | 109,116 | 109,187 | 109,162 | 109,551 | ||||||||||
Cars added | 1,223 | 1,385 | 858 | 1,106 | 988 | ||||||||||
Cars scrapped | (544 | ) | (591 | ) | (544 | ) | (366 | ) | (810 | ) | |||||
Cars sold | (633 | ) | (723 | ) | (339 | ) | (351 | ) | (92 | ) | |||||
Ending balance | 109,116 | 109,187 | 109,162 | 109,551 | 109,637 | ||||||||||
Utilization | 98.5 | % | 98.3 | % | 98.2 | % | 97.9 | % | 97.8 | % | |||||
Average active railcars | 107,328 | 107,452 | 107,224 | 107,062 | 106,964 | ||||||||||
Rail International Statistics (wholly-owned fleet) | |||||||||||||||
Fleet Rollforward | |||||||||||||||
Beginning balance | 20,927 | 21,064 | 21,209 | 21,314 | 21,840 | ||||||||||
Cars added | 304 | 273 | 355 | 650 | 361 | ||||||||||
Cars scrapped/sold | (167 | ) | (128 | ) | (250 | ) | (124 | ) | (305 | ) | |||||
Ending balance | 21,064 | 21,209 | 21,314 | 21,840 | 21,896 | ||||||||||
Utilization | 96.7 | % | 96.3 | % | 96.6 | % | 95.1 | % | 95.5 | % | |||||
Average active railcars | 20,356 | 20,386 | 20,490 | 20,635 | 20,817 | ||||||||||
Rail Industry Statistics | |||||||||||||||
Manufacturing Capacity Utilization Index (b) | 77.3 | % | 78.8 | % | 78.4 | % | 77.7 | % | 78.5 | % | |||||
Year-over-year Change in U.S. Carloadings (excl. intermodal) (c) | (2.5 | )% | (2.9 | )% | (2.5 | )% | (3.1 | )% | (3.0 | )% | |||||
Year-over-year Change in U.S. Carloadings (chemical) (c) | (1.3 | )% | (1.2 | )% | (1.1 | )% | (0.8 | )% | (1.5 | )% | |||||
Year-over-year Change in U.S. Carloadings (petroleum) (c) | 28.4 | % | 38.2 | % | 42.6 | % | 46.3 | % | 57.2 | % | |||||
Production Backlog at Railcar Manufacturers (d) | 60,191 | 58,674 | 61,400 | 60,244 | 71,704 | ||||||||||
American Steamship Company Statistics | |||||||||||||||
Total Net Tons Carried (millions) | 1.3 | 9.2 | 10.4 | 8.8 | 1.5 |
(a) | Our Lease Price Index ("LPI") is an internally-generated business indicator that measures general lease rate pricing on renewals within our North American railcar fleet. We calculate the index using the weighted average lease rate for a group of railcar types that we believe best represents our overall North American fleet. In addition to our LPI, we use this representative group of North American railcars to calculate an average renewal lease rate change and an average renewal term. The average renewal lease rate change is the percentage change between the weighted average renewal lease rate and the weighted average expiring lease rate. The average renewal lease term index is reported in months. It reflects the average renewal lease term of railcar types in the LPI weighted by fleet composition. |
(b) | As reported and revised by the Federal Reserve. |
(c) | As reported by the Association of American Railroads (AAR). |
(d) | As reported by the Railway Supply Institute (RSI). |
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