Thursday, GATX Corp. (GMT), a rental and services provider for rail, marine and industrial equipment markets, reported a significant decline in profit for the third quarter, as the prior year quarter included certain gain from European real estate, environmental reserves and interest swaps. Revenues were down from the prior year, reflecting significant reduction in Marine operating revenue and other income. The company maintained its full year earnings outlook.
GATX's net income dropped to $19.6 million or $0.42 per share from $73.9 million or $1.46 per share a year earlier. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the third quarter. Analysts' estimates typically exclude special items.
In the prior prior year, the company has recognised after-tax benefits of $24.4 million or $0.48 per share of income from the sale of real estate in Europe, a reversal of certain European environmental reserves, and unrealized gains related to certain interest rate swaps at GATX's AAE Cargo affiliate.
Revenues declined to $276.5 million from $380.4 million for the prior year period, as the marine operating revenue plunged to $36.3 million from $98.4 million a year earlier. The company's largest segment, lease segment income dropped to $223 million from $233.6 million for the year-ago period and asset re-marketing income came down to $3.1 million from $14.5 million a year earlier. Analysts were looking for revenues of $289.9 million for the quarter.
Total other costs and expenses declined to $135.4 from $194.9 for the same period last year, helped by a drop in marine operating expense to $25.8 million from $73.6 million a year-ago.
For the nine months, net income declined to $59.9 million or $1.24 per share from $165.9 million or $3.31 per share a year-ago and revenues declined to $822.1 million from $1.028 billion in the prior year.
Looking forward, Brian Kenney, president and chief executive officer said, "We continue to expect 2009 full-year earnings to be in the range of $2.00 per diluted share, excluding the unrealized losses noted above. Despite the market conditions, GATX is well positioned to manage through this downturn and is focused on strengthening our position in the market while generating attractive long-term returns for our shareholders."
For the full year, analysts expect the company to report earnings per share of $1.54
GMT is currently trading at $28.96, up 0.96 or 3.43% on volumes of 621.25 thousand on NYSE.
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