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BULLETIN: GATX Corp. Reports First-Quarter Results Apr 03
Standard & Poors, April 2003
Abstract
NEW YORK (Standard & Poor's) April 25, 2003--GATX Corp. (BBB-/Stable/A-3) reported net income of $1.8 million in the first quarter of 2003 versus a loss of $9.8 million in the prior-year period, which included a $34.9 million impairment charge. Standard & Poor's Ratings Services said its ratings and outlook on GATX remain unaffected by this announcement. The company's revenues have continued to be negatively affected by weak economic conditions that have resulted in lower lease rates throughout all its businesses. GATX Rail earned $9.6 million in the quarter versus a loss of $16.9 million in the prior-year period, which included the goodwill charge. Railcar utilization rose to 92% from 90%, but lease rates continued to remain under pressure. Financial Services'...
Companies mentioned in this report are: GATX Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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