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BULLETIN: GATX Corp. Reports Second-Quarter Results Jul 03
Standard & Poors, July 2003
Abstract
NEW YORK (Standard & Poor's) July 29, 2003--GATX Corp. (BBB-/Stable/A-3) reported net income of $24.8 million in the first quarter of 2003, compared with $20.4 million in first-quarter 2002. Earnings benefited from $5.1 million related to the sale of a fully reserved Air Canada unsecured note and $2.7 million from an insurance recovery on previously expensed litigation-related charges. Standard & Poor's Ratings Services said its ratings and outlook 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's earnings rose slightly to $12.9 million, from $12.2 million a year earlier, as utilization rose to 93% at June 30, 2003,...
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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