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BULLETIN: GATX Corp. Reports First-Quarter Results Apr 02
Standard & Poors, April 2002
Abstract
GATX Corp. (BBB/Negative/A-3) reported net income of $18.9 million from continuing operations in the first-quarter versus $4.4 million in the prior-year period. Standard & Poor's ratings and outlook on GATX remain unaffected by this announcement. Although earnings rose, several negative trends that have impacted the company since 2001 have continued. Total gross income at Financial Services declined by 23% due primarily to lower net lease and interest income, remarketing income, and warrant income of only $500,000 versus $15.3 million. At the same time, while GATX Rail's gross income rose by 7% due primarily to higher remarketing gains and increased joint venture income, this was offset somewhat by lower utilization (91% in versus 93% in North America) of its railcar fleet...
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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