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BULLETIN: GATX Corp. Reports Second-Quarter Results Jul 02
Standard & Poors, July 2002
Abstract
GATX Corp. (BBB/Negative/A-3) reported net income of $20.4 million in the second quarter of 2002 versus $21.6 million (excluding special items) in the prior-year period. 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 impacted by weak economic conditions that have resulted in lower lease rates throughout all its businesses. However, this has been mitigated somewhat by reduced expenses, particularly selling, general, and administrative. Utilization of the company's North American railcar fleet was flat at 92%, with earnings in this segment also flat at $12.2 million. Financial Services' earnings rose to $15.1 million from $13.5 million (excluding special items) in the prior-year period. Higher...
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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