Gatx (GATX) Q1 FY2024 earnings: revenue $380 million, up 12.1% on the year

Gatx Corp. (GATX) reported revenue of $380 million for Q1 FY2024, the quarter ended 31 March 2024, up 12.1% on the same quarter a year earlier. Net income was $74 million, down 4.0% on the year, and diluted earnings per share $2.03. The figures are the company's own, from the 10-Q it filed with the SEC on 26 April 2024.

Revenue$380 millionup 12.1%

Net income$74 milliondown 4.0%

Diluted EPS$2.03

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	380	369	n/a	n/a
Selling, general and administrative	55.9	59.3	n/a	n/a
Operating income	114	97.8	n/a	n/a
Operating margin	30.0%	26.5%	n/a
Interest expense	77.8	72.6	n/a	n/a
Pre-tax income	73.2	48.1	n/a	n/a
Income tax	18.6	6.4	n/a	n/a
Effective tax rate	25.4%	13.3%	n/a
Net income	74.3	66.0	n/a	n/a
Net margin	19.6%	17.9%	n/a
Diluted EPS	$2.03	$1.81	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	97.6	120	n/a	n/a
Cash from investing	-312	-359	n/a	n/a
Cash from financing	245	484	n/a	n/a
Depreciation and amortisation	101	102	n/a	n/a
Share-based compensation	5.4	6.9	n/a	n/a
Buybacks	4.6	2.6	n/a	n/a
Dividends paid	22.0	19.9	n/a	n/a
Dividend per share	$0.58	n/a	n/a	n/a
Diluted shares, weighted	36m	36m	n/a	n/a
Shares outstanding at period end	36m	35m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,324	2,273	n/a	n/a
Debt	7,635	7,399	n/a	n/a
Other liabilities	1,620	1,654	n/a	n/a
Total liabilities and equity	11,579	11,326	n/a	n/a
Fixed assets	9,620	9,411	n/a	n/a
Goodwill	118	120	n/a	n/a
Investments	n/a	0.0	n/a	n/a
Loans	228	218	n/a	n/a
Cash and equivalents	479	451	n/a	n/a
Receivables	n/a	218	n/a	n/a
Other assets	1,135	907	n/a	n/a
Total assets	11,579	11,326	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	360	369	380	387	405	414	422	430	439	449	584	580
SG&A	51.0	59.3	55.9	58.6	57.2	64.6	56.6	58.2	66.2	71.6	71.3	69.2
Operating income	103	97.8	114	110	127	123	134	137	127	135	173	160
Operating margin	29%	27%	30%	28%	31%	30%	32%	32%	29%	30%	30%	28%
Interest expense	68.1	72.6	77.8	82.8	88.9	91.5	94.9	96.2	n/a	n/a	n/a	n/a
Pre-tax income	53.6	48.1	73.2	42.2	85.5	60.5	70.1	80.5	58.6	69.9	79.5	99.8
Tax rate	27%	13%	25%	25%	27%	13%	24%	26%	28%	13%	27%	26%
Net income	52.5	66.0	74.3	44.4	89.0	76.5	78.6	75.5	82.2	97.0	85.5	103
Net margin	15%	18%	20%	11%	22%	19%	19%	18%	19%	22%	15%	18%
Diluted EPS	$1.44	$1.81	$2.03	$1.21	$2.43	$2.10	$2.15	$2.06	$2.25	$2.66	$2.35	$2.84
Operating cash flow	142	120	97.6	138	160	206	124	161	218	144	199	276
Buybacks	0.0	2.6	4.6	4.3	12.9	0.1	1.9	15.2	1.5	46.4	3.8	47.6
Dividends paid	19.9	19.9	22.0	21.0	20.9	20.9	23.5	22.2	22.1	22.0	25.2	23.8
Shares outstanding	35m	35m	36m	36m	36m	36m	36m	36m	36m	35m	36m	35m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 26 April 2024, accession 0000040211-24-000039: the filing on EDGAR. All of Gatx Corp.'s filings: EDGAR company page.

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