CHICAGO – GATX Corp. reports 2014 third quarter net income of $51.3 million or $1.14 per diluted share, compared to net income of $53.8 million or $1.15 per diluted share in the third quarter of 2013. The 2013 third quarter results include a benefit of $2.8 million, or $0.06 per diluted share, from tax adjustments and other items. In spite of the net drop, the company has seen a 21 percent jump in North American rail business profits, compared to the same period in 2013.

"Broadening strength in the North American railcar market, growing railcar manufacturing backlogs and decreasing railroad velocities all contributed to Rail North America’s impressive performance in the third quarter," says President and CEO Brian A. Kenney. “In Europe, the prolonged economic weakness is impacting the pace at which new and existing tank cars are placed with customers. GATX Rail Europe continues to scrap its older cars and replace them with new ones. Investment volume through the end of the third quarter was more than $120 million in Europe."

North American rail business saw segment profit of $70.6 million in the third quarter of 2014, compared to $57.9 million in the third quarter of 2013. The increase in quarterly segment profit was driven by higher lease revenue resulting from higher lease rates and contributions from the recently acquired boxcar fleet.

At Sept. 30, 2014, GATX Rail North America’s wholly owned fleet was about 127,000 cars, including about 19,000 boxcars. Excluding the boxcar fleet, fleet utilization was 98.8 percent at the end of the third quarter, compared to 98.6 percent at the end of the prior quarter and 98.5 percent at the end of the third quarter of 2013.

In the international rail operations segment, profit was $19.7 million in the third quarter of 2014, compared to $34.8 million in the third quarter of 2013. At Sept. 30, 2014, GATX Rail Europe's fleet consisted of approximately 22,000 railcars and utilization was 95.1 percent, compared to 95.6 percent at the end of the second quarter and 96.3 percent at the end of the third quarter of 2013.