Railcar lessor GATX today reported its income for the full year of 2012, profit was $137.3 million, or $2.88 per diluted share, jumping 24% from $110.8 million, or $2.35 per diluted share, in 2011.
In the fourth quarter of 2012, however, its profit was $29.7 million, or $0.62 per diluted share, down 6 percent compared with $31.6 million, or $0.67 per diluted share, in the fourth quarter of 2011.
Profit in the company’s North American segment was $59.8 million in the fourth quarter, increasing from $55.4 million in the fourth quarter of 2011. For the year, profit was $209.3 million, compared to $172.7 million in 2011.
“The North American rail market remains strong due to unprecedented demand for tank cars,” said Brian A. Kenney, president and CEO of GATX, in a written statement.
Income in the international segment was $10.5 million in the fourth quarter, compared with $6.7 million in the same quarter in 2011. In 2012, profit was $32.7 million, down from $60.7 million in 2011.
“Although the European freight car market remains weak, GATX’s European tank car fleet experienced higher lease rates and strong utilization throughout 2012,” Kenney said.