GATX Corporation (NYSE:GATX) Q4 2022 Earnings Conference Call January 24, 2023 11:00 AM ET

Company Participants

Shari Hellerman - Head of Investor Relations

Bob Lyons - President and Chief Executive Officer

Tom Ellman - Executive Vice President and Chief Financial Officer

Paul Titterton - Executive Vice President and President of Rail North America

Conference Call Participants

Justin Long - Stephens Inc.

Matt Elkott - Cowen & Co.

Allison Poliniak - Wells Fargo

Bascome Majors - Susquehanna

Justin Bergner - Gabelli Funds

Operator

At this time, I'd like to welcome everyone to the GATX 2022 Fourth Quarter and Full Year Earnings Call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator instructions] Thank you.

Shari Hellerman, Head of Investor Relations, you may begin.

Shari Hellerman

Thank you, Chris. Good morning, everyone, and thank you for joining GATX's fourth quarter and 2022 year-end earnings conference call. I'm joined today by Bob Lyons, President and CEO; Tom Ellman, Executive Vice President and CFO; and Paul Titterton, Executive Vice President and President of Rail North America.

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statement. Actual results or trends could defer materially from those statements or forecasts. For more information, please refer to the risk factors included in our earnings release and those discussed in GATX's Form 10-K for 2021 and in our other filings with the SEC. GATX assumes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

I'll provide a quick overview of our 2022 fourth quarter and full year results. And then I'll turn it over to Bob for additional commentary on 2022, as well as our outlook for 2023. After that, we'll open the call up for questions.

Earlier today, GATX reported 2022 fourth quarter net income of $48.4 million or $1.36 per diluted share. This compares to 2021 fourth quarter net income of $61 million or $1.69 per diluted share. The 2022 fourth quarter results include a net negative impact from tax adjustments and other items, of $0.18 per diluted share.

The 2021 fourth quarter results include a net positive impact from tax adjustments and other items of $0.11 per diluted share. For the full year 2022, GATX reported net income of $155.9 million or $4.35 per diluted share. This compares to net income of $143.1 million or $3.98 per diluted share in 2021.