GATX Corporation (NYSE:GATX) Q2 2022 Earnings Conference Call July 21, 2022 11:00 AM ET
Company Participants
Shari Hellerman - Head of IR
Paul Titterton - EVP and President of Rail North America
Robert Lyons - President and CEO
Thomas Ellman - EVP and CFO
Conference Call Participants
Allison Poliniak - Wells Fargo
Justin Long - Stephens
Matt Elkott - Cowen
Marla Backer - Sidoti
Justin Bergner - Gabelli Funds
Bascome Majors - Susquehanna
Steve Barger - KeyBanc Capital Markets
Operator
Good day, ladies and gentlemen, and welcome to the GATX 2022 Second Quarter Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Shari Hellerman, Head of Investor Relations. Please go ahead, ma'am.
Shari Hellerman
Thank you, Kyle. Good morning, and thank you for joining GATX's 2022 second quarter earnings 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 statements. Actual results or trends could differ 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. Earlier today GATX reported 2022 second quarter net income of $2.6 million or $0.07 per diluted share.
The 2022 second quarter results include a net negative impact of $31.5 million or $0.87 per diluted share related to an impairment associated with our decision to sell five marine vessels. These vessels represent the remainder of a legacy business that is not core to our operations.
The 2022 second quarter results also include a net negative impact of $4.4 million or $0.12 per diluted share related to an environmental remediation reserve associated with a previously owned property that GATX sold nearly 50 years ago. This reserve also marks the end of what had been a small bit long environmental sale at the site.
Year-to-date 2022, we reported net income of $78.4 million or $2.18 per diluted share. The 2022 year-to-date results include net negative impacts of $44.4 million or $1.23 per diluted share from tax adjustments and other items. In 2021, second quarter net income was $5.5 million or $0.15 per diluted share and year-to-date net income was $42 million or $1.17 per diluted share.