GATX Corporation (NYSE:GATX) Q1 2022 Earnings Conference Call April 20, 2022 11:00 AM ET
Company Participants
Brian Kenney - President and Chief Executive Officer
Robert Lyons - Executive Vice President and President, Rail North America
Shari Hellerman - Director, Investor Relations
Thomas Ellman - Executive Vice President and Chief Financial Officer
Conference Call Participants
Justin Long - Stephens Inc
Bascome Majors - Susquehanna
Matt Elkott - Cowen and Company
Allison Poliniak - Wells Fargo
Marla Backer - Sidoti
Justin Bergner - Gabelli Funds
Operator
Good day, ladies, and gentlemen, and welcome to the GATX 2022 First Quarter Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Shari Hellerman, Director of Investor Relations. Please go ahead.
Shari Hellerman
Thank you, Kit (ph). Good morning, everyone. And thank you for joining GATX's 2022 first quarter earnings call. I'm joined today by Brian Kenney, President and CEO, Tom Ellman, Executive Vice President and CFO, and Bob Lyons, Executive Vice President and President of Rail North America. We begin our call this morning with an overview of our first quarter results, followed by prepared remarks by Brian and Bob. Afterwards, we'll open the call up for questions.
Before we begin, please note that some of the information you'll hear during our discussion today will consists 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. 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.
Today, GATX reported 2022 first-quarter net income of $75.8 million or $2.10 per diluted share. This compares to 2021, first quarter net income of $36.5 million or a $1.02 per diluted share. 2022 first quarter results include a net negative impact of $11.5 million or $0.32 per diluted share, which represents GATX's share of a net impairment charge at the Rolls-Royce & Partners Finance affiliates associated with aircraft spare engines in Russia.
Also included in the quarter was a net positive impact of $3 million or $0.08 per diluted share related to an enacted tax rate reduction in Austria. These items are detailed on Page 10 of our earnings release. Our first quarter results reflect strong demand for rail cars across our global rail businesses. At Rail North America, fleet utilization remained high at 99.3% and our renewal success rate was 80%. We have now seen seven consecutive quarters of sequential increases in absolute lease rates.