GATX Corporation (NYSE:GATX) Q2 2024 Earnings Conference Call July 23, 2024 11:00 AM ET

Company Participants

Shari Hellerman - Head, Investor Relations
Bob Lyons - President & Chief Executive Officer
Tom Ellman - Executive Vice President & Chief Financial Officer
Paul Titterton - Executive Vice President & President, Rail North America

Conference Call Participants

Bascome Majors - Susquehanna
Justin Bergner - Gabelli Funds
Brendan McCarthy - Sidoti

Operator

Thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the GATX 2024 Second Quarter 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]

I would now like to turn the call over to Shari Hellerman, Head of Investor Relations at GATX. Please go ahead.

Shari Hellerman

Thank you, Angela. Good morning, and thank you for joining GATX's 2024 second quarter earnings call.

I'm joined today by Bob Lyons, President and Chief Executive Officer; Tom Ellman, Executive Vice President and Chief Financial Officer; and Paul Titterton, Executive Vice President and President of Rail North America.

As a reminder, 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 forecast. For more information, please refer to the risk factors included in our earnings release and those discussed in GATX's Form 10-K for 2023 and 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 2024 second quarter net income of $44.4 million, or $1.21 per diluted share. This compares to 2023 second quarter net income of $63.3 million, or $1.74 per diluted share. The 2024 second quarter results include a net negative impact of $8 million, or $0.22 per diluted share, from tax adjustments and other items. The 2023 second quarter results include a net positive impact of $0.2 million, or $0.01 per diluted share, from tax adjustments and other items.

Year-to-date 2024 net income was $118.7 million, or $3.25 per diluted share. This compares to $140.7 million, or $3.87 per diluted share, for the same period in 2023. The 2024 year-to-date results include a net negative impact of $7.4 million, or $0.20 per diluted share, from tax adjustments and other items. The 2023 year-to-date results include a net negative impact of $1.1 million, or $0.03 per diluted share, from tax adjustments and other items. These items are detailed in the supplemental information section of our earnings release.