GATX reported net income from continuing operations of $150·5m for the year to December 31 2006, up from $105·6m in 2005. The aircraft leasing business was sold to improve the firm's risk profile, and rail, marine and industrial activities grew 'while maintaining our disciplined investment approach', said President & CEO Brian A Kenney.
Rail produced income of $116·4m, up from $81?7m in 2005 owing to an increase in the number of wagons on lease, higher rates and improved contributions from Europe.
Investment totalled $534m, up from $403m in 2005 and $490m in 2004, which was 'encouraging given the historically high price for new railcars and intense competition in the secondary market'. Acquisition of 6 302 wagons and scrapping of 3 975 brought GATX's North American fleet to more than 110 000 wagons on December 31, with utilisation up to 99% from 98% at the end of 2005.
