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Wall road expects a yr-over-12 months expand in income on bigger revenues when Laredo Petroleum (LPI) studies effects for the quarter ended December 2018. whereas this greatly-common consensus outlook is famous in gauging the enterprise's profits graphic, an impressive constituent that may impact its close-term inventory fee is how the specific effects examine to those estimates.
The inventory may movement higher if these key numbers top expectations within the upcoming revenue file, which is anticipated to be released on February 13. in spite of this, in the event that they omit, the stock might too stream lower.
whereas administration's dialogue of trade situations on the earnings summon will in universal verify the sustainability of the instant expense change and future revenue expectations, or not it's value having a handicapping insight into the chances of a positive EPS surprise.
Zacks Consensus Estimate
This oil and herbal gas company is expected to submit quarterly salary of $0.20 per share in its upcoming document, which represents a 12 months-over-12 months exchange of +5.three%.
Revenues are expected to be $242.59 million, up 0.9% from the yr-ago quarter.
Estimate Revisions style
The consensus EPS assess for the quarter has been revised forty four.forty four% reduce over the ultimate 30 days to the present degree. here's basically a mirrored image of how the overlaying analysts maintain at the identical time reassessed their initial estimates over this length.
buyers may silent preserve in reason that an aggregate alternate can too no longer at everything times reflect the direction of assess revisions through every of the covering analysts.
price, Consensus and EPS shock
Estimate revisions ahead of a company's earnings free up present clues to the trade conditions for the duration whose consequences are popping out. This insight is at the core of their proprietary shock prediction mannequin -- the Zacks salary ESP (expected shock Prediction).
The Zacks profits ESP compares essentially the most accurate assess to the Zacks Consensus assess for the quarter; probably the most accurate assess is a more fresh version of the Zacks Consensus EPS estimate. The thought here is that analysts revising their estimates reform earlier than an profits free up maintain the latest guidance, which may potentially be greater accurate than what they and others contributing to the consensus had estimated prior.
hence, a benign or negative revenue ESP analyzing theoretically shows the doubtless divergence of the specific income from the consensus estimate. youngsters, the mannequin's predictive vigour is great for high property ESP readings only.
a dependable income ESP is a powerful predictor of an salary beat, peculiarly when mixed with a Zacks Rank #1 (effective purchase), 2 (buy) or three (hang). Their analysis shows that shares with this composite yield a benign surprise just about 70% of the time, and an exceptional Zacks Rank in reality raises the predictive vim of profits ESP.
Please be watchful that a impoverished revenue ESP analyzing isn't indicative of an salary omit. Their analysis indicates that it is complicated to call an revenue beat with any degree of self assurance for shares with negative income ESP readings and/or Zacks Rank of four (promote) or 5 (effective sell).
How maintain the Numbers shaped Up for Laredo Petroleum?
For Laredo Petroleum, the most accurate assess is a similar because the Zacks Consensus Estimate, suggesting that there are not any contemporary analyst views which vary from what had been regarded to derive the consensus estimate. This has resulted in an revenue ESP of 0%.
then again, the stock currently consists of a Zacks Rank of #3.
So, this combination makes it intricate to conclusively call that Laredo Petroleum will beat the consensus EPS estimate.
Does salary surprise background dangle Any Clue?
Analysts frequently believe to what extent a company has been able to suit consensus estimates during the past whereas calculating their estimates for its future profits. So, or not it's value taking a ogle at the surprise background for gauging its impact on the upcoming number.
For the closing reported quarter, it become expected that Laredo Petroleum would publish earnings of $0.30 per share when it definitely produced earnings of $0.27, providing a surprise of -10%.
Over the closing 4 quarters, the enterprise has beaten consensus EPS estimates just once.
An income beat or pass over may no longer be the only existent groundwork for a inventory moving bigger or decrease. Many shares become losing floor despite an revenue beat due to other factors that disappoint investors. similarly, unforeseen catalysts assist a few shares profit regardless of an income miss.
That mentioned, having a bet on shares which are anticipated to beat revenue expectations does boost the chances of success. here's why it be worth checking a company's earnings ESP and Zacks Rank ahead of its quarterly unencumber. compose inescapable to compose the most of their profits ESP Filter to learn the optimal shares to purchase or promote earlier than they've reported.
Laredo Petroleum doesn't appear a compelling profits-beat candidate. although, traders should pay attention to different components too for making a bet on this inventory or staying faraway from it ahead of its salary liberate.
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PETALING JAYA: LPI Capital Bhd’s net income for the fourth quarter (this fall) ended Dec 31, 2018 grew marginally by 1.2% to RM84 million from RM83 million a year in the past partly due to the enhance in declare costs, mainly in medical and motor assurance courses.
LPI’s salary extended 7% to RM389.03 million from RM363.49 million in the previous corresponding quarter, above everything contributed by course of better top class written by its completely owned subsidiary Lonpac assurance Bhd.
The board has declared a 2nd period in-between dividend of 42 sen per share amounting to RM167.32 million. in conjunction with the primary period in-between dividend of 26 sen per share amounting to RM103.fifty eight million paid in August 2018, the proposed complete dividend payout for FY18 is RM270.9 million, representing 86.three% of the group’s internet profit and a 13.3% boost from the entire payout in FY17.
LPI told Bursa Malaysia that in q4, its shameful top class profits was up 8% to RM304.three million from RM281.eight million previously.
“Likewise, net earned top rate income for the period under overview registered a robust expand of 11.9% from RM227.1 million to RM254.1 million.”
The community’s full-yr web profit changed into flat at RM314.05 million compared with RM313.79 million a year in the past, while income rose 2.9% to RM1.fifty one billion from RM1.47 billion in the outdated corresponding period.
Lonpac observed the community more desirable its market status regardless of the incredibly aggressive market conditions and slower require for coverage closing year, with shameful top rate profits for the yr increased 3.4% to RM1.forty seven billion from RM1.42 billion written in the outdated yr.
fireplace coverage continues to be the core portfolio of company contributing 42.four% of its complete written top class.
LPI founder and chairman Tan Sri Dr Teh Hong Piow (graphics) spoke of Lonpac’s strategy of specializing in product development, enhancing distribution channels and collaborating with key companions will aid to continue turning out to be its market share within the gentle of the difficult economic atmosphere and additional liberalisation.
“The neighborhood will execute its trade plans, which prioritise possibility management, organic boom and consumer-centric focus of attention,“ he eminent in an announcement.
energy shares declined extensively on Wall road nowadays, with the sphere seeing an common decline of 0.8%.
greater extensively, the Dow Jones Industrial ordinary fell 0.8%, the Nasdaq declined 0.7% and the S&P 500 changed into down 0.8%.
probably the most largest gainers among power stocks encompass:
probably the most greatest losers among energy stocks include:
For greater tips on the finest stocks to purchase birthright now, check out the latest commentary on InvestorPlace.com.
And for greater on the scorching stocks relocating most on Wall street at this time, assume a ogle at their archive of day by day market movers by sector birthright here.
Editor’s observe: Returns for the quickest-relocating shares listed listed here are according to share expenses 20 minutes previous to booklet of this story.
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First Republic Bank (FRC) reported first-quarter 2014 adjusted earnings of 67 cents per share, beating the Zacks Consensus assess of 64 cents. However, the reported pattern compared unfavorably with 72 cents per share earned in the year-ago quarter.
Better-than-expected results were mainly driven by revenue growth, partially offset by a ascend in expenses. Capital force and solid franchise development were the other tailwinds.
Including inescapable one-time items, the company reported net income of $114.7 million, down 6.4% from the prior-year quarter. Net income available to the common shareholders was $100.8 million, down 12.2% from the prior-year quarter.
Performance in Detail
Total revenue was $362.2 million, up 7.8% year over year. Excluding the impact of purchase accounting, First Republic’s core revenue came in at $381.7 million, up 3.1% year over year but below the Zacks Consensus assess of $382.0 million.
First Republic’s net interest income increased 7.6% year over year to $320.7 million. Excluding the impact of purchase accounting, net interest income was $301.2 million, up 14.2% from the year-ago quarter.
However, core net interest margin fell 25 basis points (bps) year over year to 3.17%. Excluding the impact of purchase accounting, margin was 3.37%, down 50 bps year over year.
The company’s non-interest income came in at $61.0 million, down 15.6% year over year. The decline was primarily owing to a significant descend in proceeds from the sale of loans.
Non-interest expense was $213.4 million, up 17.4% year over year. An expand in salaries and employee benefits, expenses related to technology platform and professional fees primarily led to this rise.
Core efficiency ratio stood at 58.9% as compared with 54.1% in the prior-year quarter. Excluding the impact of purchase accounting, the ratio was 57.0% as against 50.4% in the prior-year quarter. An expand in efficiency ratio indicates decline in profitability.
First Republic’s credit property was mixed in the quarter under review. On a year-over-year basis, the provision for credit losses increased 9.5% to $7.1 million and total nonperforming assets rose 10.9 % to $55.3 million.Further, nonperforming assets to total assets ratio was 0.12%, down from 0.14% in the year-ago quarter. As of Dec 31, 2013, the ratio of net loan charge-offs to unprejudiced total loans was 0.01%, up from 0.00% the prior-year period.
Asset and Capital Position
During the reported quarter, First Republic’s capital ratios were a mixed bag. As of Mar 31, 2014, the company’s Tier 1 leverage ratio was 9.85% versus 9.36% as of Mar 31, 2013.
Tier 1 risk-based capital ratio was 14.07% compared with 13.53% as of Mar 31, 2013. Further, reserve value per share came in at $26.21, up from $22.97 at the near of the prior-year quarter.
Net loans increased 22.9% year over year to $34.4 billion as of Mar 31, 2014, while total deposits rose 25.0 % to $33.6 billion.
First Republic announced an expand in its quarterly cash dividend for the first quarter to 14 cents per share, which is payable on May 15, 2014 to shareholders of record as of May 1, 2014.
We hope First Republic’s growth gaining momentum owing to its equilibrium sheet strength. Moreover, ascend in loans and deposits witness the company’s dependable organic growth prospects.
However, higher interest expenses and non-interest expenses are causes of concern. An unsettled economic environment and stringent regulations are the other challenges.
First Republic currently carries a Zacks Rank #3 (Hold).
Among other Western banks, BBCN Bancorp, Inc. (BBCN) is scheduled to report first-quarter results on Apr 21, while SVB monetary Group (SIVB) and City National Corporation (CYN) are expected to report on Apr 24.
Read the full Research Report on CYNRead the full Research Report on SIVBRead the full Research Report on BBCNRead the full Research Report on FRC
Zacks Investment Research
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE:GMT) today reported 2015 third quarter net income of $39.5 million or $0.91 per diluted share, compared to net income of $51.3 million or $1.14 per diluted share in the third quarter of 2014. Net income through September 2015 was $147.1 million or $3.33 per diluted share, compared to $146.5 million or $3.18 per diluted share in the prior year period. The 2015 third quarter and year-to-date results include a net after-tax loss of $26.6 million, or $0.61 per diluted share related to the company’s decision to exit the majority of its marine investments within the Portfolio Management segment.
“The North American railcar leasing environment in 2015 has been consistent with their initial outlook,” said Brian A. Kenney, president and chief executive officer of GATX. “Certain North American car types, especially coal cars, are experiencing decreasing demand. However, GATX’s Lease expense Index, renewal metrics, and remarketing income everything remain strong. Rail North America’s utilization remains extremely high at 99.2%, reflecting the composition and term structure of GATX’s diverse fleet.”
“Rail International, particularly their European fleet, continues to achieve solid operating results. At American Steamship Company, benign weather conditions, higher water levels, and spot cargoes helped to partially offset softening require for iron ore on the Great Lakes.”
“During the third-quarter of 2015 they made a strategic decision to exit the majority of their marine investments within their Portfolio Management segment. Although their investments in inland marine assets historically performed very well for GATX, their investments in ocean-going vessels maintain experienced significant earnings volatility. Given that inland marine and ocean-going investments are no longer core to GATX, they are opting to monetize these investments. The investments in Rolls-Royce and Partners Finance are unaffected by this decision and these joint ventures continue to accomplish very well.”
Mr. Kenney concluded, “We hope their 2015 full-year earnings to be at the upper reach of their previously stated assess of $5.15 to $5.35 per diluted share, excluding any impact of the exit from Portfolio Management’s marine investments.”
“Looking longer-term, the growing over-supply of tank cars is decreasing tank car renewal rates and making it more difficult to status fresh tank cars delivering in 2016. Their early recognition of the impending changes in the tank car market was the backdrop for their strategy to lock in attractive lease rates for longer terms and maintain a disciplined investment strategy. As a result of this strategy, their committed lease revenues are at record levels, and this groundwork of stable cash flood will serve us well when the environment for more attractive investment opportunities develops.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $90.0 million in the third quarter of 2015, compared to $70.6 million in the third quarter of 2014. The expand in quarterly segment profit was primarily attributable to improved utilization and higher lease rates across the fleet.
Year to date, Rail North America reported segment profit of $280.7 million, compared to $237.3 million in the identical period of 2014. The expand in year-to-date segment profit was driven by increased lease revenue from higher lease rates as well as a nine-month contribution and higher utilization from the acquired boxcar fleet compared to six months at a lower utilization rate in the prior year.
At September 30, 2015, Rail North America’s wholly owned fleet was approximately 125,000 cars, including more than 18,500 boxcars. The following fleet statistics exclude the boxcar fleet.
Fleet utilization was 99.2% at the near of the third quarter, compared to 99.3% at the near of the prior quarter and 98.8% at the near of the third quarter of 2014. During the third quarter, the GATX Lease expense Index (“LPI”), a weighted unprejudiced lease renewal rate for a group of railcars representative of Rail North America's fleet, increased 25.6% over the weighted unprejudiced expiring lease rate. This compares to a 36.3% expand in the prior quarter and a 46.9% expand in the third quarter of 2014. A lackluster coal market continues to negatively impact GATX’s LPI. The unprejudiced lease renewal term for everything cars included in the LPI during the third quarter was 60 months, compared to 54 months in the prior quarter and 68 months in the third quarter of 2014. Asset remarketing income was approximately $10.5 million during the quarter, and total investment volume was nearly $98 million.
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s trade are provided on the ultimate page of this press release.
Rail International's segment profit was $15.5 million in the third quarter of 2015, compared to $19.7 million in the third quarter of 2014. Rail International reported segment profit of $56.4 million year-to-date 2015, compared to $59.8 million for the identical period in 2014. The dwindle in the segment profit was driven primarily by the effects of a weaker Euro. These strange exchange rate impacts maintain been partially offset by higher lease revenue and lower maintenance costs at GATX Rail Europe (“GRE”).
At September 30, 2015, GRE's fleet consisted of approximately 22,800 cars and utilization was 95.7%, compared to 95.5% at the near of the second quarter and 95.1% at the near of the third quarter of 2014.
Additional fleet statistics for GATX Rail Europe are provided on the ultimate page of this press release.
AMERICAN STEAMSHIP COMPANY
American Steamship Company (“ASC”) reported a segment profit of $10.9 million in the third quarter of 2015 compared to segment profit of $15.2 million in the third quarter of 2014. Segment profit year-to-date 2015 was $13.4 million, compared to $17.1 million year-to-date 2014. ASC carried 19.5 million net tons of cargo through the third quarter of 2015, compared to 19.6 million net tons in the prior year period. The dwindle in segment profit was driven by commodity and trade blend variances.
In the third quarter of 2015, Portfolio Management recorded a segment loss of $17.3 million, including a net pre-tax loss of approximately $42.5 million ($26.6 million after-tax) associated with the planned exit of the majority of Portfolio Management’s marine investments. The loss associated with this exit taken in the third quarter is expected to be partially offset by inland marine-related personality gains that they hope to achieve in the fourth quarter.
Segment profit year-to-date 2015 was $8.9 million, compared to $40.1 million year-to-date 2014. The dwindle in year-to-date segment profit was due to a net loss associated with the planned exit from Portfolio Management’s marine investments.
GATX Corporation (NYSE:GMT) strives to be recognized as the finest railcar leasing company in the world by its customers, its shareholders, its employees and the communities where it operates. As the largest global railcar lessor, GATX has been providing property railcars and services to its customers for more than 116 years. GATX has been headquartered in Chicago, Illinois, since its founding in 1898. For more information, delight visit the Company's website at www.gatx.com.
GATX Corporation will host a teleconference to dispute 2015 third-quarter results. summon details are as follows:
Thursday, October 22nd11:00 A.M. Eastern TimeDomestic Dial-In: 1-877-675-4753International Dial-In: 1-719-325-4810Replay: 1-888-203-1112 or 1-719-457-0820/Access Code: 216717
Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. delight access the summon 15 minutes prior to the start time. Following the call, a replay will be available on the identical site.
Forward-looking statements in this press release that are not historical facts are “forward-looking statements” within the import of the Private Securities Litigation Reform Act of 1995. These include statements that reflect their current views with respect to, among other things, future events, monetary performance and market conditions. In some cases, forward-looking statements can be identified by the employ of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Specific risks and uncertainties include, but are not limited to, (1) changes in regulatory requirements for tank cars carrying crude, ethanol, and other flammable liquids, (2) competitive factors in their primary markets, (3) inability to maintain their assets on lease at satisfactory rates, (4) feeble economic conditions, monetary market volatility, and other factors that may dwindle require for their assets and services, (5) changes to, or failure to comply with, laws, rules, and regulations applicable to their assets and operations, (6) operational disruption and increased costs associated with compliance maintenance programs and other maintenance initiatives, (7) monetary and operational risks associated with long-term railcar purchase commitments, (8) deterioration of conditions in the capital markets, reductions in their credit ratings, or increases in their financing costs, (9) events having an adverse impact on assets, customers, or regions where they maintain a great investment, (10) decreased require for inescapable railcars used in the petroleum industry due to sustained low crude-oil prices, (11) risks related to international operations and expansion into fresh geographic markets, (12) inadequate allowances to cover credit losses in their portfolio, (13) asset impairment charges they may be required to recognize, (14) environmental remediation costs or a negative outcome in their pending or threatened litigation, (15) inability to obtain cost-effective insurance, (16) fluctuations in strange exchange rates, (17) operational and monetary risks related to their affiliate investments, (18) reduced opportunities to generate asset remarketing income, (19) failure to successfully negotiate collective bargaining agreements with the unions representing a substantial portion of their employees, and (20) other risks discussed in their filings with the US Securities and Exchange Commission (SEC), including their figure 10-K for the year ended December 31, 2014, and their subsequently filed figure 10-Q reports, everything of which are available on the SEC’s website (www.sec.gov).
Investors should not status undue reliance on forward-looking statements, which discourse only as of the date they are made, and are not guarantees of future performance. The Company undertakes no obligation to publicly update or revise these forward-looking statements.
Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.
--Tabular Follow--GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data)
Three Months EndedSeptember 30
Nine Months EndedSeptember 302015 2014 2015 2014 Revenues Lease revenue $ 286.2 $ 279.1 $ 845.1 $ 804.0 Marine operating revenue 77.6 98.9 167.8 188.8 Other revenue 22.4 19.2 58.3 56.8 Total Revenues 386.2 397.2 1,071.2 1,049.6 Expenses Maintenance expense 83.9 85.6 242.4 242.7 Marine operating expense 48.5 64.8 114.7 134.4 Depreciation expense 75.0 71.9 217.9 201.7 Operating lease expense 22.3 27.4 65.4 81.6 Other operating expense 8.3 8.0 23.4 21.3 Selling, universal and administrative expense 44.4 45.8 134.7 133.4 Total Expenses 282.4 303.5 798.5 815.1 Other Income (Expense) Net (loss) gain on asset dispositions (4.5 ) 6.3 49.5 62.6 Interest expense, net (37.7 ) (38.1 ) (117.1 ) (119.6 ) Other expense (3.1 ) (3.1 ) (8.7 ) (11.4 ) Income before Income Taxes and share of Affiliates’ Earnings 58.5 58.8 196.4 166.1 Income Taxes (20.3 ) (19.9 ) (68.1 ) (54.2 ) Share of Affiliates’ Earnings (net of tax) 1.3 12.4 18.8 34.6 Net Income $ 39.5 $ 51.3 $ 147.1 $ 146.5 Share Data Basic earnings per share $ 0.92 $ 1.16 $ 3.38 $ 3.24 Average number of common shares 42.8 44.4 43.5 45.3 Diluted earnings per share $ 0.91 $ 1.14 $ 3.33 $ 3.18 Average number of common shares and common share equivalents 43.4 45.2 44.1 46.1 Dividends declared per common share $ 0.38 $ 0.33 $ 1.14 $ 0.99 GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED equilibrium SHEETS (UNAUDITED) (In millions) September 30 December 31 2015 2014 Assets Cash and Cash Equivalents $ 116.0 $ 209.9 Restricted Cash 15.5 14.5 Receivables Rent and other receivables 90.7 86.0 Loans 9.6 97.3 Finance leases 170.5 174.7 Less: allowance for losses (6.3 ) (5.7 ) 264.5 352.3 Operating Assets and Facilities 8,141.2 8,143.5 Less: allowance for depreciation (2,487.9 ) (2,455.5 ) 5,653.3 5,688.0 Investments in Affiliated Companies 364.1 357.7 Goodwill 81.4 86.1 Other Assets 409.9 229.0 Total Assets $ 6,904.7 $ 6,937.5 Liabilities and Shareholders’ Equity Accounts Payable and Accrued Expenses $ 148.7 $ 165.9 Debt Commercial paper and borrowings under bank credit facilities 18.1 72.1 Recourse 4,271.2 4,179.9 Nonrecourse 9.2 15.9 Capital lease obligations 3.6 6.3 4,302.1 4,274.2 Deferred Income Taxes 987.1 937.3 Other Liabilities 197.8 246.1 Total Liabilities 5,635.7 5,623.5 Total Shareholders’ Equity 1,269.0 1,314.0 Total Liabilities and Shareholders’ Equity $ 6,904.7 $ 6,937.5 GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2015 (In millions)
Portfolio GATX Rail N.A.
Rail Int’lASC Management Other Consolidated Revenues Lease revenue $ 234.9 $ 44.1 $ 1.1 $ 6.1 $ — $ 286.2 Marine operating revenue — — 61.7 15.9 — 77.6 Other revenue 20.3 1.7 — 0.4 — 22.4 Total Revenues 255.2 45.8 62.8 22.4 — 386.2 Expenses Maintenance expense 66.7 9.9 7.3 — — 83.9 Marine operating expense — — 36.7 11.8 — 48.5 Depreciation expense 54.5 11.1 4.7 4.7 — 75.0 Operating lease expense 20.6 (0.1 ) 1.8 — — 22.3 Other operating expense 6.8 1.1 — 0.4 — 8.3 Total Expenses 148.6 22.0 50.5 16.9 — 238.0 Other Income (Expense) Net gain (loss) on asset dispositions 11.5 0.5 — (16.5 ) — (4.5 ) Interest expense, net (27.0 ) (7.0 ) (1.4 ) (4.7 ) 2.4 (37.7 ) Other expense (1.2 ) (1.8 ) — — (0.1 ) (3.1 ) Share of affiliates’ earnings (pretax) (1) 0.1 — — (1.6 ) — (1.5 ) Segment Profit (Loss) $ 90.0 $ 15.5 $ 10.9 $ (17.3 ) $ 2.3 $ 101.4 Selling, universal and administrative expense 44.4 Income taxes (includes $2.8 tax capitalize related to affiliates’ earnings) 17.5 Net Income $ 39.5
Selected Data:Investment Volume $ 97.8 $ 40.9 $ 0.8 $ 1.9 $ 0.7 $ 142.1 Net Gain on Asset Dispositions
Asset Remarketing Income:Disposition gains on owned assets $ 10.2 $ — $ — $ 7.2 $ — $ 17.4 Residual sharing income 0.3 — — 7.3 — 7.6 Non-remarketing personality gains (2) 1.0 0.6 — — — 1.6 Asset impairment — (0.1 ) — (31.0 ) — (31.1 ) Total Net Gain on Asset Dispositions $ 11.5 $ 0.5 $ — $ (16.5 ) $ — $ (4.5 )
(1) Includes a $19.0 million impairment loss in the Portfolio Management segment.
(2) Includes scrapping gains.GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2014 (In millions)
Portfolio GATX Rail N.A.
Rail Int’lASC Management Other Consolidated Revenues Lease revenue $ 222.6 $ 47.9 $ 1.1 $ 7.5 $ — $ 279.1 Marine operating revenue — — 82.7 16.2 — 98.9 Other revenue 15.7 2.3 — 1.2 — 19.2 Total Revenues 238.3 50.2 83.8 24.9 — 397.2 Expenses Maintenance expense 65.7 11.0 8.9 — — 85.6 Marine operating expense — — 52.2 12.6 — 64.8 Depreciation expense 49.7 11.9 4.5 5.8 — 71.9 Operating lease expense 25.6 — 1.8 — — 27.4 Other operating expense 6.1 1.2 — 0.7 — 8.0 Total Expenses 147.1 24.1 67.4 19.1 — 257.7 Other Income (Expense) Net gain on asset dispositions 4.4 0.8 — 1.1 — 6.3 Interest expense, net (24.1 ) (6.0 ) (1.4 ) (5.8 ) (0.8 ) (38.1 ) Other expense (1.0 ) (1.1 ) 0.2 (1.4 ) 0.2 (3.1 ) Share of affiliates’ earnings (pretax) 0.1 (0.1 ) — 17.0 — 17.0 Segment Profit (Loss) $ 70.6 $ 19.7 $ 15.2 $ 16.7 $ (0.6 ) $ 121.6 Selling, universal and administrative expense 45.8 Income taxes (includes $4.6 related to affiliates’ earnings) 24.5 Net Income $ 51.3
Selected Data:Investment Volume $ 118.9 $ 45.6 $ 0.9 $ 5.0 $ 1.1 $ 171.5 Net Gain on Asset Dispositions
Asset Remarketing Income:Disposition gains on owned assets $ 1.2 $ — $ — $ — $ — $ 1.2 Residual sharing income 0.1 — — 1.1 — 1.2 Non-remarketing personality gains (1) 3.1 0.9 — — — 4.0 Asset impairment — (0.1 ) — — — (0.1 ) Total Net Gain on Asset Dispositions $ 4.4 $ 0.8 $ — $ 1.1 $ — $ 6.3
(1) Includes scrapping gains.GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2015 (In millions)
Portfolio GATX Rail N.A.
Rail Int’lASC Management Other Consolidated Revenues Lease revenue $ 694.3 $ 128.6 $ 3.1 $ 19.1 $ — $ 845.1 Marine operating revenue — — 119.7 48.1 — 167.8 Other revenue 51.8 5.3 — 1.2 — 58.3 Total Revenues 746.1 133.9 122.8 68.4 — 1,071.2 Expenses Maintenance expense 199.7 28.2 14.5 — — 242.4 Marine operating expense — — 77.7 37.0 — 114.7 Depreciation expense 160.1 32.6 9.6 15.6 — 217.9 Operating lease expense 62.0 — 3.5 — (0.1 ) 65.4 Other operating expense 18.1 3.5 — 1.8 — 23.4 Total Expenses 439.9 64.3 105.3 54.4 (0.1 ) 663.8 Other Income (Expense) Net gain (loss) on asset dispositions 54.4 6.5 — (11.4 ) — 49.5 Interest expense, net (76.1 ) (16.5 ) (4.0 ) (15.5 ) (5.0 ) (117.1 ) Other expense (4.2 ) (3.0 ) (0.1 ) — (1.4 ) (8.7 ) Share of affiliates’ earnings (pretax) (1) 0.4 (0.2 ) — 21.8 — 22.0 Segment Profit (Loss) $ 280.7 $ 56.4 $ 13.4 $ 8.9 $ (6.3 ) $ 353.1 Selling, universal and administrative expense 134.7 Income taxes (includes $3.2 related to affiliates’ earnings) 71.3 Net Income $ 147.1
Selected Data:Investment Volume $ 362.8 $ 110.1 $ 20.3 $ 2.2 $ 2.9 $ 498.3 Net Gain on Asset Dispositions
Asset Remarketing Income:Disposition gains on owned assets $ 51.1 $ — $ — $ 9.3 $ — $ 60.4 Residual sharing income 0.7 — — 10.3 — 11.0 Non-remarketing personality gains (2) 2.6 6.7 — — — 9.3 Asset impairment — (0.2 ) — (31.0 ) — (31.2 ) Total Net Gain on Asset Dispositions $ 54.4 $ 6.5 $ — $ (11.4 ) $ — $ 49.5
(1) Includes a $19.0 million impairment loss in the Portfolio Management segment.
(2) Includes scrapping gains.GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2014 (In millions) Portfolio GATX Rail N.A. Rail Int’l ASC Management Other Consolidated Revenues Lease revenue $ 635.7 $ 142.8 $ 3.2 $ 22.3 $ — $ 804.0 Marine operating revenue — — 145.2 43.6 — 188.8 Other revenue 46.4 6.7 — 3.7 — 56.8 Total Revenues 682.1 149.5 148.4 69.6 — 1,049.6 Expenses Maintenance expense 192.2 34.1 16.4 — — 242.7 Marine operating expense — — 97.9 36.5 — 134.4 Depreciation expense 140.3 35.4 8.9 17.1 — 201.7 Operating lease expense 78.2 — 3.5 — (0.1 ) 81.6 Other operating expense 16.1 3.6 — 1.6 — 21.3 Total Expenses 426.8 73.1 126.7 55.2 (0.1 ) 681.7 Other Income (Expense) Net gain (loss) on asset dispositions 53.1 5.8 (0.4 ) 4.1 — 62.6 Interest expense, net (74.0 ) (18.4 ) (4.2 ) (18.7 ) (4.3 ) (119.6 ) Other (expense) income (4.7 ) (3.8 ) — (1.1 ) (1.8 ) (11.4 ) Share of affiliates’ earnings (pretax) 7.6 (0.2 ) — 41.4 — 48.8 Segment Profit (Loss) $ 237.3 $ 59.8 $ 17.1 $ 40.1 $ (6.0 ) $ 348.3 Selling, universal and administrative expense 133.4 Income taxes (includes $14.2 related to affiliates’ earnings) 68.4 Net Income $ 146.5
Selected Data:Investment Volume $ 660.7 $ 127.2 $ 16.9 $ 17.0 $ 4.8 $ 826.6 Net Gain on Asset Dispositions
Asset Remarketing Income:Disposition gains on owned assets $ 40.5 $ 0.6 $ — $ 0.5 $ — $ 41.6 Residual sharing income 4.5 — — 3.5 — 8.0 Non-remarketing personality gains (1) 8.1 5.3 — — — 13.4 Asset impairment — (0.1 ) (0.4 ) 0.1 — (0.4 ) Total Net Gain on Asset Dispositions $ 53.1 $ 5.8 $ (0.4 ) $ 4.1 $ — $ 62.6
(1) Includes scrapping gains.GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except per share data)
Impact of Other Items on Net Income:Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014
Other ItemsDisposition of marine investments (26.6 ) — (26.6 ) — Total impact on Net Income $ (26.6 ) $ — $ (26.6 ) $ —
Impact of Other Items on Diluted Earnings per Share:Three Months Ended Nine Months Ended September 30 September 30 2015 2014 2015 2014
Other ItemsDisposition of marine investments (0.61 ) — (0.61 ) — Total impact on Diluted Earnings per Share $ (0.61 ) $ — $ (0.61 ) $ —
We highlight these items to allow for a more meaningful comparison of monetary performance between years and to provide transparency into the operating results of their business.GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) (Continued) 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015
Assets by Segment (includes off-balance-sheet assets)Rail North America $ 4,902.2 $ 4,939.9 $ 5,057.6 $ 5,081.2 $ 5,076.7 Rail International 1,220.1 1,193.0 1,029.1 1,075.2 1,101.2 ASC 304.2 298.3 283.8 317.0 304.9 Portfolio Management 814.2 811.4 792.1 793.4 730.7 Other 118.1 88.3 103.4 87.8 98.6 Total Assets, excluding cash $ 7,358.8 $ 7,330.9 $ 7,266.0 $ 7,354.6 $ 7,312.1
Capital StructureCommercial paper and bank credit facilities, net of unrestricted cash $ (0.2 ) $ (137.8 ) $ (348.6 ) $ (54.8 ) $ (97.9 ) On-balance-sheet recourse debt 4,081.8 4,179.9 4,443.8 4,208.1 4,271.2 On-balance-sheet nonrecourse debt 18.1 15.9 13.7 11.5 9.2 Off-balance-sheet recourse debt 562.9 566.7 527.4 519.1 493.5 Off-balance-sheet nonrecourse debt 52.9 51.1 49.2 47.4 45.4 Capital lease obligations 6.3 6.3 5.0 5.0 3.6 Total Borrowings, net of unrestricted cash $ 4,721.8 $ 4,682.1 $ 4,690.5 $ 4,736.3 $ 4,725.0 Total Recourse Debt (1) $ 4,650.8 $ 4,615.1 $ 4,627.6 $ 4,677.4 $ 4,670.4 Shareholders’ Equity $ 1,331.2 $ 1,314.0 $ 1,282.5 $ 1,285.4 $ 1,269.0 Recourse Leverage (2) 3.5 3.5 3.6 3.6 3.7
_________(1) Includes on- and off-balance-sheet recourse debt; capital lease obligations; commercial paper and bank credit facilities, net of unrestricted cash. (2) Calculated as total recourse debt / shareholder's equity.
Reconciliation of Total Assets to Total Assets (Including Off-Balance-Sheet Assets), Excluding Cash:Total Assets $ 6,816.3 $ 6,937.5 $ 7,056.4 $ 6,860.0 $ 6,904.7 Less: cash (73.3 ) (224.4 ) (367.0 ) (71.9 ) (131.5 ) Add off-balance-sheet assets: Rail North America 602.9 606.1 566.1 557.2 530.9 ASC 12.9 11.7 10.5 9.3 8.0 Total Assets, excluding cash $ 7,358.8 $ 7,330.9 $ 7,266.0 $ 7,354.6 $ 7,312.1 GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued) 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015
Rail North America StatisticsLease expense Index (LPI) (1) Average renewal lease rate change 46.9 % 39.2 % 43.2 % 36.3 % 25.6 % Average renewal term (months) 68 67 59 54 60 Fleet Rollforward (2) Beginning balance 106,894 107,387 107,343 106,949 106,984 Cars added 958 835 1,013 823 620 Cars scrapped (440 ) (202 ) (261 ) (347 ) (396 ) Cars sold (25 ) (677 ) (1,146 ) (441 ) (816 ) Ending balance 107,387 107,343 106,949 106,984 106,392 Utilization 98.8 % 99.2 % 99.3 % 99.3 % 99.2 % Average active railcars 105,755 106,569 106,541 106,211 105,896 Boxcar Fleet Ending balance 19,146 19,021 18,912 18,651 18,567 Utilization 91.3 % 92.7 % 92.8 % 97.3 % 96.6 %
Rail Europe StatisticsFleet Rollforward Beginning balance 21,684 21,960 22,451 22,497 22,483 Cars added 481 657 249 301 412 Cars scrapped/sold (205 ) (166 ) (203 ) (315 ) (150 ) Ending balance 21,960 22,451 22,497 22,483 22,745 Utilization 95.1 % 95.9 % 95.9 % 95.5 % 95.7 % Average active railcars 20,833 21,111 21,479 21,427 21,630
Rail North America Industry StatisticsManufacturing Capacity Utilization Index (3) 79.5 % 79.5 % 79.0 % 77.5 % 77.5 % Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) 3.6 % 3.9 % 0.3 % (3.8 )% (4.4 )% Year-over-year Change in U.S. Carloadings (chemical) (4) 1.5 % 1.2 % 1.8 % 0.4 % 0.5 % Year-over-year Change in U.S. Carloadings (petroleum) (4) 12.8 % 12.7 % 0.4 % (1.1 )% (5.9 )% Production Backlog at Railcar Manufacturers (5) 124,437 142,837 138,856 135,805 122,591
American Steamship Company StatisticsTotal Net Tons Carried (millions) 11.3 10.9 0.8 8.4 10.3
_________(1) GATX's Lease expense Index ("LPI") is an internally-generated trade indicator that measures lease rate pricing on renewals within their North American railcar fleet, excluding the boxcar fleet. The index is calculated using the weighted unprejudiced lease rate for a group of railcar types that GATX believes best represents its overall North American fleet, excluding boxcars. The unprejudiced renewal lease rate change is reported as the percentage change between the unprejudiced renewal lease rate and the unprejudiced expiring lease rate, weighted by fleet composition. The unprejudiced renewal lease term is reported in months and reflects the unprejudiced renewal lease term of railcar types in the LPI, weighted by fleet composition. (2) Excludes boxcar fleet. (3) As reported and revised by the Federal Reserve. (4) As reported by the Association of American Railroads (AAR). (5) As reported by the Railway Supply Institute (RSI).
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