GATX (GATX.N): GATX 2Q Preview/Takes from CFO/IR Mtg.: Buy the dip on rate hike resilience; Incremental lease rate/remarketing strength

研报英文原文证据摘录

GATX (GATX.N): GATX 2Q Preview/Takes from CFO/IR Mtg.: Buy the dip on rate hike resilience; Incremental lease rate/remarketing strength

GATX (GATX.N)

10 July 2026 Citi Research

Key Drivers & Key Debates

Figure 1. Both commodity (industrial) and intermodal (consumer) carloads have been stronger for the North American

Class 1 Rails in 2Q vs. the last 3yrs (and stronger-than-expected), a positive read for GATX

Class 1 Commodity (Industrial) Carloads Class 1 Intermodal (Consumer) Carloads

455,000 435,000

435,000 415,000

415,000 395,000

395,000 375,000

355,000

375,000

335,000

355,000 315,000

335,000 295,000

315,000 275,000

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53

Week Week

2023 2024 2025 2026 2023 2024 2025 2026

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Source: Citi Research, Company Reports

Remarketing expected to normalize in balance of year: The 1Q beat was in-part

driven by higher-than-expected Rail North America legacy GATX remarketing

income, partly offset by lower-than-expected Brookfield JV and Engine Leasing

RRPF remarketing. We expect remarketing for all three segments to gradually

normalize in the balance of the year, but see continued strength on sustained

industry supply-side support, with the recent Greenbrier read on stepped-down

railcar manufacturing providing an indication on continued demand for used

railcars. For the year, we anticipate Rail NA legacy GATX remarketing to roughly

meet the $130 million guide and Brookfield JV remarketing to also roughly meet the

$70 million guide. We anticipate RRPF remarketing to roughly meet the implied