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GATX Corporation (GATX) CEO Brian Kenney on Q1 2020 Results - Earnings Call Transcript

May 04, 2020 2:03 PM ETGATX Corporation (GATX)
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GATX Corporation (NYSE:GATX) Q1 2020 Earnings Conference Call May 4, 2020 11:00 AM ET

Company Participants

Shari Hellerman - Director, IR

Brian Kenney - President and CEO

Tom Ellman - EVP and CFO

Conference Call Participants

Allison Poliniak - Wells Fargo

Justin Long - Stephens Inc.

Bascome Majors - Susquehanna

Matt Elkott - Cowen & Company

Steve O'Hara - Sidoti & Company

Justin Bergner - G. Research

Barry Haimes - Sage Asset Management

Mario Gabelli - Gabelli & Company


Good day, everyone. Welcome to today's GATX 2020 First Quarter Conference Call. Today's conference is being recorded.

At this time, I'd like to turn things over to Ms. Shari Hellerman, Director of Investor Relations. Please go ahead.

Shari Hellerman

Thanks, Kellyanne. Good morning everyone, and thank you for joining GATX's 2020 first quarter earnings call. I'm joined today by Brian Kenney, President and CEO; and Tom Ellman, Executive Vice President and CFO.

Please note that some of the information you will hear during our discussion today will consist 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, including our release and those discussed in GATX's Form 10-K for 2019. GATX assumes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

I'll provide a quick overview of our 2020 first quarter results, and then I'll turn it over to Brian for additional commentary on the COVID-19 pandemic and GATX's decision to suspend guidance. After that, we'll open the call up for questions.

Earlier today, GATX reported 2020 first quarter net income of $46.3 million or $1.31 per diluted share. This compares to 2019 first quarter net income of $41.5 million or $1.12 per diluted share. Now, I'll briefly address each segment. Rail North America's first quarter results are consistent

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