Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GATX 2nd Quarter down almost $52 Million

Net income from continuing operations for the first six months of 2009 was $40.3 million compared to $92.0 million in the prior year period.

Rail segment profit was $44.3 million in the second quarter of 2009, compared to second quarter 2008 segment profit of $70.3 million.

Specialty reported segment profit of $7.3 million in the second quarter of 2009 compared to $30.5 million in second quarter 2008.

American Steamship Company (NYSE:ASC) reported segment profit of $4.0 million in the second quarter 2009 compared to $5.2 million in the second quarter 2008.

GATX Corporation (NYSE:GMT), headquarted in Chicago, Illinois provides leasing and related services to customers operating rail, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world.

"The operating environment was challenging across all of our markets in the second quarter," said Brian A. Kenney, president and chief executive officer of GATX. "In Rail, customers continue to trim their rail fleets and seek the most competitive rates when renewing leases. GATX is competing aggressively to maintain fleet utilization while selectively shortening the term of renewals to position the fleet to benefit from a stronger market in the future.

"In Specialty, charter rates at the marine joint ventures have improved slightly over the fourth quarter 2008 and first quarter this year, but they remain well below rates achieved in recent years. American Steamship Company (ASC) continues to operate in a difficult environment as the steep decline in steel manufacturing on the Great Lakes is leading to dramatically lower demand for iron ore shipments."

"GATX is well positioned to manage through this downturn and remains in a unique position of having the capacity and the willingness to invest. We are focused on strengthening our position in the market while generating attractive long-term returns for our shareholders."

Full Press Release:

Disclosure: No positions